REGISTLI RLI D coMfANY liUMBlI R: 06503031 (Ei nglan(l lind WAle$) REIGISTbltCi D CIIAiufY NUMBER: 1124338 Pinderfields Spiiial Injuries Centre Limited Report of the Trustees and Financial Statements Year Ended 31 December 2023 Plnd¢rfl¢ld$ Spln41 Injiirle$ Centr¢ Llmlto(I Contents of the FlnAn¢iAI Stthlements for the yeAr ended 31 De¢embei' 2023 PAgt Report of the Trusteos I to 3 depcndenl Examhher's Report Statemollt of Flnanclal Aetlvltles Balance Sheet 6 to 7 Notes to tho Flnfjnclthl StAtsments 8 to 13 Detalled StAtem¢nt ofFlnanclal Aetlvltles 14 Pluderfl¢lds Splnnl Injurles Cenl're Llmltcd Rqiort of I'he Trustees for tlie yeai. elided 31 Decembei. 2023 Tlie tr￿$1¢¢8 who arc also diTe¢tor$ of th¢ charity for the puq)oscs of th¢ Conipanies Act 2006, prcscnt their report with th¢ financial ststements of thc chjrity foi. tli¢ ycar ended 31 Decen)ber 2023. 1.he trustees liav¢ adopted tlie provisioiis of Accounting and Reportii)g by CliaritlC8.' Stateinenl of Reeomn)endcd Pra¢tic¢ &pplicablc to chaiities preparing theiL ccounts in uccordance with the Finai)ci81 Repoiti1￿ St￿d￿1￿l applicable in the UK and Republic of Ircland (TrRS 102) (effective l January 2019). OBJECTIVES ANJ) AcfiviTIES Objectives alins The objectives of the cl)arity are.. l. die relief of sickn)ess of persons who liave received spin*l injuries, 2. the provision, in thc intcrests of social welfarc, of faeiliti¢s for recreation and other leisure time o¢eupation for sueh perso1￿ aforcsaid witli the objcct of iniprovii)g thcir eollditi011s of life, 3. thc promotion of research concerning tl)e treatment And r¢habilitation of such persons afor¢said and, 4. the promotion or as8i8ting tn the promotion of tlie eharitable work of Pindeifields 14ospitAI in Wkkefi¢ld. SlgDffie&nt 4ctlvltle$ As part of the partheTsI)ip wfftth Spinc the Charity ha$ ¢ontributed to thc cost of ll patient accessible bus by payillg th¢ motor insurnts¢e of £3,000. This transport directly boncfits paticnts ai)d their fkunilies for a minimal cost to tliem. Spin¢ re looking for A r¢pla¢¢m¢nt v¢hicle which th¢ TLTh$tces havc Ekgrced tl)e cost in prineiple. Ward eqvipm¢nt to Ihc valu¢ of £6,679 ha$ bKn purchased as part of the policy of puwhasing th¢ latest eqLiipin¢nt for p&ti¢nts. A siwificAttt refurbishment on tl)e ward of p&tiellt tclcvi5ion6 and rclated equipm¢nt has b¢en approvcd by dLe TtystKs biit unfortwifitely th¢ pur¢hase of these hag been d¢layed. The wh¢¢lch&ir rugby tCAm l)As ¢ontinu¢d to thrivc and thc Trustees arc plcas¢d to sponsor th¢ 18dics and gentlemen wlio rcpr¢$cnt Yorksbir¢ Lions. Th¢ Tru8t¢cs proud of th¢ partn¢rship willi Spinc who ehhancc the lives of individuals and families every year with a grant fund.The chai'ity has donated £20,000 to Spine in 2023 to cnabl¢ th¢m to continuing making grants. Th¢ TrustWS kre ple￿d wxth th¢ invcslm¢nt perfonnance after som¢ dIffi￿lt y¢8rs dw'ing and after th¢ Covid cpid¢mi¢ Pub]ic benefit The charity has and continucs to support thc Mid Yorksl)ir¢ NHS Tivs¢ rnainly &t Pinderfields Hospital, Wakefield. Pinderfields Ho8Pltal is a regional Cenli'e for spii)al cord medieal ¢oiiditions and injiiries. I'he facilitics ar¢ available to uny person diagnoscd with that kind of condition rcgardless of age, ¢thni¢ity, sexual orietttation, religion or backgroiind. The charity will considcr gdpplications for grattts and fts$i$tance froni any member of the publie ineeting the required I￿edIcal criteria,IndividuAI applieations for grants ar¢ V¢tt￿ ottd monitored by Spine whieli is a ptLrtn¢r charity for thi8 purpose. FINANCIAT, RFVIEW Golng ¢oncern And reserves policy Tlie ¢h8rity does not ¢urrcMtly undcrtak¢ active fvndraising and thc charity maintains r¢s¢ryes of at least on¢ rnillion pounds to generate ittvestlnent iiicome which enablcs tl)e charitable gifts to b¢ continued. Short tcnn cash is niaintaincd to cover known and considered eharitablc ¢xpondilure. The year has secn a modcst incrcose in the investment portfolio and the investment income has remain¢d consistent £67,724 (2022....£65,544) The I'wstccs work closely with Rathbones Limited and endeavour to provide an incom¢ stream and grow tlie portfolio within a designated risk profil¢.'I'his strategy is not Wlthout risk b￿1 relying solely on bnnk intcrcst wollld not b¢ Ablc to sustain Ihc cl)arity its th¢ long ierm. Total asS¢ts al tli¢ y¢8r cnd arc £2,255,939 .AD operating surplu5 of £75,889 was made during the y¢ar which is pl¢asing following thc disappointillg inv¢stmellt pu'fom)ance last year. Pag¢ I Plnderflelds SplllAI lttjllrles Ceiitre Llmlted Report of the Trustees for the ye￿￿ ended 31 December 2023 STRUCTURE, GOVEI RNANCE AND fviANAGfi MENT Governing document Th¢ charity 18 Controll￿ by its govcrning document, wliieh is it s Memorandum of Association, and ¢oi]stilutes a liinited conipany, ￿'mIted by ￿￿rant¢0. as dcfined by thc Compartics Act 200(). Re£i'Mitmcnt und appointmcnt of new tru8tecs M￿nbel5 of the coinmittee ￿'e clccted al the Annual Genernl M¢eting of ti)c aswciation in aceordaii¢e witli the constitutioii. Only full members of the association arc eligible to sorye, and Aominations for members of th¢ comniittee rnust be made in writing by full M￿nbe￿8 of the assoeiation ht least 28 days before the AGM. Flections are held by ballot if nominations cxcecd vacancies. Inductlon tralnlng of new trustees Enduction into the charity is conducted by the chief executive and Kov&n Baker OBE who htts a w¢alth of knowledg¢ being involved in numerous Ch￿itIes. The trustees Are cn¢ourJgcd to attcnd training and update eours¢s. Rlsk mAnAgemtnt The trnst¢¢$ hAV¢ a duty to identify l￿d review thc risks to wliich the Charity is exposed and to cttsure appr(Iprial£ conlrols are it) place io provide rcasotjable assuran¢c agaiiist fraud and em)r.The trustees achieve this by haviiig the annual accounts rviewed by an independent ex&min¢r. RII FERENCE AND ADMINISTRATIVE DETAILS R¢glsttred Comphny number 06503031 (Lngland Wal¢s) Regl$t¢r¢d Ch¥rity ttumb¢r 1124338 Registered office 33 Geoi'ge Street W&k¢fiold West Yorkshire WFI ILX Trustee8 A R N Perkin A A Burt Doctor J Curson CARamm J M Piitchard B Bak¢r T HerdmÉLts (d¢¢¢A$¢d 15.12.2023) J S Cr￿s1¢Y The trustces arc sorry lo report that Trevor HordM￿) died in the year. Trevor has made a great contribution to thc charity and tl)c thistees would like to thank him for his committed serviee. Company Secretary ARNP￿k1rt Page 2 Plllderfl¢ld$ SplnAI Injui'les Contro Llmited Report of the Triistees for tlie year ended 31 Decembcr 2023 IIEI FKRKNCL AND ADMINISTRATIVE D14TAILS INdcpend¢nt Li %gminer J Coopcr FCA Townends Accountants LLP Chartered Accou11t￿lt8 Carlisle Street Goolc DN145DX Solieltors Wrigleyy 19 Cookrid8e Street Leeds LS2 3AG Investment advisers It)vcstec 3 Wcllington Pla¢c Lccds LSI 4AP 'lThis rcport has bcen prepttrcd in aeeordanec with the sp¢cial provisions of Part 15 of the Companies A¢t 2006 relaiing to small ¢ompani¢8. Approved by order of th¢ board of trustces ort IS July 2024 and signed on its behalf by.. A R N Pcrkin- Trust¢¢ Pag¢ 3 Indepciidcnt Fx8min¢r'$ R¢poi't to tli¢ Trustees of Plndcrfields Spittthl Injllrles Centre Llmlted Independent examiiier's report to the trustecs of PffiiiderfI¢lds Spinal Injurie5 Centre Limited ('tlie Comp#ny'} rcport to the cli&rily trustees on my cxaiiiination of the accounts of the Coinpany for tlic year ¢i)ded 31 December 2023. Responslbllltfies and bns15 of I'oport AS thc charity's trustees ofthe Colnp￿lY (And also its dirc¢tor$ for the purposcs of Company law) yoii nre responsible for thc prcparation of tl)e aceoullts in accordance with thc rcoiiir¢iiients of thc Coinpanies Act 2006 {'the 2006 Act). Having $kti$fied myself that the accounts of the Con)pany ar¢ not requiTcd to L)c audited undcr Part 16 of tlie 200() Act and arc oligibl¢ ftsr independent ex&minatiott, I repoi't in rc8pe¢t of my cxarnination of your charity's accounts as can'ied out under S¢ction 145 of the Charities Aci 2011 ('th¢ 2011 Act?. In carrying out niy eX￿nin￿tiOn I have followed tlie Directions givcn 17y the Cliarity Commission undcr Sc¢tion 145{5) (b) of the 2011 Aet. Indcpendent txAminer'$ ytAtemen¢ I liaye ¢ompl¢tcd Iny Gxaminfition. l ¢onfirni that no mattcrs have come to my attention in ¢onnvtion with the examination giving m¢ cousr to b¢liev¢'. accountiiig records were not kept in respect of thc COMp￿)Y as requircd by Section 386 of tbe 2006 A¢t', ot the accounts do not accord those records,. or thc Accoiints do not ¢omply with tho hccounting rcquiremellts of Scetiots 396 of thc 2006 Act other than any rcquircment that the accounts give a true and fair view whieh is not A inatter eonsid¢r¢d as part of an indcpondcnt examination- or the accounts have not been prepared in accordance with the metlii>ds &nd priliciplcs of the Staten)ent of Recommendcd Practice for acc4)unting And reporting by cl)arities lapplicabl¢ to charitics preparing their accounts in accordanco witli thc Fin*mcial Reporling StAudaTd appli¢abl¢ ui tlic UK and Republic of Ir¢land {FRS 102)). I have no concetns and h&ve come across no othcr matters tn eonne¢tLOtI with th¢ ¢xamiDation to wl)ich &tteiitioii should be drawn in this report in ordcr to enable P4 propor understanding of the a￿Unts to be r¢a¢hcd. J Coop¢r Tr"CA Tow)cnds Accountants LLP Chartered Accountants Carlisle Street Goole DN14 5DX 15 July 2024 Pag¢ 4 Plnderflelds Spln41 InJuiie8 Centr¢ Llinltc(I stAteme￿I of FlnAn¢lil A¢tlviti¢$ (Incorporatlng an Income qiid Expeiidlture Account) for the yoar ellded 31 December 2023 2023 Total funds 2022 Total funds Unrestrictcd fund Restricted nd Not¢$ JNCOMf AND EI NDOWMENTS fiROM Donations and Icga¢i¢$ 175 17S 211 Invesbnent in¢om¢ 'rotal EXPENDITURE ON Raising fund$ 12J14 12,314 12,633 CbArlt•ble s¢tlvitles Cost of nlaking gift 39,868 Totul 52,182 N¢t gAinsl(Iosscg) investmet)ts 209 004) NET INCOMEI l(EXPENDII'UIiL) 75,8119 75,889 {l89,315) RECONCILIAfIoN OF FUNDS Total funds brought foNard 2,180,050 2,180,1150 2,369,365 TOTAL FUNDS CARRIED FORWARD 2,255 2 255 939 2,180,050 The notes fom) part of thGSC financial statements Page 5 Plnderfields Sptllal Injurles Celltre Llmltcd Balancc Shcet 31 December 2023 2023 I'otal funds 2022 'lotal fiinds Unr¢stricted fiind Resiricted rund Not¢s FIXED ASSETS Inv¢stments 2,070,436 2,070,436 1,942,924 CURKKNI, ASSETS Cash at bank 187,086 187,086 258,587 CREDITORS Amounts falling due within one year {1,583) (1,583) (21,461) NET CURRENT Assfi TS 185 503 A85.503 237,126 TOTAL ASSETS LESS CURRENT LIABILITIES 225S939 2255,939 2,180,050 NET ASSEI TS 2,255,939 2,255 939 2,180050 FUNDS Unreslri¢ted funds io 2,255,939 2 180,050 TOTAL FUNDS 2 180050 The rh&titsbl¢ eompany is ¢llLitled to ¢xemptiots from audit linder Section 477 of the Comp£￿leS A¢t 2006 for the year ended 31 Dec¢rnber 2023. The members h&v¢ noi reffjiired the company to obtain an audit of its finai)¢i81 8tat¢m¢llt$ for thc year cnded 31 December 2023 iti a¢¢ordance with S¢¢tion 476 of the Companies Act 2006. The trnstee8 acknowledge their responsibilities for eiisuring that the charitable company keeps accountillg r¢¢ord$ that comply with Sections 386 and 387 of thc Compic nie8 Act 21KJ6 and prepai'ing financial statemeiits which give a true And fttir vi¢w of the slate of affairs of the charitsble company as at the end of each financial year and of its surplus or deficit for each financiAI year in ae¢ordaiie¢ with the requirements of Sections 394 and 395 and which othcnvise comply with thc requirements of the Companic8 Act 2006 relatiiig to fillancilll statements, so far as applicable to the charitable company. (b) Thc notes form part ofthese financial statemet)ts Page 6 continued... Pinderfields Splnal Injuvles Ceiitre Llmited BalAnee Sheet- eomtlnued 31 Dceember 2023 Tli¢s¢ financial statements hfLve been prepared in ac¢ordonc¢ with thc provisions applicable to c1)￿1(able eo]npaiii¢s subject to tile small coiiipfinies rcginic. Tli¢ finallcial $tat¢ments were approved by the Boa1￿ of Tivstees and E4Uthorise4J for issue on 15 Jiily 2024 kiid W¢Te sigll￿ on its bcliAlf by: A R N Pcrkin- Trustee J S Crossley- TNstee The notes form pttrt of tli¢s¢ fInancial statcmcnls Page 7 Plndorflelds Splu41 Inluries Ccntre Llinltcd Note8 to tlie Finaii¢i#l Statemeiits for tlie ycnr ended 31 De¢eniber 2023 COMPANY D£1 TAILS Pirtdctfields Spinrtl It)juries Centre Limitcd is a private company limited by giiarantce and is registered in r4ng1￿ttd. Its ¢omi)any regi.%trftlion nuihber 1$ 06503031 and it is filso a registeyed charity with nuinb¢r 1124.338. 'I'h¢ rcgi$tcr¢d offi¢c is 33 G¢orge Str¢cL Wakeficld, West Yorkshire, WFI ILX. ACCOUNTING POLICIES BA$i$ of pr¢pAring the fIiinncial $tAtsments The fin8ll¢ial stat¢in¢nt8 of thc cliaritable company) whicli is a public benefit entity uiider FRS 102, have been prcpared iii accordancc witi) th¢ Cl)arities SORP IFRS 102) 'Aecounting and Rcporting by Charilies.. Stateillent of Recoininended Practice applicgble to chai'ities preparing theii. accounts in aceon]ance widi il)e Financial Reporting Stand8iKi applicablc in tile UK and Republic of Ircland {FRS 102) {effective l January 2019),, Financial Reporting ,Standard 102 'The Financial Reporting Stttndard applieable iii tlie UK and Republic of Ircland, and the C'ompanies Act 2006. Thc financiE)I stateinents havc bcen prepared under tlie liistorichl cost convcntion, with tlie exccption of invcstments whseh are included at market value, as inodified by the revaluation of ccrtain a5scts. Thc accounts have been dcnoted in stcrling. Golng eoncern The Tru8tecs do not considor thcrc to be any going ¢On¢¢Tll issu¢s as th¢ charity has 8sscts of over two million pounds and it ha8 no cominittcd expcnditrjre or ov¢rh¢ads. Ineome All income is recognised in the St￿t￿nellt of Fillan¢ial Activitics oncc thc charity has entitlement to tlic fi￿d8, Lt is probable that thc ineomc will be reccivcd and the amount can be measured reliably. ExpendStuYe Liabilities arc recognised kL% ¢xpendituw & soon as there is a legal or cot)structive obligation cornmilting the charity to that cxpcndihirc, it is probable tl)at a tsaiisfcr of economic benefits will be requAr¢d in settlement and th¢ amount of til¢ obligation rw] be measured rcliably. Expendittire is aceountcd tor oil ttn aCC￿al$ basis and has been clas$ificd undcr hcadings that Aggrcgat¢ all cost related to the category. Where costs cai)not be directly attributed tg particul8T liudings they hav¢ bccn allocated to ￿tIvItieS on ft basis eon$istent with the use of Tcsoiirces. Flxed asset investments Investin¢i?ts are statcd at markct value as at the balance sli¢¢t datc. The Stat¢m¢nt of Financial Activities irtcludes the net gains and losses arising on itvttluation and disposals thToughout t]1¢ y¢￿. Cash At bank And in bfind Bank balanccs of thort niaturity of thrcc inonths or less are included as cash at bank alld iti Ill￿d. Creditor$ All liabilities which the ch￿'Ity is committed to are lticlud￿ in cr¢ditors. Taxation The charity is exempt from corporation tax on its charitable activities. Page 8 continued... Plnderfield$ Spinal Injui'les Ctntre Limited Nott5 to the filnancllll Statements- conllnued for tlit ye#r ended 31 Deceiiibey 2023 ACCOUNTING POLICIES- eontinlled Fund accounting UnresLric¢ed funds caji b¢ us¢d in accordance with the cliaritable objectives at the discretion of the trustees. Restricted IuDds can oi)ly be used lor pai'ticular restt'icted purposes wilhin the obj¢¢ts of the ehwity. Restrictioiis arisc wlicn sp¢cifi¢d by the donor or wlieTh funds are ralsed for p￿ticUlar restricted purposes. Unreallsed and re41i$ed galns aiid losses on investments When investinents are sold a iealised g21in or loss reprs¢i)ting th¢ proce¢ds le￿ th¢ pr¢vious years valuation is $liown in tlie Stateinent ol. FIn￿l¢la1 Activities.Tli¢ ¥narket Yalue ofall a$s¢ts h¢ld at the year end is obtained alld moveinents siii¢¢ the previous year et)d are shown in the Statement of Finwicial Activilies as an uDr¢klised gain or loss. Finfjneial Instruments Tlie ¢oinpatty has only fitsancial assets ￿]d financial liabilities of 8 kind thal qualify as basi¢ fillancial instruillents. These ￿.¢ initistlly Itcogniged at transaction value and subsequently measur￿] at tli¢ir s¢lllement value. INVEI STMEI NT INCOME 2023 2022 D¢posit aw)unt interest Divid¢nd illcome from illvesthients Inl¢rest r¢rKivabl¢ froni Invest￿¢nt8 7J95 41,979 2,179 54,249 9,126 67,724 65,554 IL41SING Fuf4DS Inyestmellt managemettt costs 2023 2022 Poi'tlolio management 12 12.633 Page 9 continucd... Pind¢rfiel(1s Splnal InJurle8 Cemtre Llmited Notes to thc Fln4n¢l81 Stntemciits- eontlRued for the ye&r ended 31 Deceiiiber 2023 CHARITABLE AcrtVlTIFS COSTS Support costs Cos¢ of makii)g gift 39 Included in the ¢ogt of making gift is all ￿n0ullt of £1,646 {2022.. £1,460) in respect of fecs paid to th¢ llldepond¢nt Examiner. TRUSTEES, REMUNERATION AND LIENEFITS There were no trustees, remuneration or od)er benefits for tlie year ¢nd¢d 31 De¢¢mb¢r 2023 nor for the year ended 31 December 2022. Tru8toes cxpensos There were no trustees, expense5 paid for di¢ ycar cndcd 31 D¢¢¢mbcT2023 hor for the ye&r onded 31 Decejnbei 2022. COMPARATIVES FOR THE STATII MENT OF VINANCIAL ACTIVITIES Unrestricted fwid Rcslrictcd fund Total funds INCOME AND ENDOWMENTS FROM Donutions and legaeics 211 211 Investment illcoille 65,554 Total XPENDITURE OIY Raisittg full 12,633 12,633 Charitable activities Cost ot'makinb gift Total 46,076 46,076 Net gainsI(lo$￿S) on investmcnts 209 004) 209 004 NET INCOMEJ{EXPENDITURE) (189,315) {189J15) REC0Tr4CILIATIUN OF FUN'DS Total tiinds bibught forward 2,369,365 2,369,365 TOTAL FUNDS CARRIED FORWARD 2,180,050 2,180050 Page 10 continued... Plnderfields Spliithl InJurle$ Centrt Llmlted Notes to the FlnAncifil Statemenls- eontlnued for the y¢Ar ended 31 Deeember 202J FIXED ASSET INVKSTMENTS Listed invcstAn¢nts MARKET VALUE At l January 2023 Additions Disposals 1,942,924 501,804 (411,200) At 31 D¢c¢mber 2023 2 070 436 NET BOOK VALUE At 31 December 2023 2,070 436 At 31 De¢einbei' 2022 1,942,924 Thcre were no investmenl assets outside the UK. Cost Or valuation at 31 Deeember 2023 is r¢prcswt¢d by: Listed investmejits Valuation in 2023 Cost 271,056 2 11711436 CREDITORS: AMOUFITS FALLILYG DU£ WII'HIN ONE YEAR 2023 2022 Accruals and dcfcrrcd income 21,461 MOVEMENT ￿ f4UNDS Net movement in fuiids At 31.12.23 Atl.1.23 Unre5tTiCted funds General fund 2,180,050 75,889 2,255,939 TOTAL FUNDS 2 1¥0 050 2 255 939 Pagell continued... iiiderfjelds SpIn￿l Injurles Ceiitre Limit¢.d Note$ to the FI￿an£1￿] Sthtements- eoiitlihued for th¢ year ended 31 December 2023 io. MOVLI MENT IN FUNDS- eothtinued Nel movemcnt in fiinds, includcd in tlie above Are as follows.. Incomiiig resourocs R¢sourc¢s ¢xpcndcd Gains and losses Movement in funds Unresthietcd funds General fund 67,899 {52,182) 60,172 7S,889 TOTAL FUNDS 52 182) Comp*i'attve$ for movement in fund5 Net iovenent in fu] At 31.12.22 At 1.1.22 Unrestritted fuLd$ General fund 2,369,365 (189,315) 2,180,OSO TOTAL FUNDS 2,369,365 [89,315 2,180,050 Comparative net inovemet)t in fund5, includ¢d ill the above aTe as follows.. Incoming resources Resources expended Gains losses Movemejht in ful￿$ Unrestritted funds Geiieral fund 65,765 {46,076) (209,004) (189,315) TOTAL Fuf4DS 65,765 46,076 209,004 189,315 Page 12 continueARTY DISCLOSURES During tlie year Jdininistrative S￿'ViceS totalling £4,543 (2022.. £4,537) w¢r¢ pi'ovid¢d to the eharily by SMH Jolliffc C'ork Ltd. Ms J S Crossley is & directoi of this ¢ntity. Page 13 PindeKficlds Splnnl IDJurlcs Centre JJimited DetAiled Ststement of Trlnanelal AetSvltie$ for tlie yellr ended 31 December 2023 2023 2022 KNCOME AND LI NDOWMEI NTS Donatlons and l¢g4cie$ Gifts 175 211 Investment ltscome Deposit accoiint int¢rcs1 Dividend income from investments Interest receivable from it)vestnients 7J95 41,979 2,179 54,249 67,724 65,554 Totsl Incoming resour¢es 67,899 65,765 EXP£NDfruRE Investment mAnagcmeDt Costs Portfolio inanagement 12,314 12,633 Support costs M&nagemont Professional fees Spine- wheelchair rngby And ¢ollfcr¢n¢¢ sptNE grants fllnd Spine- ward equipment D0t￿li0n re:Inotor insuranee 4,543 4,1100 2Q,000 6,679 3,000 4,537 6,000 20,000 1,446 38,222 31,983 other Indcpcndcnt examin￿,5 fcc 1,460 Total iesources expendEd Net income before gMln$ losses 15,717 19,689 Refillsod recoglllsed galns losses Realised gainsl{losse8) on fLxed asset investm¢nt8 Net incomel(exp¢nditur¢) 38 134} I'liis page does not forn) part of th¢ statutory financial stalements Page 14