Registered Charity Number 1156626 Methodist Women in Britain Report of the Trustees and Unaudited Financial Statements For the Year Ended 31 August 2025
Methodist Wornen in Britain Contents Content5 Pages Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 9-15 Detailed Statement of Financial Activilies 16-17
Methodist Women in Britain Report of the Trustees Trustees D Bosman B Harrison B Braisdell M Gill E Banks (Resigned 31108/20241 P Hill E Chick L King {Resigned 31/08/20241 C Madenyika R Parrott {Resigned 31108120241 B Easton D Coggrave J Clark M Lindley M Reed S Hall R Rowe G Pengelly M Woods R Dawson A Mwadiwa (Appointed 01109120241 C Fillery (Appointed 01109/2024} L Wassell (Appointed 01112120241 O Ruzvidzo (Appointed 01/10120251 Independent Examlners Torgersens East Suite, Ground Floor Avalon House St Catherine's Court Sunderland SR5 3XJ Public Benefit The charity constitutes a public benefit entity. The Trustees have had due regard to the guidance published by the Charity Commission on public benefit when reviewing the charit(s aims and objectives and planning future activities. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity Number 1156626 Principal Address clo Stamford Methodist Church 11 Barn Hill Stamford Lincolnshire PE9 2AE Page I
Methodist Women in Britain Trustees. Report For the Year Ended 31 August 2025 The trustees present their report with the financial statements of the charity for the year ended 31 August 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting St3nd3rd applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. The f inancial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charitie5 Act 2011 and Accour)ting 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 published in October 2019. OBJECTIVES AND ACTIVITIES Objectives and Aims The advancement of the Christian Faith in accordance with the doctrinal standards and the discipline of the Methodist Church, seeking'to know Christ and to make him known,. To develop the capacity and skills of women members of the Methodist Church focusing especially on areas of disadvantage and under-representation, in such a way that they are better able to identify, and help meet, their needs and to participate more fully in the wider church and in 50ciety- The prevention or relief of poverty or financial hardship anywhere in the world by supporting through awareness raising and advocacy, agencies who provide or assist tn the provision of education, training, healthcare projects and the other necessary support that is designed to enable individuals to generate a sustainable income and be self-sufficient. Significant Activities The furtherance of fellowship and training by providing ways for Methodist women and others to keep in touch with one another for mutual support. strengthening and personal and spiritual growth, through residential conferences. one day events and publications (both printed and onlinel at local, regional and national level. Producing resources and using such gathering5 to highlight situations of social concern in the Brit15h Isles and around the world in which members of MWIB can be involved in a variety of ways. Our Action Plan is based on the United Nations Sustainable Development Goals, which cover combating hunger and poverty. achieving universal primary education, highlighting gender justice, health issues relating to matern21 health, infant mortality. AIDSIH IV, Malaria and other diseases, environmental sustainability and global partnership. By advocating and providing information on these Eoals, women are enabled to address such needs in their local communities and, through partnership with other agencies, worldwide. Through partnership with Methodist mission personnel overseas and with other agencies, Christian and non-christian. highlishting areas of need and raising funds or providing other goods required for the alleviation of such need5 and injustices. Page 2
Methodist Women in Britain Trustees. Report For the Year Ended 31 August 2025 ACHIEVEMENT AND PERFORMANCE Charitable Activities This year has been one of consolidation and raising the profile of our organisation. To this end publicity material was produced setting out our aims and objectives. advertising our Gifts and Grant5 and our current campaign. Maggie Woods and Leonora Wassell, our Co-chairs have been travelling around the country meeting our local groups and giving talks. Leonora Wassell toured Scotland and the Shetland Isle5 Wlth the Trustee for Scotland, Barbara Harrison. Maggie Woods had an oversee5 trip to Rwanda with the Global Relations Team to Vi51t projects supported bv Methodist Women in Britain and find out more of what the Church is doing in Rwanda. Leonora Wassell attended the United Nations CSWI69) event in New York to take part in meetings concerning the Status of Women on a global platform. The World Federation Day event was held at Stamford Methodist Church, in October, entitled 'Put your whole self in" led by Dr Nancy Day, focusing on worshipping with our whole bodies. Phill Davies is the hose of our webslte and together with Bronwen Braisdell, our Communications Officer keep the site up to date. M05t of our online events are recorded and placed on MWIB YouTube channel. Ruth Dawson oversees our Facebook page. A campaign forthe 16 Days of Activism125 November-10 December) saw the launch of our Instagram Account. The Trustees and Ambassadorfs meetinES were held on Zoom in September and May. The October Trustees meeting was held at the Hayes Christian Conference Centre, 5wanwick, when the Empowerment Gifts for 2024, and the finance accounts were approved. Trustees discu55ed the aims and objectives, issues faced by women, how to improve our profile and our branding. The February Trustees meeting was held at Launde Abbey, Leicestershire which included an update on area activities and a discussion on the design of the new publicity material. The Executive Committee's retreat took place in November at Kent'5 Hall, Milton Keynes. The Easter Offering seNice for 2025, entitled Education for All. Hope for All, was written by Ruth Parrott and the Easter Offering Task Group. Donations given at this service raise money for the Methodist World Mission Fund. The Annual Swanwick Conference was held in April. on the theme of Yhi5 Little Light of Mine" led by Rev Dr Sonia Hicks. There were a variety of workshops. an evening of entertainment. a report from two Helen Kim Memorial Scholars and the Area President of World Federation of Methodist and Uniting Church Women, Barbara Easton. The conference concluded with a communion service. Kathy Galloway was the keynote speaker at the Mary Bosanquet lecture at the Fringe Event at the Methodist Connexional Conference in June this year. Thi5 has become an annual event which is intended to highlight Women Theologiar+S. A stall promoting our work was held at the Cliff Fest in May and the Methodist Conference in June. New ranges of merchandise have been sourced by our Resources Officer. Caroline Fillery. We continue to support our partners All We Can. Action for Children, Methodist Home for the Aged, JPIT, the National Council for Women, the Domestic Abuse Steering Group. and the Global Relations Committee. We have continued support for the Dora Project in Ukraine. and for Period Poverty when we have encouraged each church to provide Period Products in the church cloakroom5. FINANCIAL REVIEW Flnancial Position The charity had a defitit of net expenditure on unrestricted funds in the year of £30,44712024 surplus £20.4101. Total unrestricted funds as at 31 August 2025 were £657,90412024 £688,6011 and restricted funds were £1,41012024 £1,160). Investment Policy and Objertives The trustees consider an investment holding with The Trustees for Methodist Church Purposes suitable for the charity's requirements. The fair value of these investments as at 31 August 2025 was £554,617 12024 £541,690). Page 3
Methodist Women in Britain Trustees, Report For the Year Ended 31 August 2025 Reserves Policy In line with Charity Commission recommendations. the Trustees have set the minimum level of reserves at an amount sufficient to cover all normal operating expenses for a six-month period At the end of 2D25, the charity has signif icantly more in reserves than thi5 policy demands. sfRUCTURE, GOVERNANCE AND MANAGEMEP Governing Document The charity is controlled by rtsgoverning document, a deed of trust and constitutes an unincorporated charity- Constitution adopted on 9 March 2013 as amended on 22 February 2014 and 8 October 2022. Recruitment and Appointment of New Trustees Each geographical area of the Methodist Church GB, a5 agreed by the Trustees of Methodist Women in Britain shall have the right to appoint a trL2Stee to the charity. Additional trustees can be appointed as the majority of the existing trustee5 so appoirst. Additional representatives from associated bodies can be appointed as trustees with the agreement of the majority of the current charity trustee5. The additional representatives shall include. but not be limited to, a representative of the Women's World Day of Prayer. All trustees must be members of the Methodist Church or permitted to hold office in the Methodist Church as stipulated in the Deed of Union clause 12. The officers of the charity as defined by clause 10121 shall be appointed upon the recommendation of the Appointments Task Group and by a majority of those voting trustees present at any general meeting. Each trustee, except the officers and additional representatives. shall be appointed for a term of three years but shall be eligible for re-appointment at their last general meeting for one further term. In respect of the additional representatives appointed under clause 11(11 Icl they shall be appointed for a term of three years unless dictated otherwise by the governinE document of the body they represent. In respect of the additional representatives appointed under clause 11 {11 Icl they shall be eligible for re- appointment unless dictated otherwise by the governing document of the body they represent. Off icers of the charity except the Co-chairs shall be appointed for a term ol five years and shall be eligible for re- appointment at their13St general meeting for one further term. N o-one may serve as trustee for more than two consecutive terms unle55 the majority of those trustees present decide otherwise at a general meeting. One Co-chair of the charity shall normally be elected biennially at a general meeting by the majority of those trustees present, following recommended candidates beinE provided by the Appointments Task Group. The election shall take place the year before the year of taking off ice. The Co-chairs will work closely together and may divide responsibilities between them, for example geographically North and South of the country The Appointments Task Group shall consist of five trustee5, including two officers all of whom shall be appointed to the Appointments Task Group upon the majority vote of the trustee5 present at a general meeting. The trustees may not appoint a person to be an officer if a person has already been appointed to that office and has not vacated the office. Organisatlonal structure Methodist Women in Britain is a movement within the Methodist Church. led by a group of volLAnteers and funded by donations, which aims to connect women with an interest in creative 5piritu3lity and a passion for global social justice. We hold day conferences and residential events, produce printed and online resources and engage in social justice campaigns. MWi8 is about more than Methodism, more than women and more than 8ritain we have strong links with the World Church and are part of the World Federation of Methodist and Uniting Church Women. (WFMUCWI. Page 4
Methodist Women in Britain Trustees, Report For the Year Ended 31 August 2025 STRucfuRE. GOVERNANCE AND MANAGEMENT Wider NÈtwork MWIB will operate a5 the British Unit of the WFMUCW, so is a part of that international movement, which has its own constitution and ways of working, available separately. Through WFMUCW the movement is aff iliated to the World Methodist Council and has special consultative status at the United Notions. The WFM UCW Area Off icer Iwho will be the Area President in 2011-16, the Area Vice-president in 2017-211 will encourage the involvement of MWIB in and represent MWIB at: WFMUCW World Assemblies, which take place every five years, and at which WFMUCW officers take up their posts. The WFMUCW Area Officer will attend as a member of the WFMUCW World Executive. The Britlsh Unit li.e. MWIBI will also be expected to send a number of official delegates a5 members of the voting body of the World Assembly. Ithis number depends on the current number of women within British methodism); WFMUCW Area Seminars. which take place every five years, in between World Assemblies. Normally the two European areas join together to host the seminar. The MWIB Executive will have to take responsibility for involvement with the joint planning of these gathering5 or appoint people so to do. MWIB will also retain close links with the worldwide work of the British Methodist church. To ensure this: the WFMUCW Area Officer will attend meetings of the Connexional World Mission Forum or equivalent bodv- the Executive will liaise with World Church Relationships, IWCRI to organi5e annual overseas visit5 by an officer, at the invitation of WCR through their partnership relationships; the MWIB Forum will, through 3 task group. be responsible for the production of the annual Easter Offering service, promoted by WCR and used widely throughout the Methodist Church of Britain. As the British Unit of WFMUCW. we are in partnership with Methodist Women in Ireland IMWII who form the other unit comprising the Europe.- Britain and Ireland Area of WFMUCW. Approved by order of the board oftrustees on ........ And signed on it5 behalf by.. nora Wassell - Trustee Page S
Independent Examinerfs Report to the Committee of Methodist Women in Britain Year Ended 31 August 2025 Independent Examiner's Report to the Trustees of Methodist Women in Britain I report to the trustees on my examination of the financial statements of Methodist Women in Britain for the year ended 31 August 2025. Responsibilities and Basis of Report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 {'the ACVI. I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515}Ibl of the Act. Independent Examiner's Statement I confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in EnEland and Wales IICAEWI, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respert.. accounting records were not kept in respect of the charity as required by section 130 of the Act; or the financial statements do not accord with those records- or the financial statements do not comply with the applicable requirement5 concerning the form and content of accounts set out in the Charities (Accounts and Report51 Regulations 2008 other than anv requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connertion with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Alison Henshaw FCCA Independent Examiner East Suite, Ground Floor Avalon House St Catherine's Court 5underland SR5 3XJ Date. 17/oL/z6 Page 6
Methodist Women in Britain Unaudited Statement of Financial Activities For the Year Ended 31 August 2025 Unrestricted Funds Restrirted Funds Total 2025 Total 2024 Notes Income Donations and Legacies 18,067 2.256 20.323 22,371 Other Trading Activities 34,652 34,652 31,914 Investment Income 14,414 14.414 19,444 Total Incoming Resources 67,133 2,256 69,389 73,729 Expenditure on Charitable Activities Charitable Activitie5 1113,7571 12,006) 1115,7631 1114,7411 Movement in stock 3.000 3,000 6,000 Total 1110.757) {2,0061 1112,7631 (108,741 Net Gains/lLossesl on Investments 12,927 12,927 55,422 Net In¢ome/(Expenditure) (30.697) 250 30.447) 20,410 Net Movement in Funds 130.6971 250 130.4471 20,410 Transfer between Funds Reconcillatlon of Funds Total Fund5 brought forward 688,601 1.160 689,761 669,351 Total Funds carrled fonward 657,904 1.410 659,314 689,761 The statement of financial artivities includes all gain5 and losses recognised in the year. All income and expenditure derive from continuing artivities. The notes form part of these financial statements Page 7
Methodist Women in Britain Unaudited Balance Sheet As at 31 August 2025 2025 2024 Notes Fixed Assets Investments 554,617 541,690 Currents Assets Stock 9,000 6,000 Debtors io 11,152 10.304 Cash at Bank 92,247 137.403 112,399 153.707 Creditors Amounting falling due in one ye3r li 17.7021 15,6361 Net Current Assets 104,697 148,071 Net Assets 659.314 689,761 Funds Unrestricted Funds Iz 657,904 688,601 Restricted Funds 12 1,410 1,160 Total Funds 659,314 689.761 The financial statements were approved by the Board of Trustees and authorised for the issue on . and were signed on its behalf by= Trustee The notes form part of these financial statements Page 8
Methodist Women in Britain Notes to the Financial Statement5 For the Year Ended 31 August 2025 l. Accounting Policies Basls of Accounting These unaudited financial statements have been prepared under the historical cost convention and in accordance with: the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard5 applicable in the UK nd Republic of Ireland IFRS 102} issued in October 2019 {SORP 2019} the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 iiil the Charities Act 2011. The unaudited financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these unaudited financial statements are rounded to the nearest £. Going Concern There are no material uncertainties about the charitws ability to contlnue. Income All income is recogni5ed in the Statement of Financial Activities once the charity has entitlement to the funds- it is probable that the income will be received and the amount can be measured reliably. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation, and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable th3t they will be fulfilled. Income from other trading activities includes income frorn the sale of resources and contributior)s to Swanwick residential weekend and is recognisèd when received. Investment income is earned through holding assets for investment purposes. namely bank deposits and the Womens Network Welfare Fund ITMCPI. It includes dividends and interest arising on these investments. It is included when the income cav) be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation cornmitting the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accou nted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular heading5, they have been allocated to activities on a basis consistent with the use of resources. Irrecoverable VAT is charged as an expense against the cost for which the expenditure arose. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Page 9
Methodist Women in Britain Notes to the Unaudited Financial Statements For the Year Ended 31 August 2025 Taxation The charity is exempt from tax on its charitable activitie5. Accounting Policies {continued) Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustee5. Designated funds comprise unrestricted funds that have been Set aside by the trustees for particular purposes. The aim and use of each designated f und is set out in the notes to the financial statement5. Restricted funds these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Fixed asset investments Investments are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains 2nd losses arising on revaluation and disposals throughout the year. Cash at bank The charity holds sufficient fund5 in order to meet its short-term cash commitments asthey fall due. Debtors and Creditors receivablelpayable within one year Debtors and Creditors with no stated interest rate and receivable or payable within one year are recorded at the transaction price. 2. Donations and Legacies Unrestrirted Funds Restricted Funds Total 2025 Total 2024 Donation5 18,067 2,256 20,323 22,371 18,067 2.256 20,323 22,371 Income from donations in 2024 was £22.371 of which £21,211 wa5 restricted and £1,160 was unrestricted. 3. Other Trading Activities Total Funds 2025 Total Funds 2024 Sales of Resource5 3,339 4,242 Swanwick Weekend Income 30,403 27,672 World Federation 910 34.652 31.914 Income from other trading activities are all unrestricted. 4. Investment Income Total Funds 2025 Total Funds 2024 Investment Income 14,414 19,444 14,414 Page 10
Methodist Women in Britain Notes to the Unaudited Financial Statements For the Year Ended 31 August 2025 5. Expenses Charitable Activities 2025 2024 Insurance 1,293 1,286 Office Expense5 3,789 3,931 Committee Expense5 IS,124 14,483 Empowerment Gifts 15,000 14,422 Swanwick Weekend Expenditure 46,750 41,650 Other Payments 3,649 4,607 Publicity 3,665 WF Day 635 667 Discretionary Grants 300 400 Enabling Grants 520 7,410 Resources 2,048 3,859 Pastoral Care Fund 200 Trustee expenses 12,451 11.257 WFMUCW 5,494 6,027 Social & Community Action Grants 900 900 111,618 111,099 Finance Bank Charges 177 253 Governance Costs Investment Management Fees 1,760 1,377 Independent Examinerfs Fee 2,ZO8 2,012 3,968 3.389 Total Resources Expended 115,763 114,741 Total expenses was £110,26912024: £114.741) of which £2,00612024.. £Nill w35 restricted and £108,263 12024: £114,741} was unrestricted. Paee 11
Methodist Women in Britain Notes to the Unaudited Financial Statements For the Year Ended 31 August 2025 6 Tru5tee5' Remuneration and Benefits There were no trustee. remuneration or other benefits for the year ended 31 August 2025 nor for the tax vear ended 31 August 2024. Trustees, expenses During the year reimbursed expenses were paid to 21 Trustees totalling £10,05412024- 23 trustees totalling £4.2901 7. Governance Costs Total 2025 Total 2024 Independent Examinerfs Fee 2,208 2,012 2,208 2,012 8. Grants Payable Total 2025 Total 2024 Empowerment Gifts 15,000 14,422 Discretionary Grants 300 400 Enabling Grants 520 7,410 Social & Community Action Grants 900 900 16,720 23.132 2025 2024 Number Number Ind ividuals 2,510 Institutions io 16,720 20,622 io 16,720 13 23,132 Page 12
Methodist Women in Britain Notes to the Unaudited Financial Statements For the Year Ended 31 August 2025 9. Fixed Asset Investments Listed Investments Market Value At I September 2024 541,690 Revaluation 12.319 Additions 25,410 Disposals 125,4101 Realised Eain 608 At 31 August 2025 SS4,617 Net Book Value At 31 August 2025 554,617 At 31 August 2024 541,690 There were no investment assets outside the UK. 10. Debtors: Amounts Falling Due Within One Year 2025 2024 Debtors 76 107 Prepayments 11,076 10.197 11,152 10,304 11.Creditors: Amounts Falling Due Within One Year 2025 2024 Other Creditor5 7.702 5,636 Paee 13
Methodist Women in Britain Notes to the Unaudited Financial Statements For the Year Ended 31 August 2025 12 Movement in Fund5 At At 01.09.24 Income Expenditure Transfers 31.08.25 Unrestricted Funds General Fund 612.026 24,665 51.910 80,060 1110,7571 581,329 24,665 51,910 Visual Impairment Fund Hearing Impairment Fund Restricted Funds Tabitha House 930 230 1,160 250 Period Poverty DORA project Individual donation 230 250 12301 1,506 500 11,506) 15001 Total Funds 689.761 82,316 112,763 659,314 Net movement in funds, including in the above are as follows: Incoming Resources Resources Expended Gains/ Losses Movement In Funds Summary of Funds General Fund 67,133 1110.7571 12,927 130,6971 Restricted Fund 2,256 {2.0061 250 Total Funds 69,389 1112,7631 12,927 130,4471 12 Comparatives for Movement in Funds Net Movement In Funds At 01.09.23 At 31.08.24 Unrestricted Funds General Fund 592,776 19,250 612,026 Visual Impairment Fund 24,665 24,665 Hearing Impairrnent Fund 51,910 51,910 Restricted Funds Tabitha House 930 930 Period Poverty 230 230 Total Funds 669,351 20,410 689,761 Page 14
Methodist Women in Britain Notes to the Unaudited Financial Statements For the Year Ended 31 August 2025 12. (Continued) Comparative net movement in funds, included in the above are as follows= Incoming Resources Resources Expended Gain51 Losses Movement In Funds Summary of Funds General Fund 73,569 1109,7411 SS,422 19.250 Restricted Fund 1,160 1,160 Total Funds 74.729 1109,741 5S,422 20.410 13. Related Party Disclosure There were no related p8rtytransactions for the year ended 31 August 2025. Page 15
Methodist Women in Britain Detailed Statement of Financial Activities For the Year Ended 31 August 2025 2025 2024 Income and Endowments Donations and Legacies Donations 20,323 22,371 20,323 22,371 Other Trading Activities Sales of Resources 3,339 4,242 Swanwick Weekend Income 30,403 27,672 World Federation Day 910 Opening Stock 16,0001 Closing Stock 9.000 6.000 37,652 37,914 Investment Income Investment Income 14,414 19,444 Total Incoming Resource5 72.389 79,729 Expenditure Charitable Activities Insurance 1,293 1,286 Office Expenses 3.789 3,931 Committee Expenses 15,124 14,483 Empowerment Gifts 15,000 14,422 Swanwick Weekend Expenditure 46,750 41,650 other Payments 3,649 4,607 Publicity 3,665 WF Day 635 667 Discretionary Grants 300 400 Enablin8 Grants 520 7,410 Resources 2.048 3,859 Pastoral Care Fund 200 Methodist Conference 12.451 11,257 WFMUCW 5.494 6,027 social & Community Action Grant5 900 900 111,618 111,099 This page does not form part of the statutory financial Statements Page 16
Methodist Women in Britain Detailed Statement of Financial Activities For the Year Ended 31 August 2025 2025 2024 Support Cost Finance Bank Charges 177 253 Governance Costs Investment Management Fees 1,760 1,377 Independent Examiners Fee 2,208 2.012 Total Funds 3,968 3,389 Total Resources Expended 115.763 114,741 Net Gains/lLosses} on Investments 12,927 55,422 Net Surplus/ldeficit) 130,4471 20,410 Page 17