2025-03-31-accounts

THE DUKE OF LANCASTER HOUSING TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[st] MARCH 2025

The Duke of Lancaster Housing Trust

Contents

==> picture [462 x 338] intentionally omitted <==

----- Start of picture text -----
eee
Legal and administrative information 1
Directors’ report 2
Independent auditor's report 5
|
Statement of financial activities 9
Balance sheet 10
Cashflow statement 11
Notes to the financial statements 12-16
----- End of picture text -----

ee

The Duke of Lancaster Housing Trust

Legal and administrative information

7ee

Directors	Lisa Duckworth
	Tom Fawcett
	James Maloney
	Alastair Martin
Secretary	Hugh Bruce-Watt
Registered Office	1 Lancaster Place
	Strand
	London
	WC2E 7ED
Company registration number	06455755
Charitynumber	1130880
Auditors	Saffery LLP
	71Queen Victoria Street
	London
	EC4V 4BE
	;
Bankers	Coutts& Co
	440 Strand
	London
	WC2R OQS
Solicitors	Farrers LLP
	66 Lincoln’s Inn Fields
	London
	WC2A3LH

ee Es

Page 1

The Duke of Lancaster Housing Trust

Directors’ report For the year ended 31 March 2025

eee

The Directors present their annual report and the audited financial statements for the year ended 31 March 2025.

Structure, governance and management

Constitution

The company was incorporated on 18 December 2007 and was registered with the Charity Commission on 31 July 2010. The registered charity number is 1130880. The company is governed by its Memorandum and Articles of Association under the Companies Acts. The Trust is a company limited by guarantee.

Administrative support is provided to the charity by The Duchy of Lancaster from its offices at 1 Lancaster Place, Strand, London, WC2R 4LA.

Trustees

The Directors, who are also the Trustees of the charity for the purposes of charity law, met twice during the period to discuss matters of a strategic and administrative nature. The Directors who served during the year and up to the date of this report are shown below. The power to appoint new Directors is vested in the existing Directors of the company. There is an interview and induction process for any new Director.

Hugh Bullock (resigned 12 March 2025) Lisa Duckworth Tom Fawcett James Maloney Alastair Martin (appointed 13 March 2025)

Risk review

The major strategic, business and operational risks which the charity faces are continually under review by the Directors who have taken steps to ensure that they understand the risks and are confident that they are managed appropriately.

Objectives and activities

Objectives

The objectives of the Charity are the provision of housing, accommodation, assistance to help house people and associated facilities and amenities for those in necessitous circumstances.

Review of activities

The Charity’s principal objective is the provision of rural affordable housing.

Policy for assessment of charitable beneficiaries The Directors consider applications for assistance from individuals local to the available housing. The applicant must be in financial need of housing. The Directors consider whether the applicant can afford housing in the area taking into account their income and the market values in the relevant area. The type of accommodation required, including size, location and adaptability, is then assessed.

eS

Page 2

The Duke of Lancaster Housing Trust Directors’ report For the year ended 31 March 2025

es

Public benefit The Directors have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives and in planning for future activities. In particularthe directors consider how the purchase of affordable housing and the policy of identifying beneficiaries will contribute to the aims they have set. The Directors consider the current policy, as described above, delivers public benefit. Details of the objectives which form the basis of[this][policy][are][ also][ given][earlier][in][this][report.]

Financial review The net movement in funds for the period amounted to a profit of £1,063,581 as shown in the statement of financial activities on page 9, this included donations from the Duchy of Lancaster of £550,000 that were received to enable the purchase of properties in the year to 31 March 2025.

Reserves policy The level of general unrestricted funds, being the total net assets of the Housing Trust, at 31 March 2025 was £8,504,874 (2024: £7,441,293). The directors have designated a further £640,000 into a property fund during the year being the rental properties classed as tangible fixed assets along with the revaluation of the properties of £348,809 (2024: fnil). The designated Property Fund now stands at £8,242,000 (2024: £7,253,191) this leaves the unrestricted free reserves of the charity as at 31 March 2025 as £262,874 (2024: £188,102). This is in line with the plan the directors set to hold 6 months to 1 year of running costs in unrestricted free reserves to be able to cover day to day expenses and maintenance on the properties. Future planned capital repair works will be provided for through the designated property fund if surplus funds are available.

Revaluation of assets The Trust has a policy to revalue assets every 5 years. The last valuation took place in 2020, therefore a valuation was undertaken in March 2025 as reflected in the accounts.

Achievements, Performance and Future plans

The Trustees’ 5 year business plan adopted in 2024 has the core objectives of:

• e Providing affordable housing to those in financial need within the main areas of the Duchy of Lancaster Estate.

• e Maintaining housing stock in good condition with a proactive management strategy together with undertaking necessary improvements, with an emphasis on achieving affordable running costs. This includes a commitment to ensuring that all properties adhere to current energy efficiency standards and to make capital available to undertake works to improve the energy efficiency of both new and existing stock.

• e Look for opportunities to expand the number of homes and workspaces owned where it is reasonably financially viable and there is a proven need.

The Trustees continue to make a positive contribution to the local communities in which the Duke of Lancaster Housing Trust operates.

Key achievements in 2024/25 include:

• © 100% occupancy by tenants with a local connection © 69% occupancy by tenants with a Duchy of Lancaster connection e Void to let rate of 2.5% over the year

Teen

ee

Page 3

For the year ended 31 March 2025

The Duke of Lancaster Housing Trust

Directors’ report

eee

• e Tenancy turnover of 2.5% e 2 voids within the year (with the exception of newly purchased properties) ¢ 89% of bedrooms utilised e The purchase of 2 new properties into the portfolio at the end of the financial year, one which requires a light refurbishment, the other which will be offered to let early in the new financial year.

Directors’ responsibilities

The Directors, who are also Trustees of the Charity for the purposes of charity law, are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing these financial statements, the Directors are required to:

• ¢ — select suitable accounting policies and then apply them consistently;

• ¢ observe the methods and principles in the Charities SORP; ¢ make judgements and estimates that are reasonable and prudent;

• ¢ state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• ¢ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

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

In so far as the Trustees are aware:

• _ there is no relevant audit information of which the charitable company’s auditor is unaware; and

• ¢ the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

• By order of the Board of Trustees on “T October 2025 ye UCMV uses\

• Lisa Duckworth Director

eee

Page 4

The Duke of Lancaster Housing Trust

Independent auditor’s report to the directors For the year ended 31 March 2025

Opinion

We have audited the financial statements of The Duke of Lancaster Housing Trust for the year ended 31 March 2025 which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements:

• ° give a true and fair view of the state of the charitable company’s affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• ° have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• e have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation ofthe financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

ee

Page 5

The Duke of Lancaster Housing Trust

Independent auditor’s report to the directors (continued) For the year ended 31 March 2025

eee

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of[the][audit:]

• ° the information given in the Trustees’ Annual Report which includes the Directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• ° the Trustees’ Annual Report which includes the Directors’ Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

in the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion:

• ° adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• ° the financial statements are not in agreement with the accounting records and returns; or ° certain disclosures of trustees’ remuneration specified by law are not made; or

• e we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 4, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease Operations, or have no realistic alternative but to do so.

———eee

Page 6

The Duke of Lancaster Housing Trust

Independent auditor’s report to the directors (continued) For the year ended 31 March 2025

ee

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates.

Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006 and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified: We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

2ss.

Page 7

4 November 2025

}

The Duke of Lancaster Housing Trust

Statement of financial activities

For the year ended 31 March 2025

Statement of financial activities For thethe year endedended 31 March 2025	Statement of financial activities For thethe year endedended 31 March 2025	Statement of financial activities For thethe year endedended 31 March 2025	Statement of financial activities For thethe year endedended 31 March 2025
Nee eee eee eee eee
	Notes	2025	2024
		£	£
Income from:
Charitable activities	3	815,512	490,247
Other	4	15,472	10,706
Total income		830,984	500,953
Expenditure on:
Charitable activities	5	116,212	178,892
Total expenditure		116,212	178,892
Othergainsand losses	6	~~ 348,809	me
Netincome fortheyear		1,063,581	322,061
Net movement in funds		1,063,581	322,061
			_
Total funds brought forward	12	7,441,293	7,119,232
Totalfundscarriedforward	12	8,504,874	7,441,293

All recognised gains and losses are included in the statement of financial activities.

The results for the period all relate to continuing activities. The notes on pages 12 to 16 form part of these financial statements.

All the above incoming resources were unrestricted.

pe

Page 9

The Duke of Lancaster Housing Trust

Balance sheet As at 31 March 2025

—$—$———see

==> picture [461 x 383] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |Notes|2025|2024| |£|£| |Fixed|assets| |Tangible|assets|8|8,242,000|7,253,191| |Current|assets| |Debtors|9|8,419|5,697| |Cash|at|bank|296,556|240,143| |304,975|245,840| |Current|liabilities| |Creditors|10|(42,101)|(57,738)| |Net current|assets|262,874|188,102| |Net assets|8,504,874|7,441,293| |Reserves| |Unrestricted|funds:| |General|Fund|12|262,874|188,102| |Designated|Fund|12|8,242,000|7,253,191| |Net funds|8,504,874|7,441,293|

----- End of picture text -----

The notes on pages 12 to 16 form part of these financial statements.

Signed on behalf of the Directors on | October 2025

==> picture [145 x 73] intentionally omitted <==

----- Start of picture text -----
Ei | V ,
urs GL ~~ s
Lisa Duckworth
Director
----- End of picture text -----

Company Registration No. 06455755 (England and Wales)

e e eeee Page 10

The Duke of Lancaster Housing Trust

Cashflow statement

For the year ended 31 March 2025

SSS,	SSS,	SSS,	SSS,	SSS,	SSS,
			2025		2024
	Notes	£	£	£	£
Net cash provided by	14		680,941		335,034
operating activities
Cash flows from investing activities
Purchase oftangible assets		(485,739)		(227,946)
Capitalised improvements		(154,261)		(91,269)
Interest received		15,472		10,706
Netcash used in investing			(624,528)		(308,509)
activities
Net increase in cash			56,413		26,525
Cash atthe beginning ofthe year			240,143		213,618
Cash attheend ofthe year			296,556		240,143
Cash comprises:
Cashatbank			296,556		240,143

es

Page 11

The Duke of Lancaster Housing Trust

Notes to the financial statements (continued) For the year ended 31 March 2025

eee 1. Accounting policies

a Basis of accounting The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicableto 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) and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest pound.

The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note. °

b Going concern

Based on the recent performance and level of liquid reserves, the Trustees 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 amounts of assets and liabilities within the next reporting period.

c Fund accounting Unrestricted funds are available to spend on activities that further any of the purposes of charity.

d Income

Income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Rental income is recognised when receivable and the amount can be measured reliably by the Charity; this is normally based on the amount agreed in the contract.

e Expenditure and irrecoverable VAT

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis.

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

eee

Page 12

The Duke of Lancaster Housing Trust

Notes to the financial statements (continued) For the year ended 31 March 2025

a

1. Accounting Policies (continued)

f Charitable activities Costs of charitable activities and governance costs are shown in note 5. Audit fees are considered to be governance costs and the remainder are costs of charitable activities.

g Tangible fixed assets and depreciation

Any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management are capitalised.

Tangible fixed assets include property held primarily for the provision of affordable housing. It is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value at each reporting date, being its fair value at the date of revaluation less any subsequent accumulated impairment losses. Any gain or loss on disposal the difference between the net disposal proceeds and the carrying amount ofthe asset is recognised in the SOFA when the significant risks and rewards of ownership are transferred.

Tangible fixed assets are not depreciated as they are deemed to have a useful economic life of more than 50 years and are properly maintained such that depreciation would be immaterial.

h Debtors Trade and other debtors are recognised at the amount expected to be recovered. Prepayments are valued at the amount prepaid in respect of a later period.

i Creditors

Creditors are recognised at their settlement amount after allowing for any trade discounts due.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements in accordance with FRS 102 requires the Trustees to make estimates and assumptions concerning the future. The estimates and assumptions that could have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include fixed asset measurement, accruals, depreciation and revenue recognition. The accounting in these areas requires management to use judgement. In relation to accruals this is a best estimate of costs that will be incurred based on contractual requirements. For fixed asset measurement this is ensuring assets are not impaired. For depreciation the estimate is driven by the useful economic life of the associated assets. For revenue recognition management apply judgement in determining when revenue should be recognised.

ee

Page 13

The Duke of Lancaster Housing Trust

Notes to the financial statements (continued) For the year ended 31 March 2025

==> picture [467 x 522] intentionally omitted <==

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |eee.| |3.|Income|from|charitable|activities| |2025|2024| |£|£| |Donation|from|Duchy of Lancaster|555,000|240,000| |Rent|receivable|from|affordable|housing|260,512|250,247| |815,512|490,247| |4,|Other|income| |2025|2024| |£|£| |Bank|interest|15,472|10,706| |15,472|10,706| |5.|Charitable|activities| |2025|2024| |£|£| |Property|maintenance|and|renairs|$1,216|113,423| |Property management fees|27,860|26,482| |Other|legal and|professional|fees|11,499|11,446| |Audit fees|8,400|7,920| |Insurance|costs|17,224|16,957| |Bad|and|doubtful|debts|13|2,664| |116,212|178,892| |6.|Other gains|and|losses| |fixed|asset|investments| |2025|2024| |£|£| |Changes|in the fair value|of investment|properties|348,809|-|

----- End of picture text -----

eee

Page 14

The Duke of Lancaster Housing Trust

Notes to the financial statements (continued) For the year ended 31 March 2025

a

1. Staff costs The charity Trustees received fnil of benefits from employment with the Trust in the year (2024: £nil) and they were reimbursed expenses of £411 during the year (2024: £324). No charity Trustee received payment for professional or other services supplied to the Charity (2024: fnil). The Charity has no directly employed staff (2024: none).

2. Tangible fixed assets

==> picture [423 x 122] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |Land|and| |Buildings| |£| |Cost| |At|1|April|2024|7,253,191| |Additions|640,000| |Revaluation|348,809| |At|31|March|2025|8,242,000|

----- End of picture text -----

The fair value of the property has been arrived at on the basis of a valuation carried out at 31 March 2025 by Savills, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties

9. Debtors

==> picture [466 x 224] intentionally omitted <==

----- Start of picture text -----
|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Other debtors|8,419|5,697| |8,419|5,697| |10.|Creditors| |2025|2024| |£|£| |Trade|Creditors|1,912|15,100| |Accruals|40,189|42,638| |42,101|57,738| |11.|Capital|Commitments| |The|Duke|of|Lancaster|Housing|Trust|has|entered|a|contract|for|capital|expenditure|of|£32,369| |which|will|be|completed|post year end.|

----- End of picture text -----

a

Page 15

The Duke of Lancaster Housing Trust

Notes to the financial statements (continued) For the year ended 31 March 2025

SEeeeNe eee 12. Movement in funds

				Other	Transfers	As at31
	As at 1	Incoming	Outgoing	Gains/	between	March
	April 2024	resources	resources	(losses)	funds	2025
	£	£	£	£	£	£
Unrestricted
funds:
Generalfunds Designated	188,102	830,984	(116,212)	-	(640,000)	262,874
fund;
Property Fund	7,253,191	-	-	348,809	640,000	8,242,000
	7,441,293	830,984	(116,212)	348,809	-	8,504,874

Designated funds comprise of the Property Fund which is the value of the rental property held by the charity to fulfil its objects of provision of housing, accommodation, assistance to help house people and associated facilities and amenities for those in necessitous circumstances.

13. Related party transactions

Durig tiie year, the Duke of Lancaster Housing Trust received a donation of £555,000 from the Duchy of Lancaster (2024: £240,000).

14. Reconciliation of net income to net cash flow from operating activities

	2025	2024
	£	£
Net income forthe reporting period	1,063,581	322,061
Adjustments for:
Interest received (Increase) in debtors (Decrease) in creditors within oneyear	(15,472) (2,723) (15,636)	(10,706) (190) 23,869
(Gain) on revaluation of property	(348,809)	-
	680,941	335,034

CeTeen

Page 16