Peckham Park Road Baptist Church Registered Charity Number: 1194671 ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31st MARCH 2023
Peckham Park Road Baptist Church Contents of the Flnancial Statement$ for the Yèar Ended 31 March 2023 Page Report of the Trustees Independent Examiner's R$port ststernent of Finanaal Activities 8alanee Sh8el Notes to the Financial Statements
Peckham Park Road Baptist Church Trustee's, Report For the year ended 31st March 2023 The TTUStees present their annual report together with the financAal statements of Peckharn Park Road Baptist Church for the year ended 31 Mar¢h 2023. The Ttustees Gonfim that the Annual report and financial ststemenls of the charity Gomply with the Gurrenl statutory requirements, the requirements of the Charits governing docum&nt and thè provisions ol the Slalernenl of Recommended Practice Charities FRS 102 (SORPI Accounting ané Reporting by Charities,, Charity Name.. PeckhJrn Patk Road Baptist Church Charity registration number.. 1194671 Registered office.. Peckham Park Road Baptist, 121 Peckham Part( Road, London, SE15 6SX Board of Trustees: The trustees in office during the year were 2s follows.. Reverend Ann Luther (Chairl Winifred Kanu Alice Jenkins Adelodun Adetunji Andrew Simon Webber Abiodun Opara Hortense Donaldson (Appointed on 02107120221 IAppoinled on 02107120221 {Resignecl on 30109120221 {Resigned on 30109120221 Accountants: Moore Kingston Smith LLP, Orbital House, 20 Eastem Road, Romford RM1 3PJ Objectives ol the tharity The prinGipal purposes of Peckham Pafk Road Baptist Church {PPRBC} are:_ The advancement of the Christian faith according to the principles of the Baptist denomination. The Church fflay also advance education and cary out other charitable purposes in the United Kingdom andlor other parts of the world. Revlew of Progress During this year the Church continued to run a regular programme of weekly worship services and prayer and study groups. These are open to everyone. Numbers attendi services have declined since the pandemic and the regular ¢hildren's group in the Sunday sèrvice is not currently operating. Al present we have 55 members {2022'. 591 on our Church role. Through this year we baptised one person. We sadly lost 2 elderly members. rhe Pastor has moved into working on a part-time basis, with a view to looking at laklng on 8 young adult's stsff worker. The pastoral care team continues to keep in touch with housebound members by wsits and phone calls. OLtr Phoneline project was disGonlinu8d as in5ufficienl calls were received. Page 1
Peckham Park Road Baptist Church Trustee's. Report For the year ended 31st March 2023 Revlew of Progrèss cont. The outreach team continued to engage with the local community through various èvangèlistic initialives. Along with many other community groups we held a Platinum Jbilee Te8 Party in June. The hospiiality team provided a wonderful spraad which drew a diverse and enthusiastic crowd together and a good lime wes had by all. Different groups broughl contribulions in the form of songs in their own languages and these were greatly appreciated. Our Friday evening Kidsclub continues lo flotjrish with about 20 ¢hildrtsn in regular attendance. The weekly programme is siJppl8menled by trips and holiday acltvilies. We ran the Junior Apprentice project in the Summer holidays which saw 30 young people here for 2 we&ks, engaged in 8 variety of tasks and activities. Followng a prolonged discussion wY(h the LBA regarding the development of our prernises we rejected the pl8n which was suggested. Too much land was taken for commercial gain, leaving us severely short on space. We will not pursue this roule any further. Revlew of Flnanclal Posltlon The tot21 rèceipts on unreslricled funds was £68.88712022'. £63.1751. This includes both Church offerings 2nd rental incomes from user groups. Restricted donations of £3,710 (2Q22.. £6,470) were also received and are detalled in the financial stalernent. The Gift Aid received showed a decreasè from the prèvious year. £24,02712022'. £29,372I was spent on salaries during the year. No part-time Church administrator was employed in the current year. The net result for the year was an excess of receipts ovar expenditure of £3,67212022.' éeficit £2,746). Statement of Public Benefit The Church premises continued to be available to the various community groups which stayed open thfoughoul the p8ndemi¢. The foodbanks and Asylum Seekers Day Centr8 both adapted the delivery of their services to be able to continue Éo function and meet the needs of very vulnerable peopl8 whi18 aCmMOdatIng reslriclions. We a situated in an area where there is a growing amount of property devekjpment to the delrimenl of the local neighbourhood. Community space is decreasing and we have recenuy been able lo offer space lo several local community groups at affordable rents. These include a music school and a ¢hildr&n's drama group Our own a¢tivilie5 are open lo all our community. They include a women's cèntr8, Kidsclub, an annual seaside coach trip and holiday youth proje¢ts_ A Community Phoneline was also established with a view lo providing local people who had been shut in during lo¢kdown lo speak vllh a Ir¢endly voice. Res•rve$ Policy It is Church policy to maintsin Savings which would cover 3 months of expenditur& for the Church to contsnue to operate. This equates to £17,231 and thè Church has free reserves of £7,436 for this purpose. We are working on achièving our optimal free reserves12vel which we expect lo meet in 2025, The building fund has continued to provide costs for small areas of maintenance and has also paid towards the Surveyors feés for the proposed development of the Church premises. Page 2
Peckham Park Road Baptist Church Trustee's. Report For the year ended 31 st March 2023 Future Developments On a brighter note we are Continuing in discussion with two smaller local Baptist Churches wth the possibility of merging with them to become Peckham Baptist Church. Statement of Trustees, Re5POn5ibilities The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom A¢wunting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charities in England and Wales requires the Trustees lo prepare financial ststements for each financial year which give a true and fair view tsf the stsle of affairs of the Charity and of the incoming resources and applicallon of resources 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 Charttses SORP", Make ludgments and estimates that are reasonable ané prudent., Prepare the financial slalemenls on a going ¢tsnM basis unless il is inappropriate to presume that the charity will continue in business. The Trustees ar8 responsible for keeping proper accounting records that disclose wlh reasonable aGGuracy at any time the financial position of the charity and lo enable them lo ensure the finan¢i81 statements comply wth the Charllies Act 2011, the Charities SORP and the provisions ol the trust deeds. 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. This report has been approved by the Execulive Committee and signed on their behalf Dat8.. Reverend Ann Luther Chair and Reverend P29e 3
Independent Examiner's Report to the Trustees of Peckham Park Road Baptist Church For the year ended 31st March 2023 I report to the trustees on my examination of the accounts of Peckh8m Park Road Baptist Church for the year ended 31 March 2023. Responsibllitia$ and basls of report As the charity trustees of th8 TTUSt you are responsible for the preparation of the accounts in accordance with I report in respect of my examin8tion of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145151{bl of the Act. Indèpèndent èxaminer's st8tem8nt I have GomplEled Iny exarllination. I confirm that no mallers have corne to my attention in connéction wth the @xamination giving ma cause to believe- accounting records were nol kept in respect of the Trust as required by secb'on 130 of the Act,. or the accounts do not ard with those records. the accounts do not comply wth the applicsble requirements concerning the fom and content of accounts sel out in the Charities (Accounts and Reportsl Regulations 2008 other than any requirement that the aGcounls give a 'lrue 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 rith thè examination to which attention should be drgwTr in this report in order to enable a proper understanding of the accounts to be reached. Karen Wardall Partner, MO0 Klngston Smlth LLP For and on behalf of Moore Kingston Smith LLP Chartered Accountants Dale.. 25 September 2023 Orbital Hous6 20 Eastern Road Romford RM1 3PJ Page4
Peckham Park Road Baptist Church Statement of Financial Activities For the year ended 31st March 2023 Restricted Funds 2023 Unr¢stri¢tod Funds 2023 Total Funds 2023 Total Funds 2022 Notes Income from- Donations and grants 43,616 51,704 Other income 600 28,365 28,965 17,939 Investment income received 16 16 Total 3,710 68.887 72,597 69.644 Ex endlture on- Raising funds Charilablo activities 438 68,487 68,925 72,390 Total 438 68,487 68,925 72.390 Net Incomellexpendlturel 3,272 400 3,672 (2,7461 Transfers between funds 12,6001 2,600 Other racognisad gainslllosse$}: Actuarial Ilossesllgains on defined benefit pens¥)n schemes 15.700 15,700 (15,7001 Nel movements in ftjnds 672 18,700 19,372 18,4461 Reconciliation of funds- Fund balance at 1 April 2022 Fund balan¢e at 31 March 2023 5,235 5.907 11,264 7,436 6,029 13,343 12,417 6,029 Th6 not6s on pages 7 to 11 fomi part of these financial statements. All incoming resources and resources expended derive frorn continuing activities. There are no recognisad gains or losses other than the surplLa$ for the year. A separate Income and Expenditure Account has not been prepared as il woulé not materially dKfer from the Stslemenl of Financial Aclivilies. Page 5
Peckham Park Road Baptist Church Balance sheet As at 31st March 2023 2023 2022 Notes Flxed Assets 1,790,000 1,790,000 Current Assets Cash at bank 14,866 1.804,866 11,840 1,801,840 Current LSabilitlès Crèditors.. amounts f811ing due within one year Net assets excluding pen$ion liabillty 1,803.343 1,799,671 Defined benefit pension scheme liability 115,7001 Net asset5 1803 343 1783 971 Represented by.. Unrestricted funds Revaluation reserve Pension reserve Restricted funds 7,436 1,790,000 4,436 1,790,000 {15,700) 5,235 5,907 Total funds 1 803 343 1 783 971 The Annual Report and Accounts were approved for issue by the Executlve CommSttee and slgned on their behalf by.. Dale.. Rev Ann Luther Chair and Reverend The notes on pages 7 to 14 fomi part of these financial statements. Page 6
Peckham Park Road Baptist Church Notes to the Financial Statements For the year ended 31st March 2023 Accountlng Policies Charity Informatlon Registered office. Peckham Park Road Baptist, 121 Pe¢kham Park Road. London. SE15 6SX Basis of preparation These financial statements are preparèd on a going Concem basis, under the historical cost convention modified for the revaluation of listed invesknenls and rtain property assets which are accounted for at mafkel value. The financial slalements have been prepared in accordance wlth Secllon IA of FRS 102 The Financlal Reporting Standard applicable in the UK and Republi¢ of Ireland" I'FRS 102.1, including update Bulletin 2. The Charity is a public benefit entity for the purposes of FRS 102 and therefore the charity also prepared its financial statements in accordance wth the Sialemenl of Recommended Practice applicable to chajilies preparing their accounts in accordance wtth the Financial Reporting Standard applicable in the UK and Republic of Ireland IThe FRS 102 Charities SORPI, and lh8 Charilias Act 2011. The financial slalemenls are prepared in sterling, which is the functional currency of the charity. Monetsry amounts in these financial statements are rounded lo the nearest pound. Going concern The trustees hav8 assessed whether the use of the going ¢oncern basis is appropriate and have considered possible evenls or condilioris that might cast significant doubt on the ability of the charitable entity to continue as a going concem. The trvstees have made this assessment for a period of at least one year from thg date of approval of the financial stalemenls. In particular the trustees have considored the chari18ble entity's forecasts and projections and have taken account of pressures on donation and investment income. After making 6nquiries the trustees have concluded that there is a reasonable expectation that Ihe charitable entity has adequate resour¢es to continue in operational èxistence for the foreseeable future and there are no material uncertainties. The Iruslees therefore conlinues to adopt the going Goncerll basis in preparing its financial slalements. Fund$ Unreslricted funds r8presenl the funds of the IrLfStees that are not subject to any restrictions regarding their use and are available for application on the oeneral purposes of the charity. The reslricled funds can only be spent on the purpose for which they were given. The accounts include all transactions, assets and li8bililies for which the Iwstees is responsible in law. They do not include the accounts of chLJrch groups that owe their rllain affiliation to another K>dy 01 those that are informal gatherings of church rnembers. Page 7
Peckham Park Road Baptist Church Notes to the Financial Statements For the year ended 31st March 2023 Incoma Al income is incjuded in th8 Stat8m8nt of financial activities when the charity is entrtled to receive the incorne and the amount can be quanlifiecl with reasonable accuracy. Th8 following policies are applied to particular calegorles of Income.. Donations and grants Planned giving receivable under covenant is rewnised only when receivéd. Income tax recoverable on Covenants or gift aid donations is recognised when the income is recognised. Grants and lega¢ies are accounted for as soon as the trustees are notified of its legal entillemenl, the amount due is measurable and rts ultimate receipt is probable. Other Income Minibus Hire income from lelling of mini bus is recognised when rental is due. Rental income from the letting of church owned property is recognised when Ihe rental is due. InveslnTenl Income Interest is accounted for when receivable. Expenditure Expendtture is recognised on an accrual basis as a liability is InCue. Expendibjre includes VAT, and is reported as part of the expenditure lo which it relates.. Raising funds Costs of raising funds comprise the costs associatéd wth aitracting voluntary income. Cljarilable expendilure Comprises those costs incurred by th& ¢harily in the delivery of ils activities and services for ils beneficiaries. 11 includes both costs that can be allocated directly lo such activities and those costs of an indirect naturè necessary to support them. All costs are allocated between the expenditure categories of the SOFA on a basis dasigned lo rellect the use of the resource and set out in Mole 4. Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. B8sic fin8nu81 instruments are initi8lly recognised 8t transaction value and subsequently measured at their settlement value. Fixed Assets Incomg generating property Income generating property is shown at fair value. The Church hall is held al ils fair value as independently valued in 2019. Pensl¢n costs The costs of retirement benefits are provided through the Baptist Pension Scheme, a multi-employer scheme. The Church also recognises its liability in SpeCt ol deficit reduclton arrangements of the historic defined benefit section of the Baptist Pension Scheme for two previous officers of the Church. As information is not available to use dèfined bènefit accoijnlsng. in accordance with the requirements of FRS102, the Church accounts for these payTnenls as if they are defined contribution schemes. Page 8
Peckham Park Road Baptist Church Notes to the Financial Statements For the year ended 31st March 2023 Pension costs cont. The Church's Gonlribulion to these sch8mes are recognised as a liability and an eXSe, in the period in which the salaries to which th8 eonlribulions r818le ara payable. Cash and cash equivalenls Cash and cash equivalents include cash in hand and deposits held at c811 with banks. Page 9
Peckham Park Road Baplist Church Notes to the Financial Statements For the year ended 31st March 2023 Total income Restricted Unrestrictèd Funds Fund5 2023 2023 Re$tri¢ted Unraslricted Funds Funds 2022 2022 Total 2023 Total 2022 Charltable Income Donations Gift Aid Reclaimed Chur¢h Maintenance Income Ev8nts Income Church Phoneline 3, 110 35,231 5,1110 38,341 5,100 3,449 38,652 6,603 42.101 6,603 25 25 3,OOD 3,000 Other Income Hire of Church Hall/Facililies inibus Hire Rental Income Other Income 13,165 1,900 12,400 900 13,165 1.900 12,400 1,500 8,925 475 8.050 469 8,925 475 8,050 489 600 20 Investment Income Bank Interest Received 16 3 710 68 887 16 3 Total expenditure Rèstricted Unrestrlcted Funds Fund$ 2023 2023 Restrl¢ted Unrestricted Funds Funds 2022 2022 Total 2023 Total 2022 Costs directly allocated to activitie$ Church Utilities Building Maintenance & Cleaning Council Tax Church Phoneline Summer Day Trip Youth Residential Training for Church Phoneline Wages & Salaries(irtJ Pension Sundry Church Insurance House Insurance 5,795 9,876 1,595 5,795 9,876 1,595 438 795 620 6.337 4,323 1,528 ,337 4,323 1.528 1,137 1,200 438 1,137 795 620 1.200 2,295 2,295 29,372 7,073 24,027 4,247 24,027 4,247 29.372 7.073 625 42 625 420 1,554 994 1,554 994 Support costs allocated to activities Computer and IT costs Bank Charges Motor Expenses Audit. accountancy and payroll 433 77 557 6.734 3,436 1,741 1,098 1,028 3,379 300 1,704 433 77 557 6,734 3,436 1,741 1,098 1,028 3,379 300 1,704 341 96 939 3,722 2,424 3,840 925 1,832 478 341 96 939 3,722 2,424 3,840 925 1,832 478 House Utilities Fees & Subs¢riptions Legal Fees Church Seasonal Materials Sundry Minibus Insurance 1,980 1.980 438 68 487 All of the 2022 and 2023 expenditure related to Gharitable a¢livilies. Page 10
Peckham Park Road Baptist Church Notes to the Financial Statements For the year ended 31 st March 2023 4 Trusleas and Employees The charity had an average of one12022.' two) employees during the year, whose staff cost amounted lo £24.027 {2022.. £29,372). Additionally, the charity has one12022.' none) seasonal employee. No emp yee receive emuneration greater than £60,000 during the year12D22'. none). The key management personnel are considered lo b8 the I$te5. The trustees did not receive any remuneration nor were reimbursd expenses during the year Current and preceding year. There were no other disclosab18 transactions respect of Iruslses, persons closely connected w((h them or other rèlated parties. 5 Taxation As a charity, Peckham Park Road Baptist Church is exempt from lax on income and gains falling within $8¢1ion 505 of Ihtr Taxes Act 1988 or $256 of the Taxation of Chargeable Gains A¢t 1992 to the 6xtènt Ihgt these are applied to ils charitable objects. No tsx charges have arisen in the Charity. 6 Tangible Fixed Assets Church Building Total 2023 Income generating property Cost or revaluation Brought forward Carried forward 1.790,000 1,790.000 1,790,000 1,790.000 Net Book Value - 2023 1,790,000 1,790.000 Net Book Value - 2022 1,790,000 1,790,000 The trustees are of the opinion that the Church hall is held at its tair value as independently valued in 2019. 7 Creditors= Amounts falling due wlthln one year 2023 2022 Other tsxalion and sooal se¢urity 1,522 2,169 Pagé11
Peckham Park Road Baptist Church Notes to the Financial Statements For the year ended 31 st March 2023 8 Pensions Ba tl$t Pension Scheme The Church is an ernOyer participating in the Baptist Pension Scheme I'the BPS"), whÈ¢h is administered by the Pension Trustee (Baptist Pension Trust Limited). The Scheme is a separate legal entity ar>d the assets of the Scheme are hèld saparately from those ol the Employer and other partlaP81ing employers. For any month, each participating employer in the Scheme pays contributions as set out in the Schedule of Contributions in lorGe al that tiwe. The Scheme S considered lo be a mulliomployer scheme as described in Section 28 of FRS 102. This is because il Is not posslble to attribute the Scheme's assets and Ilabllities to specific employers and means that contributions a accounted for as if the Scheme were a defined contribution scheme. The pension costs charged lo the SOFA in the year are contribulions payable towards benefits and expenses accrued in that year, plus any imp8cI of defi¢Eency wntributions. The minister and some members of the church are aligible to join the Scheme. From January 2012, pension provigion lor the Minister land some mèmbers of staff) is being made through the Defined Contribution (DCI Plan wlhin the BPS. In general, members pay 80/0 of their Pensionable Income and employers pay 60 of members, Pensionable Income into individual pension accounts, which are operated and managed on behalf of the Pension Trustee by Legal and Genèral Lrfe Assurance Society Limited. In addition, the employer pays a further 40/0 of Pensionablè In¢ome lo cover 08ath in ServiGe Benefits, adrninistralion Gosls, and an associated insuranGe policy which provides income protection for Scheme members in the event that they are unable to work dlte to long-term incap2CIty. This income protection policy h8s been insured by the Baptist Union of Great Britain with Unum Limited. Members of the Basic Section pay reduced conlrsbulions of 5'/o of Perisionable Ineome. and their employers alstr pay a total of 5•/.. Benefits in respect of service prior to 1 January 2012 are prowded through the Defined Benefit IDB) Plan within the BPS. The main berFefits for pre-2012 servicer were a defined benefit pension of one eightieth of Final Minimum Pensionable Income for each year of Pensionable S8rvi¢8. together with additional pension in r8sp8cI of premiums paid on Pensionable Income in excess of Minimum Pensionable Income. The BPS, previously known as the Baplisl Ministers, Pension Fund, stsrted in 1925. The scheme was closed to future accrual of defined benefits on 31 December 2011. The scheme is not contracted out of the Stale Second Pension. The funding of the Dafin8d Benefit IDBI part of the Bapb'st P8nsion Scheme has improved to the point where a buy-in with an insurance company has been Carried out as a first stage to buying-out the DB which will ensure per)sions wll continue to be paid whilst removlng risk from the Baptist family. Al the end of June 2022, the Baptist Pension Scheme signed an agreement with the insurance cornpany Just Group I'Just'l to secure members, pension benefits under the Defined Benefit I'DB'I Plan. This agreèment is refèrred to as a 'buy-in poll¢l. 11 follows a simllar agreement wlh Just in 2019 that covered most pensions in payment at that lime. The combined agreements mean that Just are now providing financial backing for all DB pensions provlded through the Scheme's DB Plan. Reeovery Plan As a result of the Buy-ln, this takes the Scheme out of a shortfall position for the first time in decades. Although risks remain. the Baptist Union and the Tiustee of the Scheme have agreed that deficit contributions from eaGh participating employer in the Plan wll reduce to just £1 per month from August 20L. Page 12
Peckham Park Road Baptist Church Notes to the Financial Statements For the year ended 31 st March 2023 8 Pensions cont. The deficit contributions are baséd on an average shara, Èqu8lly weighted by employer, of the overall scheme deficit and do not reflect individual employer liabilities. The Church has been informed Ihal Ihere is no longer a fequlremenl lo pay £15,700 to exil the scheme, as previously agreed. Section 28.11A of FRS 102 requires agreed deficit COVery payments to be r8cognised as a liability. The movement in the provision is set out in the table below.. 2023 Balance sheet liability at year stsrt Minus deficiency contribLJtions paid Remaining change to balarkce sheet liabilty Irecognised in SOFA). Balance sheet liability at year end 15,700 {15.7001 In¢om¢ and ex enditure The total pensiori cost for the Church is sho in the table below, with last year's figures shown for cornparison. 2023 2022 BPS Minister seclion BPS deficit funding contributions BPS Staff section 2.480 1,767 2.743 4,327 4,247 7.070 No pension contributions were outstanding at the Balance Sheet date12022.' Nill. 9 Movement in funds At1 April 2022 Incoming resources 2023 Outgoing resources 2023 Othar movements 2023 At31 March 2023 Restricted funds.. Reslricled Building Fund Church Phoneline Kidsclub Residential Spring H8rv6st 2,197 3,038 470 00 2,667 1438) 12,600) 1,240 2.000 3,710 1,240 2,0 5,907 5,235 1438 12,600) Unrèstrlcted funds= General fund Pension reserve 4,436 15,700 111,2641 68.887 168,4871 2,6UO 15,700 18,300 7,436 68,887 168.4871 7,436 Total funds As the Phoneline project was discontinued. it was agreed with the donors that the remaining restricted funds available would be transferred to thè Chur¢h's general unrestricted reserve. Page 13
Peckham Park Road Baptist Church Notes to the Financial Statements For the year ended 31st March 2023 9 Movement In funds cont. Movement in funds in rsspe¢t oflh8 comp8ralive perd.. Incoming résources Outgoing resource$ 2022 At31 March 2022 April 2021 Transfèrs 2022 2022 Restricted funds: Restricted Building Fund Church Phoneline 2,197 2,197 3,038 6.470 13,4321 Unrestricted funds: General fund Pension reserve 10,220 63.174 {68,9581 15,700 184,6581 4,436 15,700 111.2641 10,220 63,174 Total funds 10 Related Party Transactions During the year the eharity had no reSated party Iransaclions. 11 Comparative Statement of Financial Activities Restricted Unrestrlctad Funds Funds 2022 2022 Total Funds 2022 Income from- Donations and grants Other income Investment income received 6,449 20 45,255 17,919 51,704 17,939 6,470 63,174 69,644 Ex nditure on: Raising funds Charitable activities 3,432 3,432 68,958 68,958 72,390 72,390 Net Incomo11gxp&ndltur•l 3.038 {5.7841 12,746) Transfers Other recognised gains I losses Actuarial loss or gain on dèfined benefit pension scheme 115,7001 115,7001 Nel movements in funds 3.038 121,4841 118,446) Reconciliation of funds: Total funds brought forward Totsl funds carried forward 2.197 5,235 10,220 11,264 12.417 6,029 Page 14