| CONTENTS | PAGE |
|---|---|
| Charity Information | 3−4 |
| Trustees Report | 5−10 |
| Independent examiner's Report | 11 |
| Statement of Financial Activities (Income & Expenditure Account) | 12 |
| Statement of Cash Flows | 13 |
| Statement of Financial Position (Balance sheet) | 14 |
| Notes to the financial statements | 15−25 |
| Name of the charity: | The Danish Church in London |
|---|---|
| Registered office | The Danish Church in London |
| 4 St Katherine's Precinct | |
| Regent's Park, London NW I 4HH | |
| Trustees | Trustees and members of the Church Council from January 2021 to |
| June 2022 are: | |
| Bette Petersen Broyd (Chair, appointed June 2021) | |
| Dorte Bille Harding (Chair, retired June 2021) | |
| Christine Bergstedt Jorgensen (Deputy Chair) | |
| Niels Ring Andersen (Honorary Treasurer) | |
| Anne−Grethe Jensen (Honorary Secretary) | |
| Per Gullestrup (Church Warden) | |
| Ole Justesen (Church Warden from Spring 2022) | |
| Palle Baggesgaard Pedersen (Church Warden until Spring 2022) | |
| Andy Marino (Church Warden, retired June 2021) | |
| Flemming Kloster Poulsen (Pastor) | |
| Johanne NOrtoft Thomsen (Pastor, to March 2021) | |
| Peter Melbye (Organ & IT) | |
| Helle Diget Bond (Saturday School) | |
| Jacob Christiansen (retired June 2021) | |
| Casper Orlyk (Clerical & IT) | |
| Anne Dorothea Bruum Aubry (Ex−Officio −Royal Danish Embassy) | |
| Connie Yilmaz Jantzen (Ex−Officio — Danish YWCA) |
| Unrestricted | Restricted | Endowment | Total | Total | ||||
|---|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | Funds | ||||
| 2021 | • | 2020 | ||||||
| Notes | GB £ | GB £ | GB £ | GB £ | GB £ | |||
| INCOME & ENDOWMENTS | ||||||||
| Donations & legacies | 2.1 | 78,842 | 248,752 | 327,594 | 758,978 | |||
| Income from charitable activities | 2.2 | 88,242 | 88,242 | 19,835 | ||||
| Income from other trading activities | 2.3 | 27,617 | 27,617 | 37,074 | ||||
| Income from Investments | 2.4 | 10,620 | 33,806 | 44,426 | 44,395 | |||
| Total income & endowments | 205,321 | 248,752 | 33,806 | 487,879 | 860,282 | |||
| EXPENDITURE | ||||||||
| Costs o f raising funds | ||||||||
| Costs of generating activity income | . 3.1 |
. 31,406 | − | 31,406 | 18,643 | |||
| Investment Management costs | ' | 3.2 | 427 | 5;193 | 5,620 | 6,664 | ||
| Expenditure on charitable activities | 4 | 203,055 | 530,398 | 23,090 | 756,543 | 2,113,548 | ||
| Total expenditure | 234,888 | 530,398 | 28,283 | 793,569 | 2,138,855 | |||
| Net (expenditure)/ income before gain/(losses) on investments |
(29,567) | (281,646) | 5,523 | (305,690) | (1,278,573) | |||
| Net (loss)/gain on investments | 8 | 92,972 | 12,778 | 105,750 | (30,870) | |||
| Net (expenditure)! income for the year | 63,405 | (281,646) | 18,301 | **(199,940) ** | (1,309,443) | |||
| , | ||||||||
| Transfer between funds | − | 284,543 | (284,543) | |||||
| Net movement in funds | 63,405 | 2,897 | (266,242) | (199,940) | (1,309,443) | |||
| Reconciliation o f Funds: | ||||||||
| Total funds brought forward | 14 | 619,183 | 27,169 | 1,148,326 | 1,794,678 | 3,104,121 | ||
| Total funds carried forward | 14 | 682,588 | 30,066 | 882,084 | 1,$94,738 | 1,794,678 |
| Total 2021 | Total 2020 | |||
|---|---|---|---|---|
| Notes | GB £ | GB £ | ||
| .Cash flows from operating activities: | ||||
| Reconciliation of net movement in funds to | ||||
| net cash flow from operating activities | ||||
| Net movement in funds | (199,940) | (1,309,443) | ||
| Add: depreciation | 988 | 1,150 | ||
| Deduct: interestand dividend income | − | (44,426) | (44,395) | |
| Add: loss/ (deduct gain) on revaluation | of investments | (105,750) | 30,870 | |
| (Increase)/Decrease in stocks | (8,600) | 0 | ||
| (Increase)/Decrease in debtors | 8,063 | "56,885 | ||
| (Decrease)/Increase in creditors | (92,828) | (102,398) | ||
| **Cash (used in)/ provided by operating ** | activities | A | (442,493) | (1,367,331) |
| Cash flows from investing activities | ||||
| Income from interest and dividends | 44,426 | 44,395 | ||
| Net movements in foreign exchange | (1,915) | (400) | ||
| Net movements on investment funds | 202,299 | 7,215 | ||
| Cash provided by/ (used in) investing activities | B | 244,810 | 51,210 | |
| Cash flows from financing activities | ||||
| _ | ||||
| (Decrease)/Increase in cash and cash equivalents in the year (A+B+C) | (197,683) | (1,316,121) | ||
| Total cash & cash equivalents brought forward | 421,808 | 1,737,929 | ||
| **Total cash & cash equivalents carried ** | **forward *** | 224,125 | 421,808 | |
| *refer to balance sheet |
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| Notes | GB £ | GB L. | GB £ | GB £ | ||
| fixed assets | ||||||
| Tangible assets | 9 | 247,962 | 248,950 | |||
| Investments | 10 | −1,118,229 | 1,212,863 | |||
| 1,366,191 | 1,461,813 | |||||
| Current assets | ||||||
| • Stocks | 11 | 8,600 | ||||
| Debtors | 12 | 31,590 | 39,653 | |||
| Cash at bank and in hand | 224,125.421,808 | |||||
| 264,315 | .461,461 | |||||
| Creditor! | ||||||
| Amounts failing due within one year | 13 | 35,768 | 128,590 | |||
| Net current assets | 228,547 | 332,865 | ||||
| Total net assets | 1,594,738 | 1,794,678 | ||||
| Funds | ||||||
| Unrestricted funds | 14 | 682,588 | , | 619,183 | ||
| Restricted funds | 14 | 30,066 | 27,169 | |||
| Endowment funds | 14 | 882,084 | 1,148,326 | |||
| Total Church funds | 14 | 1,594,738 | •., | 1,794,678 |
| Plant & Machinery | • 5.years |
|---|---|
| Furniture 8z fixtures • | 10 years |
| Organ (refurbishment) | 5−years |
| Office equipment | 5 years |
| Motor vehicles | 10 years |
| 2. Income summary | Unrestricted | Restricted | Endowment | Total 2021 | Total 2021 | Total 2020 | Total 2020 | |
|---|---|---|---|---|---|---|---|---|
| GB £ | GB £ | GB £ | GB £ | GB £ | ||||
| 2.1 Income from donations and legacies | ||||||||
| Membership | 38,261 | 38,261 | 35,457 | |||||
| Collections, donations & gift aid | 40,581 | 40,581 | 74,083 | |||||
| Organ fund donations | 1,733 | |||||||
| In memoriam fund donations | − | 60 | ||||||
| Garden fund grants and donations | 32,500 | 32,500 | ||||||
| Nordea fund grants and donations | ||||||||
| Second Priest accommodation designated | ||||||||
| Church interior fund designated | ||||||||
| Building project fund grants & donations | 216,252 | 216,252 | .647,645 | |||||
| 78,842 | 248,752 | 327,594 | 758,978 | |||||
| 2.2 Income from charitable activities | ||||||||
| Catering for charitable activities | & events | 37,671 | . 31;71. |
4,813 | ||||
| Church shopjalCOme '−' '' |
19,479, | 19,479 | 767 | |||||
| Educational fees and books | 16,714 | − | 16,714 | 10,447 | ||||
| DSUK allowances " |
14,378 | − | 14,378 | 3,808 | ||||
| , | 88,242 | − | 88,242 | 19,835 | ||||
| ; 4 **2 3 Income from other trading ** |
activities | |||||||
| Church hall hire | 1,600 | − | 1,600 | |||||
| −Rents , ,_ Church magazine advertising |
20,047 . 5,970 |
− | . 20,047 . 5,970 |
20,040 5,574 |
||||
| Coronavirus Job Retention Scheme | − | − | 11,460 | |||||
| . | , | |||||||
| 27,617 | 27,617. | ,37,074 | ||||||
| ,. | ||||||||
| 2.4 Income from investments | 10,620 | 33,806 | " | 44;426' ; | 44,395 | |||
| Total Income | 205,321 | 248,752 | 33,806 | 487,879 | 860,282 |
| Unrestricted | Restricted | Endowment | Total 2021 | Total 2021 | Total 2020 | Total 2020 | |
|---|---|---|---|---|---|---|---|
| GB £ | GB £ | GB £ | GB £ | GB £ | |||
| Catering & shop expenses | 19,656 | − | 19,656 | 512 | |||
| Books & education | 7,218 | 7,218 | 7,040 | ||||
| Ecclesiastical expenses | 4,402 | 4,402 | 11,091 | ||||
| Fundraisidg costs | 130 | 130 | |||||
| 31.406 | 31.406 | 18.643 | |||||
| − | |||||||
| 3.2 Investinent Management costs | |||||||
| Unrestricted | Restricted | Endowment | Total 2021 | Total 2020 | |||
| GB £ | GB £ | GB £ | GB £ | GB £ | |||
| Fees paid to investment managers | 427 | 5,193 | 5,620 | 6,664 | |||
| 427 | 5,193 | 5,620 | 6 664 | ||||
| 4. Expenditure on charitable activities | |||||||
| Unrestricted | .. Restricted |
. Endowment |
• . Total 2021 |
Total 2020 | |||
| GB £ | GB £ | GB £ | GB £ | GB £ | |||
| Benevolent fund bursaries | 3,999 | 3,999 | 8,694 | ||||
| , Summer School & educational grants• Salaries & staff costs (note 6) |
59,693 | 2,354 8,361 |
2,354 68,054 |
1,800 45,532 |
|||
| Premises costs Insurance |
11,619 15,227 |
2,909 ".−' |
13,619, 8,227 |
13,031 12,149 |
|||
| Utilities '' − |
'18;754 | 18,754 | ' | 25,642 | |||
| Repairs, maintenance & refurbishment | 20,543 | 6,376 | 26,919 | 13,602 | |||
| Organ expenses | 11,030 | 11,030 | |||||
| Church interior fund expenses | 36 | . 36 |
− | ||||
| Nordea Fund: furniture & equipment costs | 11,451 | 11,451 | 31,468 | ||||
| Garden costs | 50,271 | 50,271 | 481 | ||||
| Building project costs Second Priest accommodation costs |
,− 1,619 |
468,676 | 468,676 1,619 |
, 4,877,271 13,400 |
|||
| Motor & travel expenses | 3,128 | 3,128 | 3,337 | ||||
| Administrative costs & communications | 9,648 | 9,648 | , | 15,502 | |||
| Magazine costs | 5,179 | − | 5,179 | 6,466 | |||
| Depreciation | 988 | 988 | 1,150 | ||||
| Support & accountancy costs | 23,730 | 23,730 | 22,485 | ||||
| Bank charges | 1,925 | 1,925 | 2,007 | ||||
| Irrecoverable VAT on general expenditure | 14,360 | 14,360 | 13,500 | ||||
| Governance costs (note 5) | 5,576 | 5,576 | 6,031 | ||||
| 203,055 | 530,398 | 23.090 | 756 543 | 2.113.548 | |||
| 5. Governance costs | |||||||
| Unrestricted | Restricted | Endowment | Total 2021 | Total 2020 | |||
| GB £ | GB £ | GB £ | GB £ | GB £ | |||
| Independent examination fee | 2,100 | − | 2,100 | 1,900 | |||
| Accounts drafting fee | 2,900 | 2,900 | 3,555 | ||||
| Trustee liability insurance | 576 | 576 | 576 | ||||
| Trustee and AGM costs (note 7) | |||||||
| As restated | 5,576 | − | 5.576 | 6.031, | |||
| Total Expenditure (notes 3.1, 3.2 & 4) | 234 888 | 530 398 | 28,283 | 793 569 | 2,138,855 |
| 6. Staff costs | ||
|---|---|---|
| 2021 | 2020 | |
| GB £ | GB £ | |
| Wages and salaries | 40,142 | 33,050 |
| Social security costs | 2,187 | 1,586 |
| Less: employment allowance | (2,187) | (1,585) |
| Other pension costs | 4,014 | 2,898 |
| 44,156 | 35,949 | |
| Other staff costs (temps, child protection etc.) | 19,512 | 5,223 |
| DSUK Contribution | 4,386 | 4,360 |
| Total | 68,054 | 45,532 |
| 2021 | 2020 | |
| No. | No. | |
| Staff (full time equivalent) | 3.0 | 2.0 |
| . Gain/(Lo | ss) o n investments | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total 2021 | Total 2020 | ||
| GB £ | GB £ | GB £ | G B £ | GB £ | ||
| Unrealised | gain/(loss) on investments | 93,293 | 14,372 | 107,665 | (30,470) | |
| Gain/(loss) | on foreign exchange translation | (321) | (1,594) | (1,915) | (400) | |
| 92,972 | 12.778 | 105.750 | (30.870) |
| 9. Tangible fixed assets | |||
|---|---|---|---|
| Freehold | Cars, | ||
| Property | Fittings & Equipment |
Total | |
| Cost | G B £ | G B £ | G B £ |
| At 1 January 2021 | 245,000 | 114,141 | 359,141 |
| Additions /(disposals) | |||
| At 31 December 2021 | 245,000 | 114,141 | 359,141 |
| Depreciation | |||
| At 1 January 2021 | 110,191 | 110,191 | |
| O n disposals | |||
| Charge for year | 988 | 988 | |
| At 31 December 2021 | 111,179 | 111,179 | |
| Net b o o k value | |||
| At 31 December 2021 | 245,000 | 2,962 | 247,962 |
| At 31 December 2020 | 245,000 | 3,950 | 248,950 |
| 10. Investments | |||
|---|---|---|---|
| 2021 | 2020 | ||
| Benevolent fund investments: | GB £ | GB £ | |
| M&G Securities Ltd Charifund Income Units | |||
| Value of 8466.31 units at 1st January | 117,645 | 143,181 | |
| Net movement on funds * | |||
| Sub−total | 117,645 | 143,181 | |
| Value a 8466.31 units at 31st December | 133,700 | 117,645 | |
| Unrealised (loss)/ gain −market movement | 16,055 | (25,536) | |
| _ Summer School fund investments: |
|||
| Danske Bank | |||
| Value of investments at 1st January | 28,030 | 25,411 | |
| Net movement on funds * | 504 | (60) | |
| Value of investments at 31st December | 25,765 | 28,030 | |
| Unrealised (loss)/ gain −market movement | (2,769) | 2,679 | |
| Other fund investments: | |||
| General portfolio through Charles Stanley & Co. Ltd | |||
| Value of investments at 1st January | 488,980 | 515,267 | |
| Net movement on funds * | (202,803) | (7,155) | |
| Value of investments at 31st December | 343,405 | 488,980 | |
| Unrealised (loss)/ gain −market movement | 57,228 | (19,132) | |
| General portfolio through Cazenove Schroder | |||
| Value of investments at 1st January | 578,208 | 566,689 | |
| ' | Net movement on funds * | ||
| Value of investments at 31st December | 615,359 | 578,208 | |
| Unrealised (loss)/ gain −market movement | 17,151 | −11,519 | |
| Total value o f investments | |||
| Closing value at 31st December | 1,118,229 | 1,212,863 | |
| _ | |||
| Opening value at 1st January | 1,212,863 | 1,250,548 |
| Portfolio asset allocation | Charles Stanley | Charles Stanley | Danske Bank | Charles Stanley | Cazenove Capital |
|---|---|---|---|---|---|
| and total investment value | M&G Charifund | Summer School | General Portfolio | General Portfolio | |
| **Benevolent ** | Fund | Fund | |||
| GB £ | GB £ | GB £ | GB k' | GB ±' | |
| Fixed Income | − | 24,817 | 28,922 | 49,460 | |
| Equities | 131,753 | 270,240 | 400,474 | ||
| Property | 13,420 | 93,431 | |||
| Alternatives | − | 15,123 | 52,176 | ||
| Mixed investments | − | 7,931 | 9,379 | ||
| Cash | 1,947 | 948 | 7,769 | 10,439 | |
| 1,118,229 | 133,700 | 25,765 | 343,405 | 615,359 |
| 11. Stocks | ||
|---|---|---|
| 2021 | 2020 | |
| GB £ | GB £ | |
| Stocks of canteen and shop goods | 8,600 | |
| Total | 8,600 | |
| 12. Debtors: Amounts falling due within one year | ||
| 2021 | 2020 | |
| GB £ | GB £ | |
| Registrations, memberships & advertising | 4,762 | 4,765 |
| Accrued income | 1,990 | 4,056 |
| Other debtors & prepayments | 13,920 | 6,034 |
| Listed places of worship grant due | 1,676 | 6,998 |
| Gift aid repayable | 5,000 | 8,593 |
| VAT repayable | 4,242 | 9,207 |
| Total | −31,590 | 39,653 |
| 13. Creditors: Amounts falling due within one year | ||
|---|---|---|
| 2021 | 2020 | |
| G B £ | G B £ | |
| Shop creditors | ||
| VAT payable | ||
| PAYE/ NIC payable | ||
| Other creditors & accruaLs | 35,768 | 128,596 |
| Total | 35,768 | 128,596 |
| 14. Movement in funds | ||||
|---|---|---|---|---|
| At 1st | Net | Transfer | At 31st | |
| January | Movement | between | December | |
| 2021 | in funds | funds | 2021 | |
| GB £ | GB £ | GB £ | GB £ | |
| Unrestricted funds | ||||
| General Fund | 605,132 | 76,266 | 681,398 | |
| Designated funds | ||||
| Organ fund | 12,120 | (11,030) | 1,090 | |
| Church interior fund | 212 | (212) | ||
| Second vicar accommodation fund | 1,719 | (1,619) | 100 | |
| Total designated funds | 14,051 | (12,861) | 1,190 | |
| Total unrestricted funds (general & designated) | 619,183 | 63,405 | 682,588 | |
| Restricted funds | ||||
| Garden fund | 17,771 | (17,771) | ||
| Friends fund | 16,042 | − | 16,042 | |
| In memoriam fund | 4,331 | 4,331 | ||
| Building project fund | (32,119) | (252,424) | 284,543 | |
| Nordea fund | 21,144 | (11,451) | 9,693 | |
| Total restricted funds | 27,169 | (281,646) | 284,543 | 30,066 |
| Endowment Funds | ||||
| Salary and pension fund (17.2) | 432,243 | 432,243 | ||
| Benevolent fund (17.3) | 140,583 | 16,794 | 157,377 | |
| FIJI−ILI fund | 60,000 | − | 60,000 | |
| Building and reserve fund (17.1) | 488,295 | 3,773 | (284,543) | 207,525 |
| Summer School fund | 27,205 | (2,266) | 24,939 | |
| Total endowment funds | 1,148,326 | 18,301 | (284,543) | 882,084 |
| Total church funds | 1,794,678 | (199,940) | 1,594,738 |
| 14 cont. Net movement in funds in year | ||||
|---|---|---|---|---|
| Incoming | Resources | Gains/ | Movement | |
| resources | expended | (losses) on | in funds | |
| investments | ||||
| GB £ | GBf | GB £ | GB £ | |
| Unrestricted funds | ||||
| General fund | 205,321 | (222,027) | 92,972 | 76,266 |
| Designated funds | ||||
| Organ fund | − | (11,030) | (11,030) | |
| Church interior fund | (212) | (212) | ||
| Second vicar accommodation fund | (1,619) | (1,619) | ||
| Total designated funds | (12,861) | (12,861) | ||
| Total unrestricted funds (general & designated) | 205,321 | (234,888) | 92,972 | 63,405 |
| Restricted funds | ||||
| Garden fund | 32,500 | (50,271) | (17,771) | |
| Friends fund | ||||
| In memoriam fund | ||||
| Building project fund | 216,252 | (468,676) | − | (252,424) |
| Nordea fund | − | (11,451) | − | (11,451) |
| Total restricted funds | 248,752 | (530,398) | − | (281,646) |
| Endowment Funds | ||||
| Salary and pension fund (17.2) | /2,535 | (12,535) | − | |
| Benevolent fund (17.3) | 6,265 | (5,018) | 15,547 | 16,794 |
| FUHU fund | 1,200 | (1,200) | − | |
| Building and reserve fund (17.1) | 12,149 | (8,376) | 3,773 | |
| _Summer_School fund | 1,657 | (1,154) | (2,769) | (2,266) |
| Total endowment funds | 33,806 | (28,283) | 12,778 | 18,301 |
| Total church funds | 487,879 | (793,569) | 105,750 | (199,940) |
| 15. Analysis o f net assets between funds | |||||
|---|---|---|---|---|---|
| Other Net | |||||
| fixed | Bank & | Current | |||
| Assets | Investments | Cash | Assets | Net Assets | |
| GB £ | GB £ | GB £ | GB £ | GB £ | |
| Unrestricted funds | |||||
| General fund | 247,962 | 358,430 | 70,584 | 4,422 | 681,398 |
| Designated funds | |||||
| Organ fund | 1,090 | 1,090 | |||
| Church interior fund | |||||
| Second vicar accommodation fund | 100 | 100 | |||
| Total designated funds | 1,190 | 1,190 | |||
| Total unrestricted funds (general & designated) | 247,962 | 358,430 | 71,774 | 4,422 | 682,588 |
| Restricted funds | |||||
| Garden fund | |||||
| Friends fund | 16,042 | 16,042 | |||
| In memoriam fund | 4,331 | 4,331 | |||
| Building project fund | |||||
| Façade project fund | |||||
| Nordea fund | 9,693 | 9,693 | |||
| Total restricted funds | 30,066 | 30,066 | |||
| Endowment Funds | |||||
| Salary and pension fund* (17.2) | 432,243 | 432,243 | |||
| Benevolent fund (17.3) | 133,700 | 23,677 | 157,377 | ||
| FUHU fund | 60,000 | . | 60,000 | ||
| Building and reserve fund* (17.1) | 168,091 | 39,434 | 207,525 | ||
| Summer School fund | 25,765 | (826) | 24,939 | ||
| Total endowment funds | 759,799 | 122,285 | − | 882,084 | |
| Total church funds | 247,962 | 1,118,229 | 224,125 | 4,422 | 1,594,738 |
| 17. Linked Charities | ||||
|---|---|---|---|---|
| 2021 | 2020 | |||
| 17.1 Danish Church in London Building and Reserve Fund | GB £ | GB £ | GB £ | GB £ |
| (Linked charity number 237897−1) | ||||
| Opening value of investments at 1st January | 488,295 | 488,295 | ||
| Income from investments (net return after management fees) | 12,149 | 24,803 | ||
| Less: Lease payment to Crown Estates | (2,000) | (2,000) | ||
| Facade expenditure | ||||
| General repairs to buildings | (6,376) | (6,949) | ||
| Surplus to carry forward | 3,773 | 15,854 | ||
| Transfers to main building project fund | (284,543) | (15,854) | ||
| Investment (losses)/ gains in year | ||||
| Closing value of investments at 31st December | 207,525 | 488,295 | ||
| 17.2 Danish Church in London Salary and Pension Fund | GB £ | GB | ||
| (Linked charity number 237897−2) | ||||
| Opening value of investments at 1st January | 432,243 | 432,243 | ||
| Income from investments | 12,535 | 11,617 | ||
| Less: Salaries applied from employees | (8,361) | (7,695) | ||
| Portfolio management & transaction fees | (4,174) | (3,922) | ||
| Surplus to carry forward | ||||
| Investment (losses)/ gains in year | ||||
| Closing value of investments at 31st December | 432,243 | 432,243 | ||
| 17.3 Benevolent Fund: Hjaelpefond for Danske I London | GB £ | GB £ | ||
| (Linked charity number 237897−3) | ||||
| Opening value of investments & cash at 1st January | 140,583 | 160,118 | ||
| Income from investments | 6,265 | 5,674 | ||
| Donations to benevolent fund | 9,921 | |||
| Less: Payments to beneficiaries | (3,999) | (8,694) | ||
| Portfolio management fees | (1,019) | (900) | ||
| Surplus to carry forward | 1,247 | 6,001 | ||
| Investment (losses)/ gains in year | 15,547 | (25,536) | ||
| Closing value of investments and cash at 31st December | 157,377 | 140,583 | ||
| Represented by: | ||||
| Investments | 133,700 | 117,645 | ||
| Cash balances (benevolent account & with general fund) | 23,677 | 22,938 | ||
| 157,377 | 140,583 |