**REGISTERED CHARITY NUMBER: 246639** ## **REPORT OF THE TRUSTEES AND** ## **UNAUDITED FINANCIAL STATEMENTS** ## **FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021** ## **FOR** ## **THE WORSHIPFUL COMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND** Cornfield Accountants Limited Chartered Accountants 5 Cornfield Terrace Eastbourne East Sussex BN21 4NN **THE WORSHIPFUL COMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND** **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021** ||**Page**| |---|---| |**Report of the Trustees**|1 to 4| |**Independent Examiner's Report**|5| |**Statement of Financial Activities**|6| |**Statement of Financial Position**|7| |**Notes to the Financial Statements**|8 to 13| |**Detailed Statement of Financial Activities**|14 to 15| **THE WORSHIPFUL COMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND** **REPORT OF THE TRUSTEES FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021** The trustees present their report with the financial statements of the charity for the period 27 October 2020 to 25 October 2021. The trustees have adopted the provisions of 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) (effective 1 January 2015). ## **OBJECTIVES AND ACTIVITIES Objectives and aims** The charity was established with monies subscribed by the members of The Worshipful Company of Founders to celebrate the 600th anniversary of the establishment of the Company. The objects were and remain for the benefit of any charitable or educational object including the relief and care of the elderly, the education of the young, and the advancement of technical and artistic education and research. Under a Heads of Agreement dated 19 March 2020 the assets held by the Brunel Centre of Bedford Limited were transferred to the Company as trustee for the Sexcentenary Fund. The objects of the grant were to advance the theoretical and practical education and training of persons engaged or intending to be engaged in industry and commerce, and, subject to that, to extend such provision or assistance to the training or education of members of the public generally. Awards made out of its funds are to be referred to as Founders Brunel Awards. The income from these transferred assets are accounted for as a designated fund. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year. ## **Significant activities** Investment Fund - Non Endowed fund on 1 April 1996. The charity receives a share of the net income of the fund arising in the period and owns the net assets in proportion to the market value of the investments at 1 April 1996 and any subsequent capital contributions to that fund. The fund's share of the unrestricted income and net assets on this initial contribution for the year was 76.343% (2020 - 76.343%). During 2019/20, the charity acquired the assets of Brunel Centre of Bedford Limited, a charity whose charitable objects include the vocational and educational training of young people in the wider engineering industry. The assets acquired were comprised of cash funds totalling £1.795m and two freehold properties, being the former charities principal training centre and charity offices located in Bedford. The principal training centre will continue to be leased by Bedford College in accordance with the existing lease and the offices are now let to a commercial tenant. The rent received will be applied in line with the objects of the grant stated above. Of the funds received from the Brunel Centre, £1,750,000 was transferred to The Founders Combined Charity Common Investment Fund, of which 100% of income received in relation to the investing activities of these funds, is directly attributable to the charity. Page 1 **THE WORSHIPFUL COMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND** **REPORT OF THE TRUSTEES FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021** ## **FINANCIAL REVIEW** ## **Reserves policy** It is the policy of the charity that unrestricted funds which are readily available for spending and have not been designated for a specific use should be maintained at a level between six and twelve months’ expenditure. The trustee considers that reserves at this level will ensure that, in the event of a significant drop in funding, it will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. At 25 October 2021 the charity held £83K. These levels are above the target range. The trustee intends to manage its expenditure to bring the reserves in line with the target range over the coming 5 years. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. ## **Decision making** The trustee and the governing body meet quarterly. The Charity Committee of the Worshipful Company of Founders also meets quarterly and agrees the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management, policies and performance. The day-to-day administration of grants and the processing and handling of new grant applications prior to consideration by the Charity sub-committee is delegated to the Clerk of the Company. The Charity Committee subsequently makes recommendations for appropriate grant funding to the Court for its final approval. The Charity Committee also considers the monitoring information concerning the performance of grants to date, and makes recommendations to the Court concerning the extension, cessation or suspension of existing grant approvals. Trustees are required to disclose all relevant interests and register them with the Clerk and if appropriate to withdraw from decisions where a conflict of interest arises. ## **Risk management** The trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. The trustees consider variability of investment returns on the charitable assets to constitute the charity's major financial risk and recent extreme volatility in world stock markets has demonstrated this risk. The trustees manage the assets on a medium risk basis of income generation and capital growth, thereby maintaining stability for grant making, and hopefully thereby facilitating longer term grants and a more stable number of awards, but the trustees also take account of the outlook for investment returns and keep the level of awards under review. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 246639 Page 2 **THE WORSHIPFUL COMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND** ## **REPORT OF THE TRUSTEES FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021** ## **Principal address** Founders' Hall Number One Cloth Fair London EC1A 7JQ ## **Trustees** The trustee of the charity is The Worshipful Company of Founders. The Master, Wardens and Court of Assistants of The Worshipful Company of Founders comprise the governing body. Both the Court, which consists of the governing body and the Charity Committee meet quarterly. The Charity Committee reports and makes recommendations to the Court for its final approval. ## **Independent Examiner** Cornfield Accountants Limited Chartered Accountants 5 Cornfield Terrace Eastbourne East Sussex BN21 4NN ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3 **THE WORSHIPFUL COMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND** ## **REPORT OF THE TRUSTEES FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021** Approved by order of the board of trustees on ............................................. and signed on its behalf by: .......................................................................... Master .......................................................................... Clerk Page 4 **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WORSHIPFUL COMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND** ## **Independent examiner's report to the trustees of The Worshipful Company of Founders Sexcentenary Appeal Fund** I report to the charity trustees on my examination of the accounts of The Worshipful Company of Founders Sexcentenary Appeal Fund (the Trust) for the period 27 October 2020 to 25 October 2021. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. A L Breeze FCA Cornfield Accountants Limited Chartered Accountants 5 Cornfield Terrace Eastbourne East Sussex BN21 4NN Date: ............................................. Page 5 **THE WORSHIPFUL COMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021** |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Other trading activities
2
Investment income
3
**Total**
**EXPENDITURE ON**
**Charitable activities**
Barts Elective
Grants payable to individuals
John Warner School
Brunel
Other
**Total**
Net gains/(losses) on investments
**NET INCOME**|PERIOD
PERIOD
27/10/20
29/10/19
TO
TO
25/10/21
26/10/20
Unrestricted
Total
funds
funds
£
£
-
4,515,027
5,243
-
93,320
5,237
98,563
4,520,264
6,055
-
6,000
3,917
6,000
-
12,866
14,024
18,977
12,023
49,898
29,964
136,610
(1,657)
185,275
4,488,643| |---|---| ## **RECONCILIATION OF FUNDS** ## **Total funds brought forward** 4,912,367 423,724 ## **TOTAL FUNDS CARRIED FORWARD** 5,097,642 4,912,367 The notes form part of these financial statements Page 6 The notes form part of these financial statements Page 6 **THE WORSHIPFUL COMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND** ## **STATEMENT OF FINANCIAL POSITION 25 OCTOBER 2021** |Notes
**FIXED ASSETS**
**Investments**
Investments
5
Investment property
6
**CURRENT ASSETS**
Debtors
7
Cash at bank|2021
2020
Unrestricted
Total
funds
funds
£
£
2,289,148
402,537
2,720,000
2,720,000
5,009,148
3,122,537
61,009
6,847
59,688
1,782,983
120,697 1,789,830| |---|---| **CREDITORS** Amounts falling due within one year 8 (32,203) - ## **NET CURRENT ASSETS** 88,494 1,789,830 ## **TOTAL ASSETS LESS CURRENT LIABILITIES** 5,097,642 4,912,367 The notes form part of these financial statements Page 7 **NET ASSETS** 5,097,642 4,912,367 ## **FUNDS** 9 Unrestricted funds 5,097,642 4,912,367 ## **TOTAL FUNDS** 5,097,642 4,912,367 The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: ............................................. The Worshipful Company of Founders – Upper Warden ............................................. The Worshipful Company of Founders – Under Warden The notes form part of these financial statements Page 7 **THE WORSHIPFUL COMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. ## **Critical accounting judgements and key sources of estimation uncertainty** In the application of the Charity's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates are underlying assumptions and are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements as described below: ## Investment property valuations Investment properties are valued under the fair value method. Professional valuations are sought to justify the fair value of the property within the financial statements. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Allocation and apportionment of costs** The Charity's operating costs include professional fees, administration costs and other related costs. Such costs are directly allocated to the Support function of the Charity. continued... Page 8 Grants made by the Charity to individuals and institutions are allocated to Charitable activities. continued... Page 8 **THE WORSHIPFUL COMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021** ## **1. ACCOUNTING POLICIES - continued** ## **Investment property** Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. ## **Investments** Fixed asset investments are stated at market value. Market value is calculated as the charity's share of the net assets of The Founders Combined Charity Income Common Investment Fund. The charity's share is calculated in proportion to the market value of the investments transferred at 1 April 1996 and any subsequent capital contributions. ## Cash and cash equivalents Cash and cash equivalents comprise cash on hand and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value. ## **2. OTHER TRADING ACTIVITIES** |**2.**|**OTHER TRADING ACTIVITIES**||| |---|---|---|---| |||PERIOD|PERIOD| |||27/10/20|29/10/19| |||TO|TO| |||25/10/21|26/10/20| |||£|£| ||Fundraising events|5,243|-| |**3.**|**INVESTMENT INCOME**||| |||PERIOD|PERIOD| |||27/10/20|29/10/19| |||TO|TO| |||25/10/21|26/10/20| |||£|£| ||Rents received|68,358|-| ||Founders Combined Charity Income CIF|24,962|5,237| |||93,320|5,237| The financial statements include investment income from both Charles Stanley and Ruffer, who manage a portfolio of investments on behalf of the Charity. The investment income from Charles Stanley are distributable dividends amounting to £20,151 and the investment income from Ruffer are dividends reinvested into the accumulated fund portfolio amounting to £4,812. Thus only £20,151 is available to spend. continued... Page 9 **THE WORSHIPFUL COMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021** ## **4. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the period ended 25 October 2021 nor for the period ended 26 October 2020. Neither the trustee nor any persons connected to the trustee received any remuneration during the year, except for Founders Properties Limited who charged the charity a total of £11,196 (2020 - £nil) for providing administrative and management support. ## **Trustees' expenses** There were no trustees' expenses paid for the period ended 25 October 2021 nor for the period ended 26 October 2020. ## **5. FIXED ASSET INVESTMENTS** |**FIXED ASSET INVESTMENTS**|| |---|---| ||Listed| ||investments| ||£| |**MARKET VALUE**|| |At 27 October 2020|402,538| |Additions|1,750,000| |Revaluations|136,610| |At 25 October 2021|2,289,148| |**NET BOOK VALUE**|| |At 25 October 2021|2,289,148| |At 26 October 2020|402,538| All investments are carried at their fair value. Investments are all traded in quoted public markets, primarily the London Stock Exchange. Cost or valuation at 25 October 2021 is represented by: |||Listed| |---|---|---| |||investments| |||£| |Valuation in|2021|2,289,148| Listed investments represents the Sexcentenary Appeal Fund's share of the funds held in The Worshipful Company of Founders Combined Charity Income Common Investment Fund. continued... Page 10 **THE WORSHIPFUL COMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021** ## **6. INVESTMENT PROPERTY** |**FAIR VALUE**
At 27 October 2020
and 25 October 2021
**NET BOOK VALUE**
At 25 October 2021
At 26 October 2020|£
2,720,000
2,720,000
2,720,000| |---|---| The investment properties were valued at the acquisition date by Kirkby Diamond Chartered Surveyors, on a fair value basis. The properties were valued at the reporting date on a fair value basis and no remeasurement was deemed necessary. ## **7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** ||||2021|2020|| |---|---|---|---|---|---| ||||£|£|| ||Other debtors and accrued income||57,659|6,847|| ||Prepayments||3,350||-| ||||61,009|6,847|| |**8.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||| ||||2021|2020|| ||||£|£|| ||Other creditors||32,203||-| |**9.**|**MOVEMENT IN FUNDS**||||| |||Net|Transfers||| ||At|movement|between|At|| ||27/10/20|in funds|funds|25/10/21|| ||£|£|£|£|| ||**Unrestricted funds**||||| General fund 4,912,367 51,934 (4,470,000) 494,301 Brunel Fund - 133,341 4,470,000 4,603,341 continued... Page 11 4,912,367 185,275 5,097,642 - **TOTAL FUNDS** 4,912,367 185,275 - 5,097,642 continued... Page 11 **THE WORSHIPFUL COMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021** ## **9. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: |||Incoming|Resources|Gains and|Movement| |---|---|---|---|---|---| |||resources|expended|losses|in funds| |||£|£|£|£| ||**Unrestricted funds**||||| |General fund|||||| |11,627|||||| |(17,335)|||||| |57,642|||||| |51,934|||||| |Brunel Fund|||||| |86,936|||||| |(32,563)|||||| |78,968|||||| |133,341|||||| |||98,563|(49,898)|136,610|185,275| ## **TOTAL FUNDS** 98,563 (49,898) 136,610 185,275 continued... Page 12 ## **Comparatives for movement in funds** ||Net|| |---|---|---| |At|movement|At| |29/10/19|in funds|26/10/20| |£|£|£| ## **Unrestricted funds** General fund 423,724 4,488,643 4,912,367 ## **TOTAL FUNDS** 423,724 4,488,643 4,912,367 Comparative net movement in funds, included in the above are as follows: Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ ## **Unrestricted funds** General fund 4,520,264 (29,964) (1,657) 4,488,643 continued... Page 12 ## **TOTAL FUNDS** 4,520,264 (29,964) (1,657) 4,488,643 continued... Page 12 **THE WORSHIPFUL COMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021** ## **10. RELATED PARTY DISCLOSURES** During the period, the charity had investment income receivable of £24,962 (2020 - £5,237) from The Founders Combined Charity Income Common Investment Fund. At the period end £24,962 (2020 - £5,237) was included in debtors. During the period the charity paid £11,196 (2020 - £nil) to Founders Properties Limited for providing administrative and management support. At the period end this amount was in creditors. The trustee of the charity is the same as those charged with Governance within the Company. At the period end £12,295 (2020 - £186) was included in debtors as due from the Anniversaries Fund. At the period end £20,400 (2020 - £1,000) was included in debtors as due from the Robert Warner Fund. The charities have the same trustee and governing body. Page 13 **THE WORSHIPFUL COMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021** ||PERIOD||PERIOD|| |---|---|---|---|---| |27/10/20|29/10/19|||| ||TO||TO|| ||25/10/21|26/10/20||| ||£||£|| |**INCOME AND ENDOWMENTS**||||| |**Donations and legacies**||||| |Donations from other charities|-||4,515,027|| |**Other trading activities**||||| |Fundraising events|5,243|||-| |**Investment income**||||| |Rents received||||| |68,358||||| |-||||| |Founders Combined Charity Income CIF||||| |24,962||||| |5,237||||| ||93,320||5,237|| |**Total incoming resources**||||| |98,563||||| |4,520,264||||| |**EXPENDITURE**||||| |**Charitable activities**||||| |Talks and Lectures|5,000|||-| |Grants to institutions|7,055|||-| |Grants to individuals|6,000||3,917|| ||18,055||3,917|| |**Support costs**||||| |**Management**||||| |Rates and water|4,612|||-| |This page does not form part of the statutory fnancial statements||||| Page 14 |Insurance
Light and heat
Property repairs
**Finance**
Legal and professional fees
Carried forward|186
-
375
114
546
-
5,719
114
5,942
13,910
5,942
13,910| |---|---| This page does not form part of the statutory financial statements Page 14 **THE WORSHIPFUL COMPANY OF FOUNDERS SEXCENTENARY APPEAL FUND** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 27 OCTOBER 2020 TO 25 OCTOBER 2021** |27/10/20
**Finance**
Brought forward
Administrative costs
Bank charges
**Governance costs**
Management fees
11,196
-
Accountancy and legal fees
1,257
-|PERIOD
PERIOD
29/10/19
TO
TO
25/10/21
26/10/20
£
£
5,942
13,910
7,570
12,000
159
23
13,671
25,933
12,453
-| |---|---| Total resources expended 49,898 29,964 **Net income** 48,665 4,490,300 This page does not form part of the statutory financial statements Page 15 This page does not form part of the statutory financial statements Page 15