REGISTERED CHARITY NUMBER: 205896 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 FOR THE DAVID ISAACS FUND Bern"ngers LLP Chartered Acc(wntanls and RegL*rag Auditors Lygon House 50 London Road Bromley Kent BR13RA
THE DAVID ISAACS FUND CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Page Reference and Administrative Detalls Report of the Trust985 Report of the Independent Auditors 5 to 7 Statement of Financlal Actlvhios anca Sh•ot Notes to tho Financial Stslemerrts 10 to 13 Dotail•d Statemeni of Flnancial A¢tivllles 14
THE DAVI) ISAACS FUND REFERENCE AND ADMINISTRATIVE DEfAILS FOR THE YE4R ENDED 30 SEPTEMBER 2024 TRUSTEES G P Branston (resigned W12120231 D Brennan K Hammond S Holtjham T Ikram V Lloyd IPresidenl} J Newton (resigned 6112f20T3) D Sandhu A Sweet N Tempia Dr F Wilcox D Wright {5jned 6112123) S Heporrstall (Trsigned 611212023) L ce,Ta R W Johnson {resigned 6112120231 M Jabbitt p cdsng A Pilling D Benjamin B Clarke S Deonarine (resigned 6112r2023) N Minhas {Vice President) M Oliver S Turtwxk N McLean S Kumar L Corrin J Law (appointsd 6112120231 Bone {appointed 611212023) L MLI)onagh {appointed 6112121Y231 C Jackson (appointed 611212023) N Abduksayed {apwnted 6J12120231 PRINCIPAL ADDRESS Unil 8 Twtsleton Crt Pri(ry Hill DartfLYd Kent DA1 2EN REGISTERED CHARrrY NUMBER INDEPENDENT AUDrroRS Berringers LLP Chartered A(xwntants and RegSStwed Auditc*s Lygon House 50 London Road Bromley Kent BR1 3RA BROKERS Bwclays Wealth 1 Churchill Place London E14 SHP Pdge 1
THE DAVK) ISAACS FUND REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 SEPTEMBER 2024 BANKERS CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ P2
THE DAVID ISAACS FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024 The trustees preserrt their report with the financial statements of Ihe charity for the year ended 30 September 2024. The trustees have adopted the pyovisions of A¢wunting aml Rewrting by Charities: Statement of Recommended Practice applble to tharities prewirg thew acc(nts in accordance with the Financial Reporting Stsndard applicable in the UK arKI RebI d Ireland (FRS 102) (effectwe 1 January 2019}. OBJECTIVES AND ACTivrriES Objectives and alms The object of the charty is the lief of persons who are in need, hdShiP or distress who shall come lo the attention of a Distrt Judge or Coroner presKling at a Greater London cff City of London Magistrates Court or Coroners Court. Public benellt The trustees have had regard to Charity C¢)mrnissN)n guidarte on benefit and conswjer that the objectives. aims and xhievements of the ch¥ity described in the repDrt enable tt to meet its duty to the Charity Commission as per section 17 of the Charilw Act 2011 and to the benefit of the wblic. Grant maklng pollcy Applicatiorts for grants are considered and aprKoved by District Jge$ presiding in the Inner London area. When approved, the applications are authori5ed by the SeLTetary and paid, for the benefit of the applicant. by the Treasurer. Grant app4ication5 in excess of £400 have to be corldered additionally by the President. Vice President and arK)ther trust. who. for this purpose. are a duty elected sub-committee, before payment is made. ACHIEVEMEFifs AND PERFORMANCE Review of activities and achievements During the year income from investments amounted to £102.354 {2023 £99.656). There was also a donatlon received from the courts UlKler the Procds of Crime Act. for £53.628 {2023 £NIL).This was applied firsdy to meet administration expenses amounting to £37.703 12023 £33.530} and then applied lo grants amounting 10 £110,400 {2023 £92,439) pw(J lo berciarIeS. Grants totalling £9.804 {2023 £4.325) were returned to th Fund as the money was longer required. The surplus of £3,916 (2023 deficit £46.99)) has been added to ihe balarKes hdd in the Fund. Investments held by Fund have induded at the market value at 30 September 2024. Dursng the year. investment disp)sals have realised a gain of £1.233 {2023 £7421 over the market value at the beginning of the year and the remwning investrnents held at 30 September 2024 have gNen rise to a not surplus of £269,375 (2023 surplus of £76.6041. The Trustees remain satisfi8J that the Fund has suffiGient assets to meet its objectlves, as laid down in the Rules. for the foreseeable future. Investment powersb poliGy porfoman¢e The investment strategy is set out by the tru$lees. on the basis that the objective is a balanced portfolio subi8cI to a medium degree of risk and tskes into a¢¢ounl the expected demand for funds aN1 the requirement lo maintain an adequate balan¢e betsveen capilal grovth and 1me. The Iruslees hav8 chosen not to adopt fomial eth1 investment potles. FIMANCIAL REVIEW Reserves The Charity cannot expend Ihe Permanent Endowinent Fund. but may apply the irKome from that fvnd lo meet adminislralion costs and to fuffil the ol¥'ects of the chty. The General Fund is available in its entltY to meet administration costs and objects of the charity. Going ¢on¢¢rn The trustees nSIder the charity a going CXIr8fft and accwnts have been prepared on that basis. FUTURE PLANS The tru$tee$ will ¢ontinue lo consider gant applicatiS for indNiduals toUght to the attention of District Judges or Coroners presiding in the Greater London area. Where surplus funds are available, the trustees will also consider aprAKions from Oth tharthes objectives are similar to those of The Davbd Isa8CS Fund.
THE DAVID ISAACS FUND REPORT OF THE TRUSTEES STRUCTURE, GOVERNANCE AND MANAGEMENT Goveming dUment The David Isaacs Fund, a registered charity is cortstthted under the will of Isaacs and govemed by a scheme approved by the Charity commission on 19th November 2002. Oryanisational structur8 Under the scheme approved by the Charity Commission on 19th November 21X)2. the trustees are District Judges or Coroners presiding at Greater London cff City of LoThJon Magistrates Cixjrt or Coroners Court that have applied to be members of the David Isaacs Fund. Trustees e elected at the Annual General Meeting by the members and sefve in office for one year. Risk management The trustees have examined the major strategrc bus1rS and operatDnal risks that the thadty faces and ¢onfimi that systems have been established to enable regular reports to be rnduced so that the necessary steps can be taken to lessen these risks. STATEMENT OF TRUSTEES. RESPONSIBILrriES The trustees are responsible for preparing the Rewt of the Trustees and Ihe finarla1 5tatement5 in accordan applicable law and United Kingdom Acc(xJnting Standards IUnf(ed Kingdom Generally Accepted Accounting Practi). The law applicable to ch'e$ in ErolaThJ a5 Waes, the Chariiies Act 2011, Charty (Accounts and Reports) Regulations 2008 and the provisiorts of trust deed requires the trustees to prepare financial stslements foT eath financial year which give a true aThY fair view of the slate of affairs of the charity and of the incoming resources arKI application of resources. induding the in(x)me ar explture. of the charity for that period. In preparing those finarKtal statements. the Irustees are required to select suitable accounting policies and then apFly them consistenty. observe the methods and wi1p1eS in the Charity SORP. makejudgemenls and estimates that are reasonable arvj ttJenL prepare the financial statements on the going C{[M basis unless it Is inappyowwte to wesume that the charity wll continue in business. The trustees are responsible for keeping FKoper accounting records which disdose th reasonable accuracy al any time the financid wsitson of the charity and to enatAe them to ensure that the financial statements comply with the Charities Act 2011. the Charity (Accounls aThY RerM)rts) RegulatiDrts 2008 and the provisions of the trust deed. They are also responsib for safeardIng the &8sets of the charity and hence for laking reasonable steps for Ihe pKevention and detection of fraud a1 other irregulariiies. Approved by order of the board of trustees ........... and signed on its behalf by. V Lloyd - Trust
REPORT OF THE INDEPENDENT AUDrroRS TO THE TRUSTEES OF THE DAVID ISAACS FUND Opinlon We have audited the finala1 statements of The David Isaa Fund (the charit¥} for the year ended 30 September %)24 whh comprise the Statement of Financial ActivitEs. the Balance Sheet and notes to the financial statements. includiro a summary of Stgnrfnt a(inting policies. The financial reporting framework that has been applied in thr preparation is ap1¢able law and United Kingdom Accounting Standards {United Kingdom Generalty ACpted Accounting Prxticel. In cwr opinion the financial statements= give a true and fair view of the state of the charitys affaTh as at 30 September 2024 and of its incoming sources and applicatn of reSoUs. for the year then ended: have been properly prepared in aLa)rdae United KirYJdom GertY Accepted A¢counling Practice.. and have been prepared in 1rdar with the requwnents of the Charits Act 2011. Basi$ for oplnion We conducted our audit in accordan with Intemath)nal Standards on Auditing (UKI (ISA$ (UKII and applicable law. Our responsibilities under those staThJards are further described in the Auditors, responsibilities for the audit of the financial statements sectN)n of our report. We are independent of the charity in accordance with the ethul requrements that are relevant to our audit of the financial statements in the UK. including the FRC'S EthThl Standard. and have fuffilld our other ethical responsibilities in a¢¢ordance with these requirements. We believe that th8 audit evtderKe we have obtained is $Lrfficienl and appropriate lo provide a basis for r)ur opinion. Conclusions relatlng to golng In aLKliling the financial slalements, have nduded ihal the trustees. use of the pir¥J ¢oncttn basis of accounting in th8 preparation of the finwKial ststements is appropxiale. Based on work we have perfomied. V•E have not identified any rnaterial uncertainls relatirYJ io events or corKlitiorts that, individually or ¢olle¢t¢vely, may cast signifKant doubt the charity's ability to continue as a going concem for a period of at least twefve months from when the financkal statements a authorised for issue. Our responsibilities and the responsibilities of the twstees 1th resp to going ncern are described In the revant sections of this reptyt. Other Informaon The trustees are responsible for the other infomialion. The other infom7ati comwises the information irKluded in the Annual Report Oth than the fInar1 statements and our Report of the Independent Auditors Ihereon. Our opinion on the finanual ststements ths not cover the other Infornialn and, except to the extent otherwise explicitly stated in our we do not express any form rf assura condusion thereon. In connection with our aLKlit of the fiMn¢i81 $18tements, our respMsibility is to read the other inforniatK)n and, in doing so, consider whether the other irrf(mation is rnaterially irujnsistent with the financial statements or our knoedge obtained ID audii or othewse appears lo be materially misstated. If we identify such Material incOrls1en¢ieS or apparent material misstatements, a required to determine whether this gives rise to a material misstatement in the financia Statements themselves. If. based on the work we have performed, we conclude that there is a Materi mi5Statement of this other information. we are required lo reF¥Jrt Ihal facl. We have rthi to rewrt in this regth. Matters on whkh we are rgqUiTgd to report by exceptlon We have nothir¥J lo report in respect of the following matters where the Chities (Accounts and Reports) Regulation5 2008 requires us to reFXYt to you rf. in our opinion: the irrformation given in the Report of the Trustees is irKonsistent in any materwl reSt with the financlal statemerrts.. or sufficient acUntsj records have Tr)t been kept: or the financial statements are not in agreement Mth accthnbry records and retums" or we have nol received all the infomialbon aThJ explanations r8quire for our audtt.
REPORT OF THE INDEPENDETr AUDoRs TO THE TRUSTEES OF THE DAVID ISAACS FUND Responslbllltles of trustees As explained more fijlly in the Statement of Trustees. ResFrf)nsibiltties, the trusto8s are responSie for the preparation of the financial statements whth give a true and fair view. and for such internal control as the trustees detemiine is neG8ssary to enable the preparation of financid stalements that are free from material misstatemen( whether due to fraud or error. In preparing the fina[la1 sta18ments. truslees are resp)nsible for assessing the thayivs ability to ntinue as a wing concern, disdosing, as applicable, matters related to going concern and using the going Ixjncem basis of aixounting unless the knjstees eithw intend to IKiuhYate Ihe charity or to cease operations, or have no realistic alternative It to do so. Auditors. responsibilities for the audit of the financial Statents We have been appointed as auditors under Section 144 of the Charilies Act 2011 and report in accordance th the Act and relevant rewlatiorts made or having effe¢1 thereunder. Our objectives we to obtain reasonable assurance abt whether Il* financial statements as a whcle are free from material misstatement. ether due to fraud or error, and to issue a Report of the Independent Audit$ that includes our opinion. Reasonable assuran is a high level of assurance. but is not a guarantee that an audit 0)ted in acCcydae ¥1h ISAS (UK) will always dett a material misstatement when it exists. Misstatements can arise from fraud err and are consKlered material rf, individually or in the aggregate, they could reasonably be expected to Influen economic decasions of users taken on the basis of these finawial slatements. The extent to our pwocedures are capable of detectirvJ irregularibes. itmguding fraud 1$ detaiw below: In identifying and assessing risks of material misslaiement in resp1 of trregulariti8s, induding fraud arKI error, we considered the following: - the nature of the industry. control enwronment and business perf0m1ar. - results of our enquiries lo management about their assessment OF the risks of fraud arKI error: - the matters discussed among the audit engagement team regarding how and where fraud may o(Lur in the financial statements and any potential iTrJtOrS of fraud. r procedures lo polld to risk indLKle the following.. - reviewirsg the financial statement dts¢losures and testing to supporting documentalN)n" performing analytical rcedureS to identify any unusual unexpected areas that may indate risks of material misstatement due lo fraud or error. addssing the risk of fraud and error through management override of controls. testing the appropriatene$s of journals. assessing whether the judgements male in making a¢¢ounting estimates are indicative of a Frf)tenlial bkis., arKI evaluating the business ralk)nale crf any significant transa¢tions that are unusual or outside the normal c(xJrse of business. A further description of our responsibililies for the audit of the finar>cial statements is lOted on the Finartial Reporting thncil's website al www.fr&org.uklauditorsrewnsibilities. This description fomis part of our Report of the Independent Auditors. P>Je 6
REPORT OF THE INDEPENDE AUDrroRS TO THE TRUSTEES OF THE DAVID ISAACS FUND Use of our report This report is made solely lo the charitvs trustees, as a trnly. in ac)rdanCe with Part 4 of the Charrties (Accounts and Reports) Regulations 2008. Our audit wtyk has been undertaken so that we might state lo the charitls trustees those matters we are reqed to state to them in an audttors, reFM)rt and for no other purpose. To the fullest exlenl permitted by law, we do not accept or a55ume responsibility lo anyone other than the charity aThJ the charitrfs trustees as a body. fw our audit work, for thi5 repo¢ or for the opinions we have Berringers LLP Chartered Acc(xJntants and Register1 Auditcys Lygon House London Ro Bromley Kent BR13RA
THE DAVID ISAACS FUND STATEMEKf OF FINANCIAL ACTMTIES 3019124 Total 3019123 Totsl fi&nd$ Notes INCOME AND ENDOWMENTS FROM Donations and legacies 53,628 Investrnenl incomo 102.354 102,354 99.656 Total 155.982 155.982 99,656 EXPENDrruRE ON Raising funds 9,3 9.803 9,358 Charitsbla activities Grants payable 115.5r 115.596 113,114 other 27.SYM) 27.gjo 24,172 Total resources exp¢nded 153.299 153. 146,644 Net Incomingloutgoing resources Before other recognised galns and losses 2,683 (46.988) Realised Unreallsed 973 212.672 1.233 269.375 742 76,604 56.703 Net movement in funds 213,645 273,291 30,358 Total funds brought fOrard 649.652 2,493,945 3.143.597 3,113.239 TOTAL FUNDS CARRIED FORWARD 709.298 2.707.590 3,416.888 3.143.597 P4e8
THE DAVID LWCS FUND BALANCE SHEET 30 SEPTEMBER 2024 3019124 Tolal nds 3019123 Total funds hJThJ Notes FIXED ASSETS Irweslmenls 709,996 2,663,497 3,373,493 3.112,911 CURREKf ASSErs Cash at bank 16.884 60.977 46.668 CREDITORS Amounts falling due within one year {17.582) 117,582} {15,9821 NET CURRENT ASSErs 43,395 30,686 TOTAL ASSETS LESS CURRENT LIABILITIES 709.298 2,707.590 3.416.888 3,143,597 NET ASSErs 709,298 2,707,590 3,416 888 3.143,597 FUNDS Unrestricted funds Endowment furnls 709,298 2.707.590 649,615 2.493,982 TOTAL FUNDS 3.416,888 3.143,597 The financial statements vHe apKKoved by the Board of Trustees and authorised for issue on arKI V4we signed on its beha by. V Lloyd - Trustse N Minhas- Trustee E Diida- Treasur
THE DAVID ISAACS FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEM 2024 ACCOUNTING POLICIES BASIS OF PREPARING THE FINANCIAL STATEMEKrs The financial statements of the ¢harty, Wh is a publ benefit entty under FRS 102, have been prepared in accordance with the Chartlies SORP (FRS 102) 'Accounling and Re[lg by Charities: Statement of Recommended Practi appliCae to charities weparing their a¢UnIS in accordance with the Financial Reporting Standard applKable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191,, Financial Reporting StarNJard 102 The Financtal Reporting Standard applicable in the UK and RepU1C of Ireland. and the Charities Act 2011. The financial statements have been prepared under the hIstICal cost convention, vthh the exceptKJn of investments which are induded al market value. as MOded by the revaluation of certain assets. INCOMING RESOURCES Grants, induding grants for Ihe purchase of fix&J assets, are regnis& in thll in the Slatemenl of Financial Activrties in the year in which they are receNable. Income from investments is induded in the year in whth recvab. wholly in the general fund. RESOURCES EXPENDED Charitable activities consist of grants payatAe and are aXUed vA)en authoris&J. Expenditure is included on an accruals basi$. Costs of generating funds cornre those Ix>sts direcuy attritrmjlable to managing the investment porifolio and raising investment ifKxMne and lTrw are split on the same basis as the historic value of the investments. Support costs include those incurr1 in the govemance of the Charity and its assets and all relate to the Gharitable activities. Grants offered subj'ect to cor¥Jilions lch have th)t been met at the year end dale are noted as a commitment bui not ac£rued as eXpeIlture. TAXATION The charity is exempt from tax on its charttable a¢bwties. FUNDS Unreslricted funds MpriSe those fijnds that ihe Trustees are free to use in accordanix th the charitabte objects. The Pemiar)ent Endowmer¢t furKI represents those assets that must be held P8rmanently by the charity. wincipally investments. InrA)me aring on the Permanent Endowment fund can be used in accordance the obj.ects of the charily a5 unrestricted. Any capital gains or losses arising the investments fomi part of the specrfic furMI. Investment management charges and legal advi relating to the fuThJ are charged against the fuTrJ al the agreed ratio. INVESTMENTS Fixed asset inveStmts are stated at MKI market value at the balance sheet date. All the investrnents are UK list. INVESTMEKf INCOME 3019124 3019123 Other fixed asset invest- Fll Deposit Unt interest 1c,958 1,396 98,837 819 102.354 99,656 P9 10 conlnued...
THE DAVID ISAACS FUND NOTES TO THE FINANCIAL sTATEMEPS- continued FOR THE YEAR ENDED 30 SEPTEMBER 2024 GRANTS PAYABLE 3019124 3019123 Grants payable 115.5 113,114 Chariti8S Clothing Fumiture Other hoUseh[d equipment TimS Tuition Other grants 15.000 25,000 9.672 15,512 9.754 10,145 47,050 306 117,439 6,620 20,788 52,0 125,400 Oeduct grarrts returned 115,596 113,114 Grants payabl8 to ch¥iti05 Bede House Association Prison vi and Care Trust The Roundhouse Trust The Penelope Project Prisoners Advice Service Prison Radio Association Treasurers Asso¢FatK 5,000 7,500 5,000 2,500 5,000 5,(KJO 15,000 25.000 Dedu¢t an19 retumed 12,SlX) 25,000 OTHER RESOURCES EXPENDED Cost of Generating Funds Charllabl• Support 2024 Investment management Grants payable Secretarial costs Insur8rte Accountsncy fees Audit fees Interest and charges 9.803 125.400 13.294 471 7.740 6.149 246 163,103 125,400 13.294 471 7,740 6,149 125.400 27,9(K) Deduct grants retumed Generating Funds Charitable Activiti8S Support Costs 2023 Inveslment management Grants payable Secretarial costs Insurance Accountancy fees Audit fees Interest and charges 9,358 117,439 10,618 450 7,200 5,690 214 150,969 117.439 10.618 450 7.200 5.690 214 24.172 9.358 117.439 4.325 113.114 Deduct grants returned Page11 ¢onUEwed...
THE DAVID ISAACS FUND NOTES TO THE FINANCIAL STATEIIENTS- continued FOR THE YEAR ENDED 30 SErnBER 2024 STAFF COSTS The average number of part lime members of staff was on8 {2023 - one part time meTnber of staffj wTrK) was employed almost entirely on dealing th grant appIK3lio$. Wages and salaries (includiNJ expenses) £13,294 (2023 £10,618) Trustees received no remuneration (2023 £NIL) and not reimlxjrwl for any of their expenses in the year (2023 £NILI. No employee recelved emcluments of over £fAI,IXKJ during the JEar12tr23 NIL). There were no Key Management emtAoyees during the yew (2023 NIL). COMPARATIVES FOR THE STATEMEKf OF FINANCIAL AcTIVlEs UNE51rthd Endowment fid fvnd Total funds INCOME AND ENDOWMENTS FROM Investmenl incorne 99,656 EXPENDMJRE ON Raising fU$s 9.358 Charitable acttvltles Grants payable 113.114 113,114 24.172 24,172 Total 146.644 146,644 Net gainsl{losses) on investments 16.281 61,065 NEf INCOME I(EXPENDURE) 130,707) 61,065 30,358 RECONCILIATION OF FUNDS Tolal funds brought forward e80.359 2,432.880 3,113,239 TOTAL FUNDS CARRIED FORWARD 649,652 2 493 945 3 143.597 Py12 continu&...
THE DAVID ISAACS FUND NOTES TO THE FINANCIAL STATEMENTS. cot)tinued FOR THE YEAR ENDED 30 SEPTEMBER 2024 FIXED ASSET INVESTMENTS Permarent Gene1 Fund Llsted investments MARKEf VALUE At 1 October 2023 Additions Disposals at market value Realised gain on disposal 2,457.767 655.144 3,112.911 (7.915) 9n (2.111) (10,0261 1,233 Unrealised gainllloss) on revaluation 212672 269,375 At 30 September 2024 2 663 497 3.373 493 There were no irwestment assets OLrtSKle the UK. Investments sthich constituted more than 5% of the tota inVestrnt holding, are as follows: B*days Charity R Distribution £3.373,493 CREDITORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 3019124 3019123 Bank loans and overdrafts (see note 9} Other creditcKs 9,221 8,361 7,612 8,370 17,582 15,982 LOANS An anatysis of the maturity of thns is given below. 3019124 3019123 Amounts falling due within year on demand: Bank overdrafts 9.221 7,612 10. RELATED PARTY DISCLOSURES There were no related pty transaltons for the year ended 1 September 2024. P•Je 13
THE DAVID ISAACS FUND DEfAILED STATEMENT OF FINANCIAL ACTIVrnES FOR THE YEAR ENDED 30 SEPTEMBER 2024 3019124 3019123 INCOME AND ENDOWMENTS Donatlons and legacies Donations 53.628 Investment Income Other fixed asset invest- Fll Depo$lt a¢counl interest 100,958 98,837 819 102.354 99,656 Totsl Incomlng resources 155,982 99,656 EXPENDrruRE Raising donatlons and legacies Investment management 9,803 9,358 Charitable actlvities Grants lo charities Grants to indivhluals 12.500 103.096 25,000 88,114 115.596 113,114 Support Costs Management Insuran¢e selaal costs Treasurers fees Audit fees 471 13.294 7.740 6.149 450 10.618 7.200 5.690 27.654 23.958 Flnance Bank charges 214 Total resource5 expended 153,299 146.644 Net InMe1(eXPenditure} beforn gains and loss¢s 2,683 (46,9881 Reallsgd re¢ognlsed gains and tosses Realised gainsl{lossesl on fixed asset investments 1,233 742 Net incomel{expendlture) 3.916 46.246) This page does rwjtform partofthe slalutory fin8Th>a slatenw)ts 14