OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-10-31-accounts

SEVEN HILLS EDUCATIONAL TRUST

Company No. 06716163

Trustees' Report and Unaudited Accounts

31 October 2024

SEVEN HILLS EDUCATIONAL TRUST Contents

Pages
Trustees'AnnualReport 2 to 3
IndependentExaminer'sReport 4
Statement of FinancialActivities 5
SummaryIncomeandExpenditure Account 6
BalanceSheet 7
Statement ofCashflows 8
Notesto the Accounts 9 to 17
DetailedStatement of FinancialActivities 18 to 20

Page 1

SEVEN HILLS EDUCATIONAL TRUST Trustees Annual Report

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 October 2024.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 06716163

Charity No. 1128139

Principal Office

Marathon House

London SE8 5RQ

Registered Office

Marathon House

London

SE8 5RQ

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:

K. Canbay

S. Kocak

O.F. Demir

A. Kosar

A. Mercan

I. Parlak

Accountants

GREEN WAKEEL LTD

119 New Road

London

E1 1HJ

Bankers

HSBC Bank

1 South Place

London

EC2 M

Page 2

SEVEN HILLS EDUCATIONAL TRUST Trustees Annual Report

OBJECTIVES AND ACTIVITIES

The purpose of the charity as set out in its governing document is that of the advancement of education of pupils and students in the United Kingdom. The Trustees confirm that they have paid due regard to the giudence contain in the Charity Commissions general guidance on public benefit when reviewing the Trusts aims and objectives in setting the policy for the period.

FINANCIAL REVIEW

A review of the charity's financial position at the year end 31 October 2024 the level of income for the year remained satisfactory and enable the trust to support its level of expenditure on the charitable objectives. There was surplus for the year ended 31 October 2024 of £ 21,298 as compared to net deficit of £28,027 for the year ended 2023.

PLANS FOR FUTURE PERIODS

The policies and purposes of the Trust shall continue under the provisions of the Trust deed with regards to the public benefit

STRUCTURE, GOVERNANCE AND MANAGEMENT

The nature of the governing document and how the charity is constituted. The Trust is registered as a charitable company limited by gurantee as set up in the Memorandum of Association on 06 October 2008. The management of the trust is the responsiblity of the Trustees. The day to day administration of the Trust is carried out by the operating trustee.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board

K. Canbay Trustee 29 January 2026

Page 3

SEVEN HILLS EDUCATIONAL TRUST

Independent Examiners Report

Independent Examiner's Report to the trustees of SEVEN HILLS EDUCATIONAL TRUST

I report to the charity trustees on my examination of the financial statements of SEVEN HILLS EDUCATIONAL TRUST for the year ended 31 October 2024.

Responsibilities and basis of report

As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.

Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

As the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe:

I have no concerns and have come across no other matters in connection with the examination to which

attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Eric Ashong (FCCA ) Chartered Certified

Accountants

Eric & Co

87 Tylecroft Road

London

SW16 4BJ

29 January 2026

Page 4

SEVEN HILLS EDUCATIONAL TRUST

Statement of Financial Activities

for the year ended 31 October 2024

Unrestricted Restricted
funds funds Totalfunds Totalfunds
2024 2024 2024 2023
Notes £ £ £ £
Income and endowments
from:
Donationsandlegacies 4 252,025 - 252,025 240,929
Charitableactivities 5 58,812 - 58,812 43,752
Other tradingactivities 6 260,467 - 260,467 228,016
Other 7 4,189 6,328 10,517 9,156
Total 575,493 6,328 581,821 521,853
Expenditure on:
Raisingfunds 8 - - - 71
Charitableactivities 9 13,120 - 13,120 5,125
Other 10 541,075 6,328 547,403 544,684
Total 554,195 6,328 560,523 549,880
Netgainsoninvestments - - - -
Netincome/(expenditure) 11 21,298 0 21,298 (28,027)
Transfersbetweenfunds - - - -
Netincome/(expenditure)
before othergains/(losses)		 21,298 0 21,298 (28,027)
Othergainsandlosses
Net movementinfunds 21,298 0 21,298 (28,027)
Reconciliation of funds:
Totalfundsbroughtforward 112,387 - 112,387 140,414
Totalfundscarriedforward 133,685 0 133,685 112,387

Page 5

SEVEN HILLS EDUCATIONAL TRUST Summary Income and Expenditure Account

for the year ended 31 October 2024

2024 2023
£ £
Income 581,821 521,853
Gross incomefor the year 581,821 521,853
Expenditure 558,485 545,130
Interest payable 925 925
Depreciationandchargesfor
impairment of fixedassets 1,113 3,825
Totalexpenditurefor the year 560,523 549,880
Netincome/(expenditure)before tax
for the year 21,298 (28,027)
Netincome /(expenditure)for the year 21,298 (28,027)

Page 6

SEVEN HILLS EDUCATIONAL TRUST Balance Sheet

at 31 October 2024

Company No. 06716163 Notes 2024 2023
£ £
Fixed assets
Tangibleassets 13 3,638 4,454
3,638 4,454
Current assets
Debtors 14 373,909 354,294
Cashat bank andin hand 10,013 4,432
383,922 358,726
Creditors: Amountfallingdue within one year 15 (233,284) (221,328)
Netcurrent assets 150,638 137,398
Totalassets less currentliabilities 154,276 141,852
Creditors: Amountsfallingdueafter more than one year 16 (20,591) (29,465)
Net assetsexcludingpension asset orliability 133,685 112,387
Totalnet assets 133,685 112,387
Thefundsofthe charity
Restrictedfunds 17
Restrictedincomefunds 0 -
0 -
Unrestrictedfunds 17
Generalfunds 133,685 112,387
133,685 112,387
Reserves 17
Totalfunds 133,685 112,387

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 31 October 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 29 January 2026

And signed on its behalf by:

I. Parlak

Trustee

29 J anuary 2026

Pag e 7

SEVEN HILLS EDUCATIONAL TRUST Notes to the Accounts

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 8

SEVEN HILLS EDUCATIONAL TRUST Notes to the Accounts

Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.

Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.

Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.

Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Depreciationisprovidedat th
useful life:		 efollowingannualratesin order to write offeachasset overitsestimated
Motor vehicle 25%Reducingbalance
Fixtures,fittingand
equipment		 33.33%Reducingbalance

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Page 9

SEVEN HILLS EDUCATIONAL TRUST Notes to the Accounts

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.

Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

Page 10

SEVEN HILLS EDUCATIONAL TRUST Notes to the Accounts

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

Income and endowmentsfrom:
Donationsandlegacies
Charitableactivities
Other tradingactivities
Other
Total
Expenditure on:
Raisingfunds
Charitableactivities
Other
Total
Netincome
Netincome before other
gains/(losses)
Othergainsandlosses:
Net movementinfunds
Reconciliation of funds:
Totalfundsbroughtforward
Totalfundscarriedforward
4
Incomefrom donationsandlegacies
Donation
5
Incomefromcharitable activities
Fundraisingevents		 Unrestricted
funds
2023
£
240,929
43,752
228,016
1
512,698
71
5,125
535,529
540,725
(28,027)
(28,027)
(28,027)
140,414
112,387
Unrestricted
£
252,025
252,025
Unrestricted
£
58,812
58,812		 Restricted
funds
2023
£
-
-
-
9,155
9,155
-
-
9,155
9,155
-
-
-
-
-
Total
2024
£
252,025
252,025
Total
2024
£
58,812
58,812		 Totalfunds
2023
£
240,929
43,752
228,016
9,156
521,853
71
5,125
544,684
549,880
(28,027)
(28,027)
(28,027)
140,414
112,387
Total
2023
£
240,929
240,929
Total
2023
£
43,752
43,752

Page 11

SEVEN HILLS EDUCATIONAL TRUST

Notes to the Accounts

6 Income from other trading activities

6
Incomefrom other tradingactivities
Feesreceivables
7
Otherincome
Unrestricted
£
Otherincome
4,118
Interest
17
Grant
54
4,189
8
Expenditure on raising funds
Fundraising tradingcosts
9
Expenditure oncharitable activities
Expenditureoncharitable
activities
Grantsmade
Governancecosts
Insurance
Telephone
BankchargesandInterest
Independent examinerfee		 Unrestricted
£
260,467
260,467
Restricted
£
-
-
6,328
6,328		 Total
Total
2024
2023
£
£
260,467
228,016
260,467
228,016
Total
Total
2024
2023
£
£
4,118
-
17
1
6,382
9,155
10,517
9,156
Unrestricted
£
9,000
1,837
421
362
1,500
13,120		 Total
Total
2024
2023
£
£
-
71
-
71
Total
Total
2024
2023
£
£
9,000
-
1,837
1,258
421
2,028
362
339
1,500
1,500
13,120
5,125

Page 12

SEVEN HILLS EDUCATIONAL TRUST Notes to the Accounts

10 Other expenditure

10 Other expenditure
Unrestricted Restricted Total Total
2024 2023
£ £ £ £
Cateringcost 28,064 - 28,064 31,794
Feesandsubscription 4,316 - 4,316 6,375
UKentertainment 26,150 1,104 27,254 -
Bankloanand overdraft
interest payable		 925 - 925 925
Employeecosts 357,259 - 357,259 368,815
Motorand travelcosts 5,851 4,188 10,039 10,193
Premises costs 94,631 - 94,631 95,861
Amortisation,depreciation,
impairment,profit/losson 1,113 - 1,113 3,825
disposalof fixedassets
Generaladministrativecosts 15,681 1,036 16,717 17,230
Legaland professionalcosts 7,085 - 7,085 9,666
541,075 6,328 547,403 544,684
11 Netincome/(expenditure)before transfers
2024 2023
Thisis statedaftercharging: £ £
Depreciation ofownedfixedassets 1,113 3,825
12 Staffcosts
2024 2023
Salariesand wages 327,344 344,705
Socialsecuritycosts 16,390 16,897
Pensioncosts 364 1,394
344,098 362,996
No employee received emolumentsin excessof£60,000.
Theaverage monthly number of fulltime equivalent employeesduringthe year wasasfollows:
2024 2023
Number Number
Teachingandadministrative 21 22
21 22

Page 13

SEVEN HILLS EDUCATIONAL TRUST Notes to the Accounts

13 Tangible fixed assets

Cost or revaluation
At 1 November 2023
At 31 October 2024
Depreciation and
impairment
At 1 November 2023
Depreciationchargefor the
year
At 31 October 2024
Net bookvalues
At 31 October 2024
At 31 October 2023
14 Debtors
Trade debtors
Prepaymentsandaccruedincome
15 Creditors:
amountsfallingdue within one year
Otherloans
Other taxesandsocialsecurity
Othercreditors
Accruals
16 Creditors:
amountsfallingdueafter more than one year
Bankloansand overdrafts
Othercreditors		 Motor
vehicle
Fixtures,fitti
ngand
equipment
£
£
14,500
104,474
14,500
104,474
13,931
100,292
142
971
14,073
101,263
427
3,211
569
4,182
2024
£
373,186
723
373,909
2024
£
114,012
57,455
55,317
6,500
233,284
2024
£
17,516
3,075
20,591		 Total
£
118,974
118,974
114,223
1,113
115,336
3,638
4,751
2023
£
353,571
723
354,294
2023
£
114,012
51,428
52,888
3,000
221,328
2023
£
27,240
2,225
29,465

Page 14

SEVEN HILLS EDUCATIONAL TRUST Notes to the Accounts

17 Movement in funds

17 Movementinfunds
Incoming
At 1
November		 resources
(including
other
gains/losses		 Resources
expended		 At 31
October
2024
2023 )
£ £ £
Restrictedfunds:
Restrictedincomefunds:
Grant - 6,328 (6,328) 0
Total - 6,328 (6,328) 0
Unrestrictedfunds:
Generalfunds 112,387 575,493 (554,195) 133,685
Totalfunds 112,387 581,821 (560,523) 133,685
Purposesand restrictionsin relation to thefunds:
Restrictedfunds:
Grant
18 Analysisofnet assetsbetweenfunds
Unrestricted
funds		 Total
£ £
Fixedassets 3,638 3,638
Netcurrentassets 150,638 150,638
Creditorsduein more than one yearand
provisions		 (20,591) (20,591)
133,685 133,685
19 Reconciliation ofnet debt
At 1 At 31
November October
2023 Cashflows 2024
£ £ £
Cashandcash equivalents 4,432 5,581 10,013
4,432 5,581 10,013
Borrowings (114,012) - (114,012)
Bankloans (27,240) 9,724 (17,516)
(141,252) 9,724 (131,528)
Net debt (136,820) 15,305 (121,515)

Page 15

SEVEN HILLS EDUCATIONAL TRUST

Notes to the Accounts

20 Commitments

Operating lease commitments

Annual commitments under non-cancellable operating leases are as follows:

2024 2024 2023 2023
Land and
buildings		 Other Land and
buildings		 Other
£ £ £ £
Operatingleaseswith expiry date:
Pensioncommitments
2024 2023
£ £
The pensioncostcharge to thecompany
amounted to: 364 1,394
21 Related party disclosures
Nameofrelated party No related party transactionidentified
Controlling party

The company is limited by guarantee and has no share capital; thus no single party controls the company.

Page 16

SEVEN HILLS EDUCATIONAL TRUST Detailed Statement of Financial Activities

for the year ended 31 October 2024

Unrestricte Restricted
dfunds funds Totalfunds Totalfunds
2024 2024 2024 2023
£ £ £ £
Income and endowmentsfrom:
Donationsandlegacies
Donation 252,025 - 252,025 240,929
252,025 - 252,025 240,929
Charitableactivities
Fundraisingevents 58,812 - 58,812 43,752
58,812 - 58,812 43,752
Other tradingactivities
Feesreceivables 260,467 - 260,467 228,016
260,467 - 260,467 228,016
Other
Otherincome 4,118 - 4,118 -
Interest 17 - 17 1
Grant 54 6,328 6,382 9,155
4,189 6,328 10,517 9,156
Total income and endowments 575,493 6,328 581,821 521,853
Expenditure on:
Costsofother tradingactivities
- - - 71
- - - 71
Totalofexpenditure on raising
funds		 - - - 71
Charitableactivities
Grantsmade 9,000 - 9,000 -
9,000 - 9,000 -
Governancecosts
Insurance 1,837 - 1,837 1,258
Telephone 421 - 421 2,028
BankchargesandInterest 362 - 362 339
Independent examinerfee 1,500 - 1,500 1,500
4,120 - 4,120 5,125
Totalofexpenditure oncharitable
activities		 13,120 - 13,120 5,125
Other expenditure
Cateringcost 28,064 - 28,064 31,794
Feesandsubscription 4,316 - 4,316 6,375
UKentertainment 26,150 1,104 27,254 -

Page 17

SEVEN HILLS EDUCATIONAL TRUST

Detailed Statement of Financial Activities

SEVEN HILLSEDUCATIONALTRUST
DetailedStatement ofFinancialActivities
Bankloanand overdraftinterest
payable		 925 - 925 925
59,455 1,104 60,559 39,094
Employeecosts
Salaries/wages 327,344 - 327,344 344,705
Employer'sNIC 16,390 - 16,390 16,897
Pensioncosts 364 - 364 1,394
Staffentertainment 7,316 - 7,316 5,439
Stafftraining 5,845 - 5,845 380
357,259 - 357,259 368,815
Motorand travelcosts
Vehicles-Repairsand
maintenance		 700 - 700 310
Travelandsubsistence 5,151 4,188 9,339 9,883
5,851 4,188 10,039 10,193
Premises costs
Rent 21,999 - 21,999 6,150
Rates 16,455 - 16,455 21,584
Light,heatand power 45,361 - 45,361 43,013
Premises cleaning 1,084 - 1,084 3,862
Premisesrepairsand
maintenance		 9,732 - 9,732 21,252
94,631 - 94,631 95,861
Generaladministrativecosts,
includingdepreciationand
amortisation
Depreciation ofMotor vehicle 142 - 142 888
Depreciation of Fixtures,fitting
and equipment		 971 - 971 2,937
Bankcharges 968 - 968 1,708
Equipment expensed 3,719 - 3,719 2,108
Equipment repairsand
maintenance		 770 - 770 -
Informationand publications 5,936 - 5,936 2,074
Stationeryand printing 3,871 1,036 4,907 10,616
Sundry expenses 417 - 417 724
16,794 1,036 17,830 21,055
Legaland professionalcosts
Accountancyand bookkeeping 1,500 - 1,500 1,500
Consultancyfees 377 - 377 8,166
Otherlegaland professional
costs		 5,208 - 5,208 -
7,085 - 7,085 9,666
Totalofexpenditure ofothercosts 541,075 6,328 547,403 544,684
Totalexpenditure 554,195 6,328 560,523 549,880
Netgainsoninvestments - - - -

Page 18

SEVEN HILLS EDUCATIONAL TRUST

Detailed Statement of Financial Activities

Netincome/(expenditure) 21,298 0 21,298 (28,027)
Netincome/(expenditure)before
othergains/(losses)		 21,298 0 21,298 (28,027)
Other Gains - - - -
Net movementinfunds 21,298 0 21,298 (28,027)
Reconciliation of funds:
Totalfundsbroughtforward 112,387 - 112,387 140,414
Totalfundscarriedforward 133,685 0 133,685 112,387

Page 19