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2025-03-31-accounts

Combination Dance Company Annual Report and Accounts y/e 31 March 2025

Combination Dance Company

Registered charity no. 1123954 Company no. 4326359

Annual Report and Accounts for the year ended 31 March 2025

Combination Dance Company Annual Report and Accounts y/e 31 March 2025

Contents
Page no.
Reference and Administrative Information 1
Trustees’ Report 2 –6
Independent Examiner’s Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Accounts 10 - 14

Combination Dance Company Annual Report and Accounts y/e 31 March 2025

Reference and Administrative Information

Registered company no.: 4326359
(England and Wales)		 4326359
(England and Wales)
Registered charity no.:
1123954
Registered office: 46 Alexandra Road
London SW19 7JZ
Trustees/Directors: Venetia Lazenby Chair
Emma Gollagly
Karen Davison
Artistic Director: Anne-Marie Smalldon
Bank: Barclays Bank plc
West Hampstead Branch
208 W End Lane
London NW6 1UY
Independent Examiner: Mary Ryan FCCA DChA
Ark Accountancy Limited
31 Cheam Road
Ewell
Epsom
Surrey KT17 1QX
Website: www.combinationdance.co.uk

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Combination Dance Company Annual Report and Accounts y/e 31 March 2025

Trustees’ Annual Report

The Trustees, who are also directors for the purposes of the Companies Act 2006, present their report and financial statements for the year ended 31 March 2025.

The reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities (issued in March 2015).

Structure, Governance and Management

Combination Dance Company is a company limited by guarantee, as defined by the Companies Act 2006. It was incorporated on 21[st] November 2001 and registered as a charity on 6[th] May 2008. It is governed by a Memorandum of Association. As a charity, in the opinion of the Trustees, it complies with the provisions of Section 60 of the Companies Act 2006, which exempts it from the requirement to end its name with “limited”. Throughout this report it will be referred to as “the charity”.

Responsibility for the governance of the charity resides with the Trustees. Day to day operations are managed by the Artistic Director.

New Trustees are recruited and appointed by the following procedures:

The trustees create a job description based on a summary of the skills needed and requirements of the charity. The job description is advertised widely via dance, arts and charity online websites. Prospective applicants are assessed by the staff and Trustees. A shortlist is created and interviews follow. Successful candidates are invited to attend some of the company's work in action, and they receive induction material and background on their role and the company. Unsuccessful applicants are thanked for their interest. Finally trustees are invited to attend a board meeting and they are welcomed by the board and necessary paperwork must be completed. Further induction will follow by way of subcommittee meetings or potentially volunteer work on one of our current projects. Most trustees have an area of specialism and become involved in this capacity.

Risk Management

The charity recognises that its activities, being highly physical, contain inherent risk of injury to both performers and audience. The charity mitigates these risks by:

Aims and Objectives

The charity’s object is to advance education for the public benefit by the promotion of the arts, in particular but not exclusively the art of dance. It does this by providing dance performances and creative learning projects in Richmond upon Thames and across London and occasionally across the UK.

Through our creative learning activities we aim to:

Through our performances we aim to:

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Combination Dance Company Annual Report and Accounts y/e 31 March 2025

Activities - Achieving our aims

Combination Dance’s vision is one where the people of London and beyond are positively engaging with dance as part of their lives, enjoying its physical, psychological, creative, social, cultural and specific health benefits as individuals and communities.

Our creative learning work runs both independently of and associated with our performance work. We work with young people, adults, older people and disabled people to provide opportunities to enjoy dance and to develop their knowledge, skills and creativity. We work with children and young people in and out of school settings, as well as running a youth dance company throughout the year. Our creative learning work mostly takes place in our resident borough of Richmond-upon-Thames. We have set up regular, themed dance classes for adults across the boroughs of Richmond-upon-Thames and Merton.

We create impactful, emotive dance performances to interest and entertain based on themes we are passionate about. We believe in dance as an art form as well as a physical activity. We try to reach audiences who may not usually see dance performance in traditional performance venues. Performances take place in our resident borough of Richmondupon-Thames, across the UK and occasionally further afield.

Combination Dance has a track record for making dance and science inspired projects since 2013 working alongside the current team as well as other organisations and venues including Imperial College, The National Physical Laboratory, The Science Museum, The Bloomsbury Theatre and Cancer Research UK.

Web: http://combinationdance.co.uk Email: info@combinationdance.co.uk Facebook: www.facebook.com/combinationdance instagram @combinationdance

Achievements and Performance

During the year April 2024 to March 2025 the charity focused on

  1. Growing grassroots participation in our dance activities in West London. This included a focus on Richmond upon Thames and Merton and an online class nationally. The charity engaged a Class Manager and Head of Education from April 2024. This allowed us to review and implement new booking, enrolment and engagement methods and a website update. We also began to investigate new partnerships across West London taking part in a Schools Sports Partnership program and working more with Merton Council. The charity has benefited well through engaging in peer networking groups in Richmond upon Thames. New developments also include meetings to discuss expanding services to Wandsworth and a partnership with NHS Richmond.

  2. Delivering projects that boost wellbeing for all but for marginalised groups i.e. people with additional needs, people with long term health conditions, families on low incomes, BAME or refugee groups, women and girls’ groups as well as older people. We have built a strong track record for our work in this area. We then received a small grant for £3493 from the Wimbledon Foundation to deliver targeted activities with older people, disabled people and low income or marginalised women. We received a Merton Sports Partnership grant during the year of £4897 which did not complete until September 2025 to provide classes for adults over 65s, classes for young people and adults with disabilities or special educational needs. Through a partnership with Mencap, they created a wonderful choreographic piece. We also engaged 17 children from Hetfield Primary so that we could bring a multigenerational offer to the fantastic Big Sports Day that followed in the September of 2025.

  3. In the autumn of 2024, we delivered an excellent collaborative piece of work with MMU University and Professor Emma Hodson-Tole. The event aimed to raise awareness of the outstanding research happening at MMU regarding neuro-muscular disease, and particularly MND Research. The dance and talk were attended by many university stakeholders, leading scientists and MND Association charity leaders the film created has now reached well over 8000 people via social media analytics:

https://www.instagram.com/reel/DDP3S4GohpH/?igsh=bHd5c2d3NWxpZTdk

  1. In the summer of 2024, we took 12 participants and volunteers to watch the tennis inside the fantastic championships at The All England Lawn Tennis Cub and in March 2025 we took 35 older people or adults with disabilities and carers to the Tennis Stadium for a fantastic hands on talk and tour which was enjoyed by all. We also began a charity business development project with ReCreate Richmond and Jane Rice Bowan. Although there was a break or hiatus of a large-scale open-air event in the summer of 2024, we took the time

3

Combination Dance Company Annual Report and Accounts y/e 31 March 2025

to develop our processes so that we were able to increase the number of funding applications and increase delivery going forward.

  1. At the end of the year on March 19 as part of Neurodivergence week 2025 we launched our ambitious program to research latest science and ultimately to reframe public opinion and better support people worldwide who are neurodivergent. The project included two forums with experts, charities and patient advocates, youth films with 3 prestigious charities, a youth dance commission with a dyslexic choreographer and a dance theatre piece pilot for schools and young adults, The photo shows the key scientists and stakeholders at Forum 1 which included 23 participants. The funding for this project starting in the year and running to November 2025

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In 2024-2025 we delivered the following grassroots programs throughout the year this includes participant numbers and KPIs

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Combination Dance Company Annual Report and Accounts y/e 31 March 2025

Beneficiaries

Grassroots programs:

Live performance for our MMU event, Wimbledon Quarter Event and Richmond Park Academy and Donhead Preparatory Schools Events

Summary

During this year the charity created and redeveloped the strongest possible foundations for future growth and stability

Business Plan & Future Development

We are currently working with Re:Create Richmond to develop a new 3-5 year business plan, which will be finalized in 2026. In the past three years, our charity has been growing and evolving. Our goal is to expand our local impact and ultimately look at becoming a National Portfolio Organisation (NPO) in 5-6 years.

We aim to further develop as a dance organisation, supporting the dance ecology in Richmond, regionally & beyond. As part of this expansion, we will continue to build our governance and operational infrastructure.

Plans for the next 3 years

Deliverability and Risks

  1. Stakeholder engagement – not securing supportive partners : To mitigate this, we will collaborate with reliable cultural partners with shared values.

  2. Small core team : To address this, we have expanded our team, including developing the role of our financial manager and a new Class Manager and dedicated Head of Education and aim to increase our board by 3-6 trustees.

  3. Lack of match funding : We are planning a funding strategy for 2026 and look to deliver a busy program of activity in Richmond, Merton and projects across central London and beyond in 2026, we have confirmed partnerships with key collaborators. Fund raising and new class development in January 2026 will be ambitious as a result.

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Combination Dance Company Annual Report and Accounts y/e 31 March 2025

Financial Review

The year to 31 March 2025 saw growth in our grassroots classes and workshops, we delivered a few small performance projects and reached a number of marginalised groups through our work. Support from the local authority continued and unrestricted income totalled £33,182 in the year (previous year £27,430). Restricted income was £26,669 (previous year £68,440).

Workshop delivery cost £35,825 (previous year £14,658). Expenditure on delivering performance projects totalled £15,559 (previous year £75,156) There were a few small performances with the most significant being the collaboration with the Manchester Metropolitan University.

Reserves Policy

The surplus for the year of £1,46 8 brings total funds to £27,123 (previous year £25,655). Restricted reserves are £9,156 (previous year £2,505) with these reserves held mainly for our The Power of Different 2025 performance project and our Merton borough project. Unrestricted reserves fall by £5,183 to £17,967 (previous year £23,150) following investment in our Class Manager & Head of Education to co-ordinate and grow our grassroots classes. The trustees continue to take steps to strengthen reserves and to ensure adequate funding of projects in order to mitigate against the financial risks of cessation of activities and/or underfunding of projects.

As the organisational structure develops the reserves target will be reviewed.

Public Benefit

The charity meets the definition of a public benefit entity under FRS 102.

Going Concern

The Trustees therefore consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying of amounts of assets and liabilities within the next reporting period.

Independent Examiner

Mary Ryan FCCA DChA has been appointed as the charity’s independent examiner for the year and has expressed her willingness to act in that capacity.

Approved by the trustees on 23[rd]

and signed on their behalf by

Venetia Lazenby Chair

6

Combination Dance Company Annual Report and Accounts yle 31 March 2025 Report of Independent Examiner I report on the accounts for the year ended 31 March 2025 set out on pages nine to fifteen. Respective responsibilities of trustees and examiner The charity's truslees (who are also the directors for the purposes of company law) are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under Section 14412) of the Charities Act 2011 (the 2011 Act}) and that an independent examination is required. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to.. examine the accounts under Section 145 of the 2011 Act to follow the procedures laid down in Ihe General Directions given by the Charity Commission (under Section 145151(b) of the 2011 Act)., and to state whether particular matters have come to my attention. Basis of the independent examineffs report My examinalion was carried out in accordance with the General Directions given by the Chartty Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounls. and seeking explanations from you as Irustees conceming any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view, and the report is limited to those matters sel out in the statements below. Independent examinerfs statement In connection with my examination, no matter has come to my attention- (1) which gives me reasonable cause to believe that, in any material respect, the requirements to keep accounting records in accordance with Section 386 and 387 of the Companies Act 2006,. and lo prepare accounts which accord with the accounting records, comply with the accounting requirements of Sections 394 and 395 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice- Accounting and Reporting by Charities have not been met., or {2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Mary Ryan, Ark Accountancy Limited Chartered Certified Accountsnt 31 Cheam Road Ewell Epsom Surrey Iff17 1QX Date..

Combination Dance Company Annual Report and Accounts y/e 31 March 2025

Statement of Financial Activity

For the year ended 31 March 2025

Notes
Income from:
Donations and legacies
2
Charitable activities:
3
Regular Workshops
Performance and Learning Projects

Total Income


Expenditure on:
Raising funds
4
Charitable Activities:
5
Regular Workshops
Performance and Learning Projects

Total Expenditure

Net operating income/(expenditure)

Net gains/(losses) on investments

Net income/(expenditure)

Transfer between funds

Net movement in funds
7

Total funds brought forward

Total funds carried forward		 2025
Unrestricted Restricted
Total

£
£
£
6,002
-
6,002

27,180
20
27,200
-
22,190
22,190
33,182
22,210
55,392
2,540
-
2,540
35,825
-
35,825
-
15,559
15,559
38,365
15,559
53,924
(5,183)
6,651
1,468
-
-
-
(5,183)
6,651
1,468
-
-
-
(5,183)
6,651
1,468
23,150
2,505
25,655
17,967
9,156
27,123		 2024
Unrestricted Restricted
Total
£
£
£
6,110
-
6,110
20,559
-
20,559
-
68,441
68,441
26,669
68,441
95,110
450
-
450
14,659
-
14,659
-
75,156
75,156
15,109
75,156
90,265
11,560
(6,715)
4,845
-
-
-
11,560
(6,715)
4,845
-
-
-
11,560
(6,715)
4,845
11,590
9,220
20,810
23,150
2,505
25,655

The notes on the following pages form part of these accounts.

The above results derive from continuing activities. There were no other recognised gains or losses other than those stated above.

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Combination Dance Company Annual Report and Accounts y/e 31 March 2025

Balance Sheet

As at 31 March 2025

----- Start of picture text -----
2025 2024
£ £ £ £
Notes
Current Assets
Debtors 11 5,322 6,166
Cash 27,017 20,950
32,339 27,116
Current Liabilities
Creditors 12 5,216 1,461
Net Current Assets 27,123 25,655
Total Assets 9 27,123 25,655
Funds
Unrestricted Funds 17,967 23,150
Restricted funds 9,156 2,505
Total Funds 7 27,123 25,655
----- End of picture text -----

The notes on the following pages form part of these accounts.

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The Directors have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved by the Trustees on 23[rd]

and signed on their behalf by

Venetia Lazenby Chair

9

Combination Dance Company

Notes to the accounts

1. ACCOUNTING POLICIES

a) The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) under Accounting and Reporting by Charities; Statement of Recommended Practice (Charities SORP 2015) and the Companies Act 2006. Assets and liabilities are initially recognised at historic cost or transaction value unless otherwise stated in the relevant accounting policy or note.

b) Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and the amount can be measured reliably. Income is deferred as necessary when the donor specifies that the income must only be used in future accounting periods or when any performance conditions have not been fully met.

c) The charity operates fund accounting:

d) Donated services and facilities are included in the SOFA when received at the value of the gift to the charity provided the gift can be measured reliably. Donated services and facilities that are consumed immediately are recognised as income with an equivalent amount recognised as an expense under the appropriate heading in the SOFA.

e) Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following headings:

The charity is not registered for VAT, which is charged as a cost against the activity for which the expenditure was incurred.

Expenditure is allocated to the particular activity for which it was incurred. The cost of overall direction and administration, comprising the salary and overhead costs of the central function, together with governance costs, is apportioned to each charitable activity on the basis of direct costs attributable to that activity.

f) Items of equipment and other tangible assets will be capitalised where the purchase price exceeds £1,000. Those items will be depreciated on a straight line basis over three years.

g) The Trustees are of the opinion that the charity is exempt from Corporation Tax on its charitable activities.

h) The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity in respect of the year.

2. VOLUNTARY INCOME

OLUNTARY INCOME
London Borough of Richmond upon Thames (LBRuT):
Culture Commissioned Grant April 2024 – March 2025
Donation		 2025
£
6,000
2
6,002		 2024
£
6,000
100
6,110

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Combination Dance Company Annual Report and Accounts y/e 31 March 2025

3. INCOMING RESOURCES FROM CHARITABLE ACTIVITIES

NCOMING RESOURCES FROM CHARITABLE ACTIVITIES
2025 2024
£ £ £ £
Grants:
The Manchester Metropolitan University 7,850
LBRuT – Civic Pride Fund 4,950
The Arts Council - 19,900
LBruT Arts & Ideas Festival 1,000 10,000
London Borough of Merton 4,897 7,751
Imperial College London - 11,000
EC BID - 5,750
Twickenham BID - 1,000
LBRuT – Local Area Fund - 4,600
LBRut – Achieving for Children - 4,950
Wimbledon foundation 3,493 3,490
22,190 68,441
Activity Charges 27,200 20,559
49,390 89,000
  1. EXPENSE ANALYSIS – Current Year
.
EXPENSE ANALYSIS – Current Year
Project management and salary costs
Pension costs
Artistes' fees
Other direct activity costs
Advertising and marketing
Insurance
Accounting, audit and Legal fees
General administrative expenses
Banking and finance costs
Allocation of Governance and Support costs
Total costs		 Regular
workshops
Performance
and learning
projects
Fundraising
Costs
Governance
costs
Support
costs		 Total
£
£
£
£
£
152
2,150
1,500
-
5,800
5
45
45
-
189
-
5,025
-
-
58
20,001
5,743
-
-
148
270
-
-
-
-
-
-
-
-
611
-
59
-
1,000
3,890
4,133
385
208
50
2,287
170
-
-
-
-		 £
9,602
284
5,083
25,892
270
611
4,949
7,063
170
24,731
13,407
1,753
1,050
12,983
11,094
2,152
787
(1,050)
(12,983)		 53,925
-
35,825
15,559
2,540
-
-		 53,924

5. EXPENSE ANALYSIS – Prior Year

EXPENSE ANALYSIS – Prior Year
Project management and salary costs
Pension costs
Artistes' fees
Other direct activity costs
Advertising and marketing
Insurance
Accounting, audit and Legal fees
General administrative expenses
Banking and finance costs
Allocation of Governance and Support costs
Total costs		 Regular
workshops
Performance
and learning
projects
Fundraising
Costs
Governance
costs
Support
costs		 Total
£
£
£
£
£
2,862
12,240
-
-
7,800
71
238
-
-
232
-
20,608
-
-
24
12,796
24,491
-
176
-
-
289
-
116
-
-
-
-
580
-
1,500
-
-
3,347
-
1,033
314
10
1,442
-
-
-
-
95		 £
22,902
541
20,632
37,463
405
580
4,847
2,800
95
15,729
60,399
314
10
13,813
(1,070)
14,757
136
(10)
(13813)		 90,265
-
14,659
75,156
450
-
-		 90,265

----- Start of picture text -----
£ £ £ £ £
7,662 5,886 2,738 - 4,108
----- End of picture text -----

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Combination Dance Company Annual Report and Accounts y/e 31 March 2025

6. STAFF COSTS

The average number of employees employed during the year was 1 (2024: 1). The total remuneration paid was £9,452 (prior year £18,602), including project related fees which were charged as direct costs to the respective projects. In compliance with autoenrolment pension legislation pension contributions of £284 (2024: £541) were paid. Employer National Insurance Contributions were within the Employment Allowance and therefore not payable.

7. MOVEMENT IN FUNDS – Current year

MOVEMENT IN FUNDS – Current year
Unrestricted funds
General funds
Restricted Funds:
Parent & Child
The Power of Different
Merton
Wimbledon Foundation
The Manchester Metropolitan University
Dance Ecology
Total Funds		 Funds
b/f
Incoming
Resources
Outgoing
Resources
Transfers
between
funds
Funds
c/f
£
£
£
£
£
23,150
33,182
(38,365)
-
17,967
23,150
33,182
(38,365)
-
17,967
2,505
-
(2,505)
-
-
-
4,950
(361)
-
4,589
-
4,897
(1,330)
-
3,567
-
3,513
(3,513)
-
-
-
7,850
(7,850)
-
-
-
1,000
-
-
1,000
2,505
22,210
(15,559)
-
9,156
25,655
55,392
(53,924)
-
27,123

8. MOVEMENT IN FUNDS – Prior year

MOVEMENT IN FUNDS – Prior year
Unrestricted funds
General funds
Restricted Funds:
Smart Cells
Merton
Wimbledon Foundation
Parent & Child
Total Funds		 Funds
b/f
Incoming
Resources
Outgoing
Resources
Transfers
between
funds
Funds
c/f
£
£
£
£
£
11,590
26,669
(15,109)
-
23,150
11,590
26,669
(15,109)
-
23,150
9,220
52,250
(61,470)
-
-
-
7,751
(7,751)
-
-
-
3,490
(3,490)
-
-
-
4,950
(2,445)
-
2,505
9,220
68,441
(75,156)
-
2,505
34,833
60,668
(75,156)
-
25,655

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Combination Dance Company Annual Report and Accounts y/e 31 March 2025

  1. ANALYSIS OF NET ASSETS BETWEEN FUNDS – Current year
Current Assets
Debtors
Cash
Current Liabilities
Creditors
Net Current Assets
Total Assets		 Unrestricted
£
4,322
18,711
(5,066)
17,967
17,967		 2025
Restricted
£
1,000
8,306
(150)
9,156
9,156		 Total
£
5,322
27,017
(5,216)
27,123
27,123
  1. ANALYSIS OF NET ASSETS BETWEEN FUNDS – Prior year
Current Assets
Debtors
Cash
Current Liabilities
Creditors
Net Current Assets
Total Assets
11. DEBTORS
Trade debtors
Deferred expenses
Other Debtors
Accrued income
Total
12. CREDITORS: Amounts falling due within one year
Trade creditors
Other creditors
Accrued expenses
Total		 Unrestricted
£
5,166
19,445
(1,461)
23,150
23,150		 2024
Restricted
£
1,000
1,505
-
2.505
2,505
2025
£
4,247
407
44
624
5,322
2025
£
3,365
49
1,802
5,216		 Total
£
6,166
20,950
(1,461)
25.655
25,655
2024
£
3,232
407
100
2,427
6,166
2024
£
702
49
710
1,461

13. RELATED PARTIES

There have been no related party transactions in the year.

14. TRUSTEES

The Trustees who served throughout the year are listed on page 1. No Trustee was paid remuneration, other benefits or expenses during the year. No costs were incurred in respect of trustee meetings (prior year £NIL).

13

Combination Dance Company Annual Report and Accounts y/e 31 March 2025

15. DETAILS OF INCOME AND EXPENDITURE

2025 2024
£ £ £ £
Income
Restricted Grants 22,190 68,441
Unrestricted Grant 6,000 6,000
Activity charges 27,200 20,559
Restricted Donations -
Unrestricted donations 2 110
Total Income 55,392 95,110
Expenditure
Artiste fees 4,344 20,027
Workshop & Class Teachers 20,446 18,594
Photography and filming 900 2,800
Project materials 714 6,931
Premises hire 3,612 2,870
Rent and Rates - 18,597
Artistes' travel expenses 739 605
Volunteer expenses 20 21
Project management fees 2,150 4,300
Admin support 4,100 -
Production and Technical Services 200 6,246
IT and marketing 270 1,873
Charitable Activity Direct Costs 37,495 64,267
Salary costs 6,300 19,439
Insurance 611 580
Travel and subsistence 686 260
Stationery and subscriptions 28 58
Accounting & professional fees 4,349 4,247
Website & IT Support 758 -
Fundraising costs 1,754 394
Office expenses 969 315
Bank charges 324 95
Trustee meetings 50 10
Independent Examination fee 600 600
Overhead and Fundraising Costs 16,429 25,998
Total Costs 53,924 90,265
Surplus/(Deficit) 1,468 4,845

14