2020-08-31-accounts - Ellesmere College Limited

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		Page
Company information		1-2
Directors' report (incorporating the Strategic report)		3 —16
Directors' Responsibilites Statement		17
Independent auditor's	report	18-20
Financial statements	ofthe company:
Consolidated	Statement of Financial Activities	21
Charity Statement of Financial Activities		22
Consolidated	and Charity Balance Sheets	23
Consolidated	Statement ofCash Flows	24
Notes to the	Financial Statements	25-46

he	directors who served	during the yea	r, and the com	mittees ofwhich they are members	mittees ofwhich they are members
C	E Lillis (Chairman)			Finance and General Purposes
				Investment
K	ECastle	Appointed	27.11.19	Regulatory	Compliance
S	M Connor			Education
M	A Denton	Resigned	28.12.19	Regulatory	Compliance
				Staffing and	Personnel
D	Fairweather
J	Hopkins			Finance and General Purposes
				Regulatory	Compliance
				Staffing and Personnel
R	A KHoppins			Finance and General Purposes
				Investment
J	C Pochin	Appointed	3.3.20	Finance and General Purposes
M	DTSampson			Regulatory	Compliance
J	Scanlon	Resigned	18.9.20	Education
J	M Trowbridge			Education

					Unrestricted	Restricted	Endowed	Total	Total
				Notes	Fundsf	Funds f	Fundsf	2020f	2019
Income and Endowments		from:
Charitable Activities
School fees receivable				3	8,349,585	(15,506)		8.334,079	9,238,046
Ancillary trading income				4	748,704			748,704	1,013,587
Other trading activities
Non-ancillary trading income					88,439			88,439	452,326
Other achvitiss					3,964			3,964	8,706
Investments
Investment income				6	6,259				7,120
Bank and other interest
Voluntary sources
Grants and Donations				7	1,122,887	54,714		1,177,60'I	72,185
Other incoming resources					1,878			1,878	8,881
TOTAL INCOMING RESOURCES					10,321,716	39,208		10,360,924	10,800,851
Expenditure on Raising	Funds
Non ancillary trading costs					108,481			108,481	365,438
Other income generating	activities				761,109			761,109	861,710
Financing costs					143,925			143,925	80.267
Investment management					2,202			2,202	2,192
Fundraising snd development					116,336			116,335	130,673
TOTALDEDUCTIBLECOSTS				8	1,132,053			1,132,053	1.440,280
Charitabl Acthritiss
Education				8	8,841,820	44,693		8,886,513	9,587,929
TOTAL EXPENDITURE				8	9,973,873	44,693		10,018,566	11,028,209
Net income/(expenditure)
before transfers					347,843	(5,485)		342,358	(227,358)
Realised gains on investment		assets		13	9,269			9,269	7,730
Unrealised gains on inveslrnent			assets	13	(7,657)			(7,657)	(4,911)
Net income/(expenditure)					349,455	(5,485)		343,970	(224,539)
Transfers between funds				24	(8,563)	8,563
Net Movement in funds	for	the	year		340,892	3,078		343,970	(224,539)
Fund balances at 1stSeptember					4,252,996	43,853		4,296,849	4,521,388
FUND BALANCES ASAT 31STAUGUST					4,593,888	46,931		4,640,819	4,296,849

						Unrsstliclad	Restricted	Endowed	Total	Total
					Notes	Funds	Funds	Funds	2020	2019
						5	5	6		8
Income and Endowments		from:
Charitable Aclvities
School fees receivable						8,349,585	(15,506)		8,334,079	9,238,046
Anallaiy trading income						748,704			748,704	1,013,587
Other trading acgvities
Ellesmere Collage Enterprises			Ltd			11,780			11,780	137,198
Other activities						3,964			3,964	8,706
Invesbnents
Investment income						6,259			6,259	7,120
Voluntary sources
Grants and Donations						1,122,887	54,714		1,177,601	72,185
Other incoming resources						1,878			1,878	8,881
TOTAL INCOMING RESOURCES						10,245,057	39,208		10,284,265	10,485,723
Expenditure on Raising	Funds
Non Ancillary Trading						11,780			11,780	54,213
Other income generating	activities					761,109			761,109	861,710
Financing costs						139,799			139,799	79,484
Investmsnt management						2,202			2,202	2,192
Fundraising and development						116,336			116,336	130,673
TOTAL DEDUCTIBLE COSTS						1,031,226			1,031,226	1,128,272
Charitable Acdvities
Education					8	8,841,472	44,693		8886,165	9,584,809
TOTAL EXPENDITURE					8	9,872,698			9,917,391	10,713,081
Net income/(expenditum)
before transfers						372,359	(5,485)	-	366,874	(227,358)
Realised gains on investment			assets		13	9,269			9,269	7,730
Unrealised gains on investment				assets	13	(7,657)			(7,657)	(4,911)
Net income/expenditure						373,971	(5,485)	-	368,486	(224,539)
Transfers between funds					24	(8,563)
Net Movement in funds	for the			year		365,408	3,078		368,486	(224,539)
Fund balances at 1stSeptember						4,252,996	43,853		4,296,8r8	4,521,388
FUND BALANCES ASAT		31STAUGUST				4,618,404	46,931		4,665,335	4,296,849

	Note	Group		Charthr
		2020 5	2019 F	2020 f.	2019 f
FIXEDASSETS
Tangible assets	12	7,843,891	8,077,794	7,843,891	8,077,794
Securities Investments	13	393,466	387,797	393,567	387,898
		8,237,357	8,465,591	8,237,458	8,465,692
CURRENT ASSETS
Stock		37,056	60,753	31,422	53,797
Debtors	14	676,508	705,841	724,316	801,067
Cash atbank and in hand		37,942	114,015	12,981	9,204
		751,506	880,609	768,719	864,068
CURRENT LIABILITIES
Creditors payable within one year		8)	~(3,556. 88	(3,(383) )	. (3,535.536)
NET CURRENT LIABILITIES		(2,394,070)	(2,675,797)	(2,369,655)	(2,675,898)
TOTAL ASSETS LESSCURRENT	LIABILITIES	5,843,287	5,789,794	5,867,803	5,789,794
LONG TERRI UABILITIES
Creditors payable after one year	16	(1,202,368)	(1,492,845)	(1,202,368)	(1,492,845)
NET ASSETS		4,640,919	4,296,949	4,665,435	4,296,949
REPRESENTED BY:
Called up share capital	21	100	100	100	100
RESTRICTED FUNDS	24	46,931	43,853	46,931	43,853
UNRESTRICTED FUNDS
General reserve	24	4,593,888	4,252,996	4,618,404	4,252,996
		4,640,919	4,296,949	4,665,435	4,296,949

				Note	Group	Group
					2020	2019
						6
Cash flows from operating	activities:
Net cash provided by operating activities				31	269,964	4,761
Cash flows from investing Dividends, interest and rents	activities: from investments				6,259	7,120
Proceeds from the sale ofproperty, plant		and equipment				7,659
Purchase of property, plant and equipment Pniceeds from sale ofinvestments				12 13	(40,254) 84,885	(192,814) 47,406
Purchase ofinvestments				13	(88,943)	(52,334)
Net cash used in investing	activities				(38,053)	(182,983)
Cash flows from financing	activities:
Repayments ofborrowing Financing costs					(149,877) (140,330)	(145,468) (80,267)
Net cash used in financing	activities				(290,207)	(225,735)
Change in cash and cash	equivalents	in the	year		(58,296)	(403,937)
Cash and cash equivalents	atthe beginning		ofthe year		(652743)	(248806)
Cash and cash equivalents	at the end	ofthe	year	32	(711,039)	(652,743)

CHARITABLE ACTIVITI	ES - SCHOOL FEESRECEIVABLE - GR	OUP AND CHARITY
The School fees income	comprises:
		2020	2019
		f	f
Gross fees		11,467,576	12,025,040
Less: Total scholarships,	bursaries, etc	73, 39. 97I	~2.788.93
Add back: Scholarships,	Grants etc. paid for by	8,334,079	9,238,046
Restricted Funds		15,506	13,922
Unrestricted:		8,349,585	9,251,968

CHARITABLE ACTIVITIES	-	ANCILLARY TRADING INCOME (UNRESTRICTED) -GROUP AND	ANCILLARY TRADING INCOME (UNRESTRICTED) -GROUP AND	CHARITY
			2020	2010
Entrance fees and registration		fees	8,509	11,049
Fees in lieu ofnotice			55,193	94,422
Extra subjects			429,267	437,237
Other ancillary educational	income		4,323	4,196
Pupil Bussing			160,532	227,419
Activities, Clubs, Events and		House income	90,880	239,264
			748,704	1,013,587

OTHER TRADING ACTIVITIES	(UNRESTRICTED) -GROUP
		2020	2019
		9	f
Nonwncillary trading income
Efiesmere College Enterprises	Limited	88,439	452,326
Efiesrnere College International	Limited
Interest receivable - pupils' bills		88,439 3,964	452,326 8,706
		92,403	461,032

INVESTMENTS - INVESTMENT INCOME	INVESTMENTS - INVESTMENT INCOME	INVESTMENTS - INVESTMENT INCOME	INVESTMENTS - INVESTMENT INCOME	INVESTMENTS - INVESTMENT INCOME
				Unrsstrictart		Restrided	Endowed	Total	Total
								zozo	2019
								9	9
Securldes Investment			income
Dividends Fixed interest					6,241 18			6,241 18	7,090 30
					6,259			6,259	7,120
67,120ofincome		in 2019was unrestricted.
VOLUNTARY	SOURCES - GRANTS AND				DONATIONS
				Unrestricted		Restiided	Endawed	Total	Total
								2020	2019
									f
Donations					1,083	54,714		55,797	72,185
Government	Grant - CJRS			1,121,804				1,121,804
				1,122,887		54,714		1,177,601	72,185

ANALYSIS OF EXPENDITURE
a)Total Expenditure -Group
	Stall Coals	Depreciation	Support	Total	Total
	(cola 10) f	(nolo 12) f	Casts E	2020 9	2019
Costs of raising funds Non ancillary trading costs Other income generating activities Financing cost (note 9) Investment management Fundraising and development	61,260 511,322 105,091		47,221 249,787 143,925 2,202 11,245	108,481 761,109 143,925 2,202 116,336	365,438 861,710 80,267 2,192 130,673
Total	677,673		454,380	1,132,053	1,440,280
Charitable Expenditure
Education
Teaching	4,431,147	25,837	373,842	4,830,826	4,937,336
Welfare	588,319		442,408	1,030,727	1,366,451
Premises	798,578	248,320	883,874	1,930,772	2,094,977
School administration and governance	446,819		643,087	1,089,906	1,180,986
Grants, awards snd prizes (note Bc)			4,282	4,282	8,179
Total	6,264,863	274,157	2,347,493	8,886,513	9,587,929
Total Expended - Group	6,942,536	274,157	2,801,873	10,018,566	11,028,209

ANALYSIS OF EXPENDITURE (contin	ANALYSIS OF EXPENDITURE (contin	ued)
b)Total Expenditure -Charity
		Staff Costs	Depreciation	Support	Total	Total
		(note 10)	(note 12)	Costs f	2C20 6	2019 6
Costs ofraising funds
Non Ancillary Trading				11,780	11,780	54,213
Other income generating	activities	5'l1,322		249,787	761,109	861,710
Financing cost (note 9)				139,799	139,799	79,484
Investment management				2,202	2,202	2,192
Fundraising and development		105,091		11,245	116,336	130,673
Total		616,413		414,813	1,031,226	1,128,272
Charitable Expenditure
Education
Teaching		4,431,147	25,837	373,842	4,830,826	4,937,336
Welfare		588,319		442,408	1,030,727	1,366,451
Premises		798,578	248,320	883,874	1,930,772	2,094,977
School administration and governance Grants, awards and prizes (note Bc)		448,819		642,739 4,282	1,089,558 4,282	1,177,866 8,179
Total		6,264,863	274,157	2,347,145	8,886,165	9,584,809
Total Expended - Charity		6,881,276	274,157	2,761,958	9,917,391	10,713,081

c)Grants, awards and prizes
Ellesmere College makes awards to individual	families to support schooling
		2020	2019
From Restricted Funds:
Bursaries and other grants and awards		15,506	13,922
From unnmtricted funds:
Prizes and leaving awards		4,282	8,179
		19,788	22,101

and acoornmod	ation	, wh	ere a claim is made. One trustee was reimburs	ed during the year (2019:on	e).
Group				2020	2019
				2	2
Remuneration	paid to auditor for audit services			15,700	17,300
AddiTional remuneration			paid to auditor for prior years	12,000
Reimbursement of personal expenses to governors Other governance costs				153	18 925
				27,853	18,243
Charity
Remunemtion	paid to auditor for audit services			13,000	15,000
AddEonal remuneration			paid to auditor for prior years	12,000
Reimbursement	ofpersonal expenses to governors				18
Other governance		costs		153	925
				25,153	15,943
FINANCING COSTS
				2020	2019
Group Bank charges	and	Bank	Loan interest	2 61,284	2 61,989
Bad and doubtful		debt increase in provision		82,641	18,278
				143,925	80,267
Charity
Bank charges	and	Bank	Loan Interest	60,753	61,206
Bad and doubtful		debt increase in provision		79,046	18,278
				139,799	79,464

STAFF COST	S
The aggregate	payroll costs forthe year were:	2020	2010
			2
Group
Wages and salaries		5,622,031	5,600,823
Social security	costs	509,979	502,503
Other pension	costs	800,922	568,225
Private medical	insurance	9,604	12,228
		6,942,536	6,683,779
Charity
Wages and salaries		5,564,196	5,448,329
Social security	costs	507,905	498,377
Other pension	costs	799,571	567,070
Private medical	insurance	9,604	12,228
		6,881,276	6,526,004

				2920	2919
				Number	Number
670000 - 680000				1	2
F80,000 - 890,000					1
890,000 - 8100,000
6140,000 - 8150,000
F160,000 - 8170,000
f180,000-6190,000
The number with retirement		benefits	accruing:
- in Defined Contribution	schemes wes
Ofwhich the contributions		amounted	to	15,356	8,904
- in Defined Benefit schemes wes				2	2

Average number ofemployees on head count basis
	2929	2019
	Number	Number
Teaching Welfare	114 53	116 69
Premises	52	53
Support Group and Charity	27 26	26 284

TANGIBLE FIXEDASSETS
Group and Charity	Land and	Motor	Computer	Plant and	Total
	Buildings	Vehicles	Equipment	Equipment
	Freehold
	f
Cost
At 1 September 2019	8,834,333	212,398	44,849	1,584,421	10,676,001
Additions		7,080	33,174		40,254
Disposals
As 31August 2020	8,834,333	219,478	78,023	1,584,421	10,716,255
Depreciation
At 1 September 2019	1,358,379	154,483	30,849	1,054,496	2,598,207
Charge for the year	153,529	31,633	11,225	77,770	274,157
Disposals
At 31August 2020	1,511,908	186,116	42,074	1,132,266	2,872,364
Net book value
at 31August 2020	7,322,425	33,362	35,949	452,155	7,843,891
Net book value
at 31August 2019	7,475,954	57,915	14,000	529,925	8,077,794

SECURITIES INVESTNENTS	SECURITIES INVESTNENTS
		Securities	aecurltlss
Group		Investments 2020	Invsstmenls 2019
		2
Group Investments At 1 September		387,797	380,050
New money invested Reinvested income		6,259	7,120
Investment management fees Increase in value ofinvestments		(2,202) 1,612	(2,192) 2,819
Group investments at31August		393,466	387,797
Investment in subsidiariies		101	101
Charity investments at	31August	393,567	387,898
Investments comprise:
Listed Investments
Index Linked		18,738	16,077
Other UK Fixed Interest		12,374	5,190
UK Specialist Credit Overseas Index Linked		6,110 11,567	6,571 11,884
Alternative investments		49,708	51,876
Mulit Asset		11,715
Global		21,539	22,967
UK Equities America Indirect		100,572 82,581	107,007 86,324
Continental Europe Continental Europe Indinrct Japan Indimct Pacific Basin		10,280 11,166 8,360	9,140 10,178 12,495 8,218
Pacific Basin indirect		18,705	11,851
Other overseas equities		16,991	23,056
Cash		13,060	4,963
Group investmenls at31August		393,466	387,797
Investment in subsdiarties		101	101
Charity investments at	31August	393,567	387,898
Historical crmt ofinvestments		308,703	303,026

DEBTORS
					Group		Charily
					2920	2019	2020	2019
					8	E	8	f
School fees receivable					183,883	281,186	183,883	281,186
Trade debtors					1,265	187,314
Other debtors					299,468	47,330	299,468	47,330
Prepayments	and accrued		income		190,207	181,397	189,360	180,230
Amounts due	fmm subsidiary			companies			49,920	283,707
Amounts due	from parent company				1,685	8,614	1,685	8,614
					676,508	705,841	724,316	801,067
The school fees receivable			is net ofa Bad		Debt Provision of6260 042 (2019:F201 621).
CREDITORS: DUE		WITHIN		ONE YEAR
					Group		Charity
					2020	2019	2020	2019
						8	E	6
Bank loans and overdrafts					898,063	915,840	898,063	915,840
Fees received	from	parents		in advance
oftenn					1,020,065	1,263,627	1,020,065	1,263,627
Repayable deposits		from parents			442,138	516,426	442,138	516,426
Trade creditors					254,239	383,458	251,545	374,470
Taxation snd social		security			149,063	138,237	147,715	130,868
Other creditors					141,741	130,053	141,741	130,053
Accruals					240,267	208,765	232,707	203,810
Amounts due to subsidiary			companies				4,400	4,872
					3,145,576	3,556,406	3,138,374	3,539,966

CREDITO	RS: DUE	AFTE	R MORE THAN ONE YEA	R
				Group and Chsdty
				2020	2019
				8	8
Repayable	Deposits	from	Parents	479,900	620,500
Bankloans				722,468	872,345
				1,202,368	1,492,845

				2020	2019
					2
The Due Due Due Due	bank after within within after	loans are repayable 5years 2to 5years 1to 2years mors than one year	by instalments	63,389 498,929 160,150 722,468	244,737 475,386 152,222 872,345
Due	within	1 year		149,082	149,082
				871,550	1,021,427

		2020	2019
		8
The deposits become repayable Due after 5years Due within 2to 5years Due within 1 to 2years Due after more than one year	when the pupil leaves:	60,000 270,500 149,400 479,900	72,600 312,200 235,700 620,500
Due within 1 year		442,138	516,426
		922,038	1,136,926
COMMITMENTS UNDER OPERATING LEASES
		2020	2019
Within 1year Between 2 and 5yearn		41,235 94,533	11,100 14,337
After 5years
		135,768	25,437

FINANCIAL IN	STRUMENTS
		292S	2019
		8
FINANCIAL ASSETS:
Debt instruments at amortised cost
Trade debtors		1,265	187,314
Group debtors		1,685	8,614
Other debtors		483,351	328,516
Accrued income		190,207	181,397
		676,508	705,841
			2019
			6
RNANCIAL LiABIUTIES:
Flnancia I liabilities at amortised cost
Bank overdrsEs		748,981	766,758
Trade creditors		254,239	383,458
Group creditors
Other creditors		2,232,907	2,747,555
Accruals		240,267	130,053
Borronings - bank loans		871,550	1,021,427
		4,347,944	5,049,251
SHARE CAPITAL
		2020	2019
		8	8
Authorised
100Ordinary	shares ofF1 each	100	100
AEotled, called up and fully paid
100Ordinary	shares ofF1each	100	100

ANALYSIS OF NETASSETSBETWEEN F	UNDS
			Total
	Unrsstncted	Restrictsd	202s
		2	2
Tangible fixed assets Securities investments	7,843,891 393,467		7,843,891 393,467
Net current (liabilities)/assets	(2,441,002)	46,931	(2,394,071)
Long term liabilities	(1,202,368)		(1,202,368)
	4,593,988	46,931	4,640,919
			Total
	Unrestricted	Restricted	2012
		2
Tangible fixtxt assets Securities investments	8,077,794 387,797		8.077,794 387,797
Net current (liabiYrties)/assets Long term liabilities	(2,719,650) (1,492,845)	43,853	(2,675,797) (1,492,845)
	4,253,096	43,853	4,296,949

	Babnce at 1			Gains/
	September	Incoming	Resources	(Losses}r	Balance at31
	2019	resoUKss	expended	Transfem	August 2020
		E	E	E	E
Restricted Funds
Schulze Fund	4,435				4,435
Peter Messenger Fund	2,778	1,180	(600)		3,358
Mullock Scholarship		11,394	(9,495)		1,899
Enhance Egesmere	31,427	17,427	(21,265)		27,589
Covid Face Mask Project		8,127	(8,127)
lan Beer Rugby Scholarship	268	336			604
Silver Cross Scholarship Leavers Gift Walker Scholarship	2,777 (2,021) 4,189	16,250	(1,222) (15,301) ~99	8,563	1,555 7,491
	43,853	54,714	(60,199)	8,563	46,931
Unrestricted Funds
General Reserve	4,252,996	10,321,716	(9,973,873)	(6,951)	4,593,888
	Ualsnce at I			ualnsr
	September	Incoming	Resources	(Losses)l	Balance at 31
	2018	msoUmss	expanded	Tmnsfers	AUg USt 2019
		E	E	E	E
Restricted Funds
Schulze Fund	4,102	651	(318)		4,435
Peter Messenger Fund	3,338		(560)		2,778
Enhance Egesmere	21,526	35,194	(25,293)		31,427
lan Beer Rugby Scholarship	1,488	280	(1,500)		268
Silver Cross Scholamhip	2,777				2,777
Lesvers Gift	19,498	20,973	(42,492)		(2,021)
Walker Scholarship	1,051	15,000	(11,862)		4,189
	53,780	72,098	(82,025)		43,853
Unrestricted Funds
General Reserve	4,467,608	10,742,675	(10,960,106)	2,819	4,252,996

Consolidated Statement	ofFinancial Activities - Comparative figures by fund type	ofFinancial Activities - Comparative figures by fund type	ofFinancial Activities - Comparative figures by fund type	ofFinancial Activities - Comparative figures by fund type	ofFinancial Activities - Comparative figures by fund type	ofFinancial Activities - Comparative figures by fund type
Year Ended 31August 2019
					Unrestricted	Restricted	Endowed	Total
					Funds	Funds	Funds	2019
					6	6		6
Income and Endowments		from:
Charitable Activities
School fees receivable					9,251,968	(13,922)		9,238,046
Ancillary trading income					1,013,587			1,013,587
Other trading activities
Non-ancillary trading income					452,326			452,326
Other activities					8,706			8,706
Investmenls
Investment income					7,120			7,120
Bank and other interest
Voluntary sources
Grants and Donations					87	72,098		72,185
Other incoming resources					8,881			8,881
TOTAL INCOMING RESOURCES					10,742,675	58,176		10,800,851
Expenditure on Raising	Funds
Non ancillary trading costs					365,438			365,438
Other income generating	activities				861,710			861,710
Financing costs					80,267			80,267
Investment management					2,192			2,192
Fundraising snd development					130,673			130,673
TOTAL DEDUCTIBLE COSTS					1,440,280			1,440,280
Charitable Activities
Education and grantmaking					9,519,826	68,103		9,587,929
TOTAL EXPENDITURE					10,960,106	68,103		11,028,209
Net income and expenditure
before transfers					(217,431)	(9,927)		(227,358)
Realised gains on investment			assets		7,730			7,730
Unrealised gains on investment				assets	(4,911)			(4,911)
Net incomingl(outgoing)		resources			(214,612)	(9,927)		(224,539)
Transfers between funds
NET INCONIE AND CAPITAL			(OUTFLOW)		(214,612)	(9,927)		(224,539)
Pension scheme actuarial		losses
Net Movement in funds	forthe			year	(214,612)	(9,927)		(224,539)
Fund balances at 1stSeptember				2018	4,467,608	53,780		4,521,388
FUND BALANCES AS AT		31STAUGUST 2019			4,252,996	43,853		4,296,849

			Group	Group
			2020	2019
			6	6
Net income/(expenditure)	for the reporting	period (as per the statement
offinancial activities)			343,970	(224,539)
Adjustments for:
Depreciation charges			274,157	275,174
(Gains) on investments			(1,612)	(2,819)
Dividends, interest and rents fram investments			(6,259)	(7,120)
Financing costs			140,330	80,267
(Profit) on the sale offixed	assets			(8,180)
Decrease/(Increase) in stocks			23,697	(10,737)
Decrease/(Increase) in debtors			29,333	(75,778)
(Decrease) in creditors			(533,652)	(21,507)
Net cash provided by operating activities			269,964	4,761
			Group	Group
			2020	2019
			6	6
32. ANALTSIS OF CASH	AND CASH EQUIVALENTS
Cash at bank and in hand			37,942	114,015
Overdraft facility repayable	on demand		(748,981)	(766,758)
Total cash and cash equivalents			(711,039)	(652,743)