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2022-09-30-accounts

T �� Wolverhampton African-Caribbean Foundation Trust Limited

Charity No. 1149392

Company No. 07034967

Trustees' Report and Unaudited Accounts

30 September 2022

��� Wolverhampton African-Caribbean Foundation Trust Limited Contents

P����
Trustees' Annual Report 2 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Summary Income and Expenditure Account 8
Balance Sheet 9
Statement of Cash flows 10
Notes to the Accounts 11 to 17
Detailed Statement of Financial Activities 18 to 19

Page 1

Wolverhampton African-Caribbean Foundation Trust Limited Trustees Annual Report

� 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 30 September 2022.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 07034967

Charity No. 1149392

Registered Office

C/o Ian Richmond Limited Church Cottage Church Road Wolverhampton WV6 9AJ

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:

P. Anderson (Resigned 7 July 2022) E. Christie A. Hazel B. Henry D. Lopez D. Nelson C.J. Perrin P. Plummer L. Prosser G.A. Smith (Resigned 30 April 2022) B. Vassel

Accountants

Ian Richmond Limited Church Cottage Church Road Tettenhall West Midlands WV6 9AJ

OBJECTIVES AND ACTIVITIES

Our charity purposes are set out in the objects contained in the Company's Memorandom of Association and Articles of Association are to:

Page 2

Wolverhampton African-Caribbean Foundation Trust Limited

Trustees Annual Report

To advance the education of persons resident or domiciled in the United Kingdom without distinction of sex or race or of political, religious or other opinion bearing in mind the special needs of African-Caribbean origin and heritage in particular by: The provision of scholarships bursaries or other awards whether by way of grants or loan or other educational purpose; To relieve poverty by the provision of grants, gifts, loans and temporary aid in cases of financial hardship and distress and

To advance the education of the people of the United Kingdom concerning good citizenship in a multi-racial society and regarding the intellectual ,artistic, economic and cultural backgrounds of such people.

THE BOARD OF DIRECTORS/TRUSTEES MEETS GENERALLY ON A BI-MONTHLY BASIS

The board usually meets bi-monthly. At the meetings the Board discuss broad strategy and areas of activity for the Trust. Agenda items includes its property portfolio update, financial report, reserves & investments, applications received for funding, ongoing policies and performance.

The day-to- day administration of grant applications and the processing of the applications are overseen by the Secretary, who is also charged with presenting funding request to the Board for consideration.

RECRUITMENT AND APPOINTMENT OF DIRECTORS

The Directors of the company are also charity trustees for the purposes of charity law and under the company’s Articles are known as Directors. Under the requirements of the Memorandum and Articles of Association the members of the Board of Directors are by appointment to serve for a period of five years after which they can be re-nominated to serve for further terms.

All member of the Board of Directors give their time voluntarily and receive no benefits from the charity.

New Trustees are appointed by the existing Trustees and serve for a period of up to 5 years after which they can be re-appointed.

New Trustees are given a welcome pack which includes a brief history of the Trust, copies of the last 12 months of Committee minutes and a copy of the last set of Annual Accounts. Induction for all new Trustees is an ongoing process.

ACHIEVEMENTS AND PERFORMANCE

PLANS FOR THE FUTURE

The Trust is continuing with its aim of becoming a lasting testimony for its target client group that it seeks to serve and for it to become an established member of the charitable sector.

The Trust was pleased to be able to fund the successful applications, but is aware that much more needs to be done to provide other services, such as mentoring business and enterprise and to broaden its current age spectrum.

The Trust is exploring ways in which it could assist disadvantaged groups to access some of the highly successful selected schools in the West Midland Region. It is anticipated that the first groups of students who the Trust hope to offer support to will take the 11+ test in the autumn of 2022.

The Trust will continue to broaden its horizon by exploring different avenues of both fundraising and increasing its profile by networking with the local community and forming strategic alliances with recognised organisations within communities i.e. churches, businesses and educational organisations, such as schools and colleges. The Trust is also seeking to explore social media platforms and has a presence now on Facebook and twitter and is seeking to take advantage of digital media.

FINANCIAL REVIEW

PRINCIPAL FUNDING SOURCES

Page 3

Wolverhampton African-Caribbean Foundation Trust Limited

Trustees Annual Report

The Trust main source of income comes from rental of premises owned by the Trust. The income is used to meet the Trust administrative and operational cost and provide the main sources of funds to support its object such as grants, bursaries, scholarships and other charitable priority as determined by the Board of Directors.

RISK MANAGEMENT

The Directors have given consideration possible risks involving fraudulent application and have put measure in place to prevent fraud on the Trust. The Board have to implemented systems and procedures to minimise such risks. The systems and procedures are reviewed and updated as necessary on an annual basis.

The Directors have considered the potential of possibility fraudulent grant applications and to militate against this, rigorous and careful checks are undertaken to verify the authenticity of each application including, where necessary face-to-face conversations with each applicant as well as other identification checks, such as reference checks are carried out.

Follow-up contact via email, telephone or in person is made to every grant applicant whether successful or not. The possibility of providing a mentoring service isstill being currently reviewed by the Trust.

PUBLIC BENEFIT

The Trust’s benefit to the public is by supporting poor, disadvantaged and marginalized people with financial assistance, the purpose of which is summarised under Purpose and Aims above. In the past year under review, these include:

• The funding of tuition fees for 9 young people from disadvantaged communities who aspire to attend a Grammar School. The young people were mainly Black ethnic minority, who according to research, are under-represented in the Grammar school sector. Five of the young people have passed the 11+Exam, four have been offered grammar school places at Haberdasher’s Adams, Wolverhampton Girl’s High School and Queen Mary’s, Walsall. And one young person was able to secure a fully funded scholarship place at an Independent school

• Providing funds to support a school to provide education and care for young SEND students who have Social Emotional and Mental Health Needs and providing a vital lifeline to those who have been excluded from school or are at risk of permanent exclusion.

• Provide funding to a young person with motor immune condition to pay for professional tutoring with a range music and performance art skills. Funding to a young man to attend a conference in New York at the NYC General Assembly to participate in global debate, with other young people on issues of economic, environment and social issues.

The Trust received a number of applications for funding, in the course of the year. The applications received continue to come from a wide spectrum of people but not all applications meet the Trust criteria for funding and therefore not all applicants were successful.

PLANS FOR FUTURE PERIODS

Page 4

Wolverhampton African-Caribbean Foundation Trust Limited

Trustees Annual Report

The Trust is continuing with its aim of becoming a lasting testimony aiming to assist and support the poor and disadvantaged members of the community.

The 11+ Project is now at a stage where it has received multiple applications for tuition funding to assist disadvantaged groups to access some of the highly successful sought after, selected schools in the West Midland Region .

The Trust continues to broaden its horizon by exploring different avenues of fundraising and increasing its profile by networking and forming strategic alliances with organisations within the local community. The Trust now has a presence on social media platforms via facebook and twitter, which are now all proudly displayed on its newly revamped interactive website.

Within the next twelve months it is anticipated that applications for funding will increase as people become more aware of The Trust, as it seeks to increase its presence within the local community.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Trust is a charitable company limited by guarantee, incorporated on the 30th September 2009 and registered as a charity on the 19th October 2012. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.00.

GRANT MAKING POLICY

The Trust has established its grant making policy to achieve its objective of assisting applicants in achieving their potential through education, arts, cultural, and vocational programmes.

The grant making policy is reviewed annually by the Trustees to ensure that it reflects the Trusts objectives and continues to advance public benefit.

The main beneficiaries of our grant making policy are those considered to be from disadvantaged backgrounds.

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 Directors invites applicants to apply for funding via its Website, adverts and through leaflets placed strategically within organisations where the Trust’s target groups gather. Applications are encouraged to be submitted via TWACFTwebsite. Due to the limited funds of the Trust there is an eligibility criteria based on age and a maximum limit of funding for each applicant. However an applicant can apply more than once for funding, this has happened several times.

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

A. Hazel Trustee 04 May 2023

Page 5

Wolverhampton African-Caribbean Foundation Trust Limited Independent Examiners Report

I Examiner's Report to the trustees of The Wolverhampton African-Caribbean Foundation Trust Limited

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I
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I report to the charity trustees on my examination of the financial statements of The Wolverhampton African-Caribbean Foundation Trust Limited for the year ended 30 September 2022 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Statement of Cash Flows and the related notes.

Responsibilities and basis of report

As the trustees of the charity (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

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 that:

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.

Ian Richmond ICAEW Ian Richmond Limited Church Cottage Church Road Tettenhall West Midlands WV6 9AJ 04 May 2023

Page 6

"#$ Wolverhampton African-Caribbean Foundation Trust Limited

Statement of Financial Activities

f ! the year ended 30 September 2022

Notes
Income and endowments
from:
Investments
4
Other
5
Total
Expenditure on:
Raising funds
6
Charitable activities
7
Other
9
Total
Net gains on investments
Net income
Transfers between funds
Net income before other
gains/(losses)
Other gains and losses
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2022
£
60
25,596		 Total funds
Total funds
2022
2021
£
£
60
116
25,596
23,810
25,656
23,926
-
3,470
10,826
7,009
5,980
5,933
16,806
16,412
-
-
8,850
7,514
-
-
8,850
7,514
8,850
7,514
490,007
482,493
498,857
490,007
25,656
-
10,826
5,980
16,806
-
8,850
-
8,850
8,850
490,007
498,857

Page 7

The Wolverhampton African-Caribbean Foundation Trust Limited Summary Income and Expenditure Account

%&' the year ended 30 September 2022

Income
Interest and investment income
Gross income for the year
Expenditure
Total expenditure for the year
Net income before tax for the year
Tax payable
Net income for the year		 2022
2021
£
£
25,596
23,810
60
116
25,656
23,926
16,795
16,390
16,795
16,390
8,861
7,536
(11)
(22)
8,850
7,514

Page 8

)+ Wolverhampton African-Caribbean Foundation Trust Limited*

Balance Sheet

a( 30 September 2022

Company No.
07034967
Notes
Fixed assets
Tangible assets
10
Current assets
Cash at bank and in hand
Creditors:Amount falling due within one year
11
Net current assets
Total assets less current liabilities
Net assets excluding pension asset or liability
Total net assets
The funds of the charity
Restricted funds
12
Unrestricted funds
12
General funds
Reserves
12
Total funds		 2022
2021
£
£
370,302
370,302
370,302
370,302
129,796
120,935
129,796
120,935
(1,241)
(1,230)
128,555
119,705
498,857
490,007
498,857
490,007
498,857
490,007
498,857
490,007
498,857
490,007
498,857
490,007

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 30 September 2022 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 04 May 2023

And signed on its behalf by:

A. Hazel

Trustee

04 May 2023

Page 9

/01 Wolverhampton African-Caribbean Foundation Trust Limited Statement of Cash flows

,-. the year ended 30 September 2022

Cash flows from operating activities
Net income per Statement of Financial Activities
Adjustments for:
Dividends, interest and rents from investments
Increase in trade and other payables
Net cash used in operating activities
Cash flows from investing activities
Dividends, interest and rents from investments
Net cash from investing activities
Net cash from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Components of cash and cash equivalents
Cash and bank balances		 2022
£
8,850
(25,656)
11
(16,795)
25,656
25,656
-
8,861
120,935
129,796
129,796
129,796		 2021
£
7,514
(23,926)
22
(16,390)
23,926
23,926
-
7,536
112,799
120,335
120,935
120,935

Page 10

The Wolverhampton African-Caribbean Foundation Trust Limited Notes to the Accounts

234 the year ended 30 September 2022

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

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 11

?@ Wolverhampton African-Caribbean Foundation Trust Limited

Notes to the Accounts

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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:

Investment propertied are included in the balance sheet at their open market value.

Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years. Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

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.

Page 12

The Wolverhampton African-Caribbean Foundation Trust Limited Notes to the Accounts

C AB D 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.

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.

Page 13

MNO Wolverhampton African-Caribbean Foundation Trust Limited Notes to the Accounts

F GHJ KLH 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.

2 Company status

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

3 Statement of Financial Activities - prior year

Income and endowments from:
Investments
Other
Total
Expenditure on:
Raising funds
Charitable activities
Other
Total
Net income
Net income before other
gains/(losses)
Other gains and losses:
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
Total funds
2021
2021
£
£
116
116
23,810
23,810
23,926
23,926
3,470
3,470
7,009
7,009
5,933
5,933
16,412
16,412
7,514
7,514
7,514
7,514
7,514
7,514
482,493
482,493
490,007
490,007

Page 14

RSU Wolverhampton African-Caribbean Foundation Trust Limited

Notes to the Accounts

Q

Income from investments

Bank Interest
5
Other income
Rental income
6
Expenditure on raising funds
Costs of generating voluntary
income
Secondary Projects
7
Expenditure on charitable activities
Expenditure on charitable
activities
Grants made
Governance costs		 Unrestricted
£
60
60
Unrestricted
£
25,596
-
25,596		 Total
Total
2022
2021
£
£
60
116
60
116
Total
Total
2022
2021
£
£
25,596
22,635
-
1,175
25,596
23,810
Unrestricted
£
10,826
10,826		 Total
Total
2022
2021
£
£
-
3,470
-
3,470
Total
Total
2022
2021
£
£
10,826
7,009
10,826
7,009

Page 15

WXY Wolverhampton African-Caribbean Foundation Trust Limited

Notes to the Accounts

V

Analysis of grants

Grants to

Activity or programme
Tuition
Activity or programme
Tuition
9
Other expenditure
Corporation tax
charge/(credit)
Premises costs
General administrative costs
Legal and professional costs
10 Tangible fixed assets
Cost or revaluation
At 1 October 2021
At 30 September 2022
Depreciation and
impairment
At 1 October 2021
At 30 September 2022
Net book values
At 30 September 2022
At 30 September 2021		 Individuals
£
10,826
10,826
Grant
funding of
activities
£
10,826
10,826
Unrestricted
£
11
1,468
1,276
3,225
5,980
£
370,302
370,302
-
-
370,302
370,302		 Total
2022
£
10,826
10,826
Total
2022
£
10,826
10,826
Total
2022
£
11
1,468
1,276
3,225
5,980
£
732
732
732
732
-
-		 Total
2021
£
7,009
7,009
Total
2021
£
7,009
7,009
Total
2021
£
22
1,529
1,832
2,550
5,933
£
371,034
371,034
732
732
370,302
370,302

Page 16

[] Wolverhampton African-Caribbean Foundation Trust Limited

Notes to the Accounts

Z Z Creditors:

amounts falling due within one year

Corporation tax
Accruals
12 Movement in funds
Restricted funds:
Unrestricted funds:
General funds
Total funds
13 Analysis of net assets between funds
Fixed assets
Net current assets
14 Reconciliation of net debt
Cash and cash equivalents
Net debt		 At 1 October
2021
490,007
490,007		 2022
£
(9)
1,250
1,241
Incoming
resources
(including
other
gains/losses
)
£
25,656
25,656
Unrestricted
funds
£
370,302
252,564
622,866
At 1 October
2021
£		 Resources
expended
£
(16,806)
(16,806)
Restricted
funds
£
-
(124,009)
(124,009)
Cash flows
£		 2021
£
(20)
1,250
1,230
At 30
September
2022
£
498,857
498,857
Total
£
370,302
128,555
498,857
At 30
September
2022
£
120,935 8,861 129,796
120,935
120,935		 8,861
8,861		 129,796
129,796
15 Related party disclosures
Controlling party

There is no controlling party.

Page 17

The Wolverhampton African-Caribbean Foundation Trust Limited Detailed Statement of Financial Activities

^_` the year ended 30 September 2022

Income and endowments from:
Investments
Bank Interest
Other
Rental income
Total income and endowments
Expenditure on:
Costs of generating donations and
legacies
Secondary Projects
Total of expenditure on raising
funds
Charitable activities
Grants made
Total of expenditure on charitable
activities
Other expenditure
Corporation tax charge/(credit)
Premises costs
Light, heat and power
Premises insurances
Premises repairs and
maintenance
General administrative costs,
including depreciation and
amortisation
Software, IT support and related
costs
Stationery and printing
Sundry expenses
Legal and professional costs		 Unrestricted
funds
Total funds
Total funds
2022
2022
2021
£
£
£
60
60
116
60
60
116
25,596
25,596
22,635
-
-
1,175
25,596
25,596
23,810
25,656
25,656
23,926
-
-
3,470
-
-
3,470
-
-
3,470
10,826
10,826
7,009
10,826
10,826
7,009
10,826
10,826
7,009
11
11
22
11
11
22
-
-
750
613
613
779
855
855
-
1,468
1,468
1,529
181
181
656
243
243
726
852
852
450
1,276
1,276
1,832

Page 18

The Wolverhampton African-Caribbean Foundation Trust Limited The Wolverhampton African-Caribbean Foundation Trust Limited
Detailed Statement of Financial Activities
bc
c d egh ig
c jand bookkeeping		 1,070 1,070 600
Solicitor's fees 59 59 -
Other legal and professional
costs		 2,096 2,096 1,950
3,225 3,225 2,550
Total of expenditure of other costs 5,980 5,980 5,933
Total expenditure 16,806 16,806 16,412
Net gains on investments - - -
Net income 8,850 8,850 7,514
Net income before other
gains/(losses) 8,850 8,850 7,514
Other Gains - - -
Net movement in funds 8,850 8,850 7,514
Reconciliation of funds:
Total funds brought forward 490,007 490,007 482,493
Total funds carried forward 498,857 498,857 490,007
Page 19