REGISTERED CHARITY NUMBER: 257666 Re ort of tlie Trustees and Unaudlted Flnanclal Statements forthe Year Ended 31 March 2024 for Swazlland Charltable Trust
Swazlland Charltable Trust Contents of the Financlal Statements for the Year Ended 31 March 2024 Page Report of the Trustees Independent Examiner's Report Statement of Financial Actlvltles Balance Sheet Notes to tho Financial Statements 7 10 15 Dotailed Statement of Financial Activitios 16
Swazlland Charltabl¢ Trust Re ort of the Trustees for the Year Ended 31 March 2024 The Iruslees present their reportwilh the financial slalements of the charity for the year ended 31 March 2024. The Iruslees have adopted the provisions of Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing Iheif accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. OBJECTIVES AND ACTIVITIES Oblectlves and aims The principa5 aclivity of the Trust Is to generate income and receive donations for the promotion of charitable activities for the benefit of the inhabilanls of Eswalini. Special emphasis is given lo Educational and Agricullural projecls and assisting disadvantaged children. Assistance is primarily given in the form of grants lo organisalions and inslilulions which further the well being of the inhabilanls of Eswalini. The Iiuslees believe that these activities fulfil the Charities Commission's general guidance on public benefit. ACHIEVEMENT AND PERFORMANCE A broad range of oiganisalions in Eswalini were supported and sponsorship of orphans continued. FINANCIAL REVIEW Investments and reserves The Statement of Financial Activities splits the income beeen voluntary donations and investment income. The results of the properly owning subsidiary are clearly identified and the notes lo the accounts indicate that the summary profil and loss account presented for the subsidiary has been adjusted to eliminate cross charging beeen the enlilies. A separate Statement of Financial Aclivilies for the charity ilsell is not presented because the charity has taken advantage of the exemptions afforded by the SORP. Nel incoming resources available for charitable purposes amounted lo £23,828 {2023.- £60,776). Charitable donations made in the year amounted lo £70,421 {2023'. £90,381). The fixed asset investments were revalued at 31 March 2024, resulting in a total unrealised net gain during the year of £94,07112023'. £22,080 lossl all in respect of securities. The investment properties were revalued during Ihe year ending 31 March 2023, resulting in a tolal nel unrealised gain during the prior year of £189,042. The translation of the assets and liabilities and results of the Eswalini branch and subsidiary eompany has resulted in a translation loss of £31,74912023.. £56,282 loss). The nel movemerbl in funds, of £18,852 loss 12023.. £76,299 gain), for the year has been transferred lo the trust fund. A resetves policy was adopted in 2006, whereby nel current assets should not fall below one year's grants budget. Nel curienl assets are currently in excess of this level, standing at £83,43812023.. £121,716). The Iruslees are of the opinion that the financial position of the charity is satisfa¢lory. FUTURE PLANS The Iruslees plan lo continue providing grants in a similar way, lo continue the orphan support scheme and fund raising within the United Kingdom. Priority will be given lo the raising of extra funds lo ensure the uninlerrupled education of sponsored orphans even when they start High School and educational costs exceed the means of most individual sponsois and to supporting Iheif lerliary education. Page 1
Swaziland Charltable Trust Re ort of the Trustees for the Year Ended 31 March 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document The Trust is consliluled under a trust deed dated 20 December 1968, with subsequent deeds of variation dated 3 November 1997 and 5 May 1998, and is registered as a charity (number 257666}. The Trust's capital fund is inve51ed in securities and real eslale, the return on which is applied for such charitable purposes lor the benefit of the inhabitants of Eswalini as the Iruslees shall think fil. The Tfust seeks to continue ils charitable activities primarily through careful stewardship of existing resources and though donations may be aclivety sought from lime to lime the Trust is not reliant upon any such donations. The Iruslees are appointed by the Board of Trustees and have no fixed term of office. The Board of Trustees normally meets biannually lo agree broad slrale9y and areas ofactivity, investment, reserves ancs grant making policy and risk management. A Finance Committee, made up of trustees and invited experts. meets periodically to oversee inveslmenls. The Eswatini Board, whose members have specialist local expertise in Eswalini, meets two to four times each year lo consider 8pplicalions, decide on grants and lo monitor the performance of grants made. Eswalini Board members ale nominated by Ihe Eswatini Board Chairman in consultation with the Trustees. Day lo day moniloring of assistance given in Eswatini is delegated lo a local manager and the execution of Trustees, decisions in the United Kingdom delegated to Ihe Secretary by the Trustees. Selectlon and appolntment of Trustees The training and induction for new Trustees will depend upon their existing experience, but all Trustees are provided with copies of policies, proceduies, minutes, accounts, plans and other documents that they will need to undertake their role as Trustees. Induction lends lo be done informally and is tailored specifically to the role. The Tiustees serving during the year under review afe as shown below. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 257666 Prlncipal address 59 St Budeaux Close Ollery St Mary Devon EX11 1HR Trustees Mrs V M McDonaugh J Loder The Lord Egremont The Marchioness of Salisbury C D Gilbert Miss C Gilbert T Baring C J Gilbert {appointed 14 November 20231 Chairman Finance Committee Chairman Eswatini Board Chairman Secretary to the trustees R W Mackenzie Independent Examlner Mander Duffill Chartered Accountants The Old Post Office 41-43 Market Place Chippenham WiSlshire SN15 3HR Page 2
Swaziland Charitable Trust Re ort of the Trustees forthe Year Ended 31 March 2024 Approved by order of the board of Ifuslees on and signed on ils behalf by.. ary lo the Ifustees Page 3
Inde gndent Examiner's Re ort to tho Trustegs of Swaziland Charitable Trust Independent examlner's report to the trustees of Swaziland Charitabl¢ Trust I report lo the charity Iruslees on my examination of the accounts of Swaziland Charitable Trust (the Trust) for the year ended 31 March 2024. Responsibilitie8 and basis of report As the charity Iruslees ol the Trust you are responsible for the preparation of the accounts in accoidance with the requirements of the Charities Act 2011 I'lhe Acl'}. I ieporl in respect of my examination of the Trust's accounts carfied out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission undef section 14515llb) of the Act. Independent examlner's statement I have completed my examination. I confirm that no material mallers have come to my allenlion in connection with the examination giving me cause to believe that in any material respect.. a¢counling records were not kept in iespect of the Trust as required by section 130 of the Act,. or the accounts do not accord with those records., or Ihe 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 maller considered as parl of an independent examination. I have no concerns and have come aeross no other mallers in connection with Ihe examination lo which allenlion should be drawn in this report in order to enable a proper understanding of the accounls lo be feached. Ri¢hard M8nder FCA Mander Dulfill Chartered Aecountanls The Old Post Office 41-43 Maiket Place Chippenham Willshire SN15 3HR Dale.. Page 4
Swaziland Charitable Trust Consolldated and Charlt Statement of Financlal Actlvltles for the Year Ended 31 March 2024 Group 31,3.24 Total fund Charity 31.3.24 Total fund 31.3.23 Total hjnd 31.3.23 Total fund Notes INCOME AND ENDOWMENTS FROM Oonalions & grants Investment income Total 23,828 65,536 89,364 60.776 65.636 126,412 23,828 18,183 42,011 60,776 18,448 79,224 EXPENDITURE ON Charitable activities Grants to Eswalini organisalionslinslilulions Support costs Governance costs 70,421 50,262 12,921 90,381 53.782 16,630 70,421 12.843 4,440 90,381 11,550 4,260 Total 133,604 160.793 87.704 106,191 Nel gainsl{lossesl on investments 25,388 110,680 53,656 {40,832) NET INCOMEI{EXPENDITURE) {18,8521 76,299 7,963 {67,799) PRIOR YEAR ADJUSTMENT RECONCILIATION OF FUNDS Total funds brought forward 1,756.318 1.680,019 1,349.763 1,417,562 TOTAL FUNDS CARRIED FORWARD 1,737,466 1,756,318 1,357,726 1,349,763 The notes form part of these financial statements Page 5
Swa211and Chayltable Trust Consolldated and Charlt Balance Sheet 31 March 2024 Group 31.3,24 Total fund Charlty 31.3.24 Total fund 31.3.23 Total fund 31.3.23 Total funds Notes FIXED ASSETS Tangible assets Investments Investments Investment property 2,881 3,406 16 21 1,257,475 393,672 1,654,028 1,208,102 423,094 1.634.602 1,270,490 1.222.091 1,270,506 1,222,112 CURRENT ASSETS Stock Debtors Deposits with brokers Cash al bank 490 12,594 44,470 45,237 102,791 99 10.875 70,710 52.625 134.309 490 9,498 44,470 45.237 99,695 99 10,748 70,710 52,291 133,848 10 CREDITORS Amounts falling due wilhin one year 11 119,353) {12.593) {12,4751 {6,1971 NET CURRENT ASSETS 83,438 121,716 87,220 127.651 TOTAL ASSETS LESS CURRENT LIABILITIES 1,737A66 1.756.318 1,357,726 1,349,763 NET ASSETS 1,737,466 1.756,318 1,357,726 1,349,763 FUNDS Unreslricled funds 12 1,737,466 1,756,318 1,357,726 1,349,763 TOTAL FUNDS 1,737,466 1,756,318 1,357,726 1.349,763 Th* financial slalemenls were approved by the Board of Trustees and aulhorised for issue on and were signed on ils behalf by.. OAI Mrs V M M¢Donaugh- Tru lee The notes form part of these financial slalements Page 6
Swazlland Charltable Trust Notes to the Financial Statements for the Year Ended 31 March 2024 ACCOUNTING POLICIES Basis of preparing the financlal 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 IFRS 1021 'Accounling and Reporling by Charities.. Slalement of Recommended Practice applicable to charities preparin9 their accounts in accordance with the Financial Repoiling Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20151,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared on a going concern basis under the historical cost convention with the exception ol investments which are included al market value. as modified by the revaluation of certain assets. The financial slalements are prepared in sterling which is the funclional currency of the charity and are rounded lo the nearest £. Golng concern The financial slalements have been prepaTed on a going concern basis as the Ifustees bglieve that no material uncerlainlies exist. The Iruslees have considered the level of funds held and the expected level of income and expenditure for 12 months from aulhorising these financial stalemenls. The budgeted income and expenditure is sufficient with the level of reserves for the charity lo be able lo continue as a going concern. Incomo All income is recognised in the Slalement of Financial Activities once the charity has enlillemenl lo the funds, il is probable that the income will be received and the amount can be measLtred reliably. For donations lo be recognised the charity will have been notified of the amounts and the settlement dale in writing. If there are conditions allached lo the donation and this requires a level of performance before enlillemenl can be obtained then income is deferred until those conditions are fully mel or the fuifilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Investment income is earned through holding assets for investment purposes suoh as shares and property. It includes dividends, interest and rent. Where it is not practicable lo identify investment management costs incurred within a scheme with reasonable accufacy the investment income is reported nel of those costs.11 is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and ienl income is recognised as the charity's right lo receive payment is established. Other income includes any income not falling into other income categories. Expendlture Liabilities afe recognised as expenditure as soor) as there is a leg81 or constructive obligation commilling Ihe charily lo that expenditure, il 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 cost related lo the category. Where costs cannot be directly allribuled lo parti¢u18r headings they have been allocated lo activities on a basis consistent with the use of resources. Tanglble flxed assets Depreciation is provided al the following annual rates in the foreign currency in order to write olf each assel over ils useful life. Leasehold Improvements Subsidiary Over remaining term of the lease Office furniture and equipment Branch 25./0 on Teducing balance Office equipment UK 25°/o on reducing balance Motor vehicles Subsidiary 25°/o on feducing balance Office furniture and equipment Subsidiary - 25¥0 on reducing balance Page 7 continued..
Swaziland Charitable Trust Notes to the Flnanclal Statements - continued for the Year Ended 31 March 2024 ACCOUNTING POLICIES- contlnued Investmgnt property Investment properties for which fair v81ue can be measured reliably without undue cost or effort are measurecl al fair value al each reporting date with changes in fair value iecognised in 'net gains I {lossesl on inveslmenls, in the Slalemenl of Financial Activities. Where investment properties are reclassified as functional fixed assets due to change of use they are Iransferfed al the prevailing market rate. stocks Stocks are valued al the lower of c051 and nel realisable value, after making due allowance for obsolete and slow moving items. Taxatlon The charity is exempl from tax on ils charitable aclivilies. Fund accounllng General funds are unrest¥icled funds which are available for use al the discretion of the Iruslees in furtherance of the geneial objeclives of the charity, and which have not been designated for other purposes. Recognlsed galns and losses All recognised gains and losses on investments are included in the SOFA. Commission charged Commission charged by the investment manager on the acquisilion5 of investments is included in the cost of the inveslment.The commission charged on the disposal of investments is treated as a charge against the realised gain or loss in the SOFA. Foreign currencies Monetary assets and liabilities denominated in foreign currencies, and transactions in foreign currencies, are translated al the rates of exchange prevailing al the accounting dale. All diffeiences are taken to the SOFA. Tangible fixed assets owned by the subsidiaries are being depreciated in their own curfency and translated al the rates of exchange prevailing at the accounting date. All differences are taken to the SOFA. The Emalangeni {El lo Sterling IGBPI year end rale used was 1 E- 0.04188 GBP12023.' 1 E= 0.04501 GBP) 1 £1 23.7755E12023'. £1 22.1944E}. Financlal Instrument8 The charity has only financial assets and financial liabilities of a kind that qualifies as basic financial instruments. Basic financial instruments are initially recognised al Ir2nsaclion value and subsequently easured at their settlement value with the exception of investment properties and listed investments whi¢h are measured at fair value. Judgements and key sources of estimation uncertainty The key source of eslimalion uncertainty al the reporting dale that has a significant iisk of causing 8 material adjustment to the carrying amount of assets and liabilities is investment property valuations {note 71. Page 8 continued...
Swazlland Charltable Trust Notes to the Financlal Statements - continued for the Year Ended 31 March 2024 INVESTMENT INCOME 31.3.24 31.3.23 Property income Investment income Gross interest receivable 47,353 18,040 143 47,188 18,423 25 65.536 65.636 NET IINCOME}IEXPENDITURE This is slated after charging.. 2024 2023 Independent examiner's remuneration Foreign exchange Igainllloss 2.220 1,7171 2,130 56 2821 TRUSTEES. REMUNERATION AND BENEFITS Trustees are not remunerated. Trustees, expenses During the year travel, piinting, stationery and postage costs amounting to £nil {2023'. £nill were paid on behalf of the Trustees. TANGIBLE FIXED ASSETS Office furniture Leasehold and Improvements equipment Subsidiary Branch Office equipment UK COST At 1 April 2023 Addilions Exchange differences 1.560 674 1,155 At 31 March 2024 627 DEPRECIATION Al 1 April 2023 Charge for year Exchange differences 1,560 674 1,134 47) Al 31 March 2024 1.560 786 1,139 NET BOOK VALUE Al 31 March 2024 16 Al 31 March 2023 28 Page 9 continued...
Swazlland Charltable Trust Notes to the Flnanclal Statements - contlnued for the Year Ended 31 March 2024 TANGIBLE FIXED ASSETS- ¢ontinued Office furnilure and equipment Subsidiary Motor vehicles Subsidiary Totals COST At 1 April 2023 Additions Exchange differences 13,761 2,458 523 19,608 523 1,1741 At 31 March 2024 12.804 2,811 18.957 DEPRECIATION Al 1 April 2023 Charge for year Exchange differences 10,905 665 1,929 145 16,202 815 Al 31 March 2024 1.939 16.076 NET BOOK VALUE Al 31 March 2024 1.993 872 2.881 Al 31 March 2023 2,856 529 3.406 FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 1 April 2023 Addilions Disposals Revaluations 1,208,102 247,825 1292,523) 94,071 At 31 March 2024 1.257.475 NET BOOK VALUE At 31 March 2024 1257 475 At 31 March 2023 1208 102 Page 10 continued...
Swazlland Charitable Trust Notes to the Flnancial Statements - contlnued for the Year Ended 31 March 2024 FIXED ASSET INVESTMENTS- Gontlnued Fixed Asset investments 2024 2023 Listed investments Investment propety - Land and Buildings.. Subsidiary - see note 7 1,257,475 393 672 1.208,102 423,094 1.651,147 1631,196 Cosumarkel value when gifted Llsted Investments 2024 2023 Fixed income UK equities Overseas equities Allernalives 180.336 28.000 371.065 93.824 186,035 177,273 792,385 101.782 100,260 310,393 698,482 673 225 1.257.475 1,208,102 The charity has the following investments which represent more than 5Yo by value of the investment portfolio in quoted Securities.. Descrlptlon Market value Yoof portfolio 31.3.2024 UK13.501¢ BDS Unilever plc ordinary Findlay Park funds plc American Baring Fund Managers First Senlier INVRS {UK I fds Ltd Vina Capital Vietnam Ishares Physical Me181s 81,762 91,436 369,983 63,201 125,788 63,525 77,601 29.42 5.03 10.0 5.05 6.17 Comparative: 2023 Description Market value /oof portfolio 31.3.2023 Unilever plc oidinary M&G securities charifund income Baillie Gifford Shin Nippon Findlay park funds plc american Baring Fund Managers First Senlier INVRS {UK I fds Ltd 96,370 88,990 134,716 283,562 60,816 123.220 11.2 23.5 10.2 The Iruslees are not aware of any material reslriclions which might apply on realisalion of these assets. Cost or valuation at 31 March 2024 is represented by-. Listed investments Cost 1,257 475 Page 11 continued...
Swaziland Charltable Trust Notes to the Financlal Slatements - contlnued for the Year Ended 31 March 2024 INVESTMENT PROPERTY FAIR VALUE Al 1 April 2023 Revaluation Currency Ifanslalion 423,094 29,422 At 31 March 2024 393 672 NET BOOK VALUE At 31 March 2024 393,672 Al 31 March 2023 423,094 Cosvmarkel value when acquired £123,98712023'. £123,987). The carrying amount of inve51menl property is the fair value oflhe property as determined by a Trustee's valuation having due regard to periodic valuations conducted by an independent re9lStered valuer. An independent valuation al faif market value was performed by The Built Environment Group {Ptyl Ltd in August 2023. The increase in the market value wa$ included in the SOFA). STOCKS 31.3.24 31.3.23 Stocks 490 99 DEBTORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Accounts receivable Other debtors Prepayments 7,453 2,163 2,978 8.850 2,025 12,594 10,875 Page 12 ¢onlinued...
Swa211and Charltable Trust Notes to the Flnanclal Statements - contlnued for the Year Ended 31 March 2024 10. CURRENT ASSET INVESTMENTS 31.3.24 31.3.23 Deposits with brokers 44.470 70,710 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Bank loans and overdrafts (see note 12) Taxation and social security Olher creditors 1,000 299 299 12,294 19,353 12.593 12. LOANS An analysis of the maturity of loans is given below.. 31.3.24 31.3.23 Amounts falling due within one year on demand.. Bank overdrafts 1.000 13. MOVEMENT IN FUNDS Nel movement in funds At 31.3.24 At 1.4.23 Unrestrlcted funds General fund 1,756,318 118,8521 1.737,466 TOTAL FUNDS 1737,466 Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestrlcted funds General fund 89,364 (133.604} 25,388 {18,8521 TOTAL FUNDS 133.604} 25,388 188521 Page 13 continued...
Swazlland Charitable Trust Notes to the Financial Statèments - contlnued for the Year Ended 31 March 2024 Comparatlves for movement in funds Nel movement in funds Al 31.3.23 At 1.4.22 Unrestrlcted funds General fund 1,680,019 76,299 1,756,318 TOTAL FUNDS 1680,019 76.299 1,756,318 Comparalive net movement in funds, included in the above are as follows- Incoming resources Resouices expended Gains and Movement losses in funds Unrestricted funds Ceneral fund 126,412 1160,7931 110.680 76,299 TOTAL FUNDS 126.412 160,7931 110,680 76,299 A current year 12 months and prior year 12 months combined position is as follows.. Nel movemenl in funds Al 31.3.24 At 1.4.22 Unrestricted funds General fund 1,680,019 57,447 1,737,466 TOTAL FUNDS 1,680,019 1.737.466 A current year 12 months and piior year 12 months combined net movement in funds, included in the above are as tollows.. Incoming fesources Resources expended Gains and losses Movement in funds Unrestrlcted funds General fund 215,776 {294,3971 136,068 57.447 TOTAL FUNDS 215,776 294,3971 136,068 57.447 Page 14 continued...
Swaziland Charitable Truyt Notes lo the Flnanclal Statements - contlnued for the Year Ended 31 March 2024 14. RELATED PARTY DISCLOSURES There were no related paty Iransaclions for the year ended 31 March 2024 or the year ended 31 March 2023. 15. SUBSIDIARY COMPANY- WIGANCO (PROPRIETARY) LIMITED The charity has a wholly owned subsidiary, Wiganco {Proprielaryl Limited which is incorporated in Eswalini. The principal activity of Wiganco (Proprielaryl Limited is the lease of its rental propèrties to ils tenants. The results of Wiganco (Proprietary) Limited are included in the consolidated aOUntS. A summary of the financial performance of the subsidiary is shown below.. 2024 2023 Turnover Cost of sales and adminislralion expenses 47,353 45,8991 47,188 54,598) Profitlllossl on ordinary activities before taxation Tax on loss on ordinary activities 1,454 17.410) ProfiU(lossl for the financial year 1,454 The above activity includes loan interest of £nil12023.' £nil} payable by VVThganco {Proprietaryl Limited lo Swaziland Charitable Trust, which is eliminated on consolidation. The aggregate of assets and liabilities were.. 2024 2023 Tangible fixed assets Investment properties Current assets 2,865 393,672 3,139 3,388 423,094 461 399,676 426,943 Current liabilities 392,756 420 548 Representing Shareholder's loan Revaluation reserve Profil and loss account 119,536 271,766 1,454 128,470 358,826 67,7481 392,756 420,548 Page 15 conlinved...
Swazlland Charllable Trust Detailed Statement of Financial Actlvltles forthe Year Ended 31 March 2024 31.3.24 31.3.23 INCOME AND ENDOWMENTS Donations Donations Grants 22,828 44,776 23,828 60,776 Investment Income Property income Investment income Gross interest receivable 47,353 18,040 143 47,188 18,423 25 65.536 65.636 Total Incomlng resources 89,364 126,412 EXPENDITURE Charltable activities Aid to Eswatlnl Schools Support for people with disabilities OVC Scheme Health and social welfare Community SSP Scheme {Deans scheme) 17,992 4,104 35,269 3,790 9,224 42 16,834 4,411 44,731 5.760 9.263 9.382 70,421 90,381 Charitable actlvltles- Support co$ts Properly expenses Inveslmenl managemenl fees Print, postage & slalionery Other expenses Travel & subsistence Depn of office equipment UK 43.398 2,295 750 1,070 2,744 48,211 3,060 601 399 1,504 50,262 53,782 Support costs Governance costs Independent examiner's remuneration Bookkeeping and secrelarial Accountancy UK Accountancy Eswalini 2,220 5,980 2,220 2,501 2.130 5,980 2,130 6,390 Total resources expended 133,604 160,793 Net expendlture before galns and losses Reallsed recounlsed galns and losses Realised gainslllossl on inveslmenls Gain on revaluation of investment property Foreign exchange gainlllossl 144.2401 (34.3811 58,854 (22.0801 189,042 56,2821 33,4661 Net Incomellexpendlture) 18.8521 This page does nol form pafl of the statutory financial statements Page 16