REGISTEREDCOMPANY NUMBER: 07452865 IEngland andwalesl REGISTEREDCHARITYNUMBER: 1139957 Baverstocks Charteitd Accountants Dickens House Guithavon Street Wilham Ess¢x CM8 1 IIJ
Reportof tITruSteeS Ito5 Iependent Examlner's Rert Statement of Financial Activitie5 Balance Sheet 8t09 Notes to the Finan¢lal Statements IOto13
The trustees who are alsodirectors of thecharityfor the purposesof thecompanles Art 2CI)6. present their reportwith the financial staternents of the charity for the year ended 30June2024. The trustees have adopted the provisions of the Statemellt of Reiommer)ded Pr3Ctice.' Accouv)ting and Rep)rting by Charities preparing thelr accounts in accordaF)ce with the Financlal Reporting Standard applicable in the Ul< and Republic of Ireland IFRS1021 issued on 16 July 2014 in preparing the annual report and finan¢lal statemenlsof thecharity. REFERENCEANDADMINISTRATIVE DETAILS Regtstered Companynumber 07452865 IEngland ènd Wale51 Reglstered Charltynumber 1139957 Re8lsteredoffl¢e The Publlc Hall Collingwood Road Withaffl E5S2X CM8 2DY Trustees S PAdkins Tcole B J Fleet G Green D Bear(hMel1 JLee G Peters Directorlchairman of the Board) Dlrector Director Director Director Director DSrector Independent examlner Baverstocks Chartered Certified Accountants DickeTrs House Guithavon Street Witham Essex CM8 IBJ Bankers Co-operative Bank Web51te Y.wEthaMtbli(hal1O.uk Page I
STRUCTURE, GOVERNANCEAND MANAGEMENT History and ¢onstltutlon Discussions between Bralntree District Council and repre5entativesof WithamAmateur Operatic Soclety,Wilham Operatic Workshop and Witham Dramatic Club began late 2008 when it was first mwted that. in line with the Brallltree District Council long term plan, the running of Wlth3rn Publlc Hall and other Ha115 owned by Braintree District Council could be outsourced to groups of interested parties. As a result, a sm311 group was put together representing four of the major users of the Hall underthe Iiame Wltham Theatre Associaticsn. In 2010 this became Wltham Public Hall Tru51 Limited in order to reflecta more inclusiveand community-wdeapproach. Followinga perlod of consultatioii and the ass15tanceof Paul Conway of Conway, Fielding and Gough laccountantsl and Chri5 Haywood of Bright and Sons Isolicitorsl, a company limited by guarantee (Company Registration No. 74528651 was Incorporated in England on 29 November 2010 to facilitate the takeover of the day-lo-day management of the Hall on k not-for-prolit basis. The Companywas re8lStered wllh the Charlty Comffli5sion on 20January 2011 Icharity Registration N(x 11399571. A Business Plan was prepared and after much disckEs%lon was subtnitted alld approved by Braintree Distrlct Council. Slnce Witham Public Hall Trust Limited, urFder the management of Braintree District Council, had oper3ting costs exceeding revenues by approximately £20,0 it forecast within the Bu%n&s Plan that the Tr(Jstees would need three years to around the losses and achleve sustèlnabilityon an operatlng Iiasi* HDwever, It was also agreed that a truly sustainable biisine55 would need to have adequate reseNes for unexpected eventualities and that Witharn Public Hall Trust Limited would not be In a position to set 35ide such reserves for many yeèrs. Discussions wlth Braintree Distrlct Council continued throughout 2011 untll a LeaseAgreement.8rantingWitham Public Hall Trust Ltd a 25 year lease to run Witham Public Hall. wa5signed on 16 September 2011. A bank account was set up under the name Witham Public Hall Trust Llmlted and company Incorp)ratlon costs and m15cellaneous other pre-trading expenses were tnet by donatlon5 from Withztn Amateur OperatSc Society and Wltharn Dram3tlt Club. Those donatlons were 5ubsequentlycomrnuted into tnember5hipfees for the first year of trading. Bralntree District Council granted Witham Public Hall TrL5St Limited the sum of £11.500 towards utilities expenses In its fltYear3nd togetherwith the licencefee from theCit12ens Advi Bureau, which tup[e5 several rooms In the buildSng5 adjacent tothe Main Hall, thls served as workln8 carytal frorn Witham PblIC Hall Trust Lltnited. A further £3.(KK>was granted to Witham Public HallTru5t Limited towardsstart-upcostsand thiswasallspenton ITequirment,websitedevelopment,stationery,and marketirig. Formal trading of Witham Publlc Hall Trust Limited began on 16 September 2011 and Witham Public Hall Trust Limited booked all ws15 and revenues a950cialed with runnlng Witham Public Hall from that date. An employment contract was 8greed wlth the caretaker and PAYE and National Insurance detalls were duly registered with HMRC. All commerclal contracts for utllilies and other Services delivered to Witham Public H811 were transferred to Witham Public Hall Trust Limited and every user of the hall wascontacted about the change of management. Hire fees to users of the hall were all scwtinlsed and the large variation in hlrlng rates which had evolved in the past was rationalisedsothattheywere bothfalrandcompetitive.Where the movetoa newraterepre5enteda bigper¢entageincrease for the hirer a transitional rate was usually agreed in order to make the change to the new rate eIer to manage. No hirers felt the need to cancel their bookin8s snd the overall effect of rationalislng hire fees and gainitig new hirers led to a 40% Increase in revenues from hiring In the first year. A membership scheme wa5 established in the first year and those regular usersof the hall who pay a member5hipfee benefltfrom a More favourable rate. In 2012113 a sum of £8,000 was donated by Braintree District Councll specifically fof the creation of a new bar. Some additional investment, in extess of £l,(XIO, wa5 made by Witham Publlc Hall Trust Limited to cornplete the bar to a high standard.includingnewfridges.tills,opticsandotheraCcessorl.subSeqUentlYtheTrUst has rece%ved agrantfromthe Essex Comrnunity Initiative Fund 85 well a5 interest free loans from Wltham Amateur Operatic Society to enable the Trust to replace all the seatin& In the last two financial year51201912020 2nd 2020120211. the Trust recelved grants from E55ex Countycouncil in respectof the Impact of Covid on hospitalityvenues.Theseweresufflcient to keep the Public Hallopen for the National Blood Tran%fusionServiceandth05efeweventsthat restrictionsallowed.Tradingwa5jud8edto havegoneback to normal in 2022123. Recrultmentand appolntment of newtrustees The Charity's Trustee5 are appointed at a meeting ot the Board of Trustees followng a selectlon process and recommendatlon by an exlstin8 Trustee. The Board requlres breadth and depth of experience to carry out its duties effectively. When recrultlng new Trustees. the Board take5 intLI considerallon eligibi1Sty. personal competence. speciallst 5klllsol knowled8e and local availability. Page 2
EP STRUCTURE, GOVERNANCE AND MANAGEMENT Organlsational structure TheTrustees maintain overall responsibilityforthe charityand ils 355et& DuringtheyeartheTrusteesdetermlnedthe pollcy of the charlty with regards to hlring the hall ar promoting events. They assisted in the management of the charlty via the opergtionof the Main Board 35well as PTovideddirect helptothe Mana8ementTeam asvolunteers, mainlyas Frontof House and BarA551Stants durlng promoted events. During the year theday-to-day management of the Hall wasdelegated to the Hall Manager, Nigel Northfield and the Event5 Mana8er/FrDntof House Manager,Graham Green- the Management Team. Rlsk Mwagement The Trustees have a55e55ed the major risks lo whlch the charity is exposed, particular those relating to the specific operational areas of the charity and its finance5. The trustees belleve th3t by monitoring cash reserves and hire bookings versus anticipated expenditure the key financlal risks can be controlled. However. exposure to the CAB'S ability to receive funding ICAB is a tnajor contributor to Witham Public Hall Trust Limited revenues since it licenie5 several rooms under Witham Public HallTrust Limited controll isoutsidethetrustees'conlrol.Toestab115h an adequate capital reserv2forrepairs, redecoration. and unforeseen business rlsks, £18,0(M)wa5 allocated to reserves at theend of the first year of trading and an additional £4.000 has been added to re5erveseach year. Until year-end 2020 these reserves werecapped at approximately £40,000 and were rnatched bycash at bank. A5 a result of Covid and the rapidilywlth which plansfor protnoted events and other income-generating activitie5 can be cancelled the board decided in 2020121 to add the Covid grant of £25.(m ltrorn BDCI to re5erve% taking total reserves to £75.607. However, trading had almost gone back to normal in 202V22 and so £5( of the Covid grant had been released to the income account. reducing reserves to £70.607. In 2023124the unusual costs associated with attempt5 to repalr the boilers, together wth installation costs for an extra electrical phase needed to powerthe air-conditioningmeantthatTru5tees decided to release£8439.13froffl therepairsand renewalsfund,ratherthan depress the reported surplus foranon-recurring Item. An additlonal risk 15 derEndence on vo1unteersand staff forkey tasks.TheTru5t has been lucky to lind three caretakerswho nowshare the load and provide coverforeach other during holldays and Illness.The workof finding additional volunteersto spread the workload of bar and front of housework is ongoing but thls remain5 challenging For the avoidance of doubt. it must be Stres thatthe bargenerate5 mostof the fSnancial surpluslbefore allocation to reserves) madebyWPHT and that surpluswould disappear if barand front of housevolunteerswere replaced th staff paid eventhe mlnlmumwage. One more risk has become apparent since the previous year end., the dependen of the Trust on ils landlord, Braintree District Council. for repair5 to the fabric of the buildlng including the gas bollers. Normal inspection 2nd maintenance has been 5uffiiientuntil now to keepthe fabric of the buildingstructurallysourKJ, However, failureof bothgas boilersduring the year and the discoverythat these boilers and its key replace3ble parts are no longer tnanufactured PDsed a challerTrge to the ormal operation of the Trust during the wlnter months. The Trust understands that BDC has a policy of obtaining three ouotesforallwork undertaken byoutsidecontractorsbutthis len8thyprocess IS 3toddswith theTrust's needto repairthings quickly if it isto maintain normal servicefor hirer5 and otherpayingcustomer5. Thlshas become even moreobviousfollowing water ingressfrom the roof into Comtnittee Room l. rendering the room almost unusable for thesecond half of the flnancial year and therefore compromising the Trust'5 ablllty to offer the facilities for which hirers have already paid. WPHT is in informal talks with BDC to re501ve these issues and find a more rapid response to problems forwhich the responsibility lies with Braintree District Council. OBJECTIVESANDACTIVITIES Oblectlvesartd Artlvltles The principal objects of Witham Publlc Hall Trust Llmited, as set out in the Constitution, are to provlde and maintaln the blic hall for theuse of the inhabitantsof Witham and the surroundin8 area tMt especiallyfor i. meetings, lectures and classe5Wlth a particular prelerenceforthe performing arts, and otkEr forms of recreatior) and lei5ure-tirne occupatiofi, with the object of Improving the conditions of life for t InhatantS. In addltion, Wilham Public Hall Trust LlmSted had plannedthe promotion of several event5duringtheye&rto SJ June 2024, covering a rarigeof tastes and activit1& incluilingdances,concerts, profe5s1onal theatre, and comedy nights. Page 3
ACHIEVEMENT AND PERFORMANCE A Revlewof KeyTargets for 2023124 TheTru5t's main biisiness goals for 2023124 were lo exhort BDC to repairthe leakin8 roof and replace the 8a$ bollers. We tnanaged to achieve one of those things Ilhe roofl although the Internal damage to ceiling, wa115 and floor tiles Is probably sornethingthatWPHTwill deal with itself. The structural integrityof the building and thefunctionlngof its heatlng5YSte is core to the continued success of the Trust. Without these things our business is comprorni5ed. At the time of writing thè Ba5 boiler issue has rolled over to 2024125 and isstill not resolved. The main sources of income for WPHT are usually hire lees, rent31 income from the Citizens Adwce and the surplus from promoted events,which ifjclude bar profits. Thi5 year theywere.. Hire fees 3t £59,167 have grown Il% vs the prevlous year1£53,1951 reflecting a combination of prlce increases and a change in the mixof the Event5 business model, awayfrotn ourown promotedevents,from whichwe receive no hall hirefee to tnore external prDmoters who pay a hall hirefee. Sofar this Isworking well, with 8ood attendance driving barsaleswhlch are becoming more Itnporlant to our financi31 success. It is a150 a lower risk strategy since we have no potentlal for losses. However. St doe5 restrict our upside. ' CA rental roseto £13,200after rnanyyear50f £12,CK)O. However.thi5amountwill be short-lived slnce the CA isvacatlng 3 rootn in order tosave costs.The negotiated Frcensefeefort next full yearwill be£12,000 3gain. Barsales were £59.691 vs £45,729 2n increase of 30% reflectlngthesuccess of events and theirgenerally betterattendee number5. Events income has apparently changed little Sn 2023124 vg the wevious year. £31.831 vs £31.582. However. the accountingforevents is a little misleading5inceitdoesnot Include pmfit5fromthe barorh211 hirefee8toextern31 promoters. Furthermore,we no longer accountfor tiikel sales tothlrd parties (external pronter$I and 50 the mixof declared revenue5 under the heading of Events Income has changed. 2024125 iacome will be a better guide to the new normal revenues from Ever515 IncDmesince itwill include 3 full year of the new business model which is niostly usingthlrd party promoters Together with grants and donation& agwell as membershlpfees, and irEterest on cash at banktotal Income was £169.669vs £140,964, a gain of 15% surpassing previous years. However, an increase in total expenses by 21% Ifrorn £123.603 to £150,268) cut our reporteAI surplus from £23,361 to£19,401. Someofthe higher expensescamefrom hlgher bar purcha*5 and increased inventorybut the majoritywas accounted for by an apwox. E18.500 increase in repairs and renewals, mtOf which represented the installation t05ts and related materlalsfor Iheair-conditionin8duct51rithe loft.Thecapltal costof the air-condltioninE unlts themselves is responslble forthe increase in fixed asset values at Iheend of theyear. Pag¢ 4
RUS D30 FiJTURE PLANS KeyTargetsfDr 2024125 To a large extent 2025.from an operating perspective will be like 2024. wth third party hires driving bar sales and hall hire. More challengingwill be the managementof capital projectslncludingthe redecoration of the up5tair5committee roomsand the hall stalrs and landing. Getting BDC to replace the boilers is work IN progress but so far one old boiler is still able to funclioFI 2nd generateheaLAstage rigglnginspection maybringabout needed changesabovethe stagewhile a recentfailure of our lighting desk has required its replacement at a cost of morethan £15,000 expense. Upgradin8 of some of our sound equlpment is also on the cards but Trustees have concluded that rnakln8 our technical offering attractive for the 50 or so bands thatcometo WPH each year is essential given the potential competition frotTkOthervenues ina 10-15 mile radius. Approved by clrderofthe ard of trustees on..... d signed on it5 behalf by.. S P Adkin5-Trustee Page 5
I report to)the tr$]ste on myexamination of the accounts of the Companyfor theyear ended 30 June2024. ReSctIVe reswnslbllltlesand basls of report Asthe charlws trustee5 Of the Company (who are alsothedirector5 of the companyforthe purposes of company lawl, you are responsible for thepreparation of the accounts in accordancewith tw requlrements of theCompaniesAct 20061"the 20f)6Act'l. HavlrE Satisfied myself thattheaccounts of the Company are not requlred to be audited for thisyearunder Part 16 of the 2CK)6Act and are eligible for Independent examination, I report in respect of my examination of yourcharity'saccounts ag carried out under section 145 of theCharitie5Act 20111.the 2011 Act"). In carryingout myexamination. I havefollowed the Directionsgiven by thecharltycommisslon lundersection 14515llbl of the 2011Acl. ndependentexamlner's statement I have completed myexamlnatlon. I conflrrn that no materlal matters havecorne to myattention which gives me cause to believethat.. accountingrecords were not kept In accordancÈwlth section 386 of IheCompaniesAct 2006.. or theaccountsdo not 3ccord with such records.or theaccounts donot complywith relevant accountingrequirement5 under sectlon 396of the CompaniesAct 2006 other than aoy requirement that the accountsgivea'trueand fair, vlewwhich is not 3 matter consldered as part of an independentexaminatlon. or theaccounts have not beeft prepared In accordancewlth the Charitie5SORP IFRS1021. I have notonrn5 and h8ve comeacro55 rioother matters in connection w¢th theexamination towhlchattentlon should be drawn In thi5 report in order to enable a proper under5tandingof theaccounts to be reached. Steven Collins FCCA Baverstock5 Chartered CertiffedAccountants Dickens House Guithavon Street Witharn Esgex CM8 IBJ Date.. 1W1212024 Page 6
TOF 024 2024 Unrestricted fund 2023 Total fvrK15 Not INCOME Incomingre50urcesfrom generated fvnds Grants and Donations Actlvltiesfor generatingfunds Investment income 1,570 165,089 3.009 1.416 144,IX16 Total Ihcomlngresources 169.669 14a964 EXPENDITURE Charltable actlvltles Otherresources expended 33,542 116 726 27,004 9&599 Total resourcesexpended 150,268 123,603 NETINCOME 19.401 23,361 RECONCILIATION OFFUNDS Total funds broughtforward 89,917 66,556 TOTAL FUNDSCARRIEDFORWARD 109318 89,917 The notes fonn part of these financial statements Page 7
2024 Unrestrlcted fund 2023 Total funds Notes FIXEDASSETS Tangible asset5 16.307 16,620 CURRENT ASSFrs Stocks Oebtors Cash at bank and in harxl 4,270 9,648 147 795 4,638 &738 161,713 150,776 CREDITORS Amunts fallingduewithin one year io 17,5341 1&8721 NETCURRENT ASSETS 154 179 14 TOTALASSEfs LESSCURRENT UABILITIES 170,486 160,524 CREDITORS Amountsf3llin8 due3fter more than oneyear li 162,1681 170,6071 NET ASSETS 108 318 89.917 FUNDS Unrestrlcted funds Restricted fund5 Endowrnentfund5 12 109,318 89,917 TOTAL FUNDS 108,318 89.917 The note$ foi'm part of these financaal statem¢nls P&ge 8 continued...
Thecharitable companywasenlitled toexemption fromaudit undersection 477 of the Compat)iesAct 2(X)6relatlngtosmall companies. The members have not required thecharitablecompanytoobtaln an auditin accordsncewith Sectlon 476of thecornpanles Act 2(Y)6. The trusteesacknowledgetheir restK)n5ibilitiesfor ensuring that the charitable company keeps 3CCOUnting records that comply with Sections 386 arKI 387 of the CompaniesAct 2CK)6 and preparing financial statements whlch give a true and fair viewof the state of affairs of the charitable company as at the end of eachfinancial year and of Itssurplus or deficitfor eachfill2ncial year in accordancewith the requirernents of Sections 394 and 395 and whl¢h otherwise complywith the requirements of the Companie5Act 20C16 relatingto fln3ncial statetnents, sofaras applicable tothe charitablecomp2ny. These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relatingtosmall charitable companies and wlth FR5102 SORP. Thefinanclal staternentgwere approved by the Board of Trusteeson l*.....and weresiglled on its behalf by. S P Adkins-Trugtee The notes fonn part of these financial statements Page 9
ACCOUNTING POLICIES Ba51sof accounting These accourFt5 have been prepared underthehistorlcal Ct¢OnVention with item5 recognlsed atcost r)rtransaction valueunless otherwisestated in the relevant notes tothese accounts. The accounts have been prepared in èccordance wth the Statement of Recommended Pr&tice: Accottnting and Reporting by Charltie5 prepèrlng their accounts in accordance with the Financlal Reporting StandarLI applicable in the UK and Republicof Ireland IFRS 1021 ISSU on 16July 2014. In¢ome Recognised of Incoming reswrc& are included in the 5tstement of Fina¢xial Actlvities ISOFAI when.. i.Thecharity becornes entltled tothe resources ii. Thetrusteesarevirluallycert21n theywS11 receive the resourc¥', and lil. The monetary value can be measured with sufficient reliably Grants and donations are only included intheSoFAwhen thecharilyhasunconditional entitlementto theresource5. ExpEndltureand IlabllStles Support costs include central functions and have been allocated to activitycost categorieson a basis consistentwith theuse of roUrces, e.g. allocatingpropertycosts byfloorareas,or per capital,staff cost5bythe tltnespent and other C0515 by their usage. Where the charity gives a grant with condltions for Its payment belng a specific level of service lo be provided.such grants areonly recognised in theSoFA c¥)cetherecipientof thegrant has provided thespecifled servlce. Tanglbleflxed asset5for use bycharlty These are capila115ed if they can be used for more than L¥ne year, and the c05t at least £500. They arevalued at cost or. if gifted, at the valueto the charltyon receipt. Depreciation 1% provided at an annual rate of 10-33% Straight1Sne in order towrile off e¥h asset over Its estimated usefijl lif& Stocks Stocks are valued at the lower of c05t and net realisable value, after making due allowan for obsolete and slow movin8 Item& Taxatloh Thecharityls exempt from torporatSon tax on its charitable activltie Fund ac¢ountlng Unrestricted fvndscan be used in accordancewlth the charitableobjectives at thedis¢retlonof the trustees. Restricted funds can only be used for partlcular restricted purposeswithin the objects of the charity. Restrictions arise when 5pecifled bythedonor orwhen fund5 are raised for particular restrlcted purposes. Furtherexplanalion of the nature and purpose of each fund Is Included in the note5to theflnancial statement& GRANTSAND DONATIONS 2024 2023 Sponsorshipand Donations Grants recelved. Included In theabove. are as follows.. 2024 2023 Es*xCountyCouncil Business Adaptation Grants Page 10
ATE ACTIVITIES FORGENERATING FUNDS 2024 2023 Events income CAB Rent Hiringincome Bar sales Membership Fees 31.831 13,200 59.167 59,691 31,582 12.3(X) 53,195 45,729 165 089 INVESTMENTINCOME 2024 2023 Bank interest received CHARITABLE ACTIVITIES 2024 2023 Openingstock Bar costs Promoted Events Costs C105ing stock 4.638 31,520 1,654 4,2701 3.993 25,587 2.062 4.6381 27,004 NETINCOMING/IOUTGOINGI RESOURCES Net resources are stated afterch3rwng/lcrediting)- 2024 2023 Depreclation-owned assets TrUSTEES' REMUNERATION AND BENEFITS 2024 2022 Trustees, rernuneration Tru5tees'expense5 Therewere no trustees, expenses pald fortheyear ended 30June2024 nor for theyearended K)June2023. Page 11
TANGIBLE FIXEDASSETS Fixtures and Fittings COST At lJuly2023 Additions Disposal 80.212 10.720 At 30June2024 90,932 DEPRECIATION At lJuly2023 Charge foryear Disposal 63.592 11.033 At 30June2023 NETBOOKVALUE At 30June2024 16,307 At 30June2023 DEBTORS:AMOUNTS FALLING DUEWITHIN ONEYEAR 2024 2023 Tr3de Debtors Prepayments and Accrued Income Social Securityand OtherTaxes 6,622 3.738 26 9,648 io. CREDITORS,. AMOUNTS FALLING DUEWITHIN ONEYEAR 2024 202S Tradecreditors Social Securfty and Other Taxes Other Creditor5 1.226 1,240 142 ii. CREDITORS:AMOUNTS FALLING DUEAFfER MORE THAN ONEYEAR 2024 2023 Coronavirus Grant SinkingFund General Repair5 Fund 23.000 39.168 23,OCK) 62.168 70.607 Paue 12
12. MOVEMENTIN FUNDS Net movement In funds At 1.7.23 At 30.&24 Unrestrlctedfunds General fund 89.917 19.401 109.318 TOTALFUNDS 89,917 19,401 109.318 Net movement in funds, included in the3bove are follows: Incomlng resoUrS Resources expended Movement In funds Unrestrictedfunds General fund 169.669 115Q2681 19,401 TOTALFUNDS 169,669 1150 2681 19.401 13. ULTIMATE CONTROLLING PARTY The cotnpany is limited byguarantee and therefore has no sharecatxt81.The Ilabllltyof each member is restricted to a maxlmum ol £1. Page 13
2024 2023 INCOME Grants and t)on3tlons Sponsorship and DonatSons Grants 1570 1,416 Actlvltlesfor generatIlundS Events Income CAB Rent Hall Hiring income Bar sales Membership Fee5 31,831 13,200 59,167 59,691 31.582 12,300 53,195 45,729 1.2(M) 166.659 145.422 Investment Income Bank interest received 3.009 Total Income 169,669 146,904 EXPENDITURE CharltableactlfjS OpeninEStock Barcost5 Promoted Eventscosts Clostng stock 4,638 31,520 1,654 3,993 25.587 2,062 14,6381 31542 27.004 Other resourcesexpended Salaries and casual Labour Trustees, rernuneration Sellingènd marketingcosts Rent. rates and insuran Repairs and Renewals Light and Heat Telephone. postage&stztionery Legal and Professional fees Cleaning Travelling Sundry expenses Bank charges and Inte$t Bad Debt Depn of Flxtures & Fittin85 Profit/Loss on Disposal of Fixtures& Fittings 28.958 25,950 7C 16,110 &536 11.613 20,422 1,808 521 2,571 9,186 8,328 30,193 21.970 1.539 L767 1309 L511 933 103 577 75 9.613 11,033 116 726 96,599 Total resources expended 150,268 123,603 Net Income 23.361 This page does not fovin part of the stalulory financial statements Page 14