**REGISTERED CHARITY NUMBER: 1157878**
## **Report of the Trustees and**
**Financial Statements for the Year Ended 31st March 2022**
**for**
**The Michael Barnard Charitable Trust**
P. McKelvey & Co 19 Lime Avenue Upminster Essex RM14 2HY
**The Michael Barnard Charitable Trust**
**Contents of the Financial Statements for the Year Ended 31st March 2022**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|5|
|**Independent Examiner's Report**||6||
|**Statement of Financial Activities**||7||
|**Statement of Financial Position**||8||
|**Notes to the Financial Statements**|9|to|14|
|**Detailed Statement of Financial Activities**||15||
**The Michael Barnard Charitable Trust**
## **Report of the Trustees for the Year Ended 31st March 2022**
The trustees present their report with the financial statements of the charity for the year ended 31st March 2022. 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 Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
During the year to the 31st March 2022, the charitable trust spent £80,739 on charitable causes, of which £66,765 was to registered charities.
The fund received dividend income of £13,220 and interest of £231 representing a return of 3.33% on the £403,854 investments and deposits at the start of the year. deposits.
There has been a welcome recovery in the value of the trust's investments.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The objects of the trust are: the relief of poverty for persons in the united kingdom and elsewhere who are in conditions of need, hardship or distress by reason of their social and/or economic circumstances, by reason of their suffering from natural disasters, or by reason of their being victims of crime or violence.
## **Grantmaking**
Grants are made to individuals, organisations and charities and are line with the charities main objectives. Most payments in respect of grants are made direct to the suppliers of charitable goods and services.
Page 1
**The Michael Barnard Charitable Trust**
**Report of the Trustees for the Year Ended 31st March 2022**
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
Following the purchase of the property in 2020 for the performing arts charity, La Danse Fantastique, The Michael Barnard Charitable Trust was left with cash and investment reserves of just £360,363. We were conscience of the difficulties that LDF were having generating revenue and, to help such a wonderful charity survive, we decided to accept a very small rent on the understanding that the charity would endeavour to boost its revenues by making greater utilisation of the property. In the year to the 31st March 2022, the rent received from the LDF property only amounted to £5,300. Counteracting that was a large increase in income from dividends as companies started to recover from the pandemic. Overall, rent, interest and dividends brought in £21,399 compared to £9,174 in the previous year. In that year we spent £156,979 on donations and it became very apparent that we would have to reduce the level of donations. As a result, donations were reduced to £80,739 of which £66,765 was to registered charities and institutions.
We made the decision, that we should concentrate on providing mental health counselling to schools. Throughout the year we used the services of two counsellors operating out of three schools. Mental health problems, if treated at an early age can help prevent these problems from escalating in later life. By operating within schools, it becomes easier to reach out to a large number of students in a confined time scale. There has been widespread publicity about the very long waiting times for non private patients wishing to see a mental health counsellor. This is totally unacceptable. A young child suffering from depression, self harming or worse still, contemplating suicide, cannot wait a year to see a counsellor. Students at the schools where our counsellors operate, are typically seen within one week of referral. In the case of a serious issue, the child would be prioritised.
One of my counsellors recently informed me that without our support to the schools, we would have lost a beautiful 15 year old girl. She had planned a suicide, completely premeditated, having written a rather extensive suicide note and procured sufficient LSD to end her precious life twice over. Our counsellor was able to gain her trust and allegiance and it was only his carefully nurtured connection with this young lady that saved her life. She disclosed that before she met him, there was absolutely no one she could turn to. She was lost and could see no solution to her problems. However, thankfully she believed he might be the only one that could save her, as deep down she didn't want to die. Our counsellor remained with her for the majority of the day, neglecting his other students because he had to prioritise. Because of the immediate response our counsellor was able to provide, he saved this young lady's life and enabled a plan of work to support her going forward.
Another case that was referred was of a 14 year old boy who had lost his father of 49 to suicide. The father hung himself at home shortly before Christmas. Fortunately, our charity was able to give immediate help to the boy rather than him having to wait the current 28 weeks through other means.
I personally received the following email from a parent (I have omitted references to names)
"I must say as a parent when your child suddenly develops mental health problems, it hits you like a ton of bricks and we are so grateful for the help that your counsellors have given us as a family, both in D's school and out of school. There's so little understanding of it and the waiting lists are just astronomical, so it's very helpful and reassuring when people understand and support you. Even paying privately, we have had to wait 9 months for an initial appointment for counselling so there is much demand for it. I have made a donation as a gesture of our appreciation and heartfelt thanks for all of the help and support we have been given, just only wish it could be more. I really can't thank your charity enough and keep up all the amazing work you do."
Letters such as that make me feel how worthwhile our charity Is. As a rule, we do not take donations, and indeed have never taken one before. On this occasion, the father was insistent and we gratefully accepted it on the basis that it was going towards the cost of the work that our counsellors had done.
We have continued to support the homeless through One Love Soup Kitchen in Southend and to Basildon Homeless. These organisations are largely run by volunteers. On cold wet evenings, One Love Soup Kitchen can receive nearly 100 hungry, cold guests. The volunteers receive surplus foodstuffs from supermarkets and food shops and they prepare hot meals for the guests. They also provide dry clean clothing and help with advice wherever they can.
We are seeing more and more referrals from the Citizens Advice Bureau. We admire the work they do to help the homeless or those that have fallen on bad times. On several occasions the trust has helped alleviate the suffering being endured by some of their clients.
Page 2
**The Michael Barnard Charitable Trust**
**Report of the Trustees for the Year Ended 31st March 2022**
This report would not be complete if I did not mention the atrocities caused by the invasion by Russia of Ukraine. I find it unimaginable how such a horrid man could order the continual bombardment of innocent civilians. In an effort to do our part to help the refuges, we made a donation to the Disaster Emergency Committee. Also, in conjunction with our trustee, John Caulcutt and the Delphi Lakeman Trust, we sent two vans packed full of medical and hygiene supplies to the Polish Ukraine border to help with the refugee effort.
John Caulcutt and John Summerton, my two long standing trustees have been of enormous support in helping me to run the charity. They frequently refer individual individuals or organisations who are desperate for help. Living in different parts of the country, it is difficult to have physical meetings but we are constantly in touch by telephone or video conference to discuss situations in which our charity is involved or thinking of getting involved and I am very thankful for their invaluable contribution.
## **Investment performance**
At 31st March 2022, the market value of shares invested in was £270,238
In the year to 31st March 2022, the charity received £13,220 and interest of £231 representing a return of 3.33% on the 31st March 2021 capital.
A further property fo charitable purposes was purchase in the year funded by the selling an existing property and . by the selling of listed investments.T
The charity spent a net £80,739 on charitable causes with costs of £1,883. The market value of the investments in the trust at 31st March 2022 was £27,238 plus surplus cash held at the bank of £63,539
## **FINANCIAL REVIEW**
## **Investment policy and objectives**
The governing document provides that the trustees may deposit or invest funds, employ a professional fund-manager, and arrange for the investments or other property of the trust to be held in the name of a nominee, in the same manner and subject to the same conditions as the trustees of a trust are permitted to do by the Trustee Act 2000.
## **Reserves policy**
It is the policy of the charitable trust to hold reserves in its' General Fund that have not yet been committed or designated for any particular purpose. The Trustees have set aside these reserves in order to protect the future operations of the charitable company from the effects of any unforeseen variations in its income streams as part of a policy of good financial management practice.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
## **Recruitment and appointment of new trustees**
In accordance with the governing document every trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the trust.
The trustees have had due regard for guidance published by the charities commission on public benefit.
## **Key management remuneration**
The trustees receiving no payment for their services they give their time for free.
## **Risk management**
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Page 3
**The Michael Barnard Charitable Trust**
## **Report of the Trustees for the Year Ended 31st March 2022**
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
1157878
## **Principal address**
Brownheath Park Gregory Lane Durley Southampton Hampshire SO32 2BS
## **Trustees**
M D Barnard J Summerton J Caulcutt
## **Independent Examiner**
P. McKelvey & Co 19 Lime Avenue Upminster Essex RM14 2HY
## **Solicitors**
Birkett Long Essex House 42 Crouch Street Colchester Essex CO3 3HH
## **Custodial Arrangements**
The company investments are held in a designated nominee account by MD Barnard & Co Ltd Stockbrokers.
## **COMMENCEMENT OF ACTIVITIES**
The charity commenced on the 16th July 2014, it main aim is to relief of poverty primarily by grants to individuals and organisations.
## **RISK REVIEW**
In common with other charities of our size we are limited in the resources we are able to apply in segregating the duties of operatives and fundraising alike. Being aware of this we use our available resources in the manner we deem most effective which the trustees keep under constant review. We have considered the major risks to which the charity is exposed and are satisfied that systems are in place, and new systems will be put in place as and when necessary, to mitigate exposure to major risks.
## **TRUSTEES' RESPONSIBILITY STATEMENT**
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
Page 4
**The Michael Barnard Charitable Trust**
## **Report of the Trustees**
## **for the Year Ended 31st March 2022**
## **TRUSTEES' RESPONSIBILITY STATEMENT - continued**
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 14th February 2023 and signed on its behalf by:
M D Barnard - Trustee
Page 5
**Independent Examiner's Report to the Trustees of The Michael Barnard Charitable Trust**
## **Independent examiner's report to the trustees of The Michael Barnard Charitable Trust**
I report to the charity trustees on my examination of the accounts of The Michael Barnard Charitable Trust (the Trust) for the year ended 31st March 2022.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
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 respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any 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 connection 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.
P. McKelvey FCCA P. McKelvey & Co 19 Lime Avenue Upminster Essex RM14 2HY
14th February 2023
Page 6
**The Michael Barnard Charitable Trust**
## **Statement of Financial Activities for the Year Ended 31st March 2022**
|Notes
**INCOME AND ENDOWMENTS FROM**
Investment income
2
**EXPENDITURE ON**
Raising funds
3
**Charitable activities**
4
Poverty relief
**Total**
Net gains on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|31.3.22
Unrestricted
fund
£
21,488
748
81,874
82,622
15,878
(45,256)
1,159,797
1,114,541|31.3.21
Total
funds
£
9,174
3,818
156,979
160,797
113,615
(38,008)
1,197,805
1,159,797|
|---|---|---|
The notes form part of these financial statements
Page 7
**The Michael Barnard Charitable Trust**
## **Statement of Financial Position**
## **31st March 2022**
|Notes
**FIXED ASSETS**
Tangible assets
8
Investments
9
**CURRENT ASSETS**
Debtors
10
Cash at bank
**CREDITORS**
Amounts falling due within one year
11
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
12
Unrestricted funds:
General fund
**TOTAL FUNDS**|31.3.22
Unrestricted
fund
£
755,769
270,238
1,026,007
27,197
63,539
90,736
(2,202)
88,534
1,114,541
1,114,541
1,114,541
1,114,541|31.3.21
Total
funds
£
730,918
321,375
1,052,293
27,197
82,479
109,676
(2,172)
107,504
1,159,797
1,159,797
1,159,797
1,159,797|
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 14th February 2023 and were signed on its behalf by:
M D Barnard - Trustee
The notes form part of these financial statements
Page 8
**The Michael Barnard Charitable Trust**
**Notes to the Financial Statements for the Year Ended 31st March 2022**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Financial reporting standard 102 - reduced disclosure exemptions**
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
## **Income**
All income is recognised 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.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
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.
## **Governance costs**
Governance costs include costs of the preparation and examination of the statutory accounts, the costs of trustee meetings and the cost of any legal advice to trustees on governance or constitutional matters.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds 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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 9
**The Michael Barnard Charitable Trust**
## **Notes to the Financial Statements - continued for the Year Ended 31st March 2022**
## **2. INVESTMENT INCOME**
|**INVESTMENT INCOME**|||
|---|---|---|
||31.3.22|31.3.21|
||£|£|
|Rents received|8,035|3,640|
|Other fixed asset invest - FII|13,222|4,153|
|Interest receivable - trading|231|1,381|
||21,488|9,174|
|**RAISING FUNDS**|||
|**Investment management costs**|||
||31.3.22|31.3.21|
||£|£|
|Property repairs|-|3,520|
|Support costs|748|298|
||748|3,818|
## **3. RAISING FUNDS**
**4. CHARITABLE ACTIVITIES COSTS**
|Grant
Support
funding of
costs (see
activities
note 5)
£
£
Poverty relief
80,739
1,135
**5.**
**SUPPORT COSTS**
Governance
Finance
costs
£
£
Investment management costs
-
748
Poverty relief
25
1,110
25
1,858|Totals
£
81,874|Totals
£
81,874|
|---|---|---|
||Totals
£
748
1,135
1,883||
|||1,883|
## **6. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31st March 2022 nor for the year ended 31st March 2021.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31st March 2022 nor for the year ended 31st March 2021.
continued...
Page 10
**The Michael Barnard Charitable Trust**
**Notes to the Financial Statements - continued for the Year Ended 31st March 2022**
## **7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**
Investment income
**EXPENDITURE ON**
Raising funds
**Charitable activities**
Poverty relief
**Total**
Net gains on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**
**8.**
**TANGIBLE FIXED ASSETS**
**COST**
At 1st April 2021
Additions
Disposals
At 31st March 2022
**NET BOOK VALUE**
At 31st March 2022
At 31st March 2021|Unrestricted
fund
£
9,174
3,818
156,979
160,797
113,615
(38,008)
1,197,805
1,159,797
Freehold
property
£
730,918
294,350
(269,499)
755,769
755,769
730,918|
|---|---|
|||
|||
|||
|||
|||
|||
continued...
Page 11
**The Michael Barnard Charitable Trust**
## **Notes to the Financial Statements - continued**
## **for the Year Ended 31st March 2022**
## **9. FIXED ASSET INVESTMENTS**
|**FIXED ASSET INVESTMENTS**||
|---|---|
||Listed|
||investments|
||£|
|**MARKET VALUE**||
|At 1st April 2021|321,375|
|Disposals|(60,551)|
|Revaluations|9,414|
|At 31st March 2022|270,238|
|**NET BOOK VALUE**||
|At 31st March 2022|270,238|
|At 31st March 2021|321,375|
There were no investment assets outside the UK.
At the year end the charity held investments in UK pubic companies listed on the London Stock Exchange. The historical cost of the investments at the year end was £358,044 (2021: £418,586). The market value of the investments on the 31st March 2022 was £270,237 (2021 : £321,375)
Cost or valuation at 31st March 2022 is represented by:
|Valuation in 2022
If fixed assets investments had not been revalued they would have been included at the
Cost
**10.**
**DEBTORS**
Amounts falling due within one year:
Theft/fraud
Amounts falling due after more than one year:
Hardship loans
Aggregate amounts|Listed
investments
£
270,238
following historical cost:
31.3.22
31.3.21
£
£
358,044
418,586
31.3.22
31.3.21
£
£
17,697
17,697
9,500
9,500
27,197
27,197|
|---|---|
continued...
Page 12
**The Michael Barnard Charitable Trust**
## **Notes to the Financial Statements - continued for the Year Ended 31st March 2022**
## **11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Other creditors
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
21,488
**TOTAL FUNDS**
21,488|At 1.4.21
£
1,159,797
1,159,797
Resources
expended
£
(82,622)
(82,622)|31.3.22
£
2,202
Net
movement
in funds
£
(45,256)
(45,256)
Gains and
losses
£
15,878
15,878|31.3.21
£
2,172
At
31.3.22
£
1,114,541
1,114,541
Movement
in funds
£
(45,256)
(45,256)|
|---|---|---|---|
**12. MOVEMENT IN FUNDS**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**
Comparative net movement in funds, included in the
**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.4.20
£
1,197,805
1,197,805
above are as follows:
Incoming
Resources
resources
expended
£
£
9,174
(160,797)
9,174
(160,797)||Net
movement
in funds
£
(38,008)
(38,008)
Gains and
losses
£
113,615
113,615|At
31.3.21
£
1,159,797
1,159,797
Movement
in funds
£
(38,008)
(38,008)|
|---|---|---|---|---|
||||||
||||||
continued...
Page 13
**The Michael Barnard Charitable Trust**
## **Notes to the Financial Statements - continued for the Year Ended 31st March 2022**
## **12. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.4.20
£
1,197,805
1,197,805|Net
movement
in funds
£
(83,264)
(83,264)|At
31.3.22
£
1,114,541|
|---|---|---|---|
||||1,114,541|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
||Incoming|Resources|Gains and|Movement|
|---|---|---|---|---|
||resources|expended|losses|in funds|
||£|£|£|£|
|**Unrestricted funds**|||||
|General fund|30,662|(243,419)|129,493|(83,264)|
|**TOTAL FUNDS**|30,662|(243,419)|129,493|(83,264)|
## **13. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31st March 2022.
Page 14
**The Michael Barnard Charitable Trust**
## **Detailed Statement of Financial Activities for the Year Ended 31st March 2022**
||31.3.22|31.3.21|
|---|---|---|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Investment income**|||
|Rents received|8,035|3,640|
|Other fixed asset invest - FII|13,222|4,153|
|Interest receivable - trading|231|1,381|
||21,488|9,174|
|**Total incoming resources**|21,488|9,174|
|**EXPENDITURE**|||
|**Investment management costs**|||
|Property repairs|-|3,520|
|**Charitable activities**|||
|Postage and stationery|-|1,741|
|Grants to registered charities and institutions|66,765|114,554|
|Grants to individuals|13,974|39,582|
||80,739|155,877|
|**Support costs**|||
|**Finance**|||
|Bank charges|25|10|
|**Governance costs**|||
|Stock Broker charges|158|298|
|Accountancy|1,110|1,092|
|Legal fees|590|-|
||1,858|1,390|
|Total resources expended|82,622|160,797|
|**Net expenditure before gains and losses**|(61,134)|(151,623)|
|**Realised recognised gains and losses**|||
|Realised gains/(losses) on fixed asset investments|7,782|292,825|
|Realised gains/(losses) on investment property|(1,318)|-|
|**Net (expenditure)/income**|(54,670)|141,202|
This page does not form part of the statutory financial statements
Page 15