REGISTERED CHARITY NUMBER: 209301 TRUSTEES. REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FOR DAVID HENRY WARING HOME TRUST LEES Chartered Certified Accountants Ingram House Meridian Way Norwich Norfolk NR7 OTA
DAVID HENRY WARING HOME TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Page Trustees. Report Indopondent Examinerfs Report Statement of Flnancial Activtties Balance Sheet Notes to tho Financial Statements 9 to 13 Detailed Statement of Flnancial A¢tivitie$ 14
DAVID HENRY WARING HOME TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the prowsions of Accounting and Reporting by Charities.. Slalemenl of Recommended Prad applicable to charitie5 preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191 OBJECTIVES AND ACTIVITIES In 5etts.ng their objedives and planning their aclivilies. the Directors of the Trustee Company have given careful consideration to the Charity Commission's guidan on public benefit. The objectives ol the Directors are lo maintain and administer the Charity and ts almshouses, which Pfovide housing for the benefit of those with limited means. The almshouses, known as Dawd Henry Waring Home. are situated al David Henry Waring CourL Staines Road, Bedfonl. Middlesex, M14 8PE and consists of 8 units of 1 bedroom flats and extensive and attractive communal SpaS including a lounge, library and kitchen. In addition there is a 2 bedroom bungalow on the estste. The estate benefits from a large and attractive garden with many established trees. The Directors intentions are lo provide comfortable and affordable accommodabon in a relaxed enwronment for the benefialle5 and all their efforts are concentrated in this directs"on. The Directors appreoate that creating a sustainable scheme that meets with their objectives. could tske several years and that temporary alternatsve uses for the sile may neSSary in the short lemi lo ensure the Charity remain5 viable and the sile available for social housing development. ACHIEVEMENTS AND PERFORMANCE Corporate irusteeship of David Henry Waring Home was taken over from the London Borough ol Hounslow on 24th July 2019 One member of staff joined the charity under TUPE 8rrangemenls, but has since left the Charity's employment following iedundancy. All of the 8 flats are located in a large, converted Victorian house with an extension built in the 1980's. Owing lo the annual losses the Charity has been sustaining the Board look the decision to deeant the MainIng residents in process that was cornpleted in March 2025. All residents were rehoused in accommodats.on owned by the corporate trustee. in estates local lo Oavid Henry Waring. There was one exception who was housed by another almshouse charity bul also local to David Henry Waring. In addition to stemming financial losses, the decision lo decant was made to allow an either pemanent or temporary reconfiguration to proed without hindrance. The Regulator of Soctal Housing was made aware of the Charity'5 decision. The bungalow Ilodgel which was at one time accommodation for the gardener has been let al a commercial rent with the approval of the Charity Commission. Until the decant exercise was completed, Directors undertook weekly meetings wth residents, attending coffee momings. The meeb.ngs have proved a useftjl way lo engage residents about the Charity's future plan5 (see below). During the year the tsvo directors resigned, and tharity appointed new Directors as repl8mentS. The Charity has a very proactive approach lo safeguarding and there were no safeguarding COnrnS during the year. The Charity hoK%s a bank account with the Charibes Aid Foundab'on ICAF Bank). Page 1
DAVID HENRY WARING HOME TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL REVIEW The charity came into the control of The Charity of Elizabeth Jane Jones Trustee Ltd. in July 2019 from the previous trustees, Hounslow Borough Council. The Directors recognise that thè scheme at present with Ihe potential maximum of only 8 flats and one bungalow let commercially, is not financially viable. The Charity has incurred considerable expense in design costs and obtaining planning pemiission to build a new block of flats to replace 20 bedsit unrts, deemed in 2018 to be no longer suitable for accommodation. The charity reiVed notification in July 2023 that the scheme submrtted in 2020 was considered approvable subject to legal agreements with the planning authorities Disappointingly, the continued inflaty'on in building costs and sustained high interest rates has Meant that the scheme costs had escalated so the Current scheme of 31 flats was no longer financially viable, even with generous grants available for social housing. ilst it is not possible at the present b.me lo commence development 15ee below) these pre-spend costs of £524K (shown as restricted funds in debtors in the balan sheet) we believe these will be utilised in the scheme as designed or a sirnilar project. As discussed below and as predicted previously the charity has utilised all cash available to it due to the ongoing costs being approximately lce the income from aight flats. The Charity has sought extemal income and through a coll8boralion with another charity has secured approximately £25k pa. Reserves policy The charity aims to hold reserves to secure its future and allow for conb'ngencies and risk5 in its operation. The Charity holds investrnents wlth Blac#rod( and CCLA. of £5.8K and £82.8K respectively, totalling £88.6K. The fomer is intended as a long-temi raseNe for capital expenditure and the latter a short-lem reserve. The charity holds an investrnent property Ilodgel valued al £401M50K in 2025 The charity holds a loan from EJJ Charity within the same wrpofate trustee of £163K repayable on demand, and shown in accounts as other creditOTS. The charity held £40.4K in the bank. The cash reserves of the charity are therore zero and cash flow is maintained by the loan made available through loan by EJJ which is repayable on demand The Charity recognises that the Current cash flow situation musl be addressed, to provide a more Secu financial position and has agreed to liquidate assets hekl in investment funds and investment assets to address this situation subject lo approvals being gained to a51ow reserves to be available to accommodate conb'ngenaes and risks in its future operation. The exhausts'on of cash reserves as Pfedicted tefore the charity took resFKJnsibility for David Henry Waring Home has required that the charity take significant steps to prevent fijrther erosion of the financial viability of the charity (see ftjlure plans). Staff No staff were employed as at the er of tho finanoal year. Page 2
DAVID HENRY WARING HOME TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 FUTURE PLANS Due lo the continued non viability of the site in its current fomiat of 8 ftats, the future plans are nIred of identifying a finanoally viable opportunity for the ¢harity. and work has been ongoing to identify these. It is critical lo the Charity's long-terrn tUre that a financially wable foffnal for the charity is identified whether by uts'lising the planning permission to develop 31 new flats secured in July 2023. by improving viability of the currenuy approved s¢herne, or by adopting another formal which is financially viable. The Charity is exploring a range of options to ensure the Charivs viability and longer-tem viability and availability of the sile for charitable purposes. Given the current 511uatson this may need lo include some commeral letting options of the srte Of parts of it in the interim period. whilst planning approval is sought for a Mable scheme considering Cunt building costs and interest rates_ .The charity continues to work with local govemmenL planning authorities and other key stakeholders so that a suitable solution is found. th the building now empty costs of running the estate have been dramatically reduced. With the additional income the Charity has secured the Board are confident that the Charity will remain financially viable while a long-term solution for its tUre is found. Events following year End Due to the financial challenges outlined cleady above the board of the charity made the difficult decision lo suspend operation of the tharity in its current forynat of eight flats used for almshouses. This decision was made following consideration of the finan¢ial situation of the charity and the needs of the sidents. As ouuined above decanb'ng of the residents was completed by the end of ihe financial year. Page 3
DAVID HENRY WARING HOME TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE. GOVERNANCE AND MANAGEMENT Under the agreement to transfer the Corporate Tnjsleeship to the Charity of Elizabeth Jane Jones Trustee Ltd, three fomier trustees ol David Henry Waring Home joined the Board of Directors al the AGM in October 2019, bringing the total number of Directors lo eleven. The Board ol D1ctOrS of the Corporate Trustee shall consist ol at least six, and no more than fourteen, competent persons. New directors are appointed by a re501uts.on of the board for a tem of three years. Director5 may seek re-appoinknent after their temi of office expl8 and serve up lo 9 year5 in total. At bi-rnonthly board meetings, the Board agrees the broad strategy and major policy decisions of the Chanty induding Consideration ol investment policy. reserves policy and risk management. Day to day management is undertaken by the Chief Executive and staff of the Charity of Elizabeth Jane Jones assisted by the member of staff based at David Henry Waring Home. The Charity has five sub committees listed below 'Operab'ons and Maintenance 'Exlernal Relations 'Finance Investment and Audit "Beneficiary Admissions and Review "Nominating Recfuitment and Govemance The major rTsks, to which the Charity is exposed, as identified by the Directors, are regularty monitored and periodically reviewed. Steps have been taken to estsblish system5 2nd procedures to mitigate these risks. Key amongst these risk5 15 the financial wability ol the site and ability to obtsin permission for a development lo be financially Viab and meet strict plannin9 constraints relatsng to the Grade11 listing of the propety in a conservabon area. The Board keeps its skill requirements under review and, in the event that a Director perrnanently reb.res or additional Directors are required, the Board of Directors acts.vely seek to ¢njit suitable persons to maintain or improve the overall standard of expertsse required to run the Charity effectively. The induction process tor any newly appointed Directots comprises attendance at least one Board Meetsng as an observer, an inib'al meeting with the Chair and CEO. There follows a series ol short meel.ngs with the CEO with discussions on investments. and the powers and responsibilities of the Trustee Company Baard and the Sub Committees. The welcome pack includes a brtef history of the Charity. copy Board and Sub Committee Minutes. a copy of the last three years of Annual Reports and Accounts. a copy ol the goveming trust deed and a copy. of the Charity Commission's gUIdan'The Essential Trustee.. What You Nee(J To Know,. The Charity is an active member ol following bodies". ' The Almshouse Association The National Housing Federation ' The G320 group of smaller London based housing assouations REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 209301 Principal address Staines Road Fellham TVV14 8PE Page 4
DAVID HENRY WARING HOME TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 Trustees THE TRUSTEE The charity is served by the Cofporate Trustee.. Elizabeth Jane Jones Trustee Limited. The Director5 of Elizabeth Jane Jones Trustee Llmited The Directors who served the Corporate Trustee during the period We as follows'.- Mr A V Groves IChaim)anl MrCJGage Mrs S Alderson Mrs A Gupta Revd P J Smith Mrs A T Mccreadie Mrs S Brewerton Mr O l Harvey MrTJAWright Mr B F Marken Mr P Kingsmore Mr R Sutton-mattocks (appointed 22 January 2025} Mr N B Brown lappoinled 26 March 20251 Mrs K E Mills (resigned 28 October 2024) Mrs C F Mays Iresigned 09 May 20251 Mr W R Jinks (resigned 22 July 20241 Clerk Mr N Lucas Independent Examiner Anthony Brain FCA LEES Chartered Certified Accountants Ingram House Meridian Way Norwich Norfolk NR7 OTA Bankers CAF Bank 25 Kings Hill Avenue Wesl Malling Kent ME19 4JQ Solicitors Bircham Dyson Bell 50 Broathay London SW1 OBL Chartered surveyors Sneller Commercial Bridge House 74 Broad Street Teddington TW118QT Approved by orderof theboard oftwslees on.,.,............................. 2 01.4nd signed on its behalf by.. A V Groves- Truste Page 5
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF DAVID HENRY WARING HOME TRUST Independent examiner's report to the trustees of Davld Henry Warlng Home Trust I report to the charity trustees on my examinats.on of the accounts of David Henry Waring Home Trust Ithe Trust) for the year ended 31 March 2025. Responsiblllties and basls of report As the charity trustees of the Trust you are respx)n5ible for the preparation of the accounts in accordance with the requirement5 of the Charities Act 20111.the Arfl I report in respect ol my examination of the Trust's accounts carried out under Section 145 of the Act and in carying out my examinats.on I have followed all applicable Directions given by the Charity Cornmission under Section 145(5llbl of thé Act Independent examlnerfs ststement I have completed my examinats"on. I confirrn that no malellal matters have come lo my attention in connection with the examination gimng me cause to believe that in any material respecL' accounting records were not kept in spect of the Trust as required by Section 130 ofthe Act., or the accounts do not accord wiltt those records.. or the accounts do not cornply with the applicabSe requirements conmIng the fomi and content of accounts Sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered a5 part of an independent examinats"on. I have no Conrn5 and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the account5 to be aChed. Antho rain FCA LEES Chartered Certified Acuntants Ingram House Meridian Way Notwich Norfolk NR7 OTA Dale. Page 6
DAVID HENRY WARING HOME TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 2025 Total fijnds 2024 Total funds Unrestricted fund Restricted ftjnds Notes INCOME AND ENDOWMENTS FROM Charitable activities Weekly maintenance charges 54,247 54.247 49.977 Investment income 60,652 60,652 17,267 Totsl 114,899 114,899 67,244 EXPENDITURE ON Charitable activities Charitable Activities 100.524 100,524 127,019 Other 31.848 31.848 9,856 Total 132,372 132,372 136,875 Nel gains on investrnents 3,882 3,882 3,845 NET INCOMEIIEXPENDITURE) Transfers between funds 117,4731 57,531 3,882 {57,5311 {13,5911 165.786} 11 Net movement Sn funds 40,058 153,6491 113.5911 165,7861 RECONCILIATION OF FUNDS Total fvnds brought foNard 19,6951 2,922,874 2,913,179 2,978,965 TOTAL FUNDS CARRIED FORWARD 30,363 2,869.225 2.899,588 2,913,179 The notes form part of these financial statementg Page 7
DAVID HENRY WARING HOME TRUST BALANGE SHEET 31 MARCH 2025 2025 Totsl nds 2024 Total nds Unfestricted fund Restricted nds Noieg FIXED ASSETS Tangible assets Investments 1,206 2.420,000 5,840 2,421,206 5,840 2,423,270 189,958 1.206 2.425.840 2.427.046 2.613.228 CURRENT ASSETS Debtors Investments Cash atbank 3,205 524,032 82,844 527.237 82.844 40,448 512,151 78,788 3,543 40,448 43,653 606,876 850,529 594,482 CREDITORS Amount5 falling due wthin one year 10 114,496) 1163,4911 {177,9871 {294,5311 NET CURRENT ASSETS 29.157 443,385 472.542 299,951 TOTAL ASSETS LESS CURRENT LIABIUTIES 30,363 2,869.225 2,899,588 2,913.179 NET ASSETS 30,363 2,869,225 2,899,588 2,913,179 FUNDS Unrestricted fvnds Restricied fijnds 11 30,363 2,869,225 19,6951 2,922,874 TOTAL FUNDS 2,899.588 2,913,179 The financial statements were approved by the Board of Trustees and authorised for issue ..l3.-..1........Wts. and were signed on ils behalfby: an A V Groves- ste The notes forrn part of these financial Statements Page 8
DAVID HENRY WARING HOME TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Basis of preparlng the financial ststements The financial statements of the charity, which is a public benefit enb.ty under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounling and Reporting by Charities.. Slalemenl of Recommended practi applicable to charities preparing their accounts in accordance with the Financial Reporbng Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 2015}'. Financial Reporb'ng Standard 102 'The Financial Reporting Standard appSicable in the UK and Republic of Ireland. and the Charities Act 2011. The financial statements have been prepad under the historical cost convention with the exTrpts"on ol investments and freehold property which are intti'ally recognised at their transaction value and subsequenuy measured al their fair value as at the balan(* sheet date using the closing quoted market price. Income All income is recognised in the Statement of Financial Activities once the charity has entidement to the fvnds. it is probable that the income will be received and the amount can be measured reliably. Expendlture Ltabilities are recojnised as expenditure as soon as there is a legal or construth.ve obligation committj'ng the ¢harity lo that expenditure, (t is probable that a transfer of economic benefits will be required in settlement and the arnount of the obligab.on can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to parts'cular headings they have been allocated to activits.es on a basis consistent with the use ofreSours. Tangible fixed assets Depreciation is provided at the following annual rates in order lo write off each asset over its estsmated useful Freehold property Fixtures and fith'ngs 2VD on cost 25Vo on cost Freehold land and buildings, used for charitable purposes are shown at an "existing use" valuation in accordan with the revaluab'on policy adopted by the Charrty. Other fixed assets a shown al historical cost. Taxation The charity is exempt from tax on ts chantsble activrtyes. Fund ac¢ounting Unrestricted funds can be used in accordance with the charitsble objecbves at the discrets'on of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Reslrith'ons arise when specified by the donor or when funds are raised for parb'cular restricted purposes. Further explanation of the nature and purpose of each frjnd is included in the note5 to the financial statements. Investments sted investments are a fom of basic financial instrument and a init'ally cogniSed at their transaction value and subsequenuy measured at their fair value as at the balan sheet dale using the closing quoted market pri. The charity does not acquire pijt opts'ons. derivatives or other complex financial instruments. Realised gain5 lor losses) on investment assets are calculated as Ihe differen beeen disposal Prad$ and their opening carying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are eal¢ulaled as the difference beeen the fair value at the year end and their carrying value al that date. Realised aniy unrealised investment gains lor losses) are combined in the statement of financia5 ath"wb"es and are credited {or debited) in the year in which they arise. Other investments are induded al cnst. which is considered to te approximate to their market value. Page 9 onb'nued...
DAVID HENRY WARING HOME TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 INVESTMENT INCOME 2025 2024 Rents retsived Dividend income Deposit account interest Curr asset inv income 27,567 28,996 27 4.062 11,532 2,224 734 2,777 60,6S2 17,267 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2025 nor for thè year ended 31 March 2024. Trustees. expenses There were no trustees, expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. STAFF COSTS The average monthly numtEr ol employees during the year was as follows.. 2025 2024 Administration No employees received emoluments in exTrss of £60,000. COMPARA TIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted funds Total fijnds INCOME AND ENDOWMENTS FROM Charitable activities Weekly mainlenan¢e charges 49.977 49,977 Investment income 17,267 17,267 Totsl 87,244 67.244 EXPENDITURE ON Charitable actlvities Charitsble Acb'vities 127.019 127,019 Other 9.856 9,856 Total 136.875 138,875 Net gains on investrnents 3.845 3,845 NET INCOMEI(EXPENDITUREI Transfers between funds 169,6311 65,027 3,845 165,0271 165.7861 Net movement in funds 14,6041 161,182) {65,7861 RECONCILIATION OF FUNDS Total funds brought forward 15,0911 2,984,056 2.978.*5 TOTAL FUNDS CARRIED FORWARD 19,6951 2.922.874 2,913,179 Page 10 conb'nued...
DAVID HENRY WARING HOME TRUST NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 TANGIBLE FIXED ASSETS Fixtures arid fittings Frhold propety Plant and machinery Totals COST At 1 Apfil 2024 and 31 March 2025 2,420,000 5,681 24.721 2,450,402 DEPRECIATION At 1 April 2024 Charge for year 4,g33 22.199 1,670 27,132 2,064 At 31 Mar¢h 2025 5,327 23,869 29.196 NET BOOKVALUE At 31 Marth 2025 2,420,000 354 852 2,421,206 At 31 March 2024 2,420,000 748 2,522 2,423,270 There would be no potential tax liability if the properties were sold at current market value provided the gains were applied for charitable purposes. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE Al 1 April 2024 Disposals Revaluations 189.958 1188,0001 3,882 At 31 March 2025 5.840 NET BOOK VALUE At 31 March 2025 5,840 Al 31 March 2024 189,958 The were no investment assets outside the UK. Cost or valuation at 31 March 2025 is represented by.. Listed investments Valuation in 2025 5,840 This represents a portfolio of investments held with Blad(Rock. DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade debtors Rebuild pre-spend Prepayments and accrued income 114 524.033 3.090 355 507,119 4,677 527,237 512.151 Page11 conb'nued..
DAVID HENRY WARING HOME TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 CURRENT ASSET INVESTMENTS 2025 2024 Invesiment fund 82.844 78.788 This represents a po0110 of investrnents held with CCLA. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 10. 2025 2024 Trade creditors Taxats"on and social secunty Other credito 1,925 15,660 90 278,781 175,972 177,987 294,531 11. MOVEMENT IN FUNDS Net movement in funds Transfers belween fijnds Al 31.3.25 Al 1.4.24 Unrestrictsd funds Revenue (9,695) 117.4731 57,531 30,363 Restrlctèd funds Frxed Asset 2,922,874 3,882 (57,5311 2,869,225 TOTAL FUNDS 2,913,179 113,591} 2,899,588 Net rnovement in funds, included in the above are as follows.. Incoming resources Resour05 expended Gains and 1055es Movement in fvnds Unrestrfctsd funds Revenue 114.899 1132,3721 117.4731 Restricted funds Fixed Asset 3,882 3.882 TOTAL FUNDS 114,899 1132,3721 3,882 113,5911 Comparatlves for movement in funds Nel movement in fijnds Transfers beeen funds At 31.3.24 Al 14.23 Unrestricted funds Revenue {5,091 } 169,6311 65,027 (9,6951 Restrfcted funds Fixed Asset 2.984,056 3,845 (65,0271 2,922.874 TOTAL FUNDS 2,978.5 165.7861 2,913,179 Page 12 continued...
DAVID HENRY WARING HOME TRUST NOTES TO THE FINANCIAL STATEMENTS- ¢ontinued FOR THE YEAR ENDED 31 MARCH 2025 11. MOVEMENT IN FUNDS- continued Comparab've net movement in ftjnds, included in the above are as follows". Incoming resources Resources expended Gains and losses Movement in fijnds Unrestricted funds Revenue 67.244 1136,8751 (69.6311 Restri¢tsd funds Fixed Asset 3,845 3.845 TOTAL FUNDS 67,244 1136,8751 3,845 {65,7861 12. RELATED PARTY DISCLOSURES Induded in Other Creditors is a loan of £163,491 12024 £272,g911 from a chanty with the same Cofporale Trustee. The loan is considered as repayable on demand. Page 13
DAVID HENRY WARING HOME TRUST DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 INCOME AND ENDOWMENTS Investment income Rents received Dividend income Deposit account interest Curr assel inv income 27,567 28,996 27 4,062 11.532 2,224 734 2,777 60,652 17,267 Charftable activities Weekly maintenance charges 54,247 49,977 Total Incoming resources 114.899 67,244 EXPENDITURE Charitable activi09 Staff costs Repairs and maintenance Grounds maintenance Heating and lighting Council tax and water InSUranS Telephone etc Other expenses Accountsncy Bank charges Plant & machinery depreciation Fixtures & fittings depreciation Decant expenses 22.041 21.397 10,174 12,350 12.558 3.224 311 1,240 7,012 26.382 25,253 35,555 22,389 2,883 1.843 6,961 3,245 60 394 1,670 394 1.670 8,093 100,524 127.019 Other Professional fees 31,848 9,856 Total resources expended 132,372 136,875 Net expendlture 117,4731 169,6311 This page does not fom part of the stslutory finanoal statements Page 14