Charity registration number.. 1204404 MAU (FORMERLY AR-RAHMAH TRUSTI TRU5TEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 CBS Accountant5 Ltd Chartered Accountants Unit 17, Orbital 25 Busincss Park Dwight Road Waiford Hertfordshire WD18 9DA
MAU (formerly AR-Rahmah Trustl Contents Page Reference and Adminislralive Dttlails Truslees. Report 2-4 Independent Auditor's Report Slalemenl of Financial AGtivilies Statement of Financial Position Slalemenl of Cash Flows 10 Notes lo the Slalemenl of Cash Flows Notes lo the Financial Slalemenls 12-17 The following pages do not form part of the slalulory accounts.. Detailed Slalemenl of Financial Activities 18
MAU Iformerly AR-Rahmah Trustl Reference and Administratlve Details For The Year Ended 31 July 2025 Trustees Mr Ammttr Amin (appointed 11112120241 Mr Majed Hamid - Chair Mr MoharMm3d M8jeed lappoinled 17112120241 Charity Number 1204404 Prlncipal Address Uni117, Orbital 25 Business Park Dwight Road Watford Hertfordshire WD18 9DA Accountants CBS Accounlanls Ltd Chartered Accoun18nls Unil 17, Orbital 25 BLJsin¢ss Park Dwight Road Walford Hertfordshire WD18 9DA Auditors HSY Accounlanls Ltd Chartered Certified A¢counlanls & Slalulory Auditors 20 Tadworth Patade, Elm Park Essex RM12 SAS Page I
MAU (formerly AR-Rahmah Trusti Trustees. Report For The Year Ended 31 July 2025 The Trustees present their report. and the Independently examined financial slalemenls of the charity for the year ended 31 July 2025. The Iruslees have adopted the provisions of the Slalemenl of Recommended Practice {SORPI Accounting and Reporting by Charities" in preparing the annual report and financial slalemenls ol the charity. The financial statements have been prepared in accordance with the accounting policies sel out in notes lo the accounts and oomply with the charity's governing document, the Charities Act 2011 and AccoLJnting and Reporting by Charitiès. Slalemenl of Recommended Practice appliGable lo charities preparing their accounts in accordanoe with the Finan¢ial Reporting Slandaid applicable in the UK and Republi¢ ol Ireland published in October 2019. Change of Charity Name On 18 February 2026 the charty Changed ils name from AR-Rahmah Trust lo MAU. Objectives and Activities Aims and Objectives The prevention or relief of poverty in any part of the world, in particular bul not exclusively in Kolli, Azad Kashmir, Pakistan. To advance the Islamic Faith for the benefit of the public, particularly bul not exclusivety, through the provision of an Islamic Centre in Walford, Hertfordshire. Significant Activities MAU, guided by religioLJS principles, provides education, training, sports, recreation, and prayer facilities in Watford, delivering inclusive programmes and ServIS for all ages and backgrounds. The Charity aGquired £3.5m of freehold lo build a mosque and community facilities in the Watford area. Public Benefit The charity meets the definition of a public benefit enlily under FRS 102 and the Charities SORP. The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission's guidance on PLJblic benefit. Financial Review Financial Position Reslricled in¢ome for the year lolalled £139,944.86, comprising £35.85 received for the water well project and £139,909.01 reGeived for specified masjid building work. The broL)ght forward reslricled balance of £2,000 for the water well was applied together with the current year receipts, resulting in lolal water well expenditure of £2,035.85. The reslricled masjid building income was applied solely to the designated construction wotk. All reslrioled fund5 were used in accordance with donor instructions and the Charities SORP requirement that such income is applied only lo the specified purpose. Unreslricled income amoLJnled lo £776,305.61. General expenditure was £69,800.42 and included fundraising advertising of £18,393.85, donations lo other charities of £3,310, insurance of £6.950, professional fees of £20,101 and repairs 2nd renewals of £20,363.93. These costs were charged lo ijnreslricled funds as no donor Conditions applied, Page 2
MAU (formerly AR-Rahmah Trust) Trustees, Report Icontinuedl For The Year Ended 31 July 2025 Post Balance Sheet Events Subsequent to the balance sheet dale, the charity has received formal approval for planning permission in respect of ils proposed development projèct. In addition, the Charity has secured several pledged donations from supporters. These pledges are expe¢led lo be received in due course and will contribute towards funding the development. The Iruslees confirm that building works are scheduled lo commence in July 2026. These events are considered non adjusting post balance sheet events and do not impact the figures reported in the financial stalemenls. statement of Trustees. Responsibilities The trustees are responsible for preparing the Trustees. Report and the financial statements in a¢¢ordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢¢epled A¢¢ounling Pra¢ti¢el. The law applicable lo charities in England and Wales requires the Iruslees lo prepare financial slalemenls for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial slalemenls the Iruslees are required lo.. select suitable accounting policies 8nd then apply them ¢onsislenlly', observe the methods and principles in the Charity SORP., make judgments and accounting eslimales Ihal are reasonable and prudent., slate whether applicable accounting standards have been followed,. subj&¢l lo any departures disclosed and explained in the financial slalements., and piepare the financial slalemenls on the going concern basis unlèss it is inappropriate lo presume that the charity will continue in business. The Irusleès are responsible for keeping adequate accounting records which disclose with reasonable accLJracy al any lime the financial p0511ion of the charity and lo enable them lo ensuie that thè a¢¢oLJnls comply with the Charities Act 2011, the Charity IAccounls and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking Teasonable steps for the prevention and detection of fraud and other irregularities. The Iruslees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial slalemenls may differ from legislation in olherjurisdiclions. Page 3
AU Iformerly AR-Rahmah Trust) Trustees. Report Iconlinuedl For The Year Ended 31 July 2025 The Iruslees, report Was approved by the board of Iruslees ancl signed on ils behalf by.. 7[aieal0pr-20-,-2oUÉ-.E..?pinT------------ Mr Majed Hamid Truste Date .' 1310412026 Page 4
Independent Auditor's Report to the Members of MAU (formerly AR-Rahmah Trusti Opinion We have audited the financial slalemenls of MAU (formerly AR-Rahmah Trust) (the "charity I for the year ended 31 JLJIY 2025 which comprise the Statement of Financial Activities lincluding Income and Expenditure Accountl, Slalemenl of Financial Position, Slalemenl of Cash Flows 2nd the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Killgdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclieel, inclLJding FRS fj02 Thtt Financial Reporting Standard applicable in the UK and Republic of Ireland" In our opinion the financial slalemenls.. give a true and fair view of the slate of the charity's affairs as of 31 July 2025 and of ils incoming resouice5 and pplication ol rèsources, for the year then ended., have been properly prepared In accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalemenls section of our report. We ale indepenclenl of the charity ill accordance with the ethical requirements that are relevant lo our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions Relating to Going Concern In auditing the financial slalernenls, we have concluded that the Iruslees, use of the going concern basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identified any material un¢ertainlies relating lo events or conditions that, individually or ¢olle¢lively, may Gasl significant doubl on the charity's ability lo Gonlinue as a going concern for a period of al least 12 months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect to going concern are describ in the relevant sections of this report. Other Information The other information comprises the inforrnation included in the annual report, other than the financial statements and our auditorfs report Ihereon. The Iruslees are responsible for the other information contained within the annual report. Our opinion on the financial slalemenls does not cover the other information and we do nol express any form of assurance conclusion Ihereon. In connection with our audit of the financial slalements, our responsibility is to read the other information and, in doing so, Consider whether the other information is maleri8lly inconsislenl with the financial slalemenls or our knowledge obtained in the audit or olherNise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misslalemenls, we arè required lo determine whether this gives rise to a material misslatemenl in the financial slalemenls themselves. If, based on the work we have performed, we conclude that there is a material misslalemenl of this other information, we are required lo report that fact. We have nothing to report in this regard. Page 5
Independent Auditor's Report Icontinuedl to the Members of MAU Iformerly AR-Rahmah Trustl Matters on Which We Are Required to Report by Exception We have nothing lo report in respect of the following mallers in relation ID which the Charities (Accounts and Reports) Regulations 2008 require us lo report lo you if, in our opinion.. the infomialion given in the Trustees, Report is inGonsislenl In any material respect with the financial slalemenls., or sufficient accounting records have not been kept., or the fillanoial slalemenls are not in agreement with the accounting records or returns., or we have not received all the Inlotmalion and explanations we require lor OLJr audit. Responsibilities of Trustees As explained more fully in the Trustees, Responsibilities Slalemenl sel out on page 2-4, the Iruslees are responsible lor the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as the Iruslees delermille is necessary lo enable the preparalion of financial slalemenls that are free from maleiial misslatemenl, whether due lo fraud or error. In preparing the financial slalemenls, the Iruslees are responsible for assttssing the charity's ability to continue as a going ¢oncern, disclosing, as applicable, matters relaleL% lo going concem and using the going concern basis of a¢covnling unless the Irusleès èither intend lo liquidate the charity or lo cease operations, or have no realistic alletnalive bul lo do so. Auditor's Responsibilities for the Audit of the Financial Statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant wgulalions made or having eflecl Ihereunder. Our objectives are lo obtain reasonable assurance about whetherlhe financial slalemenls as a whole are flee from material misslalernelll, whether due lo fraLJd or error, and lo issue an auditor's report that includes our opinion. Reasonablè assuiance is a high level of assuran¢e bul is not a guarantee that an audit conducted in accordance with ISA5 IUKI will ahvays delecl a material misslalemenl when il exists. Misstatements can arise from fraud or error and are considered material it, individually or in the aggregate, they could reasonably be expe¢led to influence the economic decisions ol users taken based on these financial stalemenls. The exlenl lo which our prOdureS are capable of delecling irregularities, including fraud is detailed below.. -Irregularilies, including fraud, are instanS of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misslatemenls in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below.. -we Identified areas of laws and regulations that could reasonably be expected lo have a material effect on the financial slalemenls from our sector experience through discussion with the directors and other management las required by auditing slandardsl. -we had regard lo laws and regulations in areas that directly affect the financial statements including financial reporting (including related corllpany legislation) and taxation legislation. We considered that exlenl of compliance wrf(h those laws and regulations as part of our procedures on th$ related financial statement items. -Wilh the exception of any known or possible non-complian¢e, and as required by auditing standards, our work in respect of these was limited lo enquiry of the diiectors. -we ¢ommunicaled identified laws and regulations throughout our tearn arid remained alert lo any indi¢alions of non- compliance throughout the audit. A further des¢riplion of our responsibilities for the audit of the financial statements is located on the Financial Reporting Coullcil's website www.frc.org.uklauditorsresponsibililies. This description forms part of our auditor's report. Page 6
Independent Auditor's Report Icontinuedl to the Members of MAU Ifortnerly AR-Rahmah Trust) other matters The comparatives for the finanoisl year ended 31st July 2024 were not audited, as the charity was audil-exempl for this period. Use Of Our Report This report is made solely lo the charity's Iruslees, as a body, IN acGordall¢e with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo thè charity's trustees those matters that we are required lo slate lo them in an audilorfs report and foi no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the Gharily's trustèes as a body, for our audit work, for this re rt, or for the opinions we have formed. Siraj Muhammad FCCA (Senior Slaluary Audilorl For and on behalf of HSY Accounlanls Ltd, Slalulory Auditor Dale .' 1310412026 HSY Accountants Ltd Charteied Certified A¢counlanls & Slalulory Auditors 2D Tadworth Parade, Elm Park Essex RM12 SAS PagB 7
MAU (formerly AR-Rahmah Trust) Statement of Financial Activitiès For The Year Ended 31 July 2025 2025 2024 Restricted funds Unrestricted Restricted funds funds Total funds Notes INCOME AND ENDOWMENTS FROM.. Donations and legacies 776,306 139,945 916,251 2,250 EXPENDITURE ON.. Raising funds Charitable aclivilies.. Charitable donations Adminislralion cost 118,3931 118,3931 18,6501 149,1751 176,2181 700,088 {2,0361 110,686} 149,1751 12501 12,036} 137,909 178,2541 837,997 12501 2,000 NET INCOME NET MOVEMENT IN FUNDS 700,088 137,909 837,997 2,000 RECONCILIATION OF FUNDS- Total funds brought forwaid TOTAL FUNDS CARRIED FORWARD 2,OC>O 2,000 14 700,088 139,909 839,997 2,000 The notes on pages 11 10 17 form part of these financial slalemenls. Page 8
NIAU (formerly AR-Rahmah Trust) statement of FinanGial Position As At 31 July 2025 2025 2024 Unrestricted Restricted funds funds Total funds Total funds Notès FIXED ASSETS Tangible Assets 3,502,153 3,502,153 3,502,153 3,502,153 CURRENT ASSETS Debtors and Creditors Cash al bank and in hand 10 313,671 25,985 139,909 453,580 25,985 2,000 339,658 139,909 479.565 2,000 Creditors.. Amounts Falling Due Within One Year 13,0001 13,0001 NET CURRENT ASSETS ILIABILITIESI 336,656 139.909 476,565 2,000 TOTAL ASSETS LESS CURRENT LIABILITIES 3,838,809 139,909 3,978,718 2,000 Creditors: Amounts Falling Due After More Than One Year 12 13,138,721) 13,138,721) NET ASSETS 700,088 139,909 839,997 2,000 FUNDS OF THE CHARITY Reslricled Funds Unrestricted Funds 139,909 700,088 2,000 TOTAL FUNDS 14 839,997 2,000 On behalf of the board eMaivdibbMid026, 6.'02pml Trustee 1310412026 The notes on pages 1110 17 form part of these financial slatemenls. Page 9
MAU (formerly AR-Rahmah Trust statement of Cash Flows For The Year Ended 31 July 2025 2025 2024 Notes Cash flows from operating activities Nel cash generated frorn operations Nel cash generated from operating activities 387,725 2,000 387,725 2,000 Cash flows from investlng activities PLJrchase Df tangible assets 13,502,461) Cash flow5 from financing activities Proceeds from new other loans 3,138,721 In¢rease in cash and cash eouivalenls Cash and ¢ash equivalents al beginning of year Cash and cash equivalents at end of year 23,985 2,000 2,000 25,985 2,000 Page 10
MAU (formerly AR-Rahmah Trust) Notes to the Statement of Cash Flows For The Year Ended 31 July 2025 1. Reconciliation of inGomè to cash generated from operations 2025 2024 Nel income Adjuslmenls for.. Depreciation of tangible assets Movem&nls in working capital.. Increase in trade and other debtors Increase in Ir8de and other creditors 837.997 2,000 308 1453,5801 3,000 Nel cash generated from operations 387,725 2,000 2. Cash and ¢ash equivalents Cash and cash equivalents, as staled in the Slalemenl of Cash Flows, relates lo the following items in the Balance Sheet.. 2025 2024 Cash al bank 8nd in hand 25,985 2,000 3. Analysis of Changes in net fundslldebti Asat1 August 2024 Cash flows Asat31 July 2025 Cash al bank and in hand Debts falling due after more than one year 2,000 23,985 25,985 13,138,721) 13,138,721) 2,000 13,114,736) 13,112,736) Page 11
MAU (formerly AR-Rahmah Trust) Notes to the Financial Statements For The Year Ended 31 July 2025 General Information MAU Iformerly AR-Rahmah Trust) is a ¢haritable incorporated organisalion registered with the Charity Commission, registered charity number 1204404. The principal address is Uni117, Orbital 25 Business Park, Dwight Road, Walford, Hertfordshire, WD18 9DA. 2. Accounting PoliGles 2.1. Basis of Preparation of Financial Statements The financial slalemenls have been prepared in a¢cordance with the Charities SORP IFRS 1021 "Accounting and Reporting by Chariliès.. Slalemenl of Recommended Practice applicablè to charities pieparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011. On 18 February 2026 the charity ¢hanged ils name frorn AR-Rahmah Trust to MAU. The charity is a Public Benefit Entity as defined by FRS 102. 2.2. Going Concern Disclosure The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The Iruslees have considered the level of funds held and the expected level ol income and expenditure for 12 months from aulhorising these financial slalements. The budgeted income and expenditure is sufficient with the level of resèrves for the charity to be able to Gontinue as a going Concern. 2.3. Significant judgements and estimations In the application of the company's accounting polioies, management is required lo rNak¢ jLJdgement8, estimates and assLJmplions about th2 carrying values of assets and liabilities that are not readily apparent from other SoUrS. The es1im8lès and underlying assumptions are based on historical experience and other factors that are considered to be relèvant. Actua1 results may diffei from these eslimales. The estimates and undedying assumptions arè reviewed Dn an ongoing basis. Revisions lo the a¢¢oLJnting eslimales are recognised in the period in which the estimate is revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 2.4. Incoming Resources Income is recognised when the charity is enlilled to it, the amount csn be reliably measured and receipt 15 probable. Donations are recognised on receipt. Reslricled income is used for the purpose specified by donors while unreslricled income is available for general use. 2.5. Resources Expended Expenditure is re¢ognised when il is incurred. Costs are allocated lo the activities to which they relate. Charitable sctivilies include grants and direct costs incurred in furtherance of the charity's objects, while support and governance costs relate lo the general running of the charity. Page 12
MAU Iformerly AR-Rahmah Tru5tl Notes to the Financial Statements Icontinuedl For The Year Ended 31 July 2025 2.6. Tangible Fixed Assets and Depreciation Tangible fixed assets are measured al cost less accumulated depreciation and any a¢¢umulaled irnpairmenl losses. Dèpreciation is provided al iales ¢alculaled lo write off the cost of the fixed assets, less their estimated residual value, over their expected usefvl livès on the following bases.. Freehold OD/. Plant & Machinery 25DA Stiaighl Line 2.7. Cash and Cash Equivalents Cash and cash equivalents are basic financial assets and include cash in hand and deposits held al call with banks, other short-lerm highly liquid investments that mature in no more than three months from the dale ol acquis11ion and are readily convertible to a known amtsunl of cash with insignificant risk of ¢hange in value, and bank overdrafts. 2.8. Taxation The charity is exempl fron) lax as all ils income is charitable and applied for charitable purposes. 3. Income from Donations and Legacies 2025 Unrestricted Restricted funds funds Total funds other 776,306 139,945 916,251 2024 Total funds Unrestrl¢tèd Restricted funds funds other 2,250 2,250 4. Net In¢omellExpenditurel The net income is slated after chargingll¢redilingl'. 2025 2024 Depreciation of tangible fixed assets - owned 308 Page 13
MAU Iformerly AR-Rahmah Trust) Notes to the Financial Statements Icontinuedl For The Year Ended 31 July 2025 5. Analysis of Expenditure 2025 Activities Support undertaken costs directly (see note 81 Total Raising fLJnds Charitable donations Administration cost 18,393 18,393 10,686 49,175 10,686 28,811 20,364 38,757 39,497 78,254 2024 Support costs Isee note 61 Charitable donations 250 6. Support Costs 2025 Charitable Administration donations cost Totsl Premises expenses General adminislralion Depreciation 3,712 24,791 308 3,712 35,477 308 10,686 10,686 28,811 39,497 2024 Charitable donations General administration 250 Page 14
MAU (formerly AR-Rahmah Trust) Notes to the Financial Statements Icontinuedl For The Year Ended 31 July 2025 7. Auditor's Remuneration Remuneration received by the charity's auditors and their associates during the year was as follows.. 2025 2024 Audit Services Audit of the company's financial slalemenls 3,000 8. Average Number of Employees Average number of employees during the year was.. NIL12024." NIL) 9. Tangible Assets Land & Property Freehold Plant & Machinery Totsl Cost As at 1 August 2024 Additions 3,500,000 2,461 3,502,461 As al 31 July 2025 3,500,000 2,461 3,502,461 Depreciatlon As al 1 August 2024 Provided during the period As al 31 July 2025 308 308 308 308 Net Book Value As al 31 July 2025 3,500,000 2,153 3,502,153 As al 1 August 2024 10. Debtors and Creditors 2025 2024 Due within one year Other debtors 453.580 Debtors and Creditors with no staled interest rate and receivable or payable within one year are recorded al transaction price. Any105ses arising from impairment are recognised in expenditure. Pag¢15
AU (formerly AR-Rahmah Trust) Notes to the Financial Statements Icontinuedl For The Year Ended 31 July 2025 11. Creditors.. Amounts Falling Due Within One Year 2025 2024 Accruals and deferred income 3,000 12. Creditors: Amounts Falling Due After More Than One Year 2025 2024 Olher108ns 3,138,721 13. Loans An analysis of the malurily of loans is given below.. 2025 2024 Amounts falling due between one and five years.. Other loans 3,138,721 14. Movement in Funds Asat1 August 2024 Asat31 Expenditure July 2025 Income Unrestrlcted funds General". General unrestricted fund Restricted funds General restricted fund 776,306 176,2181 700,088 2,000 139,945 12,0361 139.909 Total funds 2,000 916,251 178,2541 839,997 Asatl August 2023 Asat31 Expenditure July 2024 Income Restricted funds General reslricled fund 2,250 12501 2,000 Total funds 2,250 12501 2,000 Page 16
MAU Iformerly AR-Rahmah Trust) Notes to the Financial Statements Icontinuedl For The Year Ended 31 July 2025 15. Transactions with Trustèes During the year the expenses reimbursed lo the Iruslees or paid diredly lo third parties were nil12024'. Nill 16. Related Party Disclosures The charity has taken advantage of exerllplion, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland not lo disclose transactions with wholly owned subsidiaries within the group. Page 17
MAU (formerly AR-Rahmah Trusti Detailed Statement of Financial Activities For The Year Ended 31 July 2025 2025 2024 Total funds Total funds INCOME AND ENDOWMENTS FROM.. Donations and legacies Incorne from donations 916,251 2.250 916.251 2,250 916.251 2,250 EXPENDITURE ON: Raising funds Marketing and advertising costs 118,3931 118,3931 Charitable Activities: Charitable donatSons Charitable donations 110,6881 110,6861 12501 12501 Administration cost Property repairs and maintenance charges Premises Light and heal Premises insurance Computer software costs Telephone Audit fees Professional fees Bank charges Sundry expenses Depreciation of plant and machinery 120.3641 13421 13,3701 1271 1351 13,0001 121,4511 1421 12361 13081 149.1751 178,2541 837,997 12501 2,000 NET INCOME Page18