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2023-03-31-accounts

Charity number 209978 Company number 183397

THE CREMATION SOCIETY OF GREAT BRITAIN

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2023

THE CREMATION SOCIETY OF GREAT BRITAIN

CONTENTS

Page
General information 1
Report of the Council 2-14
Independent Auditor's Report 15-17
Consolidated Statement of Financial Activities 18
Entity Statement of Financial Activities 19
Consolidated Balance Sheet 20
Consolidated Cash Flow Statement 21
Notes To The Accounts 22-35
The following pages do not form part of the statutory financial statements;
The Cremation Society of Great Britain
Statement of Financial Activities 37
Balance Sheet 38
Schedule of income 39
Schedule of expenditure 40-41
Schedule of investments 42

THE CREMATION SOCIETY OF GREAT BRITAIN

REPORT OF THE COUNCIL

1. GENERAL INFORMATION

The Cremation Society is a registered charity, not conducted for profit, and was originally founded in 1874 by Sir Henry Thompson, Bart. The Society was incorporated in 1922 under the Companies Act as a company limited by guarantee, and without a share capital.

Honorary President

Lord de Mauley

Vice Presidents

Ulf Lagerstrӧm, LLM The Reverend Professor Douglas J Davies FBA

Honorary Treasurer

R D Clarke

Council

Lord de Mauley (Honorary President) Professor H J Grainger OBE (Chair) C F Rickman (Vice-Chair) R D Clarke Professor H A Conway Right Revd C R J Foster D A Kerslake A Mallalieu (died 26 January 2023)

Executive Officer & Secretary

W Buchan

Registered Office

Brecon House, Albion Place, Maidstone, Kent ME14 5DZ Telephone: 01622 688292 Email: info@cremation.org.uk Website: www.cremation.org.uk

Auditors

Begbies Unit 14 Park Barn Evegate Business Park Smeeth Ashford TN25 6SX

Solicitors

Geldards LLP Dumfries House Dumfries Place Cardiff CF10 3ZF

Bankers

National Westminster Bank plc Regent Street London

Registrations

Charity registered number 209978 Company registered number 183397

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THE CREMATION SOCIETY OF GREAT BRITAIN

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2. OBJECTIVES AND ACTIVITIES

The Society was founded in 1874 by Sir Henry Thompson, Bart to promote a more sanitary, reverent and inexpensive method of disposing of the dead. The Society’s current charitable objectives are:

Objectives

Strategies

Trustees have had due regard to the Charity Commission’s public benefit guidance when exercising any powers or duties to which the guidance is relevant.

Council members undertake a review of the Society’s strategy every three years to ensure the Society’s objectives are being met and to ensure that the Society’s activities remain relevant and aligned to its objectives. Under its current strategic plan, the Society will concentrate on three keys areas:

The Society looks to achieve its current charitable aims and strategic objectives through:

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THE CREMATION SOCIETY OF GREAT BRITAIN

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Future Aims

Looking ahead the Society plans to:

3. ACTIVITIES AND PERFORMANCE

a. External Representation

The Society is represented by its Council members or its Executive Officer on a number of external groups, which enable the Society to pursue its charitable objectives. These include:

Deceased Management Advisory Group (DMAG)

DMAG was formed in March 2020 when the government met with representative bodies from the death care sector regarding the COVID-19 outbreak. The Group is formed of representatives from the National Association of Funeral Directors (NAFD), National Society of Allied and Independent Funeral Directors (SAIF), Institute of Cemetery and Crematorium Management (ICCM), Federation of Burial and Cremation Authorities (FBCA), Funeral Suppliers’ Association (FSA), Association of Private Crematoria and Cemeteries (APCC) and the Cremation Society.

The Group continues to meet on a monthly basis, continuing to work with Government representatives on many sector-wide issues including: the ongoing implementation of the Medical Examiner system; the review of the Process Guidance Notes for crematoria, the campaign for the re-use of graves, winter contingency

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planning, the Law Commission’s project on the law surrounding the care of the deceased, and the impact of the CMA’s Funerals Market Investigation Order.

The Group submitted an application to be included as part of the COVID-19 inquiry and intends to feed into the inquiry in its later modules.

All-Party Parliamentary Group for Funerals and Bereavement (APPG)

The Society, along with DMAG colleagues, funds the secretariat of the APPG for Funerals and Bereavement.

The Group has discussed many challenges facing the sector which have included the rise in energy costs and the possible impact of energy shortages; the campaign for the re-use of graves; the introduction of a Private Member’s Bill dealing with the regulation of privately-owned burial grounds; and the issues arising from the ongoing implementation of the Medical Examiner system in England and Wales.

An in-person APPG meeting was held in Westminster to discuss the Law Commission’s project which will look at the laws surrounding the care of the deceased and contributions were made from the Society as well as many of the leading funeral organisations.

Lord de Mauley is a Parliamentary officer of the APPG; Wendy Buchan and various Council members represent the Society at APPG meetings.

– Environment Agency Process Guidance Notes Technical Working Group

A Technical Working Group was established by the Environment Agency in July 2021 to consider the revision of the current Process Guidance Notes 5/2(12) for crematoria. The Society has contributed to the work of the Group and the preparation of the revised Guidance, which is expected to be presented by Defra for public consultation by the end of 2023.

Law Commission Project: Burial, Cremation, and New Funerary Techniques

In December 2022, the Law Commission launched its project looking at the current law governing burial and cremation and investigating what legislation may be required for new funerary techniques. The Society has met with the Law Commission team to outline the key areas that it believes should be covered by the project. The Society will continue to work with and assist the team as it looks to modernise the current legislation to ensure it is future-proof and fit for current purposes.

Burial and Cremation Advisory Group (BCAG)

The activities of BCAG were stalled during the COVID-19 pandemic but meetings chaired by the Ministry of Justice have been resumed and the Society is represented by Wendy Buchan. The Group discusses issues affecting the burial and cremation sector and recent topics of discussion have included the Law Commission’s project on modernising the law around funerary methods, updates on death certification legislation and the potential impact of the non-removal of medical implants on crematoria.

Crematoria Abatement of Mercury Emissions Organisation (CAMEO)

As part of its commitment to its environmental responsibilities, the Society continues to work with its FBCA colleagues in the ongoing provision of the CAMEO scheme, with Professor Hilary Grainger representing the Society, as one of the CAMEO directors. 77% of cremations carried out in the UK were fully abated in 2022, with 83% of crematoria participating in the CAMEO scheme. It is intended that CAMEO Limited will continue to operate to carry through the successful Burden-Sharing Scheme for Mercury Emission Reduction.

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Council of British Funeral Services (CBFS)

The Council of British Funeral Services is a forum of representatives from across the death care sector, providing an opportunity for every organisation to discuss issues facing the sector and update on their current work. More recent discussions have included the subject of alternative funerary methods. Wendy Buchan represents the Society on the Council.

Churches’ Funerals Group

The Society is represented on the Churches’ Funeral Group (CFG) by Debbie Kerslake. The CFG is chaired by the Right Reverend Christopher Foster, formerly Bishop of Portsmouth, who is also on the Council of the Cremation Society. The CFG was formed in 1982 by the mainstream churches in England and Wales, as an advisory group to co-ordinate policy relating to the pastoral and administrative aspects of funeral services at cemeteries and crematoria, and to represent the Churches in negotiations and discussions with central Government, local authorities and other organisations connected with funerals and the care of bereaved people. The group consists of representatives from the largest Christian denominations along with representatives of funeral directors (the NAFD and SAIF); burial and cremation authorities (the ICCM) and Quaker Social Action.

The year saw the group develop a submission to the Law Commission’s scoping exercise on its project looking at the ‘Disposal of the Dead’. The group has also continued to discuss key developments, including the rise of direct cremation and the implications of this for those bereaved and new methods of disposal, in particular alkaline hydrolysis. It was good to welcome Professor Douglas Davies, the Director of the Centre for Death-Life Studies, Professor in the Study of Religion, at Durham University and Vice-President of The Cremation Society, to speak to the group about the theological and liturgical issues surrounding the disposal of human bodies, and in particular related to alkaline hydrolysis.

The group receives regular reports relating to BCAG, CBFS, Byw Nawr (Living Now), Life Events and Dying Matters

the CBCE conference.

International Collaboration

International Cremation Federation

The ICF was established in 1937 to ‘promote the practice of cremation to the highest standard’. The Society’s Chair, Professor Hilary Grainger OBE was appointed as Vice-President at the ICF’s General Council meeting that was held in Panama City in September 2022. Council member Professor Heather Conway also sits on the ICF’s Legal sub-committee.

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European Cremation Network

The Society was invited to present on its history and current work, to delegates at the European Cremation Network’s annual conference near Heathrow. The conference covered a range of topical subjects including the debate surrounding gas versus electric cremators, digitalisation, sustainability and new developments affecting the cremation sector.

The Society provided the country report for Great Britain and delegates also took part in a field trip to Woking Crematorium, being the UK’s first crematorium established by the Society.

European colleagues

The Society’s Chair and Executive Officer were invited to visit a number of crematoria in Belgium, to discuss the challenges faced by Belgian colleagues and their approach to limiting the environmental impact of cremation, as well as the development of best practices. The crematoria visited were of particular architectural importance and an article on this visit will be published in Pharos International.

Public and Sector Education

o Educational Events

Cremation and Burial Communication and Education (2023)

The Cremation Society worked again with colleagues at the FBCA in co-hosting CBCE, an annual educational conference aimed at the burial and cremation sector. CBCE 2023 was held at the Hilton, Ageas Bowl, Southampton from 26 to 28 June 2023. The conference includes an extensive exhibition of trade representatives covering products and service available to the funeral sector.

Keynote speakers including representatives from the Ministry of Justice, Robert Swanson QPM (Scottish Government Senior Inspector of Burial, Cremation and Funeral Directors), Professor Nick Hopkins (Law Commissioner), as well as other highly respected speakers from across the sector presented papers covering issues including the re-use of graves, crematorium architecture, climate change, the history of electric cremators and faith in funerals. The speakers’ papers will be published in future issues of the Society’s Pharos International publication, where permission allows.

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The conference also provided delegates with an opportunity to attend two additional workshops: A ‘Women in Business’ networking meeting and a ‘Pacemakers: should we remove?’ breakfast networking meeting. This provided delegates with the opportunity to share knowledge and experiences from working within the cremation and bereavement sector. The programme also incorporated a visit to Test Valley Crematorium.

The Society funded a bursary, awarded to Tsz On Chan of Durham University, who is currently studying the impact of the Society’s work on the development of cremation in Hong Kong.

Cross-organisation projects

The Cremation Society welcomes the opportunity to work collaboratively with other organisations within the funeral sector and is pleased to support the FBCA with its series of Environmental Seminars, which aim to provide cremation sector organisations with an understanding of how their environment impact can be reduced.

The Society has also been part of a cross-organisation discussion group looking at the current Public Health Funeral provision in England and Wales, and how this impacts on bereaved people. The group is exploring possible research projects to provide qualitative and quantitative data which would be used to feed into a potential campaign to see the current Government guidance improved and applied more consistently across the sector.

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Lectures

Professor Grainger represented the Society in giving a lecture on ‘The Victorian & Edwardian Architectural Expression of Cremation: Lawnswood Crematorium in its Cultural Context', as part of a series of lectures by The West Yorkshire Victorian Society. Professor Grainger also presented the country report for the United Kingdom at the International Cremation Federation General Council Meeting in Panama City.

o Publications

As part of its environmental awareness, it is the intention that all of the regular publications produced by the Society will be made available in digital format. The publications produced by the Society are either available to purchase or download from the Society’s website:

 Pharos International

Founded in 1934, Pharos International is the official journal of the Cremation Society and the International Cremation Federation. Since July 2019 an additional dedicated annual statistics issue has been published. Contents include news articles on crematoria development and planning updates, environmental features, Government news, and articles covering a wide spectrum of subjects relating to the cremation sector.

 Directory of Crematoria

The Society’s annual Directory of Crematoria is the definitive publication of its kind with 250 copies printed annually and used widely across the funeral sector. The Directory includes detailed information on crematoria across the British Isles, as well as information on building costs, facts and figures including the table of cremations. The Directory is an essential resource and will be made available for the first time in digital format in 2023.

Other publications include ‘Questions People Ask about Cremation’ and ‘Catholics and Cremation’ , both of which are available as a free download from the Society’s website.

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Online

The Society provides a comprehensive website as well as a free monthly e-newsletter. Social media channels are also used to provide news updates and communications affecting the cremation sector, in real time.

The Society’s website can be accessed at www.cremation.org.uk and provides a wealth of information including data on the progress of cremation since 1885, national and international cremation statistics, cremation numbers by county, links to cremation forms and guidance, cremation fee information from all crematoria across the British Isles, as well as information on the history of modern cremation.

The Society’s monthly e-news review is free-to-view and can be subscribed to via the Society’s website. It is currently circulated to over 1700 recipients worldwide, providing news updates from across the cremation sector. As well as communicating news via the e-newsletter, public and sector engagement also takes place via the Society’s social media pages on X (formerly Twitter) and LinkedIn.

Statistics

The Society collects annual data from all crematoria across the British Isles including information on cremation numbers, cremation fees, the provision of facilities/services by crematoria. Both national and international cremation numbers are published on the Society’s website. This information is also published in the dedicated statistics issue of Pharos International which is used extensively by individuals and organisations from across the funeral profession.

The Society’s Council would like to record its thanks to all who provide this information enabling the sector to be fully informed of cremation trends and data.

Public and Sector Engagement

 Enquiries

The Society provides free advice to members of the public and funeral sector colleagues – enquiries regularly feature questions of entitlement to ashes, the non-notification of the cremation of a family member, or how to deal with unclaimed ashes. All enquiries are recorded in a log and have been used to feed into the Law Commission’s scoping phase of their project which will look at modernising the law surrounding burial and cremation (and other funerary methods). The Society often works with fellow organisations to try to ensure any concerns or queries are resolved as quickly as possible.

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 Archives

The Society’s Archives are stored at the University of Durham’s Palace Green Library (Special Collections Section). Details of the collection can be found via the Society’s website at www.cremation.org.uk/archives.

Sector engagement

The Society has supported other organisations within the death care sector in attending a number of events. These have included attending dedication services and official opening services for new crematoria at Waseley Hills, Aylesbury Vale, Lelley Fields, Maple Park, and New Forest; attending the ICCM Learning Convention, whilst also attending a number of sector organisations’ conference banquets.

Research

The Society has funded and received a research report, ‘British Crematorium Managers and Covid-19’, by Professor Douglas Davies and Georgina Robinson of Durham University. The research addressed the impact on crematorium staff, of the provision of cremation services throughout the Covid-19 pandemic. The research report will be lodged with the Society’s Archives at Durham University.

4. FINANCIAL REVIEW

The Group results for the year are shown in the consolidated summary income and expenditure account and the consolidated statement of financial activities. The net surplus in funds of the Group for the year was £754,280 as compared with a surplus of £183,337 for the previous year.

Brecon House

The property provides a significant income for the Society. The second and third floors are now occupied, with the ground floor currently vacant. The commercial rental property market is experiencing a period of stagnation as a result of general uncertainty in the property market. The property is kept under review and the current intention is to re-let the ground floor as soon as the market improves.

Messrs Watson Day, Chartered surveyors, act as the Society’s property managers advising the Society on all aspects of its responsibilities.

The Society engaged a third party to undertake an environment assessment of the property and is instigating a number of recommendations made.

Investments

The Society’s investment portfolio is managed by Sarasin & Partners. A formal review presentation is made to the Council at least once during the year by the Investment Fund Manager. The latest presentation was given at the Council Meeting held on 19 July 2023. The income from the portfolio’s endowment fund continues to be monitored and distributions will be adjusted if that becomes necessary.

Subsidiary company - The London Cremation Company plc

The charity is the major shareholder in The London Cremation Company plc, a company registered in England, which owns and operates crematoria at Golders Green and St. Marylebone in London, Woking St. John’s in Surrey, Banbury in North Oxfordshire and the Garden of England (Sittingbourne) and Thames View (Gravesend) both situated in Kent.

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During the year under review the Company’s profit before taxation amounted to £1,356,195. In the previous year the profit before taxation amounted to £590,225. The Company carried out 8,820 cremations during the year, an increase of 405 (5%) on the previous year.

Market value of subsidiary’s freehold and leasehold land and buildings

In the opinion of the Directors of The London Cremation Company plc, the market value of the freehold and leasehold land and buildings of the subsidiary is considerably in excess of the net book value of £9,612,077. In the absence of a professional valuation of all the properties the Society’s Council is unable to quantify that excess.

Reserves policy

The charity has adequate reserves to sustain its activities of educating the public and developing best practice in the disposal of the bodies of dead persons. The Trustees aim to keep the income and expenditure of the charity before revaluations in balance; the net deficit for the last year was £35,000 compared with a net surplus of £76,931 in the previous year.

FUTURE PLANS

The Society’s ongoing plans include:-

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5. STRUCTURE, GOVERNANCE AND MANAGEMENT

Structure

The Society is a registered charity and a company limited by guarantee. It is governed by its Memorandum and Articles of Association dated 26 July 1922 as amended on 14 October 2004, 17June 2008 and 10 October 2018.

Governance

The Society’s Council currently comprises of seven members whose skills and knowledge cover a wide range of aspects of the cremation, funeral and bereavement sectors. Appointments to the Council are on the basis of need identified by Council members and the Council acknowledges the need for diversification in its appointments. Council members serve for a term of three years after which they are eligible for re-election. The Council meets five times each year with the majority of meetings being held online, to reduce the Council’s environmental impact, but in-person whenever there is a need.

The Society’s Council was saddened by the sudden death of Council member, Andrew Mallalieu on 26 January 2023. Andrew served as a Council member from 2018 up until his death and brought an invaluable depth of specialist knowledge of the incineration and cremation process, as well as high level of professionalism to the Council. Andrew represented the Society on the International Cremation Federation’s technical sub-committee and was part of the Environment Agency’s Technical Working Group.

To ensure that the Council is fulfilling its statutory duties and responsibilities, Council Members and the Executive Officer have the opportunity to attend appropriate trustee training courses and are regularly updated on regulation and statutory changes.

Officers and Council

The Directors of the Society (who are unpaid and known as Members of the Council) who served during the year were as follows:-

Lord de Mauley (Honorary President) Professor H J Grainger OBE (Chair) C F Rickman (Vice-Chair) R D Clarke Professor H A Conway Right Revd C R J Foster D A Kerslake A Mallalieu (died 26 January 2023)

The undermentioned members of the Council were also Directors of the Society’s subsidiary, The London Cremation Company plc, from which they received total emoluments of £33,026 during the year ended 31st March 2023 (2022: £69,250).

Lord de Mauley Professor H J Grainger OBE

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The day-to-day operations of the charity are delegated to Wendy Buchan (Executive Officer & Secretary) and her team based in Brecon House. The Council offers warm thanks for the team’s enthusiastic work and commitment.

All staff undertake regular online training covering data protection, first aid and fire safety, office safety, cyber security, and equality and diversity. An external HR consultancy service is engaged in order to provide ongoing HR support.

The Council’s remuneration sub-committee reviews staff remuneration on an annual basis.

Risk Management

The Council regularly reviews the major risks to which the Society may be exposed with regard to its practical operations. During the period under review the Council commenced a comprehensive risk assessment exercise identifying the likelihood of any occurrence, the severity of its impact and any mitigating factors that should be taken into account. This exercise is being implemented on an on-going basis and is reviewed regularly in order to maintain an up-to-date Risk Register. The Society maintains Directors and Officers Liability Insurance cover for all of its Council Members and the Executive Officer. Periodic fire risk and health and safety assessments are carried out for both the 1[st] floor offices occupied by the Society’s office team, as well as the common areas of Brecon House.

6. STATEMENT OF COUNCIL MEMBERS’ RESPONSIBILITIES

Company law requires Council Members to prepare financial statements for each financial year which give a true and fair account of the financial status of the Society and of the group and of the net income or expense of the Society and the group for that period. In preparing those financial statements we are required to:

The Council is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Society and enable it to ensure that the financial statements comply with the Companies Act. The Council is also responsible for safeguarding the assets of the Society and for taking reasonable steps for the prevention and detection of fraud and other irregularities. We are required to issue consolidated accounts of the Society and its subsidiary.

7. STATEMENT OF DISCLOSURE TO THE AUDITORS

So far as the Council is aware, there is no relevant audit information of which the group’s auditors are unaware. Additionally, Council Members have taken all the necessary steps required of them as Directors in order to make themselves aware of all relevant audit information and to establish that the group’s auditors are aware of that information.

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THE CREMATION SOCIETY OF GREAT BRITAIN REPORT OF THE COUNCIL 8. APPOINTMENT OF AUDITORS A resolution will be subrnitled to the forthcoming Annual General Meeting that Messrs Begbies, Chartered Accountants, be re-appointed Auditors of the Society. BY ORDER OF THE COUNCIL Professor Hilary J. Grainger OBE Chair 22 November 2023 Page 14

THE CREMATION SOCIETY OF GREAT BRITAIN

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE CREMATION SOCIETY OF GREAT BRITAIN FOR THE YEAR ENDED 31 MARCH 2023

Opinion

We have audited the financial statements of the Cremation Society of Great Britain (the 'charitable company') for the year ended 31 March 2023 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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THE CREMATION SOCIETY OF GREAT BRITAIN

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE CREMATION SOCIETY OF GREAT BRITAIN FOR THE YEAR ENDED 31 MARCH 2023

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities set out in the trustees' annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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THE CREMATIOF4 SOCIETY OF GREAT BRITAIN INDEPENDENT AUDITOR'S REPORT TO THEI LVIEMBERS AND TRUSTEI ES OF THI CRfi.MATIOTrI SOCIETY OF GREAT BRITAIN FOR I'HE YEAR LNJ)ED 31 LIL4RCH 2023 Agreeinent of the fInancial ststement disclosures to undei'lying supporting docun)entation' Enquiries and ¢onfirmatioii of managemeiit and the trustees as to their identification of any non-¢0￿p1lartCe with laws or regulations, or any actual or potential claims., Review of miiiutes of Boai'd meetiiigs thi'oughout the period. Incorporating unpredictability ii)to the nature, tiining andlor extent of testiiig. Evaluation of the selection and application of the accounting policies chosen by tlie charity. In relation to the risk of management ovei'i'ide of intei'nal controls, by undertaliing procedures to review journal entries and evaluating whethei. tliere was evidence of bias that represented a risk of niaierial i)iisstateinent due to fi'aiid,. and We assessed the susceptibility of tlie chai'ity's fInancial statemeiits to material JiiisstateJnenL ineluding how fraud niight occur by Coilsider￿n8 the key risks inipactiiig the financial stateiiients. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising thai the Tisk of not detectiiig a material iiiisstateinent due to fraud is highei. thai) the risk of not detectii)g one resulting from e￿or, as fiaud Inay involve delibe12te concealment by, foi. example, foigeiy, misrepresentations oi. through collusioll. There are inherent limitations in the audit procedures perfoi'med aiid the fuither removed non-compliance with laws and regulations is from the events and ti'ansactions reflected in the financial stateinents, tlie less likely we are to become aware of A fLJrther description of our i'esponsibilities is available on the Financial Reporting Council's website at.. https'.Ilwww.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is Jnade solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's n)embers those matters we al'e requiied to state to them iii an auditor's report and for no othei. piirpose. To the fullest extent pei'mitted by law, we do not accept or assuime I'esponsibiliiy to anyone oihei. than the charitable company and the chai'itable company's members as a body. for our audit work, for this report, or for tlie opinion5 we have foi'med. Daijiel Valentine ACA Senior Statutory Auditor For and on behalf of Begbies Chartered Accountaiits aiid Statutoiy Auditors Unit 14 Park Barn, Evcgate Business Park Snieetli Ashfoi'd TN25 6SX 20&1 Page 17

THE CREMATION SOCIETY OF GREAT BRITAIN CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Notes
Income from:
Donations
Charitable activities
4
Other trading activities
5
Investments
6
Total income
Expenditure on:
Raising funds
- Other trading activities
7
- Investment management fees
7
Charitable activities
8
Other expenditure
- Taxation
15
- Preference dividends paid to minority
shareholders
Total expenditure
Net (losses)/gains on investment assets
Net income
Attributable to minority interest
Transfers
Transfers between funds
Net movement in funds
Reconciliation of Funds
Total Funds at 1 April 2022
Total Funds at 31 March 2023		 2023
Unrestricted
Funds
£
-
38,724
8,736,015
141,037
8,915,776
7,402,289
56,670
191,263
270,702
7,025
7,927,949
(64,395)
923,432
(169,152)
-
754,280
11,335,311
12,089,591		 Unrestricted
Funds
£
-
41,485
7,760,941
83,622
7,886,048
7,151,453
50,224
186,414
303,553
5,854
7,697,498
39,459
228,009
(44,672)
-
183,337
11,151,974
11,335,311
2022

The Statement of Financial Activities includes all gains and losses recognised during the year.

All income and expenditure derive from continuing activities.

The Notes to the Accounts form part of the Financial Statements

Page 18

THE CREMATION SOCIETY OF GREAT BRITAIN SOCIETY ONLY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

Income from:
Donations
Charitable activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income before investment gains
Net (losses)/gains on investment assets
Realised
Unrealised
Net income
Transfers
Transfers between funds
Net movement in funds
Reconciliation of Funds
Total Funds at 1 April 2022
Total Funds at 31 March 2023		 Total
2023
£
2,500
38,724
236,104
277,328
56,670
191,263
247,933
29,395
-
(64,395)
(64,395)
(35,000)
-
(35,000)
2,863,860
2,828,860		 Total
2022
£
2,500
41,485
230,125
274,110
50,223
186,415
236,638
37,472
-
39,459
39,459
76,931
-
76,931
2,786,929
2,863,860

Page 19

THE CRELVIATION SOCIETY OF GREAT BRITAIN CONSOLIDATED BALANCE SHEII T AT 3J MARCH 2023 Gi'oup Soeitty Notes 2023 2022 2023 2022 Fixed assets Tangible assets Intangible assets Investiiients 16 13,550,678 17,285 ,817,741 13,159,486 36,802 1.930,621 580,750 528.814 18 2,066,094 2,178,974 15.385,704 15,126,909 2,646,844 2,707.788 Current assets Stocks Debtors Short temi deposits Cash at banlc and hand 20 21 17J52 1,749,113 4,001,288 2,159,073 16,841 1,277,720 34,435 32,704 5,740,967 227,696 178,958 7,926,826 7,035,528 262,131 211.662 Creditors: amounts f211ing dlle within one ye2r 22 {2,126,203) 5,800,623 2,204,497 (74,1151 (42.884 168,778 Net Current assets 4,831,031 188,016 Total assets less eurrent liabilities 21,186,327 19.957,940 2,834,860 2,876,566 Creditors: amounts fallÉng due aftei. more than one year 23 16,358,892) {6,158,6631 Provision for liabilities and charges 25 (1,001,721 {873,540) {6,000) (12,706 Net assets 13,825,714 12,925,737 2,828,860 2,863,860 The funds of the charity Unrestricted fvnds General fund Designated funds 26 26 11,503,333 586,258 10,797,493 537,818 ,994,249 834,611 2,077,689 786.171 Total Charity funds 12,089,591 2,828,860 2,863,860 Mii)ority interest 1,736,123 1,590,426 13,825,714 12,925,737 2,828,860 2.863,860 Approved by the CoutLciI signed on 22 November 2023 on tlieir behalf by.. Professnr Hilary J. Graiiiger OBE The Notes to the Accounts form part of the Finaiicial Stateineiits Pag¢ 20

THE CREMATION SOCIETY OF GREAT BRITAIN CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Cash flows from operating activities
Net income for the year (as per the Statement of Financial Activities)
Adjustments for:
Depreciation
Amortisation
(Gains)/losses on sale of tangible fixed assets
(Gains)/losses on revaluation of tangible fixed assets
(Gains) /losses on investments
Dividends, interest and rents from investments
Interest paid
Taxation charge
Decrease/(increase) in stocks
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Corporation tax paid
Net cash generated from operating activities
Cash flow from investing activities
Dividends, interest and rents from investments
Payments to acquire tangible fixed assets
Payments to acquire intangible fixed assets
Payments to acquire fixed asset investments
Payments to acquire short term investments
Proceeds from sale of tangible fixed assets
Net cash used in investing activities
Cash flow from financing activities
Repayment of loans
Issuing of preference shares
Equity dividends paid to minority
Interest paid
Net cash used in financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 1 April 2022
Cash and cash equivalents at 31 March 2023
Cash and cash equivalents at the year end comprise:
Cash at bank and in hand
Cash at brokers		 2023
£
923,432
643,130
20,505
55,925
(50,000)
114,395
(141,037)
156,652
270,702
(511)
(471,393)
327,184
(87,945)
1,761,039
141,037
(1,069,568)
(988)
-
(4,001,288)
29,321
(4,901,486)
(265,545)
2,393
(20,128)
(156,652)
(439,932)
(3,580,379)
5,779,367
2,198,988
2,159,073
39,915
2,198,988		 2022
£
228,009
640,383
43,053
30,535
-
(39,459)
(83,622)
166,898
303,553
(4,157)
42,968
340,830
(266,761)
1,402,230
83,622
(309,660)
(6,924)
(46)
-
13,221
(219,787)
(275,607)
-
(23,298)
(166,898)
(465,803)
716,640
5,062,727
5,779,367
5,740,967
38,400
5,779,367

Page 21

THE CREMATION SOCIETY OF GREAT BRITAIN NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

1 ACCOUNTING POLICIES

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

a) General information and basis of preparation

The Cremation Society of Great Britain ('Society') is a charity incorporated and registered in the United Kingdom as a private company limited by guarantee without share capital. The address of the registered office is given in the information on page 2. The nature of the Society's operations and principal activities are to promote the practice of cremation for the respectful disposal of bodies of dead persons; to advance public education in the practice and ethics of cremation and to investigate methods of disposing of the bodies of dead persons which appear to the Society to be superior to cremation and, if the Society thinks fit, to promote such methods and advance public education in their practice and ethics either instead of or in addition to cremation.

The financial statements are prepared on a going concern basis as the members believe that no material uncertainties exist. The expected income and expenditure, together with the level of reserves, is sufficient for the Society to be able to continue as a going concern. The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling and rounded to the nearest pound.

b) Statement of Recommended Practice

The Society constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015.

c) Format of financial statements

In accordance with Paragraph 3(3) of Schedule 4 of the Companies Act certain amendments to the standard layout of the Society's financial statements have been made. These amendments relate to the wording used in the financial statements and have no effect on the net income or expenditure for the financial year. These changes are made to enable the financial statements to show a true and fair view in light of the special nature of its activities and charitable status.

d) Group financial statements

These financial statements consolidate the results of the Society and its subsidiary, The London Cremation Company Plc on a line by line basis. A separate Statement of Financial Activities is also presented for the Society itself because in the trustees' view this is fundamental to understanding the financial position of the Society.

e) Intangible fixed assets

Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. No amortisation is provided in respect of these assets until they are brought into use.

Computer software and website - 10 years straight line

f) Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Society adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Society. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the Statement of Financial Activities during the period in which they are incurred.

Page 22

THE CREMATION SOCIETY OF GREAT BRITAIN NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their estimated useful lives on the following bases:

Furniture, fittings and equipment 10%
Buildings - freehold 1%
- leasehold 2%
Plant & machinery - furnaces 5%
- other 20%
Fixtures and fittings - memorials 2%
- other 10%
Motor vehicles 25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Financial Activities.

No depreciation is provided in respect of land, or other fixed assets until they are brought into use

At each reporting period end date, the Society reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Society estimates the recoverable amount of the cash generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

g) Freehold land and buildings

The Society owns the office block from which it operates. As a significant proportion of the building is let on commercial leases the property is treated as an investment property and included at estimated market value.

h) Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment is recognised immediately in the Statement of Financial Activities.

i) Fixed asset investments

Investments are included in the financial statements at market value, except for the Society's investment in the subsidiary company, which is shown at cost.

For unlisted investments, the Council's valuation is based on the last known transactions in the shares prior to 31 March 2023.

j) Estimated liability for cremation fees

Claims on membership certificates during the year are charged to the Statement of Financial Activities. The estimated liability on outstanding certificates is considered on the basis of information extracted from the Society's membership records and taking into account the incidence of claims over the years but the precise number of future claims cannot be accurately determined.

k) Subsidiary company activities

The turnover of The London Cremation Company Plc is included in income from other trading activities.

Page 23

THE CREMATION SOCIETY OF GREAT BRITAIN NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

l) Income

Income from trading activities is recognised as the related goods and services are provided.

Rent and other investment income is recognised on a receivable basis.

Income from charitable activities is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.

Credit for income from new memorials is taken partly in the year of sale with the remainder apportioned over the period of dedication; income from memorial renewals is recognised over the period of re-dedication. The directors of the subsidiary company are of the opinion that the subsidiary's activities constitute one class of business and therefore that segregated analysis is not appropriate.

Revenue is recognised to the extent that is probable that the economic benefits will flow to the Society and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, VAT and other sales taxes.

m) Expenditure

Expenditure is provided for an accruals basis.

Costs of raising funds are those costs incurred in attracting voluntary income and those costs incurred in trading activities that raise funds and include the direct and indirect costs of the subsidiary.

Expenditure on charitable activities includes expenditure associated with the promotion of cremation and direct and indirect costs and support costs relating to those activities.

Support costs have been allocated to activity cost categories on the basis of the time spent by the staff involved or by their usage.

Irrecoverable VAT is charged against the category of expenditure for which it was incurred.

n) Pensions

The Society operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which fixed contributions are paid into a separate entity. Once the contributions have been paid, there are no further payment obligations.

The contributions are recognised as an expense in the Statement of Financial Activities when they fall due. Amounts not paid are included in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Society in independently administered funds.

o) Taxation

The Society is registered as a charity under the Charities Act 1960 and is therefore exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges arise in the Society.

The subsidiary company is liable to corporation tax and the charge for the year includes current and deferred taxation. The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantially enacted by the reporting date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the subsidiary has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

p) Dividends

The subsidiary's equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Page 24

THE CREMATION SOCIETY OF GREAT BRITAIN NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

q) Fund accounting

Unrestricted general fund

This fund can be used in accordance with the charitable objects at the trustees' discretion.

Unrestricted designated funds

The designated freehold property fund represents the net book value of Brecon House. The designated fixed asset investment fund represents the book value of investments in cremation authorities (including the subsidiary company). These funds are not readily available to meet the normal running expenses of the Society.

Restricted funds

Restricted funds can only be used for particular restricted purposes within the objects of the Society. Restrictions arise when specified by the donor or when funds are raised for a particular restricted purpose.

r) Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

s) Debtors

Short term debtors are measured at transaction price less any impairment.

t) Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown with borrowings in current liabilities.

u) Financial instruments

The Society and its subsidiary company have elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

v) Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, save that financial liabilities payable in less than 12 months are not amortised.

w) Provisions for liabilities

Provisions are made where an event has taken place that gives a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

x) Finance costs

Finance costs are charged to the Statement of Financial Activities over the term of the debt using the effective interest method so that the amount charged is at a constant rate over the carrying amount.

Page 25

THE CREMATION SOCIETY OF GREAT BRITAIN NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

2 JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Society’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The areas where uncertainty of estimation arise are in deferred income, where management judgement is employed to defer income based on estimated time spent on memorial maintenance and the valuation of investment property.

3 ANALYSIS OF TURNOVER

The whole of the subsidiary company's turnover is attributable to the subsidiary's principal activity and arose solely in the UK.

4
INCOME FROM CHARITABLE ACTIVITIES
Cremation conference and publications
All income from charitable activities arises in respect of the Unrestricted General Fund.
5
INCOME FROM OTHER TRADING ACTIVITIES
Turnover - The London Cremation Company Plc
All income from other trading activities arises in respect of the Unrestricted General Fund.
6
INCOME FROM INVESTMENTS
Listed investments
Unlisted investments
Rents receivable
Service charges receivable
Short term deposits and bank interest		 Group
Total
2023
£
38,724
Group
Total
2023
£
8,736,015
Group
Total
2023
£
50,754
4,612
28,476
13,518
43,677
141,037		 Group
Total
2022
£
41,485
Group
Total
2022
£
7,760,941
Group
Total
2022
£
50,754
2,848
21,594
8,376
50
83,622

All income from investments arises in respect of the Unrestricted General Fund.

Page 26

THE CREMATION SOCIETY OF GREAT BRITAIN NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

7
EXPENDITURE ON RAISING FUNDS
Other trading activities
The London Cremation Company Plc
Cost of sales, administrative expenses and interest payable
Investment management costs
Investment property expenses
Support costs (see note 9)
All expenditure on raising funds arises in respect of the Unrestricted General Fund
8
EXPENDITURE ON CHARITABLE ACTIVITIES
Cremation conference and publications
Support costs (see note 9)		 Group
Total
2023
£
7,402,289
7,402,289
39,047
17,623
7,458,959
Group
Total
2023
£
35,087
156,176
191,263		 Group
Total
2022
£
7,151,453
7,151,453
34,097
16,127
7,201,677
Group
Total
2022
£
43,508
142,906
186,414

All expenditure on charitable activities arises in respect of the Unrestricted General Fund.

9
SUPPORT COSTS
Staff costs
Establishment and administration
Finance, professional fees and sundry expenses
Depreciation
Allocation for 2022
10
NET INCOME/(EXPENDITURE) FOR THE YEAR
This is stated after charging :
Auditor's remuneration
Society
- Audit
- Accountancy services
- Other services
Subsidiary
- Audit
Current
- Taxation services
- Other services
Interest payable
Depreciation of tangible fixed assets
Loss on disposal of tangible fixed assets
Amortisation of intangible assets
Operating lease charges		 Raising
funds
£
(see note 7)
9,770
4,000
3,723
130
17,623
16,127		 Charitable
activities
£
(see note 8)
86,579
35,453
32,995
1,149
156,176
142,906		 Total
2023
£
96,349
39,453
36,718
1,279
173,799
2023
£
5,650
3,575
275
28,100
2,400
6,900
145,729
641,852
55,925
20,505
42,355		 Total
2022
£
91,618
23,288
43,491
636
159,033
159,033
2022
£
5,500
3,475
275
20,500
4,000
5,750
155,975
640,383
30,535
43,053
42,355

Page 27

THE CREMATION SOCIETY OF GREAT BRITAIN NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

11
STAFF COSTS
Wages and salaries
Social security costs
Pension contributions - defined contributions
The average number of persons employed by the group, excluding non-executive directors, during the year w
Society
- charitable, fundraising and administration
Subsidiary
- Operational
- Administrative
Subsidiary company directors' remuneration
Directors' emoluments
Directors' pension costs - defined contribution scheme		 2023
£
2,952,755
296,142
135,551
3,384,448
as as follows:
4
39
42
85
£
329,492
20,813		 2022
£
2,657,884
267,534
129,896
3,055,314
4
45
32
81
£
367,351
22,500

The highest paid director received remuneration of £136,277 (2022: £154,810), and pension contributions of £12,313 (2022: £14,000).

Charity

No charity employee received employee benefits of more than £60,000.

Total emoluments received by the charity's key management personnel

2023
£
64,117		 2022
£
66,010

12 COUNCIL MEMBERS' EMOLUMENTS AND EXPENSES

Neither the Society nor its subsidiary paid any emoluments for services as Council members.

Out of pocket travel expenses of £7,230 (2022 - £1,309) were reimbursed to 6 (2022 - 5) Council Members in the year.

13 INCOME FROM OTHER TRADING ACTIVITIES

The Society owns 84.417% of the ordinary share capital of The London Cremation Company Plc, a company registered in England (company no. 00612939). This trading subsidiary is a cremation authority and its principal activities are carrying out cremations and providing memorials at its crematoria. In addition, the Society owns 64.41% of the 10% cumulative preference shares.

The summary financial performance of the subsidiary is:
Turnover
Cost of sales, administrative expenses and interest payable
Exceptional administrative expenses
Donation to parent undertaking
Preference dividends paid
Interest receivable
Profit before tax
Tax on profit
Profit after tax
Retained earnings at beginning of the year
Dividends paid
Retained earnings at the end of the year		 2023
£
8,736,015
(7,402,289)
-
(2,500)
(17,948)
42,917
1,356,195
(270,702)
1,085,493
9,082,946
(150,516)
10,017,923		 2022
£
7,760,941
(7,151,434)
-
(2,500)
(16,797)
15
590,225
(303,553)
286,672
8,956,899
(160,625)
9,082,946

Page 28

THE CREMATION SOCIETY OF GREAT BRITAIN NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

The assets and liabilities of the subsidiary were:
Tangible fixed assets
Intangible fixed assets
Current assets
Current liabilities
Other liabilities
Total net assets
Aggregate share capital and reserves
14
INTEREST PAYABLE
Bank loans and overdrafts
Subsidiary preference dividends paid to minority shareholders		 2023
£
12,969,928
17,285
7,666,490
(2,053,883)
(7,458,643)
11,141,177
11,141,177
2023
£
138,704
7,025
145,729		 2022
£
12,630,672
36,802
6,825,675
(2,163,422)
(7,123,527)
10,206,200
10,206,200
2022
£
150,101
5,874
155,975

15 TAXATION

No tax charges have arisen in the charity. The subsidiary is liable to corporation tax and the charge for the year is as follows:

Current year tax charge
Adjustments in respect of prior periods
Total current tax
Origination and reversal of timing differences
Total deferred tax
Tax on profit on ordinary activities
Reconciliation of tax charge to accounting profit
Profit on ordinary activities before tax
Profit on ordinary activities multiplied by small company rate of
corporation tax - 19% (2022: 19%)
Effect of:
Expenses not deductible for tax purposes
Adjustments to tax charge in respect of prior periods
Fixed asset permanent difference
Change in deferred tax rate
Research and development tax credit
Other permanent differences
Provisions tax adjustments
Current tax charge for the year		 2023
£
129,346
6,470
135,816
134,886
134,886
270,702
1,356,195
257,677
3,410
6,470
(141,293)
134,886
-
10,701
(1,149)
270,702		 2022
£
131,051
(9,391)
121,660
181,893
181,893
303,553
590,225
112,143
4,255
(9,391)
14,604
181,895
(5,754)
5,801
-
303,553

Factors that may affect future tax charges

On 10 June 2021, the Finance Bill 2021 received Royal Assent. The Bill confirms an increase in the corporation tax rate from 1 April 2023. From this date, the rate will taper from 19% for businesses with profits of less than £50,000 to 25% for businesses with profits over £250,000.

Page 29

THE CREMATION SOCIETY OF GREAT BRITAIN NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

16 TANGIBLE FIXED ASSETS

a. Group
Cost or valuation
At 1 April 2022
Additions
Disposals
Transfers
Revaluations
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
Eliminated on disposal
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
b. Society
Cost or valuation
At 1 April 2022
Additions
Revaluation
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Freehold
investment
property
£
525,000
-
-
-
50,000
575,000
-
-
-
-
575,000
525,000		 Freehold and
leasehold
property
£
11,204,337
31,326
-
-
-
11,235,663
1,512,458
111,128
-
1,623,586
9,612,077
9,691,879		 Assets
under
construction
£
73,152
8,679
(5,156)
(28,927)
-
47,748
-
-
-
-
47,748
73,152		 Plant and
machinery,
motor vehicles
£
5,747,731
872,779
(185,654)
-
-
6,434,856
3,505,155
485,039
(134,491)
3,855,703
2,579,153
2,242,576
Freehold
investment
property
£
525,000
-
50,000
575,000
-
-
-
575,000
525,000		 Fixtures
and
fittings
£
1,393,083
156,784
-
-
-
1,549,867
766,204
46,963
-
813,167
736,700
626,879
Fixtures
and
fittings
£
34,655
3,214
-
37,869
30,841
1,278
32,119
5,750
3,814		 Total
£
18,943,303
1,069,568
(190,810)
(28,927)
50,000
19,843,134
5,783,817
643,130
(134,491)
6,292,456
13,550,678
13,159,486
Total
£
559,655
3,214
50,000
612,869
30,841
1,278
32,119
580,750
525,000

The Society purchased the freehold of Brecon House, in which its offices are located, in December 1999 and the majority of the building is let on commercial leases. The investment property was valued by the Council at 31st March 2023 by Watson Day Chartered Surveyors at an estimated market value of £575,000. The original cost of the property was £803,876.

The group's freehold and leasehold land and buildings also include £2,076,354 of long leasehold property that was bought into use during August 2003 and subject to depreciation from that date. The figure also includes non-depreciated land of £2,367,025 (2022: £2,367,025).

Page 30

THE CREMATION SOCIETY OF GREAT BRITAIN NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

17 INTANGIBLE FIXED ASSETS

a. Group
Cost or valuation
At 1 April 2022
Additions
Disposals
At 31 March 2023
Amortisation
At 1 April 2022
Charge for the year
Eliminated on disposal
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
a. Group
Market value
At 1 April 2022
Additions
Cash at brokers
At 31 March 2023
Cost
At 1 April 2022
Additions
Cash at brokers
At 31 March 2023
FIXED ASSET INVESTMENTS
Net (losses)/gains on revaluations		 Listed
£
1,879,403
-
(112,835)
1,766,568
39,915
1,806,483
1,407,856
-
1,407,856
39,915
1,447,771		 Unlisted
£
12,818
-
(1,560)
11,258
-
11,258
343
-
343
-
343		 Computer
costs and
website
£
79,855
988
(60,041)
20,802
43,053
20,505
(60,041)
3,517
17,285
36,802
2023
£
1,892,221
-
(114,395)
1,777,826
39,915
1,817,741
1,408,199
-
1,408,199
39,915
1,448,114		 Total
£
79,855
988
(60,041)
20,802
43,053
20,505
(60,041)
3,517
17,285
36,802
2022
£
1,852,716
46
39,459
1,892,221
38,400
1,930,621
1,408,153
46
1,408,199
38,400
1,446,599

18 FIXED ASSET INVESTMENTS

Page 31

THE CREMATION SOCIETY OF GREAT BRITAIN NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

b. Society
Market value/cost
At 1 April 2022
Additions
Cash at brokers
At 31 March 2023
Cost
At 1 April 2022
Additions
Disposals at cost
At 31 March 2023
Cash at brokers
At 31 March 2023
Net (losses)/gains on revaluations		 Subsidiary
£
248,353
-
-
248,353
-
248,353
248,353
-
-
248,353
-
248,353		 Listed
£
1,879,403
-
(112,835)
1,766,568
39,915
1,806,483
1,407,856
-
-
1,407,856
39,915
1,447,771		 Unlisted
£
12,818
-
(1,560)
11,258
-
11,258
343
-
-
343
-
343		 2023
£
2,140,574
-
(114,395)
2,026,179
39,915
2,066,094
1,656,552
-
-
1,656,552
39,915
1,696,467		 2022
£
2,101,069
46
39,459
2,140,574
38,400
2,178,974
1,656,506
46
-
1,656,552
38,400
1,694,952

Details of the company's investment in its subsidiary can be found in note 13.

19 GAINS AND LOSSES ON FIXED ASSET INVESTMENTS

GAINS AND LOSSES ON FIXED ASSET INVESTMENTS
Unrealised gains and losses
Market value at 31 March 2023
Cost
Unrealised gains to date
Unrealised gains b/fwd at 1 April 2022
Unrealised gains/(losses) in year
Unrealised gains c/fwd at 31 March 2023		 2023
£
1,777,826
(1,408,199)
369,627
484,022
(114,395)
369,627		 2022
£
1,892,221
(1,408,199)
484,022
444,563
39,459
484,022
20 STOCKS
Brochures and transit urns
Memorials
21 DEBTORS
Trade debtors
Other debtors
Prepayments and accrued income		 2023
2022
£
£
9,407
11,315
7,945
5,526
17,352
16,841
2023
2022
£
£
1,127,498
836,684
108,153
66,269
513,462
374,767
1,749,113
1,277,720
Group
Group		 2023
2022
£
£
-
-
-
-
-
-
2023
2022
£
£
26,833
21,396
1,795
1,809
5,807
9,499
34,435
32,704
Society
Society

Page 32

THE CREMATION SOCIETY OF GREAT BRITAIN NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

22 CREDITORS: amounts falling due within one year

Bank loans
Trade creditors
Corporation tax
Taxation and social security
Other creditors
Accruals and deferred income		 2023
2022
£
£
212,880
265,545
674,118
535,887
129,452
81,582
126,304
85,649
100,002
68,132
883,447
1,167,702
2,126,203
2,204,497
Group		 2023
2022
£
£
-
-
10,687
8,176
-
-
1,625
1,547
29,501
12,088
32,302
21,073
74,115
42,884
Society

23 CREDITORS: amounts falling due after more than one year

Bank loans
Deferred income
10.5% cumulative preference shares (held by
minority shareholders)		 2023
2022
£
£
3,242,586
3,455,466
3,058,165
2,647,449
58,141
55,748
6,358,892
6,158,663
Group		 2023
2022
£
£
-
-
-
-
-
-
-
-
Society

24 LOANS AND DEFERRED INCOME: analysis of maturity of debt

Within one year or on demand
- loans
- deferred income
Payable after one year
- loans
- deferred income		 2023
2022
£
£
212,880
265,545
555,742
508,146
3,404,757
3,615,244
3,058,165
2,647,449
7,231,544
7,036,384
Group		 2023
2022
£
£
-
-
-
-
-
-
-
-
-
-
Society

Included within bank loans is £3,455,466 (2022 - £3,659,235 ) loan held under the security of debentures and a charge over the freehold land and buildings at the subsidiary company's crematoria in St Marylebone and Banbury. This loan is repayable over 19 years with a a fixed interest rate of 3.84%.

25 PROVISION FOR LIABILITIES AND CHARGES

Deferred taxation
Membership subscriptions repayable and cremation fees
payable		 2023
2022
£
£
6,000
12,706
995,721
860,834
1,001,721
873,540
Group		 2023
2022
£
£
6,000
12,706
-
-
6,000
12,706
Society

The provision for deferred taxation is made up of £795,260 (2022: £687,247) accelerated capital allowances and £200,461 (2022: £173,587) timing difference arising on rollover relief.

Page 33

THE CREMATION SOCIETY OF GREAT BRITAIN NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

26 UNRESTRICTED FUNDS

a. General fund
Balance at 1 April 2022
Net movement for the year
Transfer from/(to) designated funds
Balance at 31 March 2023
b. Designated freehold property fund
Balance at 1 April 2022
Transfer from General fund
Balance at 31 March 2023		 2023
2022
£
£
10,797,493
10,614,134
705,840
183,405
-
(46)
11,503,333
10,797,493
2023
2022
£
£
525,000
525,000
50,000
-
575,000
525,000
Group
Group		 2023
2022
£
£
2,077,689
2,000,736
(83,440)
76,999
-
(46)
1,994,249
2,077,689
2023
2022
£
£
525,000
525,000
50,000
-
575,000
525,000
Society
Society

The designated freehold property fund represents the net book value of Brecon House. The reserves invested in the property are not readily available to meet the normal running expenses of the Society.

c. Designated fixed asset investment fund
Balance at 1 April 2022
Net movement for the year
Transfer from General fund
Balance at 31 March 2023		 2023
2022
£
£
12,818
12,840
(1,560)
(68)
-
46
11,258
12,818
Group		 2023
2022
£
£
261,171
261,193
(1,560)
(68)
-
46
259,611
261,171
Society

The designated fixed asset investment fund represents the book value of investments in cremation authorities (including the subsidiary). These are long term investments and the funds are not available to meet the normal running expenses of the Society.

Total designated funds

At 31 March 2023
586,258
ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS
Tangible fixed assets
Intangible fixed assets
Investments
Net current assets
Creditors: amounts falling due after more than one year
Provisions for liabilities and charges
Less minority interest
Total funds		 537,818 Unrestricted
general
fund
£
12,975,678
17,285
1,806,483
5,800,623
(6,358,892)
(1,001,721)
13,239,456
(1,736,123)
11,503,333		 834,611
Unrestricted
designated
funds
£
575,000
-
11,258
-
-
-
586,258
-
586,258		 786,171
Total
2023
£
13,550,678
17,285
1,817,741
5,800,623
(6,358,892)
(1,001,721)
13,825,714
(1,736,123)
12,089,591

27 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Page 34

THE CREMATION SOCIETY OF GREAT BRITAIN NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023

Tangible fixed assets
Intangible fixed assets
Investments
Net current assets
Creditors: amounts falling due after more than one year
Provisions for liabilities and charges
Less minority interest
Total funds		 Unrestricted
general
fund
£
12,634,486
36,802
1,917,803
4,831,031
(6,158,663)
(873,540)
12,387,919
(1,590,426)
10,797,493		 Unrestricted
designated
funds
£
525,000
-
12,818
-
-
-
537,818
-
537,818		 Total
2022
£
13,159,486
36,802
1,930,621
4,831,031
(6,158,663)
(873,540)
12,925,737
(1,590,426)
11,335,311

28 PENSION COMMITMENTS

The London Cremation Company Plc operates a defined contributions scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £15,569 (2022 - £16,272) were payable to the fund at 31 March 2023 and are included in creditors.

29 OPERATING LEASE COMMITMENTS

Total future minimum lease payments under non-cancellable operating leases were as follows:

Within one year
Between two and five years
After more than five years		 2023
2022
£
£
85,277
58,438
213,328
164,459
2,675,518
2,712,996
2,974,123
2,935,893
Group

Page 35

THE CREMATION SOCIETY OF GREAT BRITAIN FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

The following pages do not form part of the Statutory Financial Statements.
Statement of Financial Activities 37
Balance sheet 38
Schedule of income 39
Schedule of expenditure 40-41
Schedule of investments 42

Page 36

THE CREMATION SOCIETY OF GREAT BRITAIN STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023

Income from:
Donations
Charitable activities
Investments
Total income(page 41)
Expenditure on:
Raising funds
Charitable activities
Total expenditure(pages 42-43)
Net income before investment gains/(losses)
Net gains/(losses) on investment assets
Realised
Unrealised
Net income
Transfers
Transfers between funds
Net movement in funds
Reconciliation of Funds
Total Funds at 31 March 2022
Total Funds at 31 March 2023		 Designated
General
Total
Total
2023
2023
2023
2022
£
£
£
£
-
2,500
2,500
2,500
-
38,724
38,724
41,485
-
236,104
236,104
230,125
-
277,328
277,328
274,110
-
56,670
56,670
50,223
-
191,263
191,263
186,415
-
247,933
247,933
236,638
-
29,395
29,395
37,472
-
-
-
-
48,440
(112,835)
(64,395)
39,459
48,440
(112,835)
(64,395)
39,459
48,440
(83,440)
(35,000)
76,931
-
-
-
-
48,440
(83,440)
(35,000)
76,931
786,171
2,077,689
2,863,860
2,786,929
834,611
1,994,249
2,828,860
2,863,860

Page 37

THE CREMATION SOCIETY OF GREAT BRITAIN BALANCE SHEET AT 31 MARCH 2023

Fixed assets
Tangible assets
- Investment property
- Fixtures, fittings & equipment
Investments (page 44)
- Unlisted
- Listed
- Cash at broker
Current assets
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one
year
Net current assets
Total assets less current liabilities
Provision for liabilities and charges
Net assets
The funds of the charity
Unrestricted funds
- General fund
- Designated funds		 £
£
575,000
5,750
580,750
259,611
1,766,568
39,915
2,066,094
2,646,844
34,435
227,696
262,131
(74,115)
188,016
2,834,860
(6,000)
2,828,860
1,994,249
834,611
2,828,860
2023		 £
£
525,000
3,814
528,814
261,171
1,879,403
38,400
2,178,974
2,707,788
32,704
178,958
211,662
(42,884)
168,778
2,876,566
(12,706)
2,863,860
2,077,689
786,171
2,863,860
2022

Page 38

THE CREMATION SOCIETY OF GREAT BRITAIN SCHEDULE OF INCOME FOR THE YEAR ENDED 31 MARCH 2023

INCOME FROM DONATIONS
Donation from London Cremation Company Plc
INCOME FROM CHARITABLE ACTIVITIES
Cremation conference and publications
Cremation conference
Seminar
Pharos Journal
Directories of crematoria
Other publications
Royalties received
Claims
INCOME FROM INVESTMENTS
Listed
Sarasin & Partners LLP
Unlisted
Edinburgh Crematorium (£1 ordinary shares)
Subsidiary (unlisted)
London Cremation Company Plc
10.5% Cumulative preference shares
50p ordinary shares
Investment property
Rent receivable
Service charges
Interest received
TOTAL INCOME		 2023
£
2,500
2,500
113
(5)
28,477
6,884
73
3,182
-
38,724
50,754
4,612
10,923
127,061
193,350
28,476
13,518
760
236,104
277,328		 2022
£
2,500
2,500
3,450
1,320
26,351
7,396
46
2,915
7
41,485
50,754
2,848
10,923
135,595
200,120
21,594
8,376
35
230,125
274,110

Page 39

THE CREMATION SOCIETY OF GREAT BRITAIN SCHEDULE OF EXPENDITURE FOR THE YEAR ENDED 31 MARCH 2023

EXPENDITURE ON RAISING FUNDS
Investment property expenses
Light and heat
Water and sewerage
Health and safety fees
Caretaking, cleaning and refuse
Repairs to property
Legal and professional
Watson Day management charge
Share of support costs
EXPENDITURE ON CHARITABLE ACTIVITIES
Charitable activities
Cremation conference
Seminar expenses
Professional fees
Pharos Journal
Literature and brochures
Directories of crematoria
Research funded
Claims paid
Provision for cremation claims
Share of support costs
TOTAL EXPENDITURE		 2023
£
4,824
4,678
1,063
9,284
11,514
-
7,684
39,047
17,623
56,670
8,498
-
6,470
16,173
418
2,934
6,200
-
(5,606)
35,087
156,176
191,263
247,933		 2022
£
4,853
915
2,910
9,543
6,078
4,298
5,500
34,097
16,126
50,223
5,770
285
8,422
16,142
1,002
1,880
-
7
10,000
43,508
142,907
186,415
236,638

Page 40

THE CREMATION SOCIETY OF GREAT BRITAIN SCHEDULE OF EXPENDITURE FOR THE YEAR ENDED 31 MARCH 2023

SUPPORT COSTS
Establishment and administration expenses
Staff costs
Staff welfare
Staff Training
Pension costs
Cleaning
Light and heat
Insurance
Rates
Repairs and renewals
Advertising
Office equipment hire
Printing and stationery
Postage
Telephone and internet
Travelling and meeting expenses
Financial and sundry
Audit and accountancy
Bookkeeping services
Bank charges and interest
Computer training and maintenance
Irrecoverable VAT
Legal and professional
Subscriptions
Sundries
Donations
Depreciation
TOTAL SUPPORT COSTS
ALLOCATED TO:
EXPENDITURE ON RAISING FUNDS (10.14%)
CHARITABLE ACTIVITIES (89.86%)		 2023
£
92,876
391
443
2,639
2,500
2,308
4,913
5,825
5,673
330
1,344
661
1,510
1,578
12,811
135,802
9,670
12,423
289
4,316
729
5,604
769
2,715
203
1,279
37,997
173,799
17,623
156,176
173,799		 2022
£
87,673
158
915
2,872
2,156
2,843
3,572
5,011
2,072
835
1,212
857
1,131
492
3,107
114,906
10,170
13,530
315
6,698
944
9,518
878
1,238
200
636
44,127
159,033
16,126
142,907
159,033

Page 41

THE CREMATION SOCIETY OF GREAT BRITAIN SCHEDULE OF INVESTMENTS YEAR ENDED 31 MARCH 2023

No
Cost
Carrying
Value
No
Cost
No
SUBSIDIARY
London Cremation Co Plc
50p Ordinary
1,896,436
128,616
128,616
10.5% cum. Preference shares
104,030
119,737
119,737
248,353
248,353
-
OTHER UNLISTED INVESTMENTS
Edinburgh Crematorium Ltd
£1 ordinary
6,782
343
12,818
343
12,818
-
TOTAL UNLISTED INVESTMENTS
248,696
261,171
-
LISTED INVESTMENTS
Sarasin
Sarasin Endowments Fund Class A (income)
1,542,687
1,407,856
1,879,403
1,407,856
1,879,403
-
TOTAL INVESTMENTS (EXCLUDING CASH)
1,656,552
2,140,574
-
Cash at brokers
38,400
38,400
38,400
38,400
TOTAL INVESTMENTS
1,694,952
2,178,974
Additions		 Disposals
Closing
Proceeds
Cost
MV
Gain /
(loss)
No
Cost
Carrying
Value
1,896,436
128,616
128,616
104,030
119,737
119,737
-
-
-
-
248,353
248,353
6,782
343
11,258
-
-
-
-
343
11,258
-
-
-
-
248,696
259,611
1,542,687
1,407,856
1,766,568
-
-
-
-
1,407,856
1,766,568
-
-
-
-
1,656,552
2,026,179
39,915
39,915
39,915
39,915
1,696,467
2,066,094		 Revalue
-
-
-
(1,560)
(1,560)
(1,560)
(112,835)
(112,835)
(114,395)

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