Charlty registratlon number.. 261265 The Woolf Charitable Trust Annual Report and Financial Statements for thè Year Ended 5 April 2024 Field Sullivan Lirnited g Hare & Blllet Blackheath SE3 OR8
The Woolf Charitable Trust Contents (continued) Reference and Admlnlstratlve Detalls Tru5tees' Report 2to4 Independent Examiner'5 RepDrt Statement of Flnar4cial Actlvitles alance Sheet Notes to the Flnancial Statements 8t016
The Woolf Charitable Trust Reference and Admlnlstratlve Detalls Trustees Bernadettp Curley Olena Leontovych Jonathan Woolf Charlty Regtstratlon Number 261265 Prlnclpal Offlce 5 Hobart Place London SWIWOHU Independent Examlner Field Sullivan Limited 9 Hare & Billet Blatkheath SE3 ORB 8anker5 Lloyd5 Bank plc. 25 Gresham Street London EC2V 7HN Walker Crips Investment Mana8ement Limlted Old Chango House 128 QL*eèn Victoria Street London EC4V 46J Page I
The Woolf Charitable Trust Trustees, Report The Tru5teES Present their Report together wlth the Flnancial St8ternents of the Charlty for the year ended 5 April 2024. The Financial statements comply with current statutory requlretnent5 and the 5t4tement of Recommended Practice-Accountin8 and Reporting by Charltles. Qblecllves and 8¢tlvltles of the Charlty The Objects of the Charity are to m&ke donatlons to Charltable Institutlons and for charltable purposÈ* The Trustees make donatlons for the benefit of disabled and disadvanta8ed children and other charltable Causes. The Charity sponsors vi51ts to Chlldren'5 care homes. h05pices. hospitals and sthoals by the theatrical group, Maglcal Quests. This programme enjoys an eKcellent reputation and receptlon arnong children and admln5strHtor5 alike. The Charity supports the Soclety of Frlend5 of Jewlsh Refugees and the Clnema(08raph Trades Benevolent Fund. Achltrveme#ts and performante Ouring the year theatrical performances have en glven to chlldren at hosplces. hospita15. schools and special needs sehools, suth as-. Skylarks Charlty, Lark Hall SEND, Nlghtingale House, Merton Mencap Chatlty. Merton Young Cèrers, Gorrln8e Prlrnary. Garfield Primary School, Strathmore School, Merton Abbey School, Llnden Lodge School, Holy Trinity Pritnary School. Holly Mount Prlmary School. Pelham Prlmary, Malmesbury Park Prlmary school. SingleEate Primary School, St. George's Hospital, 21 & Co, Merton SEND, M&rton Art Centre, Mencap Charlty. Jigsaw4U Ch4rlty. W4nd5worth Children 5ery1Tr5, Wandsworth Llbraries. Down's South London, Home-start. Harrls Academy, SCAMPPS, Wlsh Famllies, St. George's Hosp5tal- ward5, Grlef Encounter. The works of art held by the Charity are available on publSc dlsplay on open day5 and by appolntrnent, and include re8ular lecture and research vi51t5 by Mu5eum5 including the BritSsh Museum, Vlttorla and Albert Museum, SOAS and Orlent31 Ceramit Society. During the year, two works of art wer& on loan to the Brltlsh Mu5eutn. Flnantlfil revlew Various macroeconomic factors impact companle5 In a number of Industrles, Includlng maTkets in whlch the Charlty holds Investments. Whilst the rnarket5 ietn8ined volatile, the Charity performed steadlly. By revlewlng and accordingly adapting its investment and operational strètegles, the Trustees have taken approprlate steps to mitl8ate the impact of uncertainties and negative 8lobal trends on Its flnantes and opÈrdtion5. In addition. the assets of the Charity consist mainly of seeuritiÈs that are readily reali5able, and accordingly, the charity ha5 adequate financial resour5 to continue its operationol existence for the foreseeable future. At the balance Sheet date, the Charity fund had net assets of £24.464,78312023 - E24,311,6601. £60,(KID of the fund is re5trirted and relates to the Charlty's obligations under thè current lease. The Charity seeks to distribute to charitable causes all donatlons recelved. net of costs, on an annual basls. The Trustees have concluded that there are no materlal uncertaintles that may cast doubt over the CharitWs ablllty to continue as a gtsln8 ttsncetn and have prppared these financial statemer¢ts on the golng ¢oncÈrn basis. structure, Eoverngnce and m4nNgement The Bovernlng document ol the Ch4rity is the Trust deed. The Charlty Is constltuted 3s a charitable unincorporated organizatlon. The Trustees ¢onslder matters relaung to the Charity on a regular basis and, as and when required. Page 2
The Woolf Charltable Trust Trustees, Report Icontinuedl The Charity has thÈ power to make any investment which theTrustee5 see flt and proper. Rlsk MathaKement The Trustees have assessed the major risks to which the Charlty Is exposed, in particular, those relatÈd to th operations and fi#ances Df the T[st and are satlsfied that appropriate systems are in plate tts mltigate their exposure to major rlsks. Referencès ahd Bdmlni5tralive detalls The legal and administratlve Informatlon, set out on Page l. forms part of this Report. Policy on holdlng rèsèrve5 The Charity aims to distribute all the fjet income to the beneficiariÈs while maintain the capital reserves. Appolntment of thè trustees New trusteÈs are appglnted tsy the current trustees. Perpetulty Day Twenty-one years after the death of the last survivor of suth ol the descendants of hls late Malesty King George the Fifth as were Ilvlng on 9th Junè 1970. st4t?ment of Trustees, Resptsnslblllties The tru5tee5 are responslble for prepailng the trustees. report and the flnan¢lal statements in aceordance with the United Kingdom Ac¢ountlrn8 Standards Iunited Kingdom Generally Accepted Accounting Practicel and applltable law and regulatlons. The law applicable to charlties requlres the trustÈes to prepare financlal statements for each flnanclal year which give a true and fair view of the state of affairs of the charity and of the incoming resourees and application of re50Utce5 of the charity for that perlod. In preparlng the5E flnancial statements, the trustees are required to.. select sultable accounting policies and then apply them conslst2ntly- ob5eivÈ the methods and prlnclples In the Charltles SORP,. make judgements and Èstlmate5 that are re450nable and prudent,. state whether applicable accounting standard5 have been followed. subject to any material departures dlstloseil and explained in the financial staternents,. and prepare the fSnanclal statements on the golng conceTn basi5 unless It Is Inapproprlate to Presume that thè charlty wlll contlnuo In buslnÈss. The trusteE5 are responsible lor keeping proper accountlng records that dist105e wlth reasonable accurary at any ttme the financial position of the charity and enable tkèm to ensure that the financial statements ¢ompl¥ wlth the Charitie5 Act 2011. the Charities (Accounts ènd RÈportsl Regulations 2(Q8, and the provSslons of the constltution. The trustees are also responsible for safeguarding the as5et5 of the charlty and hence for taking reasonable steps for the prevention and detectlon of fraud and other ifre8ularltles. The trustees are responslble for the malntenance and integrity of the corporate and financial information included on the charitable company's website. Legislalion governing the preparatlon and dissemination of financial statements may dlff&r from leglslatlon in other jurisdictions. Page 3
The Wooll Charltable Trust Trustees. Report Icontinuedl Thè annual re as approved by the trustee5 01 the charity ots....-.. and si8ned on Its behalf by: Jonathan Woojfr" Trustee Page 4
The Woolf Charitable Trust Independent Examiner's Report to the trustees of The Woolf Charitable Trust I report to the charlty trustees OPT my examlt>atlott of the accounts af the charitw for the wear ended 5 Aprll 2024 which comprise the Statement of Fln8ncial Actlvitles, the Balanee Sheet and ielated notes 3 to 18. Thls report Is madÈ solely to thÈ tharlty's trustees, as a body, attordance with section 145 of the Charities Act 2011. My WOTk has been undertaken $0 that I mlght state to the charitW5 trustees those matters 13m required to state to them in thls report and for no other purpose. To the fullest extent permitted by law. I do not accept or 8ssume responsibility to anyone other than the charity and the chèrity's trustees as a body, for my work, for thi5 repoTt, or for the opinions I have formed. Responslbllltl95 and bos15 01 report As the charily trustees of The Woolf Charitable Trust you are responsible for the preparation of the accounts In accordance with the requ5Tements of the Char5ties Act 20111'the Act'l. I report in respect of my examination of the The Woolf Charitable Trust's accounts carried out under section 145 of the 2011 Act and In carrylng out my Èx8min3tion I h8vE followed all the applltsblè Dlrertlons glven by the ChaTity Cornmisslon undèr XEttlon 14515llbl of the Act. An Independent examlnation does not invtslvp gatherlng all the evidence that would be required in an audit and consequently dDe5 not cover all the matters that an auditor considers in glvlng thelr opinlon on the flnanclal statements. The planninB and conduct of an audit goes beyond the limited assurance that an independent examination can provlde. Consequently l express no opinlon as to whether the flnancial statements presÉnt a 'true and falr, vlew and my report is Ilmlted to those spe¢lf5c matters set out In the independentexairtlner's statement. Independent examlner'5 Statement I have completed my examtnatlon. I conflim that no material matter5 have come to my attentlon in coTrnectlon wlth the examlnatlon glvlng me Cause to belleve that In any materlal respect-. l. accounting records were not kept In re5pert of The Wooll Charitable Trust a5 requlred by sectlon 130 of the Act,. or 2. the flnanclal statements do not accord with those records.. or 3. thÈ financSal 5taternents do not cornply wlth thÈ atcountlng rÉqulrÈments cottternlng the form ènd contÈnt of accounts set out in the Charities IActounts and Reports) Regulations 2008 other than anv requlrement that thÈ accounts glve a 'truÈ and falr vlew. whlch Is not a matter eonsldered as part of an Independent examinatlon. I have no concerns and hève come across no oth&r matters in connection with the examination to which attention should bè drawn in this report in order to enable a proper understanding of the accounts to be reathèd. Tlrn Sullivan FCA Fleld Sulllvan Llmlted 9 Hare & Blllet Blackheath SE3 ORB Date.. Page 5
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The Woolf Charitable Trust {Registratlon number.. 261265) Balance Sheet as at 5 Aprll 2024 2024 2023 Note Fixed B55ets Investments 12 24,643.532 24,464,762 Current 8$sets Debtors 13 59.274 24,704 56,824 14,683 Cash at bank and in hand 14 83.978 71.507 Ctedltors.. Amounts f8llln% du• wlthln on• ythar 15 1253,3941 1207,2761 N&t current Ilabllltias 1169,4161 1135,7691 Total os$ets less eurrent liabilities 24,474,116 24,328,993 Creditors.. Amounts falllng due after more than one year 16 19.3331 117,3331 Net assets 24,464,783 24,311,660 Funds of th8 chèrltv: RÈstrltled Intoma funds RestTlCted funds 80,wo 60,(K)O Unr45tricted income funds Unrestricted funds 24,404,783 24,251,660 Total fvnds J7 24,464.788 24.311.660 The financ I statements on pages 6 to 16 were approved by the trustees. and authorlsed for issue on and signed on their behalf by.. Jonlthan-Woolfv- Trustee The rKJtes on pages 8 to 16 form an Integral part of these fin4naal statements. PagÈ 7
The Woolf Charltable Trust Notes to the Financlal Statements for the Year Ended 5 April 2024 I Ch4rity status The charlty is domieiled In England aNI Wales. The address of Its reglsteied offlce 15.. 5 Hobart Place SWIW OHU 2 ActountlnE polic105 St•tgment of compllan¢è The fin3ncial statements have been prepared In acwrdance with Aceountlng and Reporting by CharltlÈs'. 5t8tement of Recommended Practice applicable to charitles preparln8 thelr accounts In accordance wlth the Flnancial Reporting Standard appllcable in the UK and Republlc of Ireland (FR5 1021 lelfective l January 20191- (Charities SORP (FRS 1021 Sècond editlDn October 2019}, the Flnantial Reporting standard 3ppllcablÈ the UK and Republic of Ireland IFRS 1021. They also comply wlth the Companie5 Art 20)6 and Charltles Act 2011. Basls of pr&por4tlon The Woolf Charitable Trust meets the definition of a public bpnefit entity under FRS 102. The accounts Ilinancial statementsl have been prepared under the historlcal cost convention with items reco8nised at cost or transaction value unless otherwlse stated in the relevant notelsl to these accounts. Going concern The trustees consldeT that ihere are no material uncertalntle5 about the chaTity's ablllty to continue as a golng eoncÈrn. Judgement5 and key sourrgs of estimation untertalnty In the application of the charSty'S aCCDunting policies. the trustees arÈ requlred to make judgements, egtimate5 and a5sumptlon5 about the carrylng amount of assets and liabilities that are not Feadily app3rent from other SoUrs. The estimates and Bssoclated assumptions are based on historlcal experience and other fartors th8t are con51dered to be relevant. Actual results may differ from these Èstimate5. The estimates and underlying assumptions are revlewed on an o#golng basss. Revislons to accountlng estimates are recDgr>lsed in the periods in whlch the Èstimate is Tevlsed where revlsJon5 afFert5 only that period, or in the period of the revision and future perlod5 where the revislons affects both current and future perlod5. In¢ome endowments Voluntary incorne including donations, gifts, legacies and grants that provlde core fundin8 or are of a general nature is reco8nisÈd when the charity has entitlement to the IncornÈ, it 15 probable that the Incotne wlll be recewed 8nd the arnount can be measured wlth sufficient rel(abilit¥. Donutlons undkgocles Donations and legacles èfe recoenSsed on a iecelvable basis when re5pt Is probable and the amount can be reliably measured. P8ge 8
The Woolf Charltable Trust Notes to the Financial Statements for the Year Ended S April 2024 (contlnuedl DeAprredlncome Deferred income represents amounts receSved for futurè perlods and 15 released to incomin8 resources in the period for which, it has been recelved. Such Income Is onlydeferred when.. The donor spectfies that the grant or donation rnust only be used in future accountlng perlods,. or The donor has imposed conditions which must be met bèfore the charlty has unconditional entitlement. Investment Income DSvidends are retognlsed once the dividend has been dedared and notlfic8tlon has been received of the dlvldend due. Expendlture All expenditure is recognlsed once there is a le8al or constructlve obllgatlon to that expendlture, It Ss probable settlement is requlred and the amount can be measured rellably. All Costs are allocated to the applicable expendlture heading that aggregate simllar costs to that category. WhÈre costs cannot be dlrectly attFlbuted to particular headln8S they have been allocated on a basls consistent with the use of resourtrs. wlth central staff costs allocated on the basls of tlme spÈnt, and depreclatlon charges allDcated on the POTtlon of the asset's use. Other support costs are allocated based on the spièad of staff tQ5ts. Charituble activlties Charitable expEnditure comprlsès those cost5 IncurTed by the chaTlty in the delivery of it5 activities and services ftsr Its beneflclarles. It Includes both costs thet can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support costs Support costs include central functions and have been allocated to aetEvity cost categorles on a basls ons15tent wlth the use of resourtr5. for eKample. allocating property costs by Iloor areas, or per capitè, staff cost5 by the time spent and otheT Costs by their usage. T&xatlon The charlty Is consldered to pass the tests set cut In Paragraph I Schedule 6 of the Flnance Art 2010 and therefore It meèts the definltion of a charltable company for UK corporatlon tax purposes. Aceordlngly, the charlty is potentlally exernpt from taxation In respect ot Income or capltal gains received wlthln categorie5 covered Liy Chapter 3 Part 11 of the Corporatlon Tax Act 2010 or Section 256 of the TaxatSon of Chargeable Gains Act 1992, to the extent that suth income or galns are applied exclusively to charltable purpose5. Flxed asset Investment5 FlxÈd a55et Investments, othÈr than programme related InvÈsttnents, are included at market value at the balance sheet date. Reallsed gains and losses on investrnents are calculated as the dlfference between sale5 proceed5 and their market value at the start of the year, or their sub5equerit cost, and are charged OT credlted to the Statem&nt ol Financial Adivitie5 in the perTrod ol disposal. UnrealSsed galns and losses represent the movement Sn market valu&s during the year and are eredlted o charged to the Statement of Financlal Artivities bèsed on the market value at the year end. Pase 9
The Woolf Charitable Trust Notes to the Flnanclal Statements for the Year Ended 5 April 2024 (contlnuedl Trade debtors Trade debtQT5 aTe amounts due from customer5 for merchandise sold or sèrvlces performed in the Drdlnarv course ol buslne$5. Trade debtor5 are recognlsed Inlt1811y at the transaction price. They are subsequently measured at arnortised cost U51ng the effective interest method. le55 provision for impaiiment. A PTOV15ion for the Impalrment of trade debtors is establlshed when there is objective evidence that the charity will not be able to collect all amounts due accordlng to th& tsrlglFial term5 gf the receivables. CE5h and cash equlvalents Cash and cash equivalents compr15e cash on hand and call dep051ts. and other SIrt-terrn highly liquid Investments that are readily convertible to a kntswn arnount of cash and are subject to an insignificant rlsk of change In value. Tr4dg ryeditors Trade creditors are obligation5 to pay for goods or servl¢e5 that have en acqulred In the ordinary course of bSIneSS from suppliers. Accounts payable are classified as current Ilabllltles If they do not have an unconditional ri8ht. at the end of tho reporting period. to defer settl@mènt of the CFeditor for at least Iwelwe months alter the reportlng date. If there Is an unconditional right to dÈfer settlement for at least twelve months after the reportlng dato, they are presented as non-£urrÈnt Ilabllities. Trade creditors are recognised Inltlally at the transact5on prlce and subsequently measured at amortlsed cost usin8 the effective IntÈr25t method. Borrowlnzs Interest-bearing btrrrowings are inillally recorded at falr value, net of transaction cost5. Interest-bearing borrowing5 are subsequently carried at amortlsed cost, with the diffèren between the protseds, net of transaction costs, and the amount due on redemptlon belng recogftlsed as a charge to the Statement of Financlal Activities over the perlod of the relevant borrowlng. Interest expense is reco8n5sed on the basls of the effective Interest method and 15 included in interest payable and sirnilar charges. Borfowlngs are classlfled as turrent liabilitles unless the ch8Tlty has an uncondltlonal rlght to defer settlement of the Siabllity for at 1&35t twelve months alter the reportlng date. Fund Structure Unrestricted income funds are general funds that are &vailaUe for use at the trustee5 di5cretlon in furthÈran of the objectlves of the charity. Restrlrted income funds are those don3ted for use in a particular area or for specific purposes, the use of whleh 15 restricted to that area or purposè. Page 10
The Woolf Charitable Trust Notes to the Financlal Statements for the Year Ended 5 April 2024 {continued} 3 Income from don&tlons 4nd IEg&tles Unrestrlcted funds General Total 2024 Ttstal 2023 Donations and legacies,- Donation5 from Individuals 104,998 104,998 121,766 IC14,998 104,998 121.766 4 Investm•nt Income Unros¢rlctod funds Total 2024 Total 2023 InterÈst rècelvable and sSmSlar income,. Interest re5Vable on bank deposits other Incorne from flxed asset Investments 6,751 7,375 6,751 7,375 9,934 8,913 14,126 14,126 18,847 5 Other Income Unre5tTlclad funds G8ngY41 Total 2024 Tolyl 2023 Rental Income 72,239 2,768 72.239 2.768 67.228 OthÈr Income ILossl/gain on sale ol tanglble fixed assets IOT chaTIty's own use 12,6531 12,6531 4,334 72,354 72,354 71,562 Pa8e 11
The Woolf Cl)aritable Trust Notes to the Financial Statements for the Year Ended 5 April 2024 Icontinuedl 6 Expendlture on cbaritJbl8 ac*iviti?S Total 2024 Total 2023 Note Rent, rates and service charge Insurance 123,9gi 18,811 13,564 55,754 8,814 110,050 25.441 11,208 49.166 7,113 Charitable donatlons Staff costs io Support COSt5 220,934 202,978 7 Analysls of govwnantè Bnd SUPPOTt costs Support costs Total 2024 TotHI 2023 Private health insurance 3.749 1.150 3,464 642 Repa7r5 and maintenance Telephone and fax Computer software and maintenance costs Printingi P05tège and stationery Sundries 326 113 282 Cle8ninE Independent examination Other interest payable 240 1.902 1,326 1,807 824 8.814 7.113 8 Trustees remunetr•tlon &nd expenses No trustees, nor any persons connected with them, h3ve Yeived any remunèratlon from the charity durlng the year. No trustees have recelved any reimbursed expenses or any other benefits from the charity durlng the year. 9 Related party tYF1115actlons Durlng the year thE charity made the following related party trans8ctions.' RomulLts Fllms Ltd Ouring the year, the charlty recelvÈd dDn?tlons of EIOO.882 (2023.. £123,714) from Romulus Films Llmited. Mr J C Woolf is 8 difector of Romulus Fllms Limited. AT the b81ance sheet date, the charity owed £61,69512023.. £nlll to Romvlus Fllms Llmlted. Interest wa5 charged on the balance at 2.5%12023.. Enlll. Page 12
The Woolf Charitable Trust Notes to the Financlal Statements lor the Year Ended S April 2024 (continued) io Staff costs The aggregate payroll Costs were a5 fdlows-. 2024 2023 Staff Costs durlnKthe YaT were.. Wa8è5 and salarles Soclal securlty costs Ptrnslon cogt5 48,125 817 45,925 13,2441 6,485 6,812 55,754 49,166 The monthly average Number of persons Ilncluding senlor management / leadershlp team) employed by the charlty durlng the year expre55ed as full time equlvalents was as follows.. 2024 2023 Charltable activitie5 No employee reIVed emoluments of more than É60,OtK) durlng the year 11 Taxatlon The Charity 15 4 re8lStered charity and Is therefore exempt from taxatlon. 12 Flxed as$et tnve51ments othèr Invostmonts Llsted Investments Unllsted Inv05tments Tot81 Cost or Valuatlon At 6 April 2023 Revaluation 403,982 182,579 108,843 lJ2,6521 24,060,780 24,464,762 182,579 108,843 1112,6521 Addltlons D15posals At 5 Aprll 2024 582,752 24,(0,780 24,643.532 N•t book v•lue At 5 April 2024 582.752 24,060,780 24,643,532 At 5 ApTII 2023 403,982 24,060,780 24.464.762 Page 13
The Woolf Charitable Trust Notes to the Flnancial Statements for the Year Ended 5 April 2024 (continued) 13 Debtor5 2024 2023 Prepayment5 Accrued Income 55,034 53,589 3,235 Other debtors 4,240 59,274 56,824 14 Cash and cash e4vIv8lenls Z024 2023 Cash at b4nk 24,704 14,683 15 Credltors: omounls falllnE due wlthln ono year 2024 2028 Bank loans 8,OQ) 61.965 6,347 169.181 1.901 Other Icjafjs other taxation and social security Other cyedltors Accruals 8.756 182,673 7.847 Deferred income 253,394 207,276 16 Credltors: amounts falllng du• ?fter one year 2024 2023 Bank loans 9.333 17,333 Page 14
The Woolf Charitable T¥ust Notes to the Financlal Statements lor the Year Ended 5 Aprll 2024 (continued) 17 Funds Other Tocognlsed gBlnslllossÈsl Balanco at 6 Aprll 2023 Incomlng resources R*5ources expended gal•nce Jt 5 April 2024 Unrestrl¢ted fuhds General 24,251.660 191,478 1220,9341 182,579 24.404,783 R&strlctgd funds 60.000 60,OC Total fut)ds 24.311.660 191,478 220.9341 182,579 24,464,783 Other rettsgnis2d Balance at 5 galnslllossesl Aprll 2023 Balance at 6 Aprll 2022 In¢omlti¥ resouttÈs Resources expended Unre5trl¢ted funds General 24,256,901 212,175 1202,9781 114.4381 24.251,660 R•strlct•d fund5 60.OCX) Total funds 24,316,901 212,175 1202,978 114.4381 24,311,660 The spetllic purposes for which the funds arè to bÈ applied are as follows= The restrlctÈd funds relate to the Charlty's obllgatlons under the current lease. 18 Analys15 of net assets betweÈTh fund5 Current perlod Unreslrlcted funds Genèral Total fund$ at 5 Aprll 2024 Rpstrldgd funds Fixed asset investments 24.635.532 31,978 1253.3941 19,3331 8,000 s2,{0 24.643,532 83,978 1253,3941 19,3331 Current assets Creditors over l year Total net assets 24,404,783 60,0 24,464,783 Page 15
The Woolf Charitable Trust Notes to the Financlal Statements for the Year Ended 5 April 2024 Icontinuedl Prevlous perlod Unrestricted fund5 Gpneral Totol funds at 5 Aprll 2023 Res*riEted funds Flxed asset investments Current assets 24,456,762 19,507 1207,2761 117,3331 24,464.762 71,507 1207,2761 117,3331 52,(KKI Credltors over I ar Totsl net assets 24,251,660 60,CMXJ 24,311,660 Page 16