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2021-12-31-accounts

Pages
Officers and professional advisers
Trustees'
annual
report		 2 -13
Independent
auditor's
report		 14 - 16
Group statement
of financial		 activities 17
Group balance sheet
Charity balance sheet 19
Statement ofcash tlows and
consolidated
statement		 ofcash flows 20
Notes to the financial
statements		 21 - 44

Trustees Peter Griffiths
Margaret
Attwood		 (retired 9 March 2022)
Robert Cowlin
William Conner
Jan Smith (appointed 31 March 2021)
Benjamin Woodgate
Geoffrey Dunn (appointed 1 January 2021 and
resigned 23 August 2022)
lan Hodge
David Whipps (appointed 25 November 2021)
Meriel Barclay (appointed 23 August 2022)
Executive Director Kath Cockshaw Position made redundant in
Markshall
Estate		 February 2022
Markshall
Coggeshall
CO6 1TG
Registered Office Markshall
Estate
Markshall
Coggeshall
CO6 1TG
Registered Number Charity 256700
Auditors Scrutton
Bland LLP
Chartered
Accountants		 and
Statutory
Auditor
820 The Crescent
Colchester
Business Park
Colchester
CO4 9YQ
Bankers Barclays Bank pic
9 High Street
Colchester
Essex
CO1 1DD
Solicitors Holmes and Hills LLP
Backing End
Braintree
Essex
CM7 9AJ

s
ofthe senior man		 agement
team
in 202		 1 we re:
Kath Cockshaw Executive Director
Nigel Ward Operations
Manager
Richard Ramsey Estate Manager
Karen Marchlik Programme
Operations		 Manager
Lauren Shields Financial
Administrator
Lisa Calvert Events Manager
Nanette
Gaskell		 HR SSustainability Manager
Rebecca Stone Retail Manager
Adam Seeker Catering
Manager		 (recruited November 2021)

Unrestricted Restricted Endowment Total Total
Notes Funds Funds Funds Funds Funds
2021 2020
F. 6
Income
Donations
and legacies		 7,796 13,253 21,049 16,828
Income from charitable
activities:
Grants receivable 3 101,147 101,147 100,897
Other income from
charitable
activities		 4 243,850 243,850 200,233
Income from other
trading
activities		 920,615 920,615 687,418
Investment
income		 36,738 36,738 36,606
Total income 1,310,146 13,253 1,323,399 1,041,982
Expenditure
Expenditure
on raising funds		 7 1,184,719 1,184,719 871,887
Charitable
activities		 8 562,794 562,794 374,135
Total expenditure 1,747,513 1,747,513 1,246,022
Realised
and unrealised
investment
gains		 172,938 172,938 169,656
Gain on disposal of land 1,405,216 1,405,216 32
Net (expenditure)/income (264,429) 13,253 1,405,216 1,154,040 (34,352)
Transfer between
funds		 19 (4,401) 4,401
Net movement
in funds
carried forward (268,830) 13,253 1,409,617 1,154,040 (34,352)
Balances brought forward
at 1 January 2021 82,767,585 61,500 61,866,356 F4,635,441 F4,669,793
Balances carried forward
at 31 December 2021 62,498,755 F14,753 83,275,973 65,789,481 E4,635,441

Notes
2021 2020f
Fixed assets
Tangible assets
Investments		 12
13		 3,333,038
3,131,732		 2,952,422
1,571,604
6,464,770 4,524,026
Current assets
Stocks 14 23 173 8,155
Debtors 15 474,098 357,996
Cash at bank and in hand 342,529 1,032,197
839,800 1,398,348
Creditors: amounts
within one year		 falling due 427,267 525,966
Net current assets 312,533 872,382
Total assets less current liabilities 6,877,303 5,396,408
Creditors: amounts
after more than		 falling due
one year		 17 1,087,822 760,967
Net assets f5,789,481 f4,635,441
Funds
Capital funds
Endowments		 19 3,275,973 1,866,356
Income funds
Restricted
funds		 20 14,753 1,500
Unrestricted
funds:
General charitable funds 21 2,498,755 2,767,585
f5,789,481 f4,635,441
Approved
by the Board ofTrus		 es on
3Di. 6

Notes
2021 2020
6
Fixed assets
Tangible assets
Investments		 12
13		 3,315,635
3,131,739		 2,935,600
1,571,611
6,447,374 4,507,211
Current assets
Stocks 14 6,384
Debtors 15 149,200 161,559
Cash at bank and in hand 213,932 971,110
363,132 1,139,053
Creditors: amounts
within one year		 falling due 16 211,631 340,444
Net current assets 151,501 798,609
Total assets less current liabilities 6,598,875 5,305,820
Creditors: amounts
after more than		 falling due
one year		 17 829,514 608,827
Net assets 65,769,361 F4,696,993
Funds
Capital funds
Endowments		 19 3,275,973 1,866,356
Income funds
Restricted funds 20 14,753 1,500
Unrestricted
funds:
General charitable funds 21 2,478,635 2,829,137
65,769,361 F4,696,993
Meriel Barclay i~ K72 10'

Group Group Charity Charity
2021f 2020 2021
E		 2020
f
Cash flows from operating
activities
Net movements
in funds
Depreciation
oftangible assets
(Gain) on disposal oftangible assets
Unrealised
investment
gain
Interest
paid
Interest received		 1,164,040
148,697
(1,405,216)
(172,938)
32,433
(275)		 (34,352)
80,802
(32)
(169,656)
22,903
(23,673)		 1,072,368
141,964
(1,405,216)
(172,938)
25,757
(275)		 68,641
78,639
(32)
(169,656)
22,903
(23,873)
Dividends
received
(Increase)/decrease
in debtors
Increase
in creditors		 (36,463)
(116,102)
228,156		 (12,933)
144,650
227,615		 (36,463)
12,359
91,874		 (12,933)
231,353
81,087
(Increase)/decrease
in stocks		 (16,018) 12,496 6,384 11,281
Cash (used in)/from
operations		 (182,686) 247,820 (264,186) 285,610
Interest paid
Interest received		 (32,433)
275		 (22,903)
23,673		 (25,767)
276		 (22,903)
23,673
Net cash (used in)/from
operations
and financing
activities		 (214,844) 248,590 (289,668) 286,380
Cash flows from Investing
activities
Purchase
oftangible
fixed assets
Purchases
of investments
Dividends
received		 (634,707)
(1,387,190)
36,463		 (185,249)
(1,259,112)
12,933		 (627,393)
(1,387,190)
36,463		 (178,507)
(1,259,112)
12,933
Proceeds from sale offixed assets 1,510,610 54 1,510,610 54
Net cash (used in) investing
activities		 (474,824) (1,431,374) (467,510) (1,424,632)
Change
in cash and cash equivalents
in the year		 (689,668) 1,182,784 (757,178) (1,138,252)
Cash and cash equivalents
brought
forward		 1,032,197 2,214,981 971,110 2,109,362
Cash and cash equivalents
carried forward		 6 342,529 8 1,032,197 6213,932 E971,110

ONATIO NS
AND LEGAC		 IES
Unrestricted Restricted Endowment Total Total
Funds Funds Funds Funds Funds
2021f 2020
f.
Disabled vehicle "Buggy" 464 464 144
General donations 7,332 13,253 20,585 16,684
f 7,796 f 13,253 f 21,049 f. 16,828

RANTS RE CEIVABLE
Unrestricted Restricted Endowment Total Total
Funds Funds Funds Funds Funds
f. 2021 2020f
Land and Environmental 41,384 41,384 31,385
Other Covid
Job retention		 related grants
scheme		 18,000
41,763		 18,000
41,763		 27,058
42,454
f101,147 f- f - f101,147 f 100,897

Unrestricted Restricted Endowment Total Total
Funds Funds Funds Funds Funds
f f 2021f 2020
Admissions 163,968 163,968 133,844
Members' fees 79,882 79,882 66,389
f 243,860 f - f 243,850 f 200,233

Unrestricted Restricted Endowment Total Total
Funds Funds Funds Funds Funds
2021 2020
6 6
Coach house and visitor
centre lettings 301,282 301,282 26,790
Events income 18,633 18,633 2,859
Shop income
Catering
income		 87,340
128,519		 87,340
128,519		 48,877
138,548
Rental and estate income 354,000 354,000 461,773
Timber sales 2,633 2,633 4,374
Educational
income		 1,323 1,323 4,197
Insurance
claim		 6,771 6,771
Wayleaves 3,906 3,906
Miscellaneous
income		 16,208 16,208
6 920,615 f - f 920,615 f 687,418

Unrestricted Restricted Endowment Total Total
Funds Funds Funds Funds Funds
2021 2020
f f. 6 6
UK equities 36,463 36,463 12,933
Interest received 275 275 23,673
6 36,738 f. - f 36,738 f 38,606

XPENDITURE ON RAISIN G FUNDS
Visitor
Activities Centre
undertaken Support Support Total Total
directly
F.		 costs
F.		 costsf 2021f 2020f
Coach house and visitor
lettings 235,381 72,149 307,530 66,515
Events 9,471 21,763 1,187 32,421 8,645
Shop
Catering		 2,035
3,252		 44,199
3,627		 255
408		 46,489
7,287		 61,684
114,640
Rental and estates
activities 211,623 549,369 790,992 620,403
f461,762 f 69,589 f623,368 f 1,184,719 F 871,887

Visitor Support
Activities Centre and
undertaken Support Governance Total Total
directly costs
F		 costs 2021f 2020f
Arboretum 219,090 35,126 254,216 276,787
Admissions 191,604 191,504 53,382
Members' fees 93,299 93,299 26,479
Trustee and
administration expenses 493 493 2,381
Auditors' remuneration:
in respect of
audit services		 9,400 9,400 9,878
in respect
non audit		 of
services		 13,882 13,882 5,228
f 219,090 F 284,803 f58,901 f 562,794 F 374,135

otal expenditure
can be furt		 her an alysed as follows:
2021f 2020f
Staff costs 918,568 648,717
Events and Visitor Centre expenditure 32,676 3,983
Shop and catering
expenditure
Wedding
expenditure
Repairs to property
and equipment
Cleaning
Telephone
Heat, light and water
Bank interest
and charges		 99,440
10,112
27,136
43,345
11,354
17,535
17,597		 95,737
16,400
97,909
28,396
10,890
26,034
11,063
Depreciation 158,838 80,801
Miscellaneous 25,584 31,691
Transport,
fuel and maintenance
Insurance		 ee,495
30,835		 12,425
19,196
Land access payments
Loan interest		 18,967
16,111		 30,000
11,558
Hire purchase
interest
Subscriptions
Auditors'
remuneration		 3,866
23,282		 282
7,325
9,878
Marketing
and management
Professional
fees		 fees and expenses 73,572
84,263		 32,900
38,788
Trustee and administration expenses 24,985 2,381
Management,
staff and volunteer
Training
Plants		 expenses 4,319
6,319
19,067		 2,023
7,502
4,032
Bad debts (recovered)/written off (7,223) 7,106
Printing 4,e68 7,475
Licences 2,075
Equipment
Sculpture
event		 25,107
730		 1,530
6 1,747,513 6 1,246,022

isitor Centre support costs can be further analy sed as follows:
2021 2020
6 6
Staff costs 246,265 43,160
Repairs 12,511 11,346
Cleaning
Telephone		 24,461
5,838		 13,031
5,563
Light, heat and water
Bank interest
and charges		 8,286
9,069		 10,523
8,519
Miscellaneous 30,747 42,024
Depreciation 8,770
Insurance 10,302 6,267
Legal fees 4,315 5,896
Volunteer expenses 2,693 205
Subscriptions 936 450
6364,392 F 155,754

upport costs c an be further analys ed as follows:
2021
6		 2020f
Staff costs 396,303 375,771
Marketing fees 55,810 27,111
Professional
fees		 75,389 33,438
Management, staff and volunteer expenses 2,292 1,222
Training 3,450 5,896
Miscellaneous 22,652 23,632
Bank charges 23,374 2,828
Cleaning 18,894 4,568
Light, heat and water 9,243 15,512
Repairs 46,540 69,998
Telephone e,e16 5,327
Bad debts (recovered)/written off (7,223) 7,106
Printing,
postage and stationery		 2,507 3,206
Depreciation 6,733 4,162
Insurance 607 394
Licences 2,075 380
Subscriptions 2,920 2,107
Equipment
hire		 5,294
Trustee and administration expenses 493 2,381
Auditors
remuneration		 9,400 9,878
6682,269 L' 594,915

MPLOYEE AND TRU STEE I NFORMATION
2021f 2020f
Employees
Wages and salaries
Social security costs
Pension costs		 838,281
64,174
16,113		 594,248
37,505
9,823
f918,568 f641,576
The average
monthly
the year was made		 number
ofemployees
up as follows:		 during 64 46

UDIT F EE
2021 2020
f. f.
Auditors' remuneration: in
in
in		 respect
respect
respect		 of
of
of		 audit services
payroll services
other non-audit		 services 9,400
6,o6o
8,832		 9,878
3,913
1,315
f23,282 f15,106

roup
Improvements
Freehold to Plant and
property
f		 properties
6		 machinery
f.		 Totalf
Cost
At 1 January 2021
Additions		 2,405,366 853,747
547,374		 502,786
87,333		 3,761,899
634,707
Disposals (14,942) (110,523) (468) (125,933)
At 31 December 2021 2,390,424 1,290,598 689,651 4,270,673
Depreciation
At 1 January 2021
Disposals
Charge for year		 435,381
(20,639)
91,966		 374,096
66,731		 809,477
(20,539)
148,697
At 31 December 2021 606,808 430,827 937,635
Net book values
At 31 December 2021 62,390,424 6783,790 6158,824 63,333,038
At 31 December 2020 f 2,405,366 f418,366 f 128,690 f 2,952,422

harity
Improvements
Freehold to Plant and
property properties machinery Total
f. f. 6
Cost
At 1 January 2021
Additions		 2,405,366 853,747
647,374		 465,829
80,019		 3,724,942
627,393
Disposals (14,942) (110,523) (468) (125,933)
At 31 December 2021 2,390,424 1,290,598 645,380 4,226,402
Depreciation
At 1 January 2021
Disposals
Charge for year		 436,381
(20,539)
91,966		 353,961
49,998		 789,342
(20,539)
141,964
At 31 December 2021 606,808 403,959 910,767
Net book values
At 31 December 2021 6 2,390,424 f.783,790 f.141,421 f3,316,635
At 31 December 2020 f 2,405,366 f 418,366 f 111,868 f2,935,600

Group and Charity
2021 2020
6 6
Listed investments
Market value at 1 January
2021		 1,571,604 142,836
Additions
at cost		 1,387,190 1,259,112
Net unrealised
investment
gain		 172,938 169,656
Market value at 31 December 2021 63,131,732 6 1,571,604
Historical cost at 31 December 2021 6 2,741,110 6 1,353,920
Details ofthe listed investments held at 31 December 2021 are as follows:
Mid-market
Cost value
E 6
M and G Charibond
Common		 Investment Fund
7,168 Income Shares 7,786 8,685
M and G Charifund —Equities Investment Fund for Charities
708 Income Units 8,000 11,018
Charinco
Common
Investment		 Fund
4,404 Income Shares 7,042 8,090
Charishare
Common
Investment		 Fund
3,442 Income Shares 6,532 24,621
Charities
Official Investment		 Fund
1,226 Income Units 7,802 25,220
37Accumulated
Units		 371 8,922
Glaxo Smith Kline PLC
3,505 Income Shares 53,924 56,311
Rathbone
Portfolio		 2,649,653 2,988,865
62,741,110 63,131,732

EBTORS
Group Charity
2021
f		 2020
6		 2021
f		 2020
f.
Trade debtors 302,072 279,623 22,660 89,391
Other debtors 91,612 30,971 89,256 27,824
P repayments 80,414 47,402 37,295 44,344
6474,098 f357,996 6149,200 f161,559

Group Group Charity Charity
2021
f		 2020 2021
f		 2020
f.
Loans and overdrafts 49,601 44,942 39,601 44,213
Trade creditors 108,818 157,181 96,372 144,531
Other creditors 90,133 86,470 ee,eee 86,466
Amounts
owed		 to subsidiary 32,228
Other taxation
Accruals		 and social security 48,488
20,325		 36,901 18,955 33,006
Deferred income 109,902 200,472 47
6427,267 f 525,966 6211,631 f 340,444

Group Group Charity Charity
2021
f		 2020
f		 2021
f		 2020
f
Loans:
Due between one and two years 50,662 94,628 40,662 45,357
Due between two and five years 466,4e4 120,740 437,390 120,740
Due after more than five years 361,662 442,730 361,662 442,730
868,578 658,098 829,514 608,827
Deferred income:
Due between one and two years 219,244 102,869
Total f 1,087,822 f 760,967 f829,614 f 608,827

Group Group Charity Charity
2021 2020f 2021
f		 2020
f
Financial assets
Financial assets measured at fair
value through
profit or loss		 3,131,732 1,571,604 3,131,739 1,571,611
Financial assets measured at
amortised
cost		 393,684 310,594 104,166 117,215
f3,525,416 f 1,882,198 f 3,235,905 f 1,688,826
Financial liabilities
Financial
liabilities
measured
amortised
cost		 at f f 946,691 f 1,041,145 f. 916,265
1,295,845

Group and Charity
Movement In funds
Balance Expenditure, Balance
at gains/(losses) at
1.1.21f Income and transfers 31.12.21f
permanent endowment
Investment 1,481,818 4,401 1,486,219
Markshall Estate 384,538 1,405,216 1,789,754
F 1,866,356 f 1,405,216 f 4,401 f 3,275,973

roup and Charity
Movement in funds
Balance Expenditure, Balance
at (gains)/losses at
1.1.21 Income
f		 and transfers
f		 31.12.21
Educational events 1,500 13,000 14,600
Cycle path 253 253
f 1,500 f13,263 f - f 14,753

Movement
in funds
Balance Expenditure, Balance
at (gains)/losses at
1.1.21 Income
and transfers		 31.12.21
Group
General		 charitable funds f 2,767,585 f 1,310,146 f1,578,976 f 2,498,766
Charity
General		 charitable funds f. 2,829,137 f 917,076 f1,267,678 f 2,478,635

he summary
financial		 performance
ofthe Charity al		 one is:
2021f 2020f
Income 930,331 1,074,715
Expenditure
Fundraising
trading:
Cost ofgoods sold
Charitable
activities		 and other costs 877,193
539,019		 805,372
361,876
Governance
costs		 19,905 8,514
Realised and unrealised
Investment
(gain)
Gain on disposal		 (172,938)
(1,406,216)		 (169,656)
(32)
Net incoming
resources		 1,072,368 68,641
Total funds brought forward 4,696,993 4,628,352
Total funds carried forward f5,769,361 f4,696,993
Represented
by:
Restricted
funds		 14,753 1,500
Endowment
funds		 3,275,973 1,866,356
Unrestricted
funds		 2,478,636 2,829,137
Total funds f5,769,361 f4,696,993

Group
Net current
Tangible assets less
fixed long term
assetsf Investments
f		 liabilities
f		 Totalf
Restricted funds 14,753 14,753
Endowmentfunds 216,058 86,556 2,973,359 3,275,973
Unrestricted funds
General charitable funds 3,116,980 3,046,176 (3,663,401) 2,498,766
Total funds f3,333,038 f3,131,732 f(675,289) f5,789,481
Charity
Net current
Tangible assets less
fixed long term
assetsf Investments
F.		 liabilities
F.		 Totalf
Restricted funds 14,753 14,753
Endowment funds 216,058 86,556 2,973,359 3,275,973
Unrestricted funds
General charitable funds 3,099,677 3,045,183 (3,666,125) 2,478,635
Total funds F3,315,635 F3,131,739 f(678,013) f5,769,361

Unrestricted Restricted Endowment Total
Funds Funds Funds Funds
2020
f 6 6 6
Income
Donations
and legacies		 16,328 500 16,828
Income from charitable
activities:
Grants receivable 100,897 100,897
Other income from
charitable
activities		 200,233 200,233
159
Income from other
trading
activities
Investment
income		 687,418
36,606		 687,418
36,606
Total income 1,041,482 500 1,041,982
Expenditure
Expenditure
on raising funds		 871,887 871,887
Charitable
activities		 374,135 374,135
Total expenditure 1,246,022 1,246,022
Realised
and unrealised
investment
gains		 169,656 169,666
Gain on disposal of land 32 32
Net income (34,862) 600 (34,352)
Transfer
between
funds		 475,699 (475,599)
Net movement
in funds
carried forward 440,747 500 (476,599) (34,362)
Balances brought forward
at 1 January
2020		 2,326,838 1,000 2,341,955 4,669,793
Balances carried forward
at 31 December 2020 62,767,585 61,500 61,866,356 64,635,441

roup
Balance Balance
at Cash Non Cash at
1.1.21 Movements Movements 31.12.21
f. f. f. f.
Cash at bank and in hand 1,032,197 (689,668) 342,529
Debt due within one year (44,942) (4,659) (49,601)
Debt due after one year (658,098) (210,480) (868,578)
Net funds/(debt) 6329,157 f(904,807) f - f(575,650)

harity
Balance Balance
at Cash Non Cash at
1.1.21 Movements
6		 Movements
6		 31.12.21f
Cash at bank and in hand 977,110 (763,178) 213,932
Debt due within one year (44,213) 4,612 (39,601)
Debt due after one year (608,827) (220,687) (829,614)
Net funds/(debt) E324,070 E(979,263) 2 - E(606,103)

2021
f
6		 2020
6		 f
Income
Estate 477,180 542,679
Arboretum and Land in Hand 46,094 32,481
Visitor Centre Operations 801,126 466,822
1,323,399 1,041,982
Expenses
Estate 786,678 494,653
Arboretum and Land in Hand 238,719 223,430
Visitor Centre Operations 722,216 527,939
1,747,613 1,246,022
Operating surplus/(deficit)
Estate (309,398) 48,026
Arboretum and Land in Hand (193,626) (190,949)
Visitor Centre Operations 78,909 (61,117)
(424,114) (204,040)
Gain on disposal offixed assets 1,406,216 32
Gain on investment 172,938 169,656
Surplus/(deficit)
for the financial		 year E L (34,352)
1,164,040

2021 2020
Income —Estate
Rental income 350,175 426,966
Tenant contributions 3,825 1,053
Investment
income		 36,738 36,606
Insurance
and other		 income 19,100 33,335
Grants and donations 29,812 31,385
Job retention
scheme		 grant 33,624 13,334
Nursery 3,906
477,180 542,679
Expenses —Estate
General maintenance 37,266 54,833
Premises
and public		 liability insurance 10,076 18,241
Other professional
fees
Accountancy
Office administration
and services		 71,405
19,412
27,192		 22,587
6,133
14,361
Office electricity and water ?,992 8,520
Staff costs 417,923 245,426
Staff and trustee expenses
Bank charges and overdraft		 interest 2,651
1,862		 3,928
459
Miscellaneous 13,846 9,346
Access payments
Depreciation
Loan interest		 18,967
152,105
15,111		 30,000
67,869
11,840
Bad debts (recovered)/written off (9,230) 1,110
?86,578 494,653
Divisional
(deficit)/surplus		 6 (309,398) 648,026

2021 f 2020
f		 f.
Income —Arboretum and land in hand
Grants and donations 39,049 16,827
Job retention
scheme		 grant 3,412 5,096
Timber sales 2,633 10,558
45,094 32,481
Expenses —Arboretum and land
In hand
Personnel
expenses		 134 677
Staff costs 183,324 165,859
Equipment 6,337 4,065
Equipment
hire		 4,056 400
Planting
and tree surgery		 3,678 4,032
Fuel and oil 7,821 5,865
Repairs and maintenance 16,071 7,402
Vehicle insurance
and		 tax 10,754 12,497
Heat, power and water 1,922 6,402
Miscellaneous 6,622 7,126
Other professional
Fees		 9,105
238,719 223,430
Divisional
deficit		 f (193,625) f (190,949)

2021
f		 6 2020
6		 f
Income —Visitor Centre Operations
Admission 163,968 133,844
Catering 128,519 138,548
Shop and plants 37,&43 48,877
Membership 79,882 68,389
Coach house 331,391 20,605
Events 38,021 2,859
Other income 5,202 490
Education
and engagement		 4,127
Job retention
scheme grant		 4,727 24,024
Grants 11,572 27,058
801,126 465,822
Expenses —Visitor Centre Operations
Catering 42,310 48,488
Shop 71,521 47,253
Wedding 10,112 70,250
Events 23,934 5,513
Bank and credit card charges 31,250 8,519
Cleaning 34,112 22,571
VC electric and water 7,621 10,523
Repairs and maintenance 26,666 14,105
Staff, volunteer and trustee expenses 1,534 845
Miscellaneous 14,662 5,026
Marketing and promotions 73,476 30,923
Staff costs 320,615 228,200
Office and administration costs 27,994 17,341
Depreciation 6,733 8,878
Insurance 10,683
Legal and professional fees 9,562 5,896
Education and engagement 3,500
Equipment 7,524
Bad debts written off 2,007
722,216 527,939
Divisional surplus/(deficit) 78,909 (61,117)