REGISTERED COMPANY NUMBER: 09642400 (England and Wales)
REGISTERED CHARITY NUMBER: 1166703
REPORT OF THE TRUSTEES AND
DITED FINANCIAL
TATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
FOR
THE FRIENDLY ALMSHOUSES
A COMPANY LIMITED BY GUARANTEE
Hysons
Chartered Accountants
14 London Street
Andover
Hampshire
SP10 2PA

THE FRIENDLY ALMSHOUSES
OF THE FINANCIAL
EYEARE
TA
Page
Report of the Trustees
Independent Examinerfs Report
Statement of Financial Activities
Balance Sheet
9 to 10
Notes to the Financial Statements
11 to 17
Detailed Ststement of Financial Activities
18 to 19

THE FRIENDLY ALMSHOUSES
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006,
present their report with a summary of the financial statements of the charity for the year ended 31
March 2025. The trustees have adopted the provisions of Accounting and Reporting 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
(FRS102), effective 1 January 2019.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The object of the Charity is set out in the Scheme of the Charity Commissioners dated 12th
December 1980. This is
to relieve and assist, by the provision of housing and associated
amenities, needy women of good character over the age of 60 years.. resident within ten miles of
St Paul's Cathedral In 1993, with the consent of the Charity Commissioners, the minimum age at
entry was lowered to 50 years.
Women interested in taking up residence in the Almshouses may be referred by social services
and other local agencies. or they may approach us directly.
The Charity currently has 20 flats. distributed between the Victoria Cottages and Martindale House,
available for occupation. Residents lead independent lives, though the wardens and Clerk are
available to provide support and help in dealing with personal and practical problems. Participation
in the community life and its many activities is much encouraged, and the quarterly residents,
meetings provide the opportunity for discussion and exchange of ideas between residents and
trustees.
Public benefit
The trustees have considered the activities of the Charity, its achievements for the year to 31
March 2025 and its plans for the future against the public benefit guidance issued by the Charity
Commission. They agreed that the public who benefit from the Charity's work are those who are
described in the Charity's objectives and aims as noted above and is essentially the same as that
envisaged by the founders.. "for the provision of permanent relief to poor and aged women. It is a
Society managed by women for women...
Social investments
Programme related investments. in the form of freehold property, have contributed towards the
achievement of the Charity's aims and objectives because these properties are used to provide the
social housing for Charity's beneficiaries.
Page 1

THE FRIENDLY ALMSHOUSES
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
ACHIEVEMENTS AND PERFORMANCE
Report of the Chair
Our Mission and Commun
Established in 1802, The Friendly Almshouses (TFA) was founded to provide secure and
affordable housing to elderly and vulnerable women living within 10 miles of St Paul's Cathedral.
Our mission has a5ways been to foster dignity, independence, and wellbeing for all residents,
ensuring a compassionate and inclusive environment. This year, the community has been
reinvigorated by the arrival of four new residents. each bringing unique life experiences and
individual skill sets that enrich our shared life together.
Financial Overview
The charity's finances have remained stable throughout the year, thanks to prudent management
of both income and expenditure. The Board of Trustees meets every six weeks to oversee the
charity's operations and to ensure Complian￿ with all regulatory requirements. This year, our
governance and compliance policies were reviewed and updated by one of the Trustees. Susan
Forda. The centrepiece of the residents, licen￿ to occupy. the Handbook. was also similarly
updated to reflect current requirements and best practice.
Facilit Im
rovements
We have continued to invest in and upgrade our facilities to better serve our residents. Notably, the
flat roofs on Martindale House were replaced, ensuring improved safety and comfort. The addition
of new tumble dryers has also alleviated any pressures on the laundry roster, promoting
convenience and efficiency within the community.
Communit En
ement
Community engagement remains a central focus, led by Senior Support Manager, Ronnie Marr,
who has consistently organised a variety of social events. These have included seasonal
celebrations, coffee mornings and barbeques, all of which help to foster a strong sense of
community and belonging among our residents. A highlight of the year was the celebration of our
Vice President, Hilary Parsons's 90th birthday, marked with a splendid tea party that brought
everyone together.
Our partnerships wth local charities and neighbouring almshouses, have continued to deliver
tangible benefits. Initiatives such as seated yoga sessions and lunchtime talks have contributed
positively to the health and wellbeing of our residents, enhancing their overall quality of life and
supporting their physical and mental health.
Challen
esando
ortunltles
The needs and vulnerabilities of our residents are becoming increasingly complex as the pressures
faced by an elderly population place additional demands on local authorities. Among the
hallenges we face are the rising utility costs and a growing demand for affordable housing. We
continue to address these issues through careful budget management and responsible investment
and by seeking to improve our communication and explore partnerships with other local charities
and agencies. Our ongoing commitment is to follow best practi￿ in all areas of our work.
In the Spring, the Trustees convened an off-site meeting to review our strategy, future risks and to
consider future opportunities for the charity. Despite significant efforts, a solution has yet to be
found for finding a compatible partner and redeveloping the vacant site of Colville House adjacent
to the studio flats. Nevertheless, we have made progress in other areas.. the installation of CCTV
has enhanced residents, sense of security, and the addition of glass cantilever doors in the sitting
room has improved both the privacy and flexibility of our communal spaces.
Page 2

THE FRIENDLY ALMSHOUSES
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
Throughout the year, Ronnie Marr has worked diligently to strengthen relationships with our
community partners and further. enhancing the provision of holistic support services for our
residents.
emen
We extend our most heartfelt thanks to Ronnie Marr for her tireless dedication and unwavering
energy. We are also most grateful to Niyi Ogunsina for his valuable contribution to our financial
affairs. Huge thanks go as always to all our voluntary Trustees as together we continue to build a
safe and welcoming environment where the unique TFA community can flourish and thrive.
icity Stonehill
Chair to the Board of Trustees
March 2025
Page 3

THE FRIENDLY ALMSHOUSES
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
FINANCIAL REVIEW
Financial position
The Charity's income continues to derive principally from the weekly maintenance contributions
(WMC) paid by its beneficiaries. The majority of this income is drawn from housing benefit, and as
the Charity has been deemed exempt from the housing benefit cap, this is a reliable income
stream with potential for increase when required.
The Charity generated £140,202 (2024: £118,409} from operating activities (excluding grants and
donations) during the year to 31 March 2025. This leaves us well placed to service the remaining
Almshouse Association loan of £31.500.
Reserves policy
Reserves are held in order to provide adequate funds to maintain the housing stock in good repair,
to fund future developments and to continue to provide housing and support to residents in the
event of a disruption in revenue. In addition to the investments, the Charity held cash reserves of
£274,206 as at 31 March 2025 giving a total reserrfe of £1,874,814, all of which were unrestricted
funds. This more than meets the expectation of at least three months, operating costs being
available to deal with the consequences of unanticipated challenges.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity is controlled by its goveming document: the Memorandum and Articles of Association,
and constitutes a company, limited by guarantee, as defined by the Companies Act 2006.
The charity is governed by a Board of Trustees, up to a maximum of fourteen, (the Board may also
co-opt members up to a third of its total membership). The Board currently meets every two
months and has a quorum of three. All of the trustees sit on at least one sub-committee, of which
there are currently five.
These sub-committees have their own governance structure and
decision-making powers and meet as often as required to deal with the business of the day. They
report formally at each Board meeting.
The Board has due regard at all times to the Charity Commission's guidance in the exercise of its
powers and duties. On appointment, new members of the Board receive an induction pack, and
have access to a copy of the Almshouse Association's Standard of Almshouse Management.
Board members have also attended seminars and briefings in areas such as housing, charity law,
and the responsibilities of Trustees.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
09642400 (England and Wales)
Registered Charity number
1166703
Registered office
155-167 Stockwell Park Road
London
SW9 OTL
Page 4

THE FRIENDLY ALMSHOUSES
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
Trustees
F D Stonehill (Chair)
C J E Woollcombe Gambrill (Kate)
S Malhotra (resigned 17.1.25)
R Johnson
L Tomlinson
E J Lindsay
R Kennedy
J Walker
S R Forda
E Benton (appointed 12.2.25)
S Lindsay (appointed 12.2.25)
President
H Bowes-Lyon C.V.O.
Vice Presidents
H Parsons
C Shuster
Clerk to the Trustees
E Fleming (from May 2024)
Senior Support Manager
R Marr
Independent Examiner
Christopher Joyce FCCA
Hysons
Chartered Accountants
14 London Street
Andover
Hampshire
SP10 2PA
Bankers
The Royal Bank of Scotland
62-63 Threadneedle Street
London
EC2R 8L4
Solicitors
Stone King LLP
Upper Borough Court
Upper Borough Walls
Bath
BA1 1RG
Page 5

THE FRIENDLY ALMSHOUSES
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2025
REFERENCE AND ADMINISTRATIVE DETAILS
Investment advisers
Rathbones Investment Management
Fiennes House
32 Southgate Street
Winchester
Hampshire
S023 9EH
Approved by order of the board of trustees on
behalf by:
l O.:.11:..l.p.zf......... and signed on its
F D Stonehill (Chair) Trustee
Page 6

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
THE FRIENDLY ALMSHOUSES
Independent examiner's report to the trustees of The Friendty Almshouses {'the Company.)
report to the charity trustees on my examination of the accounts of the Company for the year
ended 31 March 2025.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law)
you are responsible for the preparation of the accounts in accordance with the requirements of the
Companies Act 2006 ('the 2006 Act,).
Having satisfied myself that the accounts of the Company 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 account5 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
Since your charity's gross income exceeded £250.000 your examiner must be a member of a listed
body. I can confirm that l am qualified to undertake the examination because l am a member of the
Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in
connection with the examination giving me cause to believe:
accounting records were not kept in respect of the Company as required by Section 386 of
the 2006 Act., or
the accounts do not accord with those records" or
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act
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": or
the accounts have not been prepared in accordance with the methods and principles of the
Statement of Recommended Practice for accounting and reporting by charities (applicable to
charities preparing their accounts in accordance with the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102}).
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.
Christopher Joyce FCCA
Hysons
Chartered Accountants
14 London Street
Andover
Hampshire
SP10 2PA
Date:
Page 7

THE FRIENDLY ALMSHOUSES
STATEMENT OF FINANCIAL ACTIVITIES
INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
2025
Total
funds
2024
Total
funds
Unrestricted Restricted
fund
fund
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
80
80
105
Charitable activities
Provision of Housing
364,316
364,316
333,618
Investment income
Other incorne
2,896
300
2.896
300
6,145
5.000
Total
367,592
367,592
344,868
EXPENDITURE ON
Charitable activities
Provision of Housing
227,310
227,310
226,354
Net gains on investments
8.803
8,803
23,543
NET INCOME
149.085
149,085
142,057
RECONCILIATION OF FUNDS
Total funds brought forward
1,725,729
1,725,729 1,583,672
TOTAL FUNDS CARRIED FORWARD
1,874.814
1,874,814 1,725.729
The notes form part of these financial statements
Page 8

THE FRIENDLY ALMSHOUSES
BALANCE SHEET
31 MARCH 2025
2025
Total
funds
2024
Total
funds
Unrestricted Restricted
fund
fund
Notes
FIXED ASSETS
Tangible assets
Investments
1,098,636
526.083
1,098,636 1.111.181
526,083
518,797
1,624.719
1,624,719 1,629,978
CURRENT ASSETS
Debtors
Investments
Prepayments and accrued income
Cash at bank and in hand
10
16.920
641
3,450
274.206
16,920
641
3,450
274,206
12,514
611
2,888
145,011
295,217
295,217
161,024
CREDITORS
Amounts falling due within one year
12
(18.872)
{18,872)
(33,773)
NET CURRENT ASSETS
276.345
276,345
127,251
TOTAL ASSETS LESS CURRENT
LIABILITIES
1.901.064
1,901,064 1,757,229
CREDITORS
Amounts falling due after more than one
year
13
(26.250)
{26,250)
(31,500)
NET ASSETS
1,874,814
1,874,814 1,725,729
FUNDS
Unrestricted funds
15
1,874,814 1,725,729
TOTAL FUNDS
1,874,814 1,725,729
The charitable company is entitled to exemption from audit under Section 477 of the Companies
Act 2006 for the year ended 31 March 2025.
The members have not required the company to obtain an audit of its financial statements for the
year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.
The notes form part of these financial statements
Page 9
continued...

THE FRIENDLY ALMSHOUSES
BALANCE SHEET - contlnued
31 MARCH 2025
The trustees acknowledge their responsibilities for
(a) ensuring that the charitable company keeps accounting records that comply with Sections
386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the
charitable company as at the end of each financial year and of rts surplus or deficit for each
financial year in accordance with the requirements of Sections 394 and 395 and which
otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to
charitable companies subject to the small companies regime.
nGI
I statements
re approved by the Board of Trustees and authorised for issue on
and were signed on its behalf by:
F D Stonehill (Chair)
rustee
The notes form part of these financial statements
Page 10

THE FRIENDLY ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company. 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 2015),, Financial
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and
Republic of Ireland and the Companies Act 2006. 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.
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.
Allocation and apportionment of costs
All support and governance costs relate to the activity of providing housing in accordance
with the objectives of the charity.
Tangible fixed assets
Depreciation is provided at the foll0v￿ng annual rates in order to write off each asset over its
estimated useful life.
Freehold property
Equipment and fittings
Straight line over 50 years
Straight line over 3 and 10 years
Social investments
The cost of the freehold property is accounted for within tangible fixed assets as it is a
programme related investment held specifically to contribute to the charity's charitable
purpose.
Taxation
The charity is exempt from corporation 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.
Page11
continued...

THE FRIENDLY ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 MARCH 2025
ACCOUNTING POLICIES - continued
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions
payable to the charitable company's pension scheme are charged to the Statement of
Financial Activities in the period to which they relate.
DONATIONS AND LEGACIES
2025
2024
Donations
80
105
INVESTMENT INCOME
2025
2024
Other fixed asset invest - Fll
Deposit account interest
1,048
1,848
2,844
3,301
2.896
6,145
OTHER INCOME
2025
2024
Compensation payments
Employment allowance
300
5,000
300
5,000
NET INCOMEIIEXPENDITURE)
Net incomel{expenditure) is stated after chargingl(crediting):
2025
2024
Independent ExaminerlAuditor remuneration
Depreciation - owned assets
2,220
12,545
1,980
12,785
Page 12
continued...

THE FRIENDLY ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 MARCH 2025
TRUSTEES. REMUNERATION AND BENEFITS
There were no trustees, remuneration or other benefrts for the year ended 31 March 2025
nor for the year ended 31 March 2024.
Trustees, expenses
There were no trustees, expenses paid for the year ended 31 March 2025 nor for the year
ended 31 March 2024.
STAFF COSTS
The average monthly number of employees during the year was as follows:
2025
2024
Charitable activities
Support costs
No employees received emoluments in eX￿sS of £60,000.
TANGIBLE FIXED ASSETS
Equipment
and
fittings
Freehold
property
Totals
COST
At 1 April 2024 and 31 March 2025
1.017.319
133,433 1,150,752
DEPRECIATION
At 1 April 2024
Charge for year
39,571
12,545
39,571
12,545
At 31 March 2025
52,116
52,116
NET BOOK VALUE
At 31 March 2025
1,017.319
81,317 1,098,636
At 31 March 2024
1,017,319
93,862 1,111,181
Page 13
continued...

THE FRIENDLY ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 MARCH 2025
FIXED ASSET INVESTMENTS
Listed
investments
Cash
Totals
MARKET VALUE
At 1 April 2024
Additions
Disposals
Revaluations
518,026
771
518,797
599.803
602,091
1,201,894
(589,927) (602,368) (1,192,295)
(2.313)
(2,313)
At 31 March 2025
525,589
494
526,083
NET BOOK VALUE
At 31 March 2025
525,589
494
526,083
At 31 March 2024
518,026
771
518,797
There were no investment assets outside the UK.
Fixed asset investments are shown at market value at the balan￿ sheet date.
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
2024
Trade debtors
Other debtors
10,987
5,933
7,496
5,018
16,920
12,514
CURRENT ASSET INVESTMENTS
2025
2024
COIF Deposit Funds
641
611
Page 14
continued..

THE FRIENDLY ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025
2024
Other loans (see note 14)
Trade creditors
Other creditors
Accrued expenses
5,250
5,250
21,115
237
7,171
525
13,097
18,872
33,773
13. CREDITORS: AMOUNTS FALLING DUE AFfER MORE THAN ONE YEAR
2025
2024
Other loans (see note 14)
26,250
31,500
14. LOANS
An analysis of the maturity of loans is given below:
2025
2024
Amounts falling due within one year on demand:
Almshouse Association loan
5,250
5,250
Amounts falling between one and years"
Almshouse Association loan
5,250
5,250
Amounts falling due between two and five years:
Almshouse Association loan
15,750
15,750
Amounts falling due in more than five years:
Repayable by instalments:
Almshouse Association loan
5,250
10,500
15. MOVEMENT IN FUNDS
Net
movement
in funds
At
31.3.25
At 1.4.24
Unrestricted funds
General fund
1,725,729
149,085 1,874,814
TOTAL FUNDS
1.725,729
149,085
1,874,814
Page 15
continued.,.

THE FRIENDLY ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 MARCH 2025
15. MOVEMENT IN FUNDS- continued
Net movement in funds, included in the above are as follows:
Incoming Resources
resources
expended
Gains and Movement
losses
in funds
Unrestricted funds
General fund
367.592
{227.310)
8,803
149,085
TOTAL FUNDS
367.592
{227.310)
8,803
149,085
Comparatives for movement in funds
Net
movement
in funds
At
31.3.24
At 1.4.23
Unrestricted funds
General fund
1.583,672
142,057 1,725,729
TOTAL FUNDS
1,583,672
142,057
1,725,729
Comparative net movement in funds, included in the above are as follows:
Incoming Resources
resources
expended
Gains and Movement
losses
in funds
Unrestricted funds
General fund
344,868
(226,354)
23,543
142,057
TOTAL FUNDS
344.868
(226,354)
23.543
142,057
Page 16
continued...

THE FRIENDLY ALMSHOUSES
NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 MARCH 2025
16. RELATED PARTY DISCLOSURES
There were no related paty transactions for the year ended 31 March 2025.
17. ULTIMATE CONTROLLING PARTY
The Charity was controlled throughout the year by its members.
Page 17

THE FRIENDLY ALMSHOUSES
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2025
2025
2024
INCOME AND ENDOWMENTS
Donations and legacies
Donations
80
105
Investment income
other fixed asset invest - Fll
Deposit account interest
1,048
1,848
2,844
3,301
2,896
6,145
Charitable activities
Rent received
Service charges
Support charges
285,732
76,836
1,748
241,024
72,268
20,326
364,316
333,618
Other income
Compensation payments
Employment allowance
300
5,000
300
5,000
Total incoming resources
367,592
344,868
EXPENDITURE
Charitable activities
Wages
Social security
Pensions
Rates and water
Insurance
Light and heat
Property expenses
Residents welfare and social events
Depreciation of equipment and fittings
14,242
557
178
12,748
3,153
31,219
28,235
3,300
12,545
15,759
919
286
9,505
1,792
26,492
63,891
7,460
12,785
106,177
138,889
Support costs
Management
Wages
Carried fonNard
62,982
62,982
48,645
48.645
This page does not fomi part of the statutory financial statements
Page 18

THE FRIENDLY ALMSHOUSES
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2025
2025
2024
Management
Brought forward
Social security
Pensions
Telephone and IT
Postage and stationery
Sundries
Recruitment and training
Bank interest
62,982
6,408
1,550
10,718
1,317
506
7,768
445
48,645
4,726
865
7,303
2,197
160
2,822
393
91,694
67,111
Governance costs
Independent ExaminerlAuditor
remuneration
AGM and other meetings
Memberships
Professional fees
Bookkeeping
Investment adviser fees
2.220
39
643
13,547
10,425
2,565
1,980
68
219
15,431
2,536
120
29,439
20,354
Total resources expended
227,310
226,354
Net income before gains and losses
140,282
118,514
Recognised gains and losses
Recognised gains on fixed asset
investments
11,116
Net income
151,398
118,514
This page does not form part of the statutory financial statements
Page 19