Charity no.. 1165878 Social Housing no.. 4859 THE BLUE HOUSE Tho 8rldge Frome Somersot BA11 IAP. UNAUDITED FINANCIAL STATEMENTS 318t March 2025 R. E. Froud & Assoclats8 Ltd Chartered Management Accountants 61 Robins Lane Frome Som8rset BA113ET
THE BLUE HOUSE Chairnian M Chgal Board m•mb•rsfTrusteg8 S Bames J Dowling M England R Grrffilh5- resigned 31.01.25 R Isherwood D Kirkhope- appointed 19.08.24 G Monson - appoinled 18.11.24 D Oakensen A Oakes S Sandon Prfnclpal Offlce Th8 Bridge Frome Somerset BA11 1AP Bankers CAF Bank Lld 25 Kings Hill Avenue Kings Hill West Malling Kent ME194JQ Examin•r Nataliè Froud Bmus MA ACMA CGMA FFA FIPA FISM MSWW R. E. Froud & Associates Ltd 61 Robins Lane Fiome Somerset BA113Er Reglstered Charity NuMr 1165878 Page I
THE BLUE HOUSE TEES ANNUAL REPORT F R YEAR MARCH 2025 structurn, govgrnance aThl maMg•m•nt The Blue House was registered %ith the Charity Cornmission as a Charitab16 Incorporal8d Organisatlon ICIOI with effect from 4th Mah 2016 under number 1165878. The goveming document ts the Constitution of The Blue House. A doGum8nt entitled Rules of Th& Blue House Trustees, as allowed for in Clause 26 of the Constitution, was adopted by the Trustees at a Board meeting held on 4th April 2Q16. This document sets th@ rules by which the Trustees manage thg 81ue House. Thè Blue House is registerod with the Home and Communities Agency IHCAI (registered number48591 as a non-profit private rgJlster8d providerof social houslThJ. The Board of TnJst8è8 meets six ttmes a r. The Residents, Repr8nliVe Cornmitte8 m88ts prior to each meeuna, wth r8pr8s6ntatis of the regdents in 8ttartdance. ppoint•d charmy tru6t• al Apart from the first charfty tsustees, every Appointed Tnjslee must be apwjinlgd for a term of 4 y8ars by 8 rasolution p8ssed at a propèrly (x)nv$ned rneeting of the charity trustees. bl In s8lecting individuals for apptsintnt as Apnted TnJsl$es, the charty trustees mu8t regard to skills, knovledge and experigTKe needed for the effective admlnistration ofthe CIO. Ol¢tiv•¥ and activities Thé Blue House provides r6sid8ntl818¢mrnmodation for b8nèfiaaries is in accord8n(x with ts ConstbtuNon. This is lo provide affordable housing to poor aged p&rsons who were bom in, or ¥¥ho are al the time of thalr appointment, inhabitsnts of the area of benefrt. The a8 being the town of Frome and surrounding parishes. In thg activities of th8 charity the Trustees hav8 Csder•I the Charfty Cornmi38ion's guidance on public benefit and fts8 charging. Inrne is mainly derivad from the Weekly Mairtenanca Conthbulions IWIACsl of r85ident8. The Trust&è$ 8iTn lo-. kgep WMCS at the minimum1gv81 using guidelines from Htsmes EnglaThJ' - assist r&sKlents Sn dalmlng all bèn8fits to which they are entiued., - ensure high levels of oc(JJpancy', - maintain the bulldlng to a high standard and improve aco)mmodation as il tecomes vaeanl; maintain tha grounds 8$ an arnenty for residents.. - encourage faGlitate thè involv8m9nt of resK1ents. Achlevem•nts and pèrtormanc• This year has been th8 qUl8tesl have had for some lime In tem)$ of buildingrnat refurtjishmgnts and movement of ¥esidents, whlch has bean a welcome spIte p8rttrcularfy as we now fr&issing all our &rleS on th6 fundraising launch for the extemal repalrs so badly need. Only one resident has left and as his flat vms nèw in 2021 very little refurbishment was no8ded and the void was flll$d wlhin a month. Dawd Hoartr and his team havg continued to work tirefessly for the benefit of the Blue Hou88 Wth OVTgoing maintenance, making 5ur8 811 safety requlram6nts ar9 in plac8 and ggnerally keeping the Residents happy. Chrissie Salmon retld in Jun8 after a long 6mployment wlh the Blue Housa and we are vory gratèful for all she did for us. Sho was replaced by Emma Lloyd who started in May lo allow a handovar period with Chrissi8. Emrna has Seed in well and al the time of her Induction we also introduced a new accounting system called Xero whieh is SI0Y bedding in ar the Trustees arg finding it easter to undetststvJ. We now have one Resident who enloys spendirKJ a lot of time In Ih8 garden and has b8én )N(Ing along5id8 thg gardener to help maintsin 8nd upgrade It has been a very posthve influence. In addit, some of thè youngèr ResentS are much mor8 entrusiaslic atrout being part of a community and have been organising weekly teas, and othar sttial events. The coffè& mornings continue and we are very grateful to S*u8rt and Gill Bames organising this. They have raise(1 £1,047.00 Which will go towards funds for the Residents. In addition, the 8nnu81 Frome Hidden Gardens was very w911 attended as was tha From8 Lions event Ihg pr8vious weekènd %¥hich was organis8d by Jim Do1rrfJ. Somg £411.65 was ralsed from this. Page 2
THE BLUE HOUSE TrUSTE ANNUAL REpoKf FOR 2025 TD Follon9 a rf8e In tho chary8s ts th8 use of thB gwt r¢xrfn. ts gu6sfs ithrwm on the 2nd 110 wa8 1))mpletely refiJrbishe(J wlth a rW s. knkL washbaswi aTrJ Ilothlro ffll•J. As refèrred to at outs8t tho maln t(rwds thg of last y•ar wa8 to 81art the fvndr81slro a¥ oullnad in la8t yearfs report. A 6eparate thnmitte8 hès set up 98raIlY rr81$ Friday aftemoons 8nd the prol•ct has b88n called The Blue Hou8e 2027. first ent is 8 drinks paty takés klace on 22ThY May 8nd about 300 peoplè have been Invlbj to th4s. We hav8 twi very fornats to h8v8 had 8(kng generous sponsorship lor th18 event from Mogers Drthtt LLP wwj (kn •r#l Lady R(8 During the last year 8ome new Tntstegs have bgsn appc#ntd. nY Den%se lQrktw&. Guy M¢)n$on and Slmon Milner. Paul Pang vtho had bow a kjng SIdirj Tntsloè died at thg beginnlng of 2025 and OXPTess•d our condolencés to h1$ famS1y. Flnandjl r•vt•w Tho Charftigs Act 2011 wulre8 U)ts TnMtee6 lo Ilnondal 8tstwnwts for each finandal year whleh glve tru¥ and lair vlw of the si¥t• of affalrs rf TM H(xno at th• •nd of th• aThJ Ihg surplu8 or defidancy for thè year then ended. The Tru8ts08 8r• respJnslbl8 for kewg propor rncrrfd8 dlthe, th rn881Jnabkn •¢euracy at any ilme. the flnanclal po811ion of Thè Blw H(MJto ar•J to Ihom to 8n8uro th01 ts Ilnancigl statsrnenl ¢ornply vllh th8 Charflk95 1 2011. Th8 Trust•88 ar8 al80 reBpon¥lbl• for safewardlng thg ¥ss•ts ol Th¢ u0 Htxjso and hence for tsking r8asonabl8 8tep8 for the provgnuon and dèt8clkJn of fraud aThJ cts IrreguLqTlilo8. In prepsrfng Ihose flnarbdal stalernents, the Trustg8s ar¢ r8qulr8d to set suitaN& accourfrg 18 as d9$crib in thls ¢ktum•nt. and ihen 8pY them on con3i9t8nt ba818. m8klng ludgmonts 9$m8$ thot are pnt aThJ reasonab. The Tru8tee8 mugt algo preparè fln8fKk918totemnts on a bo8is unknss tt * [naFV•t$ to prasumo that The 3luè House vlll eontlnue In SIn•S8. Th8 81ue House 13 obw to hiv881 In approv1 ThB monlb)rn the flnat)d91 8ltsJ&llon and appfoves any financl81 d8d8k)n8 01 ts Tnthg The pèmianent ndown Inv881ments Orn r06trIc to wovhJiThJ inccthe and CaPtt grovrth. Other holdings whlch 8ro not re$trf¢t8d may b• usad for m8j¢x 1opah¥. a(¥ malntw'n•d $ufftdwrt to &nsuro thg upkgop of the buildln9 and ihe malnt8nance of semces. Ptsn# forfur p•rfod• The 8lu6 Houso VAII COnttn Io thin exlsthw to bon¥fidados from tha area ol benefit. The buSlding I11 b• m8knlAuwJ In 8n t• fflannei in its hl8torf¢ status. Tho trustgos, annual r•M approvwj ..... bogrd of trustso$ ty. And on b8haK of tho J.10. LS- Mlrfam Ch&al Ichalmwnl Twstee Page 3
THE BLUE H DEPEMDE XAMINER TATE NT THE I repthl on fftè fin)(aal stslgrnents for the year ended 21 MaTrh 2025, wmprfse the statwrI d lknanaal a(vfd8s IlThgudlTrJ Inwme and eXFryidlhj attounl, statement OffinarK poslmon, and the reLd notes. R08p9¢1• rwporr4lbllllkn ottru8t•g8 and exmlner The trusts8s Are rwnskn for Iha paratOn ffinanTh81 statemuts in arxoldaVJilh Ihe rewlrem8nls of the Charitt85 Act 2011. 1 wrt in re$pect of Thy examination of th& Charitys xttythts esrried undgr sec 145 of the 2011 Act and In canykng out my ex8mkn8bon I havo b)S all the •ppltsblp ¢lreclb)ns Yen by th8 Charfty CommisBion undar 14S(Sllbl of th• Act. l am qu411f lo urtrtake &Ywrin8tlon by bekn9 g IW8IW mmber ofth& Chartwgd Irth ol ManaswrertArotrntarth ICIMA). lry10nthrt gxamlnef• Jtslement In vAih rny •xathnalk)n, I C)nfinn that no matt•r h&8 comè to ftv in ykn IhB •xarrin¥bDn gNlng nyd to bel• thBt in any matorf81 r8sp8d' )Lthtlng wrds re not kept in respeGt ofthe Chariiy ag rnqrnd ty seLon 130of tha Ad., occounts O) not aCe4)rd vllh Ihose terords.. c Counts 1¢ not compty wilh Ihe appUc8bL8 requlremvnts mIn9 the form aTrJ Mntent of accoursts set out In the Chat1Ue6 (Aox4Jnts and Reports} ReguFatlons 2006 other than 8ny rewlrement that tro auntI QNO a ts thj laif 8W Is rt a Frmttor L47nGklor•d a# part of an Independont ewination. I have no cMe¢m$ and have comfr ocr088 rK) othor Frth In conmcbun *ilh th& eXamtsl attention shouk1 ba drw in tN$ report in ortteTto a kYoF4r llerandIng ofthe aCcOts to be rerkned. MAACKW CG IPA FISM m5. b•haWofR. E. Froud & A88ocith Lld 61 Roblns L#n8 Frtr SorIet 4113ET Page 4
THE BLUE HOUSE STATEMENT OF ANANCIAL FOR THE YEAR ENDED 31 MARCH 2 INCOME AND EXPENDITURE 2025 Endtr•ffl18nt fvnds nstrict fuThds 2Q24 Total funds Re5hicted funds Total funds Incomt Donations and18gaci89 Charitable actNit188 Inv8Stments Nots 10,260 169,343 3,780 183.383 10.260 169,343 3.780 183,383 6.067 150.626 Total In¢orn• 165,237 Expendlturè Expenditur8 on tharitabl8 actNrtie5 Exp8ndMuros on ralslng fund8 Total èxpgndltu {150.6621 6,705 1157,3871 (7BI 1150,7401 1178.0181 6,705 1.198., 1157,4451 1179,2161 1781 Nel gains1110$8&s1 on investment8 Transfers b8lween fund$ 11.527 188.8101 11,527 6,278 68,810 Ne¢ Income and not movom•nt In lunds 131,2671 1781 68.810 37.465 17,7011 Roconclllatlon of fund• Totsl funds brought forward Total fund8 ¢arrtod f<)rward 328.800 297.533 25,920 25.842 453.175 521.985 807.695 845.360 815.596 807.895 The S18t8ment of Financial Activities indleS 819ains and l¢)$8es in th¢ year and Iherfore B 5tstement of iolal rec¥)gnised 93ins and l(>sse5 h88 not been w8pared. l ofthe 8LN)ve anunt$ rekgts to cyJntinuing tive3. P8ge 5
E BLUE HOUSE ATEMEKr NASAT31ST H 2025 2024 FIXED ASSETS Tangible Assets Investments (8t ma81 Value) 521.985 218279 453,175 271,718 10 740264 724.894 CURRENT A8SErs stock Debtors Cash at bank 8nd in harml 1Th) 2.149 130.727 100 4.163 81,358 11 132.977 85,621 CREDITORS: Amoufts f811ir¥J due %hlthln one 12 27.881 2,619 NET CURRENT ASss 105.096 83,002 NET Er8 845.360 807,895 FUNOS OF THE CHARrrY Unrestricted funds RestrScted funds Endowment fvnds 13 13 13 297.533 25.842 521,985 328.800 25,920 453,175 TOTAL CHARITY FUNDS 807 895 These financial stslements were aptKov&J ty Ihe trustees on the ........... signed on th8ir bahatf ty. .and are M Cheal Chaiman Pa6
THE BLUE H USE CIAL STATEAIENTS ENDED 31 H202 ACCOUNTING POUCIES Basls of a¢¢ountln These finarri81 statements have Lw pr in o)mrA4?w FRS 102. Tr Fina81 R8iiyt¢ng Stsndard applicab in tha UK tho R8puFc of Irda. Statem¢ of RlMo Prnctg appUr&bl8 to charibes prgwng thr ac¢ounts in accorthnce Wilh the RekwNb"ro aWl&iblo in Iho UK anrl Rgpubjic of Ireland IFRS 1021 ICharItles SORP IFRS 10211 aThJ 3)11. Th8 tharfty IB 8 wbfic bonefft as d811n&l und8r FRS 1trI. Th8 Tn%t88S c¥)Mdar thgt there are matsrf81 uncertainties alfert+NJ the ablltyof the chty to L¥wr. Incom• . vjhen dcThim specfy that to ts ¢y ffit i uwl In pwbas. Ihe Incoma d8f8rr•d undl t8 pwStras'. . when donors Im¥ condhhx8 to brfrTr tr tharty enlknl Io u$9 6tKh IJom•, Ihe Income Is d8ferre¢l WYI tho tw rnL L8g8cles Are Induded ¢M ? recefv8ts basis lty ig to Ihe Irt, It b8 me89ured rellaY and r•ceipt 18 wobab18. Whorg knoau88 have been to th6 th• th¥Tty kn ttwarn of tho grantlTha of prob8to, and the Sncome rc#Jnttkn ha% bgw tho rKA hK4ud•J In thcomè but IJ treat•d as a contingent asset and dl$cl¢J8¢¢ rf matww. Inv•Blrn8n¢ In¢orn8 l• Iud8d on a Donotk)n$ In klnd c¢ynprf88 seNke• wh•rB th• othoThABO haw to bo p81¢J forto maSnt8in OF4raUrThl effec4¥. Expondltur• Expan8 l• rectswlwd kn thg In 11 l• VAT cannot bg rocovered. R•ii funds costs whlch kndude the co•18 cl rknd tn ci41ect)rB cogt of good8 wrthased for resd•. Grants 8wwded ar¥ alhx4l•J lo tharfiable ocllvlO89. awd•J an tro8 #B 0¥4ndltyr• Ind a liablllty In the cwjnts 48 scon 8$ b8eo)rna W or uJ)51rucw rknllgath. In Ih• LY Mu1y grant award8, fundirg for ol ye8r8 18 immediately recogni8ed ¥&tsc rJ to be mat ty the redpient to onalle lh8 relea80 ol subsequant >W8' flWK. Govem8n¢8 costs G0vem8e Costs dUdtr c(ts al#r4J8 knith mir¥J th8 and requiremants ofthe tharity and Indude th8 8udlt arxl ojgts l••u to managwwrt of tho charfty. Gov8m#nco sts aro indudod wlthln support costs. AIILX&tin 8nd 8PPOrtknrnnlcosts C8rt8ln •ypendre is dirody aUrflxrtat40 to lfrI1&s a1 In throe oxt Caiegorbs. Cther costs, which are 4rU1• lo than cThJ c8b>yy. ap1 cost calwe5 on tho b8sL8 of an Tho charity cONribeS to deffined (xjrttrttrth sckn. contri payth p8nslon schem88 are ¢harged lo the SlatetYw>t of Aebyrt in the to Ihey rel8re. Tangibl8 flxed8ss Flx•J &88etS 8r8 held at 02St less dek¥wAabrn. is 88 to off the ¢t of an 8$591. les8 its esrnat9 ultim•to r88v valuB. Irfe of 8sseL No de¥18tiOn is prd on Ihe in value.
THE BLUE HOUSE F114ANCIAL TATEIAENTS FOR THE YEAR ENDED 3 H20 NOTES TO THE FINANCIAL STATEME1-¢anVd Fixed assgt investffl8nts Investments are ir4dud8d at mark8t value at 31 Marth. The SOFA indydos g8ins and losses arising on rev8luations and disposals during the year. Slo¢k Stocks are valu&J at the lower oJ5t and net re8lwtrAe walue. afw makirwJ due alknvanc for 001@ and sb)w moving ittims. DOnatj items are not vabjed n 5tc( arKI rewJntsgJ in iKtfft)e only when sohj. Fund &ccounbng Unrestricted lunds CAn In accordaTh2 with the carttable d)igrts al thè dlscretion of the trustees. Restrictgd fund$ rn only be uswj for wticuLar restrirtsd purpo within th8 obiects of the chsrity. Rastrictions arise when 5pe¢ffied by the dorK)r or when funds are raised for parb'ajlar restricted purpL6•S. DesYJnated funds forni part ol the unrestn"de(I furvjs and have been Klentified a5 beiro for particular purposes by the Twstees. They are mt $triCt and can be trdnsf8rrEd to generd fuThts at any b"m& at the discretion of the Tte98. 2. CHARITABLE ACTivmES 2024 Total funds Unrestri¢X8d furwjs En¢knvment fvnds funds Total funds Wsakly rnaint8nanc8, contritrAJlions & uts"lilies 169,343 169.343 150,626 150626 3. INVESTMENTS 2024 Total fvnd$ lunds Total fund¥ Interest recelvgd 3.780 3,780 8,544 EXPENDITURE CHARrrABLE ACTivmES Support Costs {Note 61 Tcrtal Funds 2025 Core 8CtNity ¢ost$- alMShSe 121,880 28.861 150.741 150 741 Support Costs {Notg 61 Total Fund8 2024 prtor ¢omparatl% rect C08ts Core a¢ANity costs. a1rrtse 156.969 969 21.049 178,018 178018 Pag• 8
THE BLUE HOUSE FINAN TATE YEAR E NOTES TO THE FINANCIAL STATEMENTS- n1'd & PARTtCULARS OF INCOME AND EXPENDITURE FROM SOCIAL HOIJSING LEThINGS 2025 2024 Incom8 from lathng aetivlty Weekly malnlen8nce contrtbuuons and uUIIUe8 169,343 150.626 Tumov8r Irom soclal hwslng lettlngs 169.343 150,626 Managgmgnt Maintenance Utr'lities & insurance O¢hÈr support costs 48.921 38.257 34.702 28,861 42,236 89,491 25,242 21,049 Op8rat¢ng expondlturo on 8oclal housing lettiros 150.741 178.018 Oper•tlng $urplu8llfJ•fickl on 8oclal hou81rKJ lethng8 O. SUPPORT COSTS 202S 2024 Staff coBt8 IT & tslephono Office Costs Governan¢o ¢08t8 12.550 6,327 2.782 8,201 10,188 5,288 1,819 3,953 7. GOVERNANCE COST8 2025 2,024 A¢¢ount8n¢y, l¥g¥l and prof8881ono1 Fe88 & subscrlptlons Bonk ¢harge$ 3,101 730 122 1,145 72 8. STAFF COSTS AND NUMBERS 2025 2024 Wages & Salarfe8 58,767 58 787 51,115 No. No. M8nag8ment and 8dmln18tratlon staff No employaas recelved emoluments of mom thAn £60.000 In the current or prior y88r. No trustee recelved ony remuneratlon durlrwJ the current or prIYear. Pa
THE BLUE HOUSE FIN DED CH 2025 NOTES TO THE FINANCIAL STATEIIEpifs- ¢onVd 9. TANGIBLE FIXED A8SErs Fmhold Prowty T¢rtal Cost At 31 Marth 2024 Addthons 453.175 68.810 453,175 68,810 At 31 March 2025 521.985 521,985 D•preclatbon At 31 March 2024 & 31 March 21r25 N•t book val At March 2025 521,985 521,985 At March 2024 453.175 453,175 The freehold propety represents the ue House. a Grdde 1 rtsted twading built in 1726 as an almshoLe and btys charity schwl and situated on an islaFwJ in Ihe Rwer 3djacent to Ihe t(pwn centre. 10. INVESTMENTS 2025 2024 V8lualio At 1st April A¢Unt closurè Payments from M&G to CAF Bank ayxwnt Revaluation nèt gainslllosses} Nèt book value at 31 March 271,718 159,1171 15,BS0, 11,527 218,279 265.441 6,278 271,718 Inv8Stm8nts in Ihe year wmprfse ol M&G sepjrilies, Black Rfx. and CAF irwestmgnts. CAF UK Equtty B Inc IFSL Cautious Fund duriThJ tr year 11. DEBTORS 2025 2024 Tradtr debtors Prepayments and accrned in¢xme other debtors 2,115 2,047 2,149 2,149 4,163 12. CREDITOR8 AMOUNTS FALLING DUE wrrHW ONE YEAR 202$ 2024 Trade cr•Jitors Taxation and so(xal seryjrity Accruals and d8ferred incomè 6,857 1,056 21,024 27,881 1.563 2,619 pa 70
THE BLUE HOUSE FINAN ENT DED 31ST MAR NOTES TO THE FINANCIAL STATEMENTS- convd 1& MOVEMENT IN FUNDS At 1 Awll 2024 Incon Gains I L0s50S At 31 hl4rch 2025 Expondlturo Transferg Unr•strl¢ted funds 328.800 183,383 1157,367) 11,527 168,8101 297,533 R•strlct•d fvnd5 Clock maintenance fut)d 25,920 25,920 1781 1781 25,842 25.842 Endowmont funds 453,175 68.810 521,985 Total funds 807.895 183.383 1157,445 11,527 845,360 Prlor Y•8r At 1 Aprll 2023 Galns I Lossgs At 31 March 2024 Incom• EXpendIr0 Transfers Unrestri¢tgd funds 195.481 185,237 1179,2161 6.278 141,020 328,800 Restrlctgd funds Clock maintenance fund Extraordiriary repairn lund Cyclical mainten8n¢e fund 25,920 108.101 54,875 188,896 25,920 (108,1011 54.875 1162.9761 25,920 Endowmènt funds 431.219 21.956 453.175 Total fvnds 815.596 165,237 ,179,216 6.278 807.895 Clock Maintenancè Fund - this ss a restricted fund given to the Blua Hotjse vthitth may only be US8d by Ihe Trustees to pair and maintain the Clock and the Clock Towar. Endowmont Fund- thls fund represents the grade 1 listed property. RELATED PARf( TRANSACTIONS There are no transactions with trustees or othgr ra18t&J partigs other than thosè dlsclosed as required by the SORP elsewh8r8 in the financial ststements. Page 11
THE BLUE HOUSE ATEMENT OF FINANCIAL ACTNMES FO ED 1MAR H202 oErpJLeD INCOME AND EXPENDrruRE ACCOUNT 2025 2024 INCOME Coff88 Morning sales Donation5 Frorne Festival Hire of Churchill room Interest receivab Knll & Nattgr sal&8 Use of guest ro¢)m Utilities WMC 1,771 1,902 700 573 1.065 3.780 1.295 1.160 666 61,510 89,116 68,739 100,605 183,383 165,237 EXPENDITURE Coffee Morning expenses Fl8t 21 update Fundraising Costs From8 Festival costs Parties and gifts R8sid8nts support R8P8irs and m8int8nanc8 724 729 3,662 5,140 47 794 310 37,879 25.626 3.733 447 650 74.360 17,948 2.224 660 51,115 604 6.178 5,071 55 3.101 11,184 730 122 Rates Tools and equipment Salarias and wa staff costs Offi¢e costs Insurance Travel and SLtbststence Accountancy, legal and professional Health and safety Subscriptktrns 88nk charS Advertising & PR Sundry expenses 58,767 2,530 7,378 5,344 174 1.145 72 700 32 12 157,446 179,216 Net gabnslllossesl on investments 11,527 6,278 OPERATING SURPLUSIIDEFicrr) FOR THE YEAR 37,464 7,701 Pag8 12