## 



||||||Page|
|---|---|---|---|---|---|
|Section 1:Objectives||||||
|Section 2:Main activities||||||
|Section 3:Achievements<br>and Performance||||||
|Section 4:Financial<br>review||||||
|Section 5:Plans forthe Future||||||
|Section 6:Structure,<br>Governance||and|Management||10|
|Section 7:Reference and administrative|||information||13|
|Section 8:Acknowledgements,|Statement ofTrustees and Appointment|||ofAuditors|14|
|Independent<br>Auditor's<br>Report|||||17|
|Statement of Financial Activities||||||
|Balance Sheet|||||22|
|Statement ofCash Flows|||||23|
|Accounting<br>Policies||||||
|Notes to the Financial Statements|||||27|





## 

## 

## 

## 



## 




## 

## 

## 



## 

## 

||Location|Location|||||Posts filled|Posts vacant|
|---|---|---|---|---|---|---|---|---|
|HMS NELSON and HM|Naval<br>Base||Portsmouth||||||
|HMS DRAKE and HM Naval Base Plymouth|||||||||
|Helensburgh<br>(community-based)|||||||||
|HMS SULTAN (Training|Establishment)||||||||
|HMS COLLINGWOOD|(Training|Establishment)|||||||
|HMS RALEIGH (Training|Establishment)||||||||
|Commando<br>Training<br>Centre<br>Royal|||Marines,|Lympstone|||||
|Hamworthy<br>Barracks (Poole)|||||||||
|Royal Marines Barracks|Stonehouse||(Plymouth)||||||
|Royal Marines Barracks|Bickleigh||||||||
|Royal Marines Barracks|Arbroath||||||||
|Royal Marines Barracks|Taunton||||||||
|Royal Marines Barracks|Chivenor||||||||
|Royal Naval<br>Air Station|Culdrose||||||||
|Royal Naval<br>Air Station|Yeovilton||||||||
|MOD Caledonia<br>(Rosyth)|||||||||
|Defence School of Logistics and||Administration|||Worthy|Down|||
|Royal Fleet Auxiliary|||||||||
|Portsmouth<br>Community|Waves||||||||
|Plymouth<br>Community<br>Waves|||||||||





## 

## 

## 



## 

## 

## 

## 






## 

## 

## 

## 



## 

## 

## 

## 

## 



## 

## 



## 

## 

## 



## 

## 

## 



## 

## 

## 

## 

## 

## 



## 

## 

## 



## 

## 

## 

## 



## 



## 

## 

## 

## 



## 



## 

## 

## 

## 

|||||FO|R THE YEAR E|NDED 31 MAR|CH 2023|||
|---|---|---|---|---|---|---|---|---|---|
|||||||||31.3.23|31.3.22|
||||||Unrestricted|Restricted|Endowment|Total|Total|
||||||fund|funds|funds|funds|funds|
|||||Notes|f|f|f||f|
|INCOME AND ENDOWMENTS||||||||||
|FROM||||||||||
|Donations<br>and legacies|||||51,632|1,539||53,171|232,524|
|Charitable<br>activities||||||||||
|Pastoral workers||||||215,507||215,507|173,741|
|Storybook Waves||||||31,582||31,582|16,727|
|Community<br>Waves||||||42,500||42,500|44,500|
|Other activities|||||789|476||1,265|17,258|
|Investment<br>income||||3|537,481|||537,481|393,897|
|Other income||||5|||||10,230|
|Total|||||589,902|291,604||881,506|888,877|
|EXPENDITURE ON||||||||||
|Raising funds|||||11,066||17,555|28,621|101,309|
|Charitable<br>activities||||||||||
|Pastoral workers|||||409,227|213,436||622,663|533,941|
|Storybook Waves|||||10,726|25,095||35,821|38,809|
|Community<br>Waves|||||71,465|47,248||118,713|70,552|
|Other activities|||||1,854|1,060||2,914|22,704|
|Total|||||504,338|286,839|17,555|808,732|767,315|
|NET INCOME/(EXPENDITURE)||||||||||
|before net gains/(losses)|||on||85,564|4,765|(17,555)|72,774|121,562|
|investments||||||||||
|Net gains/(losses)|on|||||||||
|investments|||||||(403,753)|(403,753)|566,035|
|NET INCOME/(EXPENDITURE)|||||85,564|4,765|(421,308)|(330,979)|687,597|
|RECONCILIATION OF FUNDS||||||||||
|Total funds brought||forward|||121,691|48,646|13,796,806|13,967,143|13,279,546|
|TOTAL FUNDS CARRIED||||||||||
|FORWARD|||||207,255|53,411|13,375,498|13,636,164|13,967,143|





## 

||||31.3.23|31.3.22|
|---|---|---|---|---|
|||Notes|f|f|
|FIXEDASSETS|||||
|Investments||14|12,833,307|13,264,708|
|CURRENT ASSETS|||||
|Debtors||15|147,206|54,606|
|Cash at bank|||695,041|700,009|
||||842,247|754,615|
|CREDITORS|||||
|Amounts<br>falling due within|one year|16|(39,390)|(52,180)|
|NET CURRENT ASSETS|||802,857|702,435|
|TOTAL ASSETS LESSCURRENT LIABILITIES|||||
||||13,636,164|13,967,143|
|NET ASSETS|||13,636,164|13,967,143|
|FUNDS||19|||
|Unrestricted<br>funds|||207,255|121,691|
|Restricted funds|||53,411|48,646|
|Endowment<br>funds:|||||
|Expendable<br>Endowment|fund||10,869,946|10,859,853|
|Fair Value reserve|||2,505,552|2,936,953|
||||13,375,498|13,796,806|
|TOTAL FUNDS|||13,636,164|13,967,143|





|||||31.3.23|31.3.22|
|---|---|---|---|---|---|
||||Notes to cashflow|E||
|Cash flows from operating|activities|||||
|Cash generated<br>from operations||||(466,970)|(328,291)|
|Net cash used<br>in operating|activities|||(466,970)|(328,291)|
|Cash flows from investing|activities|||||
|Purchase of fixed asset investments||||(13,137,038)|(1,792,462)|
|Sale offixed asset investments||||12,661,383|1,872,433|
|Movement<br>in cash held at|investments|||503,303|(279,255)|
|Dividends<br>received||||451,909|340,966|
|Net cash provided<br>by investing<br>activities||||479,557|141,682|
|Cash flows from financing|activities|||||
|Income attributable<br>to endowment|||||157,075|
|Expenditure<br>attributable<br>to endowment||||(17,555)|(91,156)|
|Net cash (used in)/provided|by financing||activities|(17,555)|65,919|
|Change<br>in cash and cash equivalents||in||||
|the reporting<br>period||||(4,968)|(120,690)|
|Cash and cash equivalents|at the|||||
|beginning<br>ofthe reporting|period|||700,009|820,699|
|Cash and cash equivalents|at the end|of||||
|the reporting<br>period||||696,041|700,009|





## 

## 

## 

|RECONCILIATION||OF NET (EXPENDITURE)/INCOME|OF NET (EXPENDITURE)/INCOME|OF NET (EXPENDITURE)/INCOME|TO NET CASH FLOW|FROM OPERATING|ACTIVITIES|
|---|---|---|---|---|---|---|---|
|||||||31.3.23|31.3.22|
||||||||f|
|Net (expenditure)|fincome for the reporting|||period|(as per the|||
|Statement of Financial Activities)||||||(330,979)|687,597|
|Adjustments<br>for.||||||||
|Losses/(gain)<br>on|investments|||||403,753|(566,035)|
|Dividends<br>received||||||(451,909)|(340,966)|
|Income attributable||to endowment|||||(157,075)|
|Expenditure<br>attributable|||to endowment|||17,555|91,156|
|Increase in debtors||||||(92,600)|(48,393)|
|(Decrease)/increase||in creditors||||(12,790)|5,425|
|Net cash used in|operations|||||(466,979)|(326,291)|
|ANALYSIS OF CHANGES|||IN NET FUNDS|||||
||||||At1.4.22|Cash flow|At 31.3.23|
||||||f|f|E|
|Net cash||||||||
|Cash at bank|||||700,009|(4,968)|695,041|
||||||700,009|(4,968)|695,041|
|Liquid resources||||||||
|Cash held within|investments||||503,303|(503,303)||
||||||503,303|(503,303)||
|Total|||||1,203,312|(508,271)|695,041|





## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 

## 



## 

## 

|||||||||||||31.3.23|31.3.22|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||Unrestricted|||Restricted|Endowment|Total|Total|
|||||||||funds||funds|funds|funds|funds|
|||||||||f|||f|f|f|
|Donations||from||||||||||||
|individuals||and trusts||||||24,463||1,539||26,002|21,829|
|Gift Aid||||||||2,569||||2,569|1,978|
|Legacies||||||||600||||600|142|
|Grants||||||||24,000||||24,000|24,000|
|Dashwood||Trust capital||||||||||||
|receipt|||||||||||||157,075|
|Dashwood||Trust income||||||||||||
|distribution|||||||||||||27,500|
|||||||||51,632||1,539||53,171|232,524|
|Grants received,||||included|in|the|above, are||as follows:|||||
|||||||||||||31.3.23|31.3.22|
|||||||||||||f||
|Pemberton|||Barnes Trust|||||||||24,000|24,000|
|INVESTMENT INCOME||||||||||||||
|||||||||||||31.3.23|31.3.22|
||||||||Unrestricted|||Restricted|Endowment|Total|Total|
|||||||||funds||funds|funds|funds|funds|
|||||||||f||f|f||f|
|Dividends|||||||527,126|||||527,126|391,046|
|Interest|and||tax|credits||||10,355||||10,355|2,851|
||||||||537,481|||||537,481|393,897|
|INCOME|FROM|||CHARITABLE ACTIVITIES||||||||||
|||||||||||||31.3.23|31.3.22|
|||||||Activity||||||f|f|
|Grants||||||Pastoral workers||||||215,507|173,741|
|Grants||||||Storybook Waves||||||31,582|16,727|
|Grants||||||Community|||Waves|||42,500|44,500|
|Other income||||||Other activities||||||789|485|
|Grants||||||Other activities||||||476|16,773|
|||||||||||||290,854|252,226|
|eceived,|included|||in the above, are as||||follows:||||||
|||||||||||||31.3.23|31.3.22|
|||||||||||||f|f|
|RNRMC||||||||||||154,313|107,947|
|Annington||Trust|||||||||||6,294|
|RMA - TRMC||||||||||||47,144|45,321|
|Greenwich||Hospital||||||||||23,600|21,200|
|Carried forward||||||||||||225,057|180,762|
|||||||||||27|||continued. ..|





## 

## 

## 

## 

## 





## 

## 

## 



## 

|||||Direct|Direct|Support||
|---|---|---|---|---|---|---|---|
|||||Costs (see||costs (see||
|||||note 8)||note 9)|Totals|
|||||f||f||
|Pastoral workers||||427,190||195,473|622,663|
|Storybook|Waves|||35,821|||35,821|
|Community|Waves|||81,447||37,266|118,713|
|Other activities||||2,002||912|2,914|
|||||546,460||233,651|780,111|
|DIRECT COSTS OF||CHARITABLE ACTIVITIES||||||
|||||||31.3.23|31.3.22|
|||||||f|f|
|Staff costs||||||510,036|441,627|
|Hall hire costs||||||1,686|2,095|
|Other staff|costs|||||18,567|8,107|
|Office, IT and consumable|||costs|||3,774|4,539|
|Communications||||||2,029|2,519|
|Equipment||||||5,354|11,878|
|Travel||||||2,536|1,541|
|Food costs|for sessions|||||533|347|
|Publications|||||||6,300|
|Advertising||||||574|2,440|
|Professional|fees|||||958|1,233|
|Subscription||||||275|273|
|Other management||costs||||138|396|
|||||||546,460|483,295|
|SUPPORT COSTS||||||||
|||||||Governance||
|||||Management||costs|Totals|
|||||f||f|f|
|Pastoral workers||||189,816||5,657|195,473|
|Community|Waves|||36,188||1,078|37,266|
|Other activities|||||886|26|912|
|||||226,890||6,761|233,651|





## 

## 

|Management|Management|||||||
|---|---|---|---|---|---|---|---|
|||||||31.3.23|31.3.22|
||||Pastoral|Community|Other|Total|Total|
||||workers|Waves|activities||activities|
||||activities|||||
||||f|f|f|f|f|
|Wages|||134,425|25,628|627|160,680|133,942|
|Social security|||9,407|1,793|44|11,244|9,074|
|Pensions|||6,615|1,261|31|7,907|6,675|
|Rent|||5,772|1,100|27|6,899|4,940|
|Insurance|||475|91|2|568|552|
|Advertising|||9,303|1,773|43|11,119|6,764|
|Other staff costs|||1,926|367|9|2,302|1,625|
|Website costs|||4,801|915|22|5,738|271|
|Office, IT and consumable||||||||
|costs|||5,270|1,005|25|6,300|1,956|
|Communication|||2,101|401|10|2,512|2,503|
|Equipment|||538|103|3|644|18|
|Travel|||2,525|482|12|3,019|1,776|
|Professional<br>fees|||1,727|329|8|2,064|1,590|
|Subscriptions|||3,292|627|15|3,934|3,221|
|Other management||costs|1,639|313|8|1,960|1,788|
||||189,816|36,188|886|226,890|176,695|
|Governance costs||||||||
|||||||31.3.23|31.3.22|
||||Pastoral|Community|Other|Total|Total|
||||workers|Waves|activities||activities|
||||activities|||||
||||f|||f||
|Auditors'|remuneration||5,351|1,020|25|6,396|5,940|
|Trustee expenses|||306|58|1|365|76|
||||5,657|1,078|26|6,761|6,016|



## 

## 




## 

## 

## 

## 

## 

|STAFF C|OSTS|||||||||
|---|---|---|---|---|---|---|---|---|---|
|||||||||31.3.23|31.3.22|
||||||||||f|
|Wages and salaries||||||||631,660|542,460|
|Social security costs||||||||33,620|26,983|
|Other pension costs||||||||27,653|23,633|
|||||||||692,933|593,076|
|Staff numbers||||||||31.3.23|31.3.22|
|Average|head count|||||||43|40|
|Analysed|as:|||||||||
|Full-time||||||||4|3|
|Part-time||||||||39|37|
|||||||||43|40|
|Calculated|on a full-time||equivalent|||basis, analysed|by function:|||
|Charitable|activities|—Community|||Waves|||3.3|2.1|
|Charitable|activities|- LISOR projects|||||||0.1|
|Charitable|activities|—Pastoral||workers||||17.9|17.7|
|Charitable|activities|—Storybook|||Waves|||0.6|0.7|
|Administration,<br>management,||||raising||funds and research||3.9|3.4|
|||||||||25.7|24.0|





## 

## 

## 

## 

## 

|COMPARATIVES F|O|R THE STA|TEMENT OF|FINANCIAL ACTIVI|TIES|||
|---|---|---|---|---|---|---|---|
|||||Unrestricted|Restricted|Endowment|Total|
|||||fund|funds|funds|funds|
|||||f|f|f|f|
|INCOME AND ENDOWMENTS|||FROM|||||
|Donations<br>and legacies||||72,699|2,750|157,075|232,524|
|Charitable<br>activities||||||||
|Pastoral workers|||||173,741||173,741|
|Storybook Waves|||||16,727||16,727|
|Community<br>Waves|||||44,500||44,500|
|Other activities||||485|16,773||17,258|
|Investment<br>income||||393,897|||393,897|
|Other income||||10,230|||10,230|
|Total||||477,311|254,491|157,075|888,877|
|EXPENDITURE ON||||||||
|Raising funds||||10,153||91,156|101,309|
|Charitable<br>activities||||||||
|Pastoral workers||||369,242|164,699||533,941|
|Storybook Waves||||16,013|22,796||38,809|
|Community<br>Waves||||33,957|36,595||70,552|
|Other activities||||7,309|15,395||22,704|
|Total||||436,674|239,485|91,156|767,315|
|Net gains on investments||||||566,035|566,035|
|NET INCOME||||40,637|15,006|631,954|687,597|
|RECONCILIATION|OF FUNDS|||||||
|Total funds brought||forward||81,054|33,640|13,164,852|13,279,546|
|TOTAL FUNDS CARRIED FORWARD||||121,691|48,646|13,796,806|13,967,143|





## 

|FIXEDASSET INVESTME|NTS||
|---|---|---|
|||Listed|
|||investments|
|||f|
|MARKET VALUE|||
|At 1 April 2022||13,264,708|
|Additions||13,137,038|
|Disposals||(12,661,383)|
|Revaluations||(403,753)|
|Net increase/(decrease)|in cash|(503,303)|
|At 31 March 2023||12,833,307|
|NET BOOK VALUE|||
|At 31 March 2023||12,833,307|
|At 31 March 2022||13,264,708|



||||31.03.23|
|---|---|---|---|
|Held|within|UK|2,081,962|
|Held|outside|UK|10,751,345|
||||12,833,307|



|DEBTORS:AM|OUNT|S<br>FALLING DUE WITHIN ONE YEAR|||
|---|---|---|---|---|
||||31.3.23|31.3.22|
||||f||
|Other debtors|||163|59|
|Prepayments|and accrued income||8,540|1,616|
|Accrued investment||income|138,503|52,931|
||||147,206|54,606|





## 

## 

|CREDITORS: AMOUNTS<br>FALLING DUE WITHIN ONE YE|AR||
|---|---|---|
||31.3.23|31.3.22|
||f|f|
|Social security and other taxes|9,921|8,318|
|Other creditors|4,694|3,648|
|Deferred income||10,000|
|Accruals|24,775|30,214|
||39,390|52,180|



## 

||||||||31.3.23|31.3.22|
|---|---|---|---|---|---|---|---|---|
||||||||f|f|
|Balance|brought|forward|||||10,000|10,000|
|Amount|released|to incoming||resources|||(10,000)|(10,000)|
|Amount|deferred|in the|year|||||10,000|
|Balance|carried forward|||||||10,000|
|LEASING AGREEMENTS|||||||||
|Minimum|lease payments||under non-cancellable||operating|leases fall due as follows:|||
||||||||31.3.23|31.3.22|
||||||||f|f|
|Within one year|||||||3,855|480|
|ANALYSIS OFNET ASSETS BETWEEN FUNDS|||||||||
||||||||31.3.23|31.3.22|
|||||Unrestricted|Restricted|Endowment|Total|Total|
|||||fund|funds|funds|funds|funds|
|||||f|f|f|f|f|
|Investments||||||12,833,307|12,833,307|13,264,708|
|Current|assets|||242,788|53,411|546,048|842,247|754,615|
|Current|liabilities|||(35,533)||(3,857)|(39,390)|(52,180)|
|||||207,255|53,411|13,375,498|13,636,164|13,967,143|



## 

## 




||||||||lA<br>IA<br>N||I|CO<br>N|I|I|I|I|CO<br>CO|N|||I|C<br>Cl|I|||N<br>O <br>Dl|IA<br> IA<br>CD|'|'|0'll'<br>IA<br>CO<br>CD CD|0'll'<br>IA<br>CO<br>CD CD|Cb<br>CO<br>Ctl|||CD<br>'tl<br>Cb|N<br>IA<br>lA|CD|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||Cl<br>N|||IA|||||CD|IA|NN|||lA||||||||N||N|||Cb<br>CD<br>CO|IA0<br>IA|CD<br>CD|
|||||||||||||I|I|I|I|I|I||I|I|I|I|I|I|I||I|I|I|I||||||
||||||C|||||||||||||||||||||||||||||||
|||||e||||||||||||||||||||||||||||||||
|||||Ib||||||||||||||||||||||||||||||||
||||||e|||||||||||||||||||||||||||||||
||||||Xl|||||||||||||||||||||||||||||||
||||||||I||I|I|I|I|I|I|I|I|I|I|I|I|I|I|I|I|I||I|I|I|I||||||
||||||||||||||||||||||||||||||||||Cb|CD||
|||||tb|tb||||||||||||||||||||||||||||CD<br>IA|Cl<br>CO||
|||||tb|tb0||||||||||||||||||||||||||||Cl|CbN||
|||||Ib|e||||h COD<br>CIIW D|||Ol<br>CO|O <br>IA|OCO<br>lA v-|||CO|0 <br>N <br>N|N<br> 0|Ch|IA<br>Cb|4 <br>CO <br>N|O<br> O<br> 0|CO<br>IA|'|O <br>0 <br>O|LAD<br> ill<br>CD<br> CON||I|N|Cb<br>CO|||||
|||||0 <br>Ib|C~<br> e<br>Q.||||||||Cb <br>CD|N|CD|IA|N||CD|||CD|Cb|||O||CO||N|CD<br>CO||||CO<br>Cl<br>CO|
||||||4l|||||||||||||||||||||||||||||||
|||c|m|||||||||||||||||||||||||||||||||
|V <br>&. <br>p<br>OC <br>CA<br>Z <br>o<br>LA|LA<br> tJJ I-<br>Q Z<br>LIJ<br>)p<br>CL'<br> tjl I-<br> &<br>CA||AJONz<br>'V<br>m<br>D<br>O|C<br>E <br>0 <br>CJ|tb<br>IJ<br> h~<br> 0<br>tn<br>4l<br>NN||N0<br>Cb<br>CD||I<br>C|I<br>CD <br>CO <br>CD|I<br> Cl<br>D<br> CIl|I <br>Cb<br>CO|O <br>IA<br>Ol <br>CD|OCD<br>IA CO<br>W CD<br> NN||N<br>CO<br>O|lA<br>IA|0|0<br>CD|Cl<br>0<br>IA<br>N|CD<br>Cb|OO<br>g OO<br>Cb Ol||'tl'|IA<br>IA<br>CD|OIAOCD<br>0 IA CHICO 0<br>0COCbtD<br>CD<br>O<br>IA<br>ttl<br>T<br>N<br>I<br>I<br>I<br>I<br>I|||||Cl<br>CD<br>Cb<br>N||||CD0<br>IA<br>CO<br>CO|
|LLI||||||||||||||||||||||||||||||||||||
|~ I- z<br>IJJ<br>CL<br>zo~||||||||||||||||||||||||||||||||||||
|||LtJ<br>I-Z<br>0I-|ZI-|||||||||||||||||||||||||||Ce<br>E<br>CL||||||
|||t/lI-0Z||||||||||||||||||||||||||||0"<br>CQ||||||
|||||||||||||||||||||||||||||||CD||||||
||||||||||||tb|||||||||||||||||||||||||
||||||||||||||||||0|||||||||||||e||||||
|||||||tb<br>C<br>v-<br>'0 <br>4l<br>'r<br>tb<br>r|'0<br>C <br>tb<br>e<br> e <br>0|tb<br>C<br> 'g<br>PJ<br>CJ<br>'P<br>tb<br> e<br> E|C!0<br>O<br>0<br>4) 0<br>~ CXI<br>cg<br>Z Kl<br>C~<br>th<br>4l 2||tb<br>Q.<br>Cbe<br>CJ<br>tb<br>—u&~<br>m<br>tb<br>tb<br>CLCL t<br>th gP<br>2 Ibm<br>0 CL<br>o Q<br>e OQ<br>e CQZ<br>0 wQ|||I<br>4l<br>I0<br>I0<br>CL<br>0<br>CL<br>CL<br>CA EL<br>22||CL<br>CL<br>Cb<br>C<br>tb<br>N' e<br>C/I<br>C<br>m<br>0 & C<br>4l 0<br>tb J: 0<br>—-By<br>Q Q IL<br>222|||tb<br>'E 8<br>m R'<br>'0<br>C<br>E<br>tb~ O<br>c<br>u)<br>OOOO|||lml 0<br>~<br>CL<br>0.<br>m<br>CLtb<br>4l<br>JCCA ~'5<br>o W~<br>m<br>tb<br>QE-<br>I~e<br>KCQO|||0<br>c<br>m<br>0 C<br>tb 0<br>o o<br>OO<br>ea<br>Cb Q.<br>tb<br>4l<br>tb<br>tg<br>I-<br>I<br>C I-<br>tb<br>4l 0 0<br>O<br>tb<br>C-'t<br>tb<br>&O<br>m<br>m ~<br>0 IC-&CD||||0<br>m<br>Ib<br>m<br>IL<br>ole<br>mK<br>I<br>m<br>CL<br>Ib<br>tb0<br>CZ<br>0<br>o C<br>'5 e<br>0 e<br>&-0|||LL<br>C<br>4l<br>E<br>C<br>v<br>IJJe<br>JO<br>4l<br>tb<br>Rc)m<br>0 e<br>Q.<br>m|||02<br>I-0I-|





|||||||C4|||CO<br>CD|||||0||I|I|I|CO<br>CO|I|0)||O|O <br>0<br>O|O|CA<br>CD|I|I|||cA<br>CO|CA<br>0&|CO0<br>CO|||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||||||||CA||||||||||||||||Cb|Ch|||||||Cb<br>CA<br>CO0|CD<br>CO<br>Ch|CO0)|«D<br>Cb||
|||||||13C||||||||||I|I|I|I|I|I|||||||||||||||
||||||~m|||||||||||||||||||||||||||||||
||||||C||Col||||||||||||||||||||||||CO|CO||||
||||||I-|P||||||||||||||||||||||||||||||
|||||||EP||||||||||||||||||||||||||||||
||||||'0|e|||||||||||||||||||||||||0<br>CO|||EA0|C<br>0|
||||||m<br>m<br>m|m<br>NN0||||||||||||||||||||||||||||CO<br>CD<br>IA|CJ|
||||||N<br>mO|C|4I||||~|CO<br> CO<br>CA||00<br>0)0||0<br>C4<br>CO|Ch<br>CD<br> r|O<br>O<br>O<br>CD|cA <br>CO <br>v-<br>C4|0<br> O<br>CA<br>C4<br>CO|O<br>0<br>Ch|Ch<br>CO|CO <br>CO|0<br> 00|||CA <br>Ch <br>0|0<br> 0<br> 00|CA<br>CO<br>'CI<br>0&|||||||
||||||mmQ.||||||||||||||||||||||||C4|||||||
|||C||||m||||||||||||||||||||||||||||||
|cm<br>0 C4<br>CC<br>CJ<br>I<br>V~I<br>V Z<br>LJJ<br>p<br>DC<br>O-'LA I- ~|||||thC<br>E00C|m4)||||||||00||O|h-<br>CD|0<br>0<br>0<br>CO|'|0<br>0 <br>LA <br>C4|Ch<br> rt<br> 0<br> 0)|Dl<br>CD|CA|0 <br>O<br>0 <br> A|0<br>CO<br> 4<br> ~|CA<br>CA<br>CO <br> ~|cA <br>Ch <br> 0 <br> ~|0<br> 0<br> 0<br> O<br>T|Ch<br>CA||CA0<br>CA|||||
|m<br>z&I<br>O<br>pg~c<br>v~ z + z<br>V<br>LLI<br>Z Z<br>CC|||||||||CA0<br>CO||CO<br>0|CO|CO0<br>CO|||I|~<br>CO|I||I|I|I|I|I|I|I|I|I|'CI'<br>CO||CO<br>Ch|Cb|CO<br>cl'<br>CD|CO<br>CA<br>Cb||
|2|P<br>LI|z<br>LL <br>g <br>LJJ<br>I-p|~<br> Z<br> p|||||||||||||||||||||||||||||||||
|||pI-<br>2||||||||||||m||||||||||||||||||||||
|||||||||||||||m||||||||||||||||||||||
|||||||||||||||m||||||||||||||||||||||
|||||0<br>CJ<br>g<br>N<br>h5k<br>R<br>CL||||lh'0<br>C<br>'0 <br>m <br>L<br>lA<br>D|'0<br> c<br>m|If'|e<br>m <br>C<br>CC|J3<br>O<br>0<br>CO<br> ~<br>Kl<br>CO<br>m|m<br>CL<br>5|CL<br>Cb<br>m<br>CJ<br>O)<br>m<br>m<br>IL'<br>I<br>m<br>CL<br>V)0Z<br>0<br>C<br>m<br>m0|P0<br>CL<br>z|L<br>m<br>CL|CO<br>X|e<br>e <br>~|—5<br>CL O|||lm 0<br>m~<br>CL<br>E<br>CL 0<br>0<br>Vl<br>4<br>m<br>CO<br>N, y-<br>CO<br>I<br>I2$ E<br>CO<br>~50|||0<br>llj<br>I<br>e<br>m<br>e<br>0<br>e<br>.~ CJ<br>O'5<br>0<br>c(<br>m 0<br>m<br>m<br>m<br>CL<br>2<br>m 0<br>I- 0 0<br>m c Q<br>I<br>ooQ5|||||E|0C<br>LL<br>C<br>m<br>E<br>m<br>JD<br>m<br>N-<br>LU|CL<br>m<br>m<br>m<br>LL||I-OI-||





## 

## 



## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 



## 

## 

||||||||31.3.23|31.3.22|
|---|---|---|---|---|---|---|---|---|
||||||||f|f|
|Financial|assets||||||||
|Financial|assets measured|at|fair value|through||net|||
|income/(expenditure):|||||||||
||Fixed asset investments||||||12,833,307|13,264,708|
|Financial|assets measured|at|amortised|cost|||695,204|701,116|
|Financial|liabilities||||||||
|Financial|liabilities<br>measured||at amortised||cost||29,469|43,862|



|||||||31.3.23|31.3.22|
|---|---|---|---|---|---|---|---|
|||||||f|f|
|Income and expense||||||||
|Financial assets measured<br>at fair value through|||||net|||
|income/(expenditure):||||||||
|Investment|income|||||527,126|391,046|
|Investment|management||fees|||(17,555)|(91,156)|
|||||||509,571|299,890|
|Net gains and losses|(including|changes||in fair|value)|||
|Financial assets measured<br>at fair value through|||||net income/(expenditure)|||
|Unrealised|(losses)/gains||on investments|||(298,062)|583,842|
|Realised (losses)/gains||on|investments|||(105,691)|(17,807)|
|||||||(403,753)|566,035|