REGISTERED COMPANY NUMBER: 07452865 (England and Wales) REGISTERED CHARITY NUMBER: 1139957
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 FOR WITHAM PUBLIC HALL TRUST LIMITED
Baverstocks Chartered Accountants Dickens House Guithavon Street Witham Essex CM8 1BJ
FT P3ge Reportof theTrustee5 Ito5 Independent Exarniner's Report Statementof FinancialActivitie5 Balance Sheet 8tc>9 Notestothe Financial Statements IOto13
Thetrusteeswho are also directors of the charity forthe purposes of theCornpaniesAct 2tK)6. present their rekkjrt wth the financtal statements of the charity for the year ended 30June2022. The trustees have adopted the provisions of the Statement of Recornmended Practice- Accounting and Reportin8 by Charities weparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFR51021 issued on 16July 2014 in preparSng the annual report and financial statetnents of the Charity. REFERENCEAND ADMINISTRATIVE DETAILS REgistered Company number 07452865 (England and Wale51 Reglstered Charltynumber 1139957 Restered offlce The Public Hall Collingwood Road With3m Essex CM8 2DY Trustees S P Adkins Tcole B J Fleet G Green TDrury JLee D Beardwell Directorlchalrman of the Board) Director Director Director Director Director Director Independentexamlner Baverstocks Chartered Certlfied Accountants Dickens House G(Èithavon Stt Withatn Essex CM8 IBJ Bankers Co-operatlve Bank Website WWW.W4thampublichall.co.uk Pag¢ I
STRucfuRE, GOVERNANCE AND MANAGEME Hlstory and constitution Discu951on5 between eraintree Dlstricl Council and representativesof Witham Amateuroperatic Sociely,Wltham Operatic Workshop and Witham Dramatic Club began late 2008 when it was first mooted that, In line with the Braintree Distrlct concIl long term plan, the running of Witham Public Hall and other Halls owned by Braintree Distrlct Council could be outsourced to groups of interested p2rtie% A% a re5uIt, a small groupwas pitt together representin8 four of the major users ol the Hall under the namewithaffl Theatre Association. In 2010 this becarne Witham Publlc Hall Trust Limited in order lo reflect a morelncluslveandcommunity-wideapproach. Follownga period ofconsultation and theas515tanceof Paulconway of Conway, Fieldlng 3nd Gough laccount3ntsl and Chris Haywood of Bright 2nd sons Isolicitorsl, a company Ilmited by guarantee (Company Registration No. 74528651 was incorpDrated in England on 29 November 2010 to facilitate the t3keover of the day-to-day management of the Hall on a not-for-profÉt basis. The Companywas registered with the Charity Comrnission on 20 January 2011 (Charity Registration No. 1139957). A Business Plan was prepared and after Much discussion was submitted and at4)roved by Bralntree Distrlct Courtll. Since Witham Publlc Hall Trust Lirnlted, Uftder the management of Braintree Distrlcl Councll. had operating costs eKceeding revenL¢es by approximately £20,000 It w25 forecast within the Business Plan that the Trustees wnuld need three years to turn around the losses and achieve sustainabilityon an operating basis. However. it was also agreed that a truly sustairnable buSinS would need to have adequate reserves for unexpected eventualities and that Witham Public Hall Trust Llmited would not be in a position to set aside such reserves for many years. Discussions with Braintree District Council contiLjed throughout 2Qll until 3 Lease Agreement, grantlngwitham Public Hall Trust Ltd a 25 year lease to run Wltham Public Hall. was signed on 16 September 2011. A bank account was set up under the name Witham Publ1¢ Hall Trust Llmited and c(vnpany incorporation costs and miscellaneous other pre-trading expenses were met by donatlons from Witham Ainateur Oper2tlc Society and With3m Dramatic Club. Those donatlons were subsequentlycommuted into membershipfees for the first year of trading. Braintree District Council granted Witham Public Hall Trust Limltth the sum of £11,5(X) toward5 Utilities expenses in its first year and togetherwith the licencefee from the Citizens Advice Bureau. which occuplesseveral rooms in the buildings adlacenttothe Main Hall. thi5 served as working capital Irorn Witham Public Hall Trust Limited. A further £3,(XO was granted to Wltham Public HallTrust knmitedtowardsslart-up¢ostsand thiswas allspenton ITequipment.websiledevelopment.51atio¢)ery, and marketin& Formal tradlng of Witham Publlc Hall Trust Limited began on 16 September 2011 and Witham Public Hall Trust Limited booked all costs and reveF)ues 8gsociated wth running Wltham Public Hall fr(>m that date. An ernployrnenl contract W3S agreed with the c3relaker and PAYE 3nd National Insuran details were duly registered wlth HMRC. All commercÉal contracts for utilities and other services delivered lo Witham Publlc H211 were transferred to Witham Publlc Hall Trust Lirnited and every user tsf the hall wascontacted about the change of management. Hire fees to users of the hall were all scrutinised and the large variation in hirlng rates whSch had evolved in the past was ralionalised sr)Ihattheywereboth fairalld competitive.Wherethemovetoa newrale represented a blgpercentageincre85e for the hirer a tr8n511ional rate was usually agreed in order to make the change to the new rate easier to manage. No hirers felt the need to cancel their bookin and the overall effect of ralionalisin8 hire fees and gaining new hirers led to a 40Yo increase in revenues from hiring in the first year. A rnembership scheme was &tablished in the first year and those regular usersof the hall who pay a tnembershipfee beneflt Irorn a rnorefavourable rat In 2012113 a sum of £8,0(X) WAS donated by Braintree District Councll stEcilically for creation of a new bar. Some additional investment, in excess of £l,(K)O, was made by Witham Public Hall Trust Limited to complete the bar to 2 high Standard, includingnewfridges, ti1l%optitsandotheraccesrleS.subsequentIythTrUsthaS received agranlfromthe Essex Community Initiative Fund as well as Snterest free loans from Wilham Amateur Operatic Society to enable the Trust to replace 311 the seating. In the last two financial years1201912020 and 2020120211, the Trust received grants from Essex County Council in respect of the impactofcovid on hostxt31ityvenue&Theseweresufficientto keepthe Public Hallopenfor the National Blood Transluslon Servl¢eand thosefewevents Ihatrestrictions 311owed. Tradinglsludged to havegone back to normal in 2022123. Recrultment and appolntmentof new trustees The Charlty's Trustees are appointed at a meeting of the Board of Trustees following a selection process and recommendation by an existing Trustee. The Board requlres breadth and depth of experience to carry out its duties effectively. When recruitin8 new Trustees, the Board lakes into consideration ell8ibility, peryonal competence, speclallst ski11sof kn0edgea[KI local availabillty. Page 2
STRUCTURE, GOVERNANCEAND MANAGEMEMr Organlsational Structure TheTru5tees fflainlain overall reSwnsbrliIyf0r the charity and it5asset& DuringtheyegrtheTrusteesdetermined the wlicy ol the charitywith regards to hirin8 the hall and promoting events. They as51Sted in the management of the charity via the operation of the Main Board aswell asprovided direct helpto the Management Team * volunteers. rnainlyas Frontof House and BaiA5515taiits duringpromoted event5. Durin8 the year the day-to-day management of the Hall was delegated lo the Hall Manager. Ni8el Northfield. Events are managed bya sub-committee headed byTrevor Drury. Rlsk Mana8ement The Trustees have assessed the major risks lo which the charity is exposed, its p2rticul2r those relatin8 to the speclfic operatlonal area5 of the charity and its linance% The trustees belleve that by monltoring cash reserves and hire bookings versus anticipated expenditure the keyfinatKial risks can be controlled. However, exposure to the Citizens'Advice'5 abillty to reieive funding (citizens, Advice is a ma5or contributor to Witham Public Hall Trust Limited revenues since it licences several roorns under Witham Public Hall Trust Ltmited controll is outside the tr(tee5, cc*ntrol. To establish an adequate capit31 reserve for repairs, redecoration, and Linforeseen busir)ess risks. £18,QMX)was allocated to reserves at the end ol the firstyear of tradingand an additional £4,000 ha5 be addeil to reserveseach year. Until year-end 2020thesereserveswere app at approximately£40,(M)O and were matched by cash at bank. As 3 result of Covid and the rapidity with which plans for prornoted events andolher income-generatingactivitiescan be cancelled the board declded in 2020121 to add thecovid 8rant of É25,mO Ifrom BDCI to reserves, taklng total reserv lo £75,607. However, tradlng h8d almost gone batk to normal in 2021122 and very much 50 in 2022123. so E5(X)O of the Covid 8rallt had been released in 2021122 to the income account, reducing reservesto £70,607, as they main in 2022123. An additlonal rlsk Is de[ndence on volLJnteers and staff for key lasks.The Trust has been lucky to find two caretakers who nowsharethe IDadand providecoverforeachotherduringholidaysand illness, althoughwecontinuetolookforan additional caretaker as thedemand for theWPH increases.Theworkof findingadditionalvolunteersto spread theworkload of barand front of housework is on8oin8 but this remains ch3llen&ng. For the avoidance of doubt, It must be stressed that the bar generates most of thefinancial surpluslbeforeallocation to reserves) made byWPHTand that5urplusW1d disappearif bar and frontof housevolunleerswere replaced with staff pald even the minirnumwage. One more risk has become apparent sincethe13test yearend. thedendence of Ihe Tru5ton Its landloTd, Braint Dlstrlct Council, for repairg to the fabric ol the building including the gas boilers. Normal inspection and maintenance has been sufficient until nowto keep the fabric of the building structurally sound. Hciwever.f3ilure of both g3s boilers durin8 the year and Ihediscoverythatthese boilers and its key replace3blepartS are no lorEermanufactured posed achallengeto the normal operatton of theTrusl during thewinter months. The Trust understands that BDC has a policy ol obtaining three quotes for all work undertaken by outside contractor5 but this lengthy process 15 at odds with the Trust'5 need to repair things quickly f itlgto maintain norn)al servitefor hlrers and other payingcu5tomers.Thls has become even moreobvious followingwater ingressfrom the roof into Commlttee Room I, renderingthe room almost unusable and therefore cornprornising the Trusvs abllity to offer the facillties for whlch hirers have already paid. WPHT is in Snforrnal talks with BDC to re501ve th2se Issues and fiThl 3 more rad reSnSe to problemsforwhich the regponsibilitylieswith Braintree District cou11. OBJECTIVESANDACTIVITIES ObJective5 and Actlvltles The prlnclpal objects of Wilham Public H311 Trust Limited, as set out in the Constitution. are to prov¢de and maintain the public hall for the useof the inhabitants of Witharn and the surrounding area but e5peci311yfor S. meetings, lecture5and cla55es with a particular preleresKe for the perlortnlng arts, and 11. other forms of recreatlon and leisure-time occupation. with the object of Improving the conditions of life for the inhabitants. In addition.Witharn Public H211 Trust Limited had p13nned the promotion of several eventsduring the yearto 30June 2023, coverin8a range of tastes and activitieg includingdances, toncerts. professional theatre, and celebrity appearances. year. Page 3
ACHIEVEMENT AND PERFORMANCE A Reviewof KeyTargets for 2022123 TheTru5t's main busir)essgoalsfor 2022123were toflnd the best balance between risk and return on its many Events while continuing lo offera successful pertormance venuefor the many performlngarls groups that usethe hall eachyear. The main sources ol incomefi)r WPHT are usuallyhlrefees, rental incomefrom CAB and ttrr surplus from promoted event& which include bar profits. Th[syrtheywere'. Hlrefee5 at £53,1951£33,9471, 2 record year whichdid include significant hirefee5 from promoters hiring the hall fortheir own bands and comedy acts. Cltlzens, Advice rental at £12,300, reflecting the inclusion on onequarler's ldItIonal fee from a renegotiated license that is nowworth £13,200 p3. Event revenues at £31,682downfromÉ42,918 l&tyear but rellectinga deliberateshifl in the mixof events awayfromself- prorwled events, for which WPHT took full financial risk lie. if tlcket sale5 were poor we Still had the artist fees to payl to m0511y no-risk hires. This shift has meant that hall hire fees havegone up but ticket sales that WPHT books as revenue have gonedown. The nel effect has been positlveforWPHT's surplus. Barsale5 were É45,7291£26.58313t re¢ord levels rnostlyreflectingthe 5vcces50f the manyevents at the hall bit als to someextent. the successof the Real Ale and Gln Festival. Together with membership fees and interest received, total income was É146.9641£122,5931. surpassing prevlous years, thusallowin8forasurplus of £23, 3611É14,90cII.Trusteesdecided th3t noadditional provisiorkforreserveswas needed glven the strong balansheet backed up by¢*h of £139.4CM). Page 4
FiJfuRE PLANS KeyTargets for 2023124 The current year has already confronted Trustees with some newch311enges. The gas boiler problems and the leaking roof Isee Risk Management, last paragraph) has meant Trustees need to find away of workingwith its landlord, Braintree. District Council,thal makesresponsetimesforfixingthing5,forwhich BDC has sole responsibilily,competitivewith privalebusiness. Having said that Trustees are comrnitted to improvin8 the facilities over which they have control and have planning permlssic>n to provide air cc*ndilioning in the Main H311. Thls facility will also have heating functlonality that may provide a short-term solution in the event of a boller failure. However, the main function of the air conditioning sy5tern wlll be to m8int2in comft)rtable temperatures for ourcustomers in the summertime when full houses and oppressive heat outside has made condltlons in the Main Hall distinctly unpleasant. TrLJStees are convinced that this will encourage more customers to enjoy the programmeof eventswe offer and to improvecustomer loyalty Ihroughout theyear. The other main challenge in 2023124 is to work through a sustainability plan that devolve5 rnore responsibility for key ailministrative activities Ilinancial, booking% event manageTnent. tecl)nical, facilities management elcl to small teams, thus reducing dependenceon the Hall Maiiager and individual volunteers. 2023124shoulda150seeamalor slagerlgginginspection thatincludesstrLJCtur31 englneering,thus makingsurethatthesta8e remainsfitfor purpD5e lor theforeseeable future. Tradingforthe flrsthalf of theyear hasdevelopedwell sofarwith the RealAle and Gln Festival Én September 2023 achieving 8 record surplus of over £60(K>. Events have also been generally well attended and well recelved and for the most part contributing surplu5e5. I the absence of unforeseen circumstances the Trust anticipates an operating surplus for the year similar tL¥that of 2022123. Approved byorderof the board oftrustees on.!l.I Zlnd ggned on its behalf by.. S P Adkins- Trustee Page 5
I rerx)rt tothetrusteesorb rnYexarninati of theaccountsoftheCompyfor theyearended Xljune 2021 Respedive re5wnslbllltSes and basisof rep)rt As thecharity's tru5tee50f the Company Iwhoarealsothedifectorsof thecornp3nyforthe syjrrses of cornpany lawl, you are responsible forthe kyeparat1on0fthe(tyjnts1n %c<darfewith requirements0ft CornpaniesAct 2(X)61'the 2(K)6Act'J. Havingsat15fieJ mysdfthattheaccountsofthecomwyan0t required to be audited forthisyearunder Part 16of the 2(K)6Act and are eligiblefor independent examination. I retK)rt in resmof Myexaminati of yourcharity's accotjnts as carried ovt uThJer section 145 of the CharitiesAct 2011 rthe X>ll Actl. In carrying¢JJt myexamination, I have followed the Directions given bythe Charitycomrnission lurnlersertion 1451511bl of 2011 Act. Independent e¥aminer'55tateIt I have Corneted myexamination. I confirm thatno material rnattershaveconE to myattention %thIChveS me cause to believe that.. accoynting reccffds were not kept in xcOrdanWthsectIOn 386of tcoMpanieS Act 2C(hS' or the accounts do not Cord WithS(h record5: or the accounts do notcomplywth relevant cOUntIngreqlreMeTrtsunder5ectlon 396of theCornpaniesAct 2006 other than anyreouirement thatthe acCnts81Vea.true3ndfair.ewVknich is not a matterconsidered as part of an inderEndent exarnination- or the xcounts have not been prepar1 in xcordarKewth theCh¥ities SORP IFR51021. I have noconcerns and havecome acrossnoother mèttetsin contion withthe examination towhichattention should be drawn in this rerA)rt in orderto enable a prOrf understandingof theCnt$tO be reKhed. Steven Collins FCCA Baverstocks Chartered Certified kcountants Dicken5 House Guithavon Street Witham Essex CM8 IBJ Date.. I Page 6
2023 Unrestricted fund 2022 Total funds Notes INCOME Incoming resource5from generated funds Grants and Donations Activitles forgener3tSngfunds Inve5ttnent income 53.460 91,962 d091 115,998 504 Total lrtcomihg resourtos 146.964 122,593 EXPENDITURE Charltable actlvltles other resources expended 27.004 96,599 36.IXK) 71.693 Total resour5 expended 123,603 107.693 NET INCOME 23.361 14,9(K) RECONCILIATION OF FUNDS Totalfunds broughtforward 66,556 51,656 TOTAL FUNDSCARRIED FORWARD The notes foym part of these finanoial statements Page 7
2023 UrErestricled fund 2022 Total funds Note5 FIXEDASSETS Tangible assets 16.620 24,1 CURRENT ASSETS Stocks Debtor5 Cash at bank and in hand 4.638 6.738 139.4 3,993 6,384 107.381 150,776 117,758 CREDITORS Amountsfalllngduewithin one year io 148721 14.7281 NETCURRENT ASSETS TOTALASSETS LESSCURRENT LIABILITIES 160.524 137,163 CREDITORS Amountsfalling due after more than oneyear li 170,6071 170,6071 NET ASSETS 89,917 FUNDS Unrestricted funds Rtricted funds Endowment funds 12 89,917 66.556 TOTAL FUND5 89.917 66.556 The notes forni part of these financial statements Page 8 continued...
The charitablecompanywas entitled to exernptionfrorn auditunderSection477of theCompaniesAct 2006 relatingtosmall companies. The members have not required thecharitable companytoobtain an audit in accordancewith Section 476of theCompanie5 Act 2006. The truste acknowledge their restK)nsibilities for en5UTSng that the charitable company keep5 accounting records that comply with Section5 386 and 387 of the Companles Act 21X)6 and preparin8financial statements which give a true and fairvlew of the slate of affairs of the charitable company a5 at the end of each finarFElal year and of its surplusordelicitforeach financial year in accOrdanwith the requiretneAts of Sections 394 and 395 and which otherwlse comrAy with the requlrements of the Cornpanles Act 2006 relatlng to financial statements, so fèr as applicable to thech3ritablecomp3ny. Ibl These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2(X)6 relatingtosmall charitablecompanies and with FRS102 SORP. Thelinancial staternentswere aptyoved bythe Board ofTrustees w... and weresi8ned on ils behalf by.. S P Adkins-Trustee The notes forn) part of these financial slateinents Page 9
ACCOUNTING POLICIES Basls gf a¢¢ountlng Theseaccounts have beeT) prepared underthehistorical costconvention with Item$£0gn15ed atC05tortransaction valueunle55 Otherwise Stated in the relevant notes to these accounts. The accounts have been prép3red in accordance with the Statement of Recommendeil Practictr. Accounting and Reporting by Charities preparlng their accounts in accordance with the Financial Rerx)rtin8 Standard applicable in the UK 2nd Republicof Ireland IFRS 1021 issued on 16July2014. Income Recognised of incoming resources are irtluded in the Statement of Financial Activille5 (SOFA) when- i. The charity becomesentitled tothe resources ii.The trustees are virtuallycertain theywill receive the resources,. and Ill. The rnonelaryvaluecan be rnea5ured with sulliciernt reliably Grants and donationsare only included in the SoFAwhen the charityhas unconditional entltlementtothe resourcès. Expendlture and Ilabilltles Support costs Include central functions 2nd havebeen allocated to activity costcategorieson a ba515 consistent with theu5e of resources.es.allocating propertycosts byfloor area$,or[r capital,staff costsbythetimespent and other cost5 by their usage. Where the charitY8ives a grant with conditions for Its payment belng a specific level of service to be provided. suchgrènts are onlyrecognised inthe soFAOnthe recitxentof thegrant hasprovided thespecifled service. TanglblefSxed assets for use by charlty These are capitalised if theycan be used for more than one year. and the cost at least £5(XX They are valued at ct or, ifglftÈd. at Ihevalue to the charlty on receipt. Depreclation is provided at an annual rate oif 10-3VAStralght line in order to writeoff each asset over ils estimated useful life. Stocks Stocks are valued at the lower of c051 and net realisable value, after making due allowance for ob501ete and slow moving item& TaKatlon The charity isexempt from corporation tax on Itscharitable actlvltles. Fund a¢counting Unrestrlcted funds can be used In accordance withthe charltable objectives atthedlscretionof thetru51ees. Restricted fund5 can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified bythe donoror whenfunds are raised for particular restricted purpose5. Furthereyplanation of the natureand purposeof eachfund is included in the notes to thefinancial statement GRANTSAND DONATIONS 2023 2022 Sponsorshipand Donat10115 1,416 1.091 Grants recetved, included in the above, are a5follows: 2023 2022 Essex Countycouncil BuslnessAdaptation Grants Page 11
ACTIVITIES FOR GENERATING FUNDS 2023 2022 Events income CAB Rent Hiringincome Bar sales Member5hlp Fees 31,582 12,300 53,195 45,729 1.200 42.918 12,(K)O 33,947 26,583 550 144,006 115.998 INVESTMENTINCOME 2023 2022 Bank itsterest recelved 504 CHARITABLEAcfiviTIES 2023 2022 openigstock Bar cost5 Promoted Events Costs Closin8 Stock 3,993 25,587 2,062 2.918 19.234 17,841 3,9931 27,(M)4 36.OQK) NET INCOMINGIIOWGOINGI RESOURCES Net rescwrcesare stated aftercharglngll¢redltingl'. 2023 2022 Depreciatlon- owned assets 9.056 TrUSTEES' REMUNEFiATION AND BENEFITS 2023 2022 Trustee5' remuneration 2.4CKI Tru5tees' expenses Therewere notrustees, expen paid for theyearended 30June2023 norfor the year ended 30June2022. Page 11
TANGIBLE FIXEDASSETS Fixtures and Fittings COST At lJuly2022 Additions Disposal 78.112 2,1(M) AI 30June2023 80,212 DEPRECIATION At lJuly2022 Chargefor year Disposal 53,979 9.613 At 30June2023 NET BOOKVALUE At 30June2023 16,620 At 30June2022 DEBTORS: AMOUNTS FALLING DUEWITHIN ONE YEAR 2023 2022 Trade Debtors Prepaymentsand Accrued Income 3,738 3,384 io. CREDITORS:AMOUNTS FALLING LWEWITHIN ONE YEAR 2023 2022 Trade Credltors Social Security and Other Taxes Othef Creditors 1.240 142 708 4,728 ii. CREDITORS:AMOUNTS FALLING DUEAFTER MORETHAN ONE YEAR 2023 2022 Coronavirus Grant Sinking Fund General Repairs Fund 23.0 47,607 23,0 47,607 70,607 Page 12
12. MOVEMENTIN FUNDS Net movement in funds At 1.7.22 At 30.&23 Unrestrlctedfunds General fund 66,556 23,361 89,917 TOTAL FUNDS 66,556 23,361 89,917 Net movement infunds, included in the above are a5follow5'. IrKomin8 resources Resources expended Movement in funds Unrestrlcted funds General flind 145,422 1123.6031 23,361 TOTAL FUNDS 145 422 1123,6031 23.361 ULTIMATE CONTROLLING PARTY Thecompany is IFmited by guarantee a1 thereftire has no 5harecapital.The liability c>f esch member is restrlcted to a maxlmum of ÉL Page 13
TE EN FIN 2023 2022 INCOME Grants and Donatlons Sponsorship and Donations Grants 1.416 1,091 Actlvltles forgeneratlngfunds Events Income CA8 Rent Hall Hirin8 income Barsales Membership Fees 31,582 12.3(K) 53,195 45,729 42,918 12,000 33,947 26,583 550 145.422 122,089 Investment income Bank interest received 504 Total Inrne 146,964 122,593 EXPENDITURE Charltableactlvities Opetbingstoik Bar CtS Proffloted Events C<t$ Closin8Stock 3.993 25,587 2,062 1918 19,234 17,841 13.9931 27,004 3&IXK) Other resources expended Salaries and casLJal Labour Trustees, remuneration Selling and marketing costs Rent, rateg and Insurance Repair%and Renewals Llght and Heat Telephone, postage &stationery Legal and Professional f22S Cleaning Travelling Sundryexpenses Bank charge5and interest Bad Debt Depn of Fixtures & Fittlngs ProfitlLoss on Disposal of FSxture5 & Fittings 25,950 7(X) 16,110 6,536 11.613 20.422 1,808 521 2,571 22.214 2,400 10,728 4,446 9,476 7.957 2,147 801 1,809 103 577 75 9,613 91 488 80 9.056 599 Total resOUrexpended 123,603 107,693 Net Inwme 23.361 This page does Jiot foiin part of the s121utory finoncial statements Page 14