2021-03-31-accounts - Carlee Ltd

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REGISTERED COMPANY NUMBER: 01547535 (England and Wales) REGISTERED CHARITY NUMBER: 282873

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

CARLEE LIMITED

Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL

CARLEE LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

		Page
Report of the Trustees	1	to	3
Trustees' Responsibility Statement		4
Independent Examiner's Report		5
Statement of Financial Activities		6
Statement of Financial Position	7	to	8
Statement of Cash Flows		9
Notes to the Statement of Cash Flows		10
Notes to the Financial Statements	11	to	18

CARLEE LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 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 2019).

OBJECTIVES AND ACTIVITIES Objectives and aims

The principal objectives of the charity are:

-The advancement of religion in accordance with the Orthodox Jewish Faith
-The relief of poverty, and
-Any other activities recognised by English Law as charitable.

In order to achieve these objectives, the charity provided donations to various charitable organisations whose objective closely aligns with that of Carlee Limited.

Significant activities

During the year under review, the charity received donation totalling £347,600 (2020- £487,500).

Public benefit

The trustees confirm that they have referred to the guidance contained in the Charity's Commission's general guidance on public benefit when reviewing the charity's aims and objectives and planning future activities and setting the grant making policy for the year.

The charity was set up to support the activities of religious Jewish organisations especially in the field of religious education. The trustees identify institutions and organisations which meet its criteria and regularly support a number of these institutions and organisations, which themselves are growing not only in England but also worldwide.

The charity is also supportive of organisations which are solely committed to the relief of poverty. Such organisations assist needy Jewish families financially and also through the distribution of basic necessities.

The income of the charity is derived from donations and investments. The trustees continued their support of those organisations deemed to promote the objects of this charity.

Grantmaking

The charity accepts applications for grants from representatives of various charities, which are reviewed by the trustees on a regular basis.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The charity continued to support charities whose objective closely aligns with its own. During the year, the charity paid donations of £425,660 (2020 - £752,580) to charitable institutions.

FINANCIAL REVIEW

Principal funding sources

The charity is financially dependent on income from investment property and generous charitable donation.

Investment policy and objectives

The governing document of the charity, memorandum and article of association, authorises the trustees to make and hold investments using the general funds of the charity.

Page 1

CARLEE LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

FINANCIAL REVIEW

Reserves policy

The reserves policy is to ensure that there is sufficient stream of income to meet the ongoing calls made on the charity.

Going concern

The trustees are confident that the charity has adequate resources and operational plan to continue into the foreseeable future. Thus, the trustees consider the use of going concern basis to be appropriate.

FUTURE PLANS

There are no current plans to change the activities or modus operandi in the foreseeable future.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by it's governing document, it's memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act, 2006.

Recruitment and appointment of new trustees

It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment and training procedures.

Related parties

Details of related party transaction and balances are provided in the notes to the financial statement where necessary.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

01547535 (England and Wales)

Registered Charity number

282873

Registered office

32 Paget Road Stamford Hill London N16 5NQ

Trustees

Mrs P Grunhut (deceased 13.8.20) B D Stroh Mrs B Stroh (resigned 5.7.20) A S C Singer E Bleier

Page 2

CARLEE LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021

REFERENCE AND ADMINISTRATIVE DETAILS

Independent Examiner

Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL

Approved by order of the board of trustees on 1 December 2021 and signed on its behalf by:

B D Stroh - Trustee

Page 3

CARLEE LIMITED

TRUSTEES' RESPONSIBILITY STATEMENT FOR THE YEAR ENDED 31 MARCH 2021

The trustees (who are also the directors of Carlee Limited for the purposes of company law) 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) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company 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 charitable company 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 charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CARLEE LIMITED

Independent examiner's report to the trustees of Carlee Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of A.C.A which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
the accounts do not accord with those records; or
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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.

Malcolm Venitt A.C.A Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL

1 December 2021

Page 5

CARLEE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021

Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Charitable activities 4 Charitable Other Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	31.3.21 Unrestricted fund £ 347,600 111,451 459,051 425,660 13,302 438,962 325,940 346,029 1,149,491 1,495,520	31.3.20 Total funds £ 487,500 44,851 532,351 752,580 21,036 773,616 1,518,152 1,276,887 (127,396) 1,149,491

The notes form part of these financial statements

Page 6

CARLEE LIMITED

STATEMENT OF FINANCIAL POSITION 31 MARCH 2021

Notes FIXED ASSETS Investments 10 CURRENT ASSETS Debtors 11 Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS/(LIABILITIES) FUNDS 13 Unrestricted funds TOTAL FUNDS	31.3.21 Unrestricted fund £ 200 2,235,154 6,597 2,241,751 (746,431) 1,495,320 1,495,520 1,495,520 1,495,520 1,495,520	31.3.20 Total funds £ 300 1,909,114 388 1,909,502 (760,311) 1,149,191 1,149,491 1,149,491 1,149,491 1,149,491

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

The notes form part of these financial statements

continued...

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CARLEE LIMITED

STATEMENT OF FINANCIAL POSITION - continued 31 MARCH 2021

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the Board of Trustees and authorised for issue on 1 December 2021 and were signed on its behalf by:

B D Stroh - Trustee

The notes form part of these financial statements

Page 8

CARLEE LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021

Notes Cash flows from operating activities Cash generated from operations 1 Net cash used in operating activities Cash flows from investing activities Sale of fixed asset investments Sale of investment property Interest received Dividends received Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period	31.3.21 £ (431,282) (431,282) 326,040 - 106,451 5,000 437,491 6,209 388 6,597	31.3.20 £ (2,272,228 ) (2,272,228 ) 1,299,484 923,296 38,649 - 2,261,429 (10,799) 11,187 388

The notes form part of these financial statements

Page 9

CARLEE LIMITED

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021

RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM	OPERATING ACTIVITIES	OPERATING ACTIVITIES
	31.3.21	31.3.20
	£	£
Net income for the reporting period (as per the Statement of Financial
Activities)	346,029	1,276,887
Adjustments for:
Gain on investments	(325,940)	(1,518,152 )
Interest received	(106,451)	(38,649)
Dividends received	(5,000)	-
Increase in debtors	(326,040)	(1,909,114 )
Decrease in creditors	(13,880)	(83,200)
Net cash used in operations	(431,282)	(2,272,228 )

2. ANALYSIS OF CHANGES IN NET FUNDS

	At 1.4.20	Cash flow	At 31.3.21
	£	£	£
Net cash
Cash at bank	388	6,209	6,597
	388	6,209	6,597
Total	388	6,209	6,597

The notes form part of these financial statements

Page 10

CARLEE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

Preparation of consolidated financial statements

The financial statements contain information about Carlee Limited as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

The charity is also exempt under Charities Act 2011 to prepare group accounts.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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 cost 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.

Governance costs

Governance costs are associated with the governance arrangements of the charity and relate to the general running of the charity. These costs include independent examination, legal advice for Trustees and costs associated with meeting constitutional and statutory requirements such as the cost of Trustee meetings and the preparation of the statutory accounts.

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 corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

continued...

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CARLEE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES - continued

Fund accounting

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. DONATIONS AND LEGACIES

Donations 3. INVESTMENT INCOME Rents received Shares in group undertakings Deposit account interest Interest receivable 4. CHARITABLE ACTIVITIES COSTS Charitable 5. GRANTS PAYABLE Charitable The total grants paid to institutions during the year was as follows: Education grant Advancement of religion Poverty relief Health and social welfare	31.3.21 31.3.20 £ £ 347,600 487,500 31.3.21 31.3.20 £ £ - 6,202 5,000 - 11 649 106,440 38,000 111,451 44,851 Grant funding of activities (see note 5) £ 425,660 31.3.21 31.3.20 £ £ 425,660 752,580 31.3.21 31.3.20 £ £ 126,660 152,620 114,300 370,900 130,700 185,360 54,000 43,700 425,660 752,580	31.3.20 £ 487,500
		31.3.20 £ 6,202 - 649 38,000
		44,851
		31.3.20 £ 752,580
		31.3.20 £ 152,620 370,900 185,360 43,700
		752,580

The list of charitable institutions supported by the charity during the year are as below:

continued...

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CARLEE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

5. GRANTS PAYABLE - continued

Name 1 Mifal Hachesed Vehatzedokoh 2 Yeshivo Horomo 3 Toldos Ahron Trust 4 Chasdei Shalom Trust 5 Friends Of Beis Chinuch Lebonos 6 Chasdei Aharon Limited 7 Tevini Limited 8 Mercaz Hatorah Belz Machnivkah 9 Edupoor Ltd 10 Congregation Sharei Sholom Tchabe Limited 11 Kids Care Ltd 12 Others Total 6. SUPPORT COSTS Other resources expended 7. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Independent examination fees	Amount in £
	31.03.2021 31.03.2020
	30,000 62,000
	25,000 52,400
	24,000 20,000
	22,000 -
	22,000 36,500
	20,000 -
	20,000 38,500
	20,000 22,000
	15,000 -
	14,000 27,500
	12,000 6,600
	201,660 487,080
	425,660 752,580
	Governance Finance costs Totals £ £ £ 219 13,083 13,302 31.3.21 31.3.20 £ £ 3,000 3,000

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.

continued...

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CARLEE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

		Unrestricted
		fund
		£
	INCOME AND ENDOWMENTS FROM
	Donations and legacies	487,500
	Investment income	44,851
	Total	532,351
	EXPENDITURE ON
	Charitable activities
	Charitable	752,580
	Other	21,036
	Total	773,616
	Net gains on investments	1,518,152
	NET INCOME	1,276,887
	RECONCILIATION OF FUNDS
	Total funds brought forward	(127,396)
	TOTAL FUNDS CARRIED FORWARD	1,149,491
10.	FIXED ASSET INVESTMENTS
		Shares in
		group
		undertakings
		£
	MARKET VALUE
	At 1 April 2020	300
	Disposals	(100)
	At 31 March 2021	200
	NET BOOK VALUE
	At 31 March 2021	200
	At 31 March 2020	300

There were no investment assets outside the UK.

The company's investments at the balance sheet date in the share capital of companies include the following:

continued...

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CARLEE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

10. FIXED ASSET INVESTMENTS - continued

Linatrop Ltd

Registered office: UK Nature of business: Property investment

Linatrop Ltd Registered office: UK Nature of business: Property investment
	%
Class of share:	holding
Ordinary	100
		30.6.20	30.6.19
		£	£
Aggregate capital and reserves		3,912,880	3,892,853
Profit for the year		24,725	1,283,895

Linatrop Ltd hold 100% ordinary share capital of the following property investment companies which are all resident in UK.

Name	Year End	Profit / (Loss)	Aggregate
		for the year	Capital /
			Reserve
Firststar Estates Ltd	31/07/2020	2,740	590,160
Leeland Estates Ltd	30/04/2020	13,211	37,494
Bowes Rd Estates Ltd	30/04/2020	399	(4,603)
Chadwell Estates Ltd	30/04/2020	(758)	(10,483)
Dartmouth Rd Estates Ltd	30/04/2020	4,887	7,125
Woodall Investments Ltd	30/04/2020	9,320	27,717
Goldhurst T Estates Limited	30/04/2020	4,063	11,087

Berryvilla Investments Ltd

Registered office: UK Nature of business: Property investment

Berryvilla Investments Ltd Registered office: UK Nature of business: Property investment
	%
Class of share:	holding
Ordinary	100
		30.9.20	30.9.19
		£	£
Aggregate capital and reserves		8,581,551	8,654,555
(Loss)/profit for the year		(73,004)	3,144,972

Berryvilla Investments Limited hold 100% ordinary share capital of the following property investment companies which are all resident in UK.

Name	Year End	Profit / (Loss)	Aggregate
		for the year	Capital /
			Reserve
Foulden Estates Ltd	31/05/2020	3,415	4,906
Elmers End Estates Ltd	31/05/2020	(11,032)	12,472
Heath Road Estates Ltd	31/05/2020	(4,821)	12,723
North End Estates Ltd	31/05/2020	(44,506)	(34,759)

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continued...

CARLEE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

	31.3.21	31.3.20
	£	£
Other debtors	2,235,154	1,909,114

Other debtor includes amount receivable from Investwell Estates Limited for £2,180,640.

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other creditors Accrued expenses	31.3.21 £ 739,111 7,320 746,431	31.3.20 £ 753,111 7,200
		760,311

Other creditor includes amount payable to the subsidiaries and other entities connected to the trustees.

13. MOVEMENT IN FUNDS

Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 459,051 TOTAL FUNDS 459,051	At 1.4.20 £ 1,149,491 1,149,491 Resources expended £ (438,962) (438,962)		Net movement in funds £ 346,029 346,029 Gains and losses £ 325,940 325,940	At 31.3.21 £ 1,495,520	At 31.3.21 £ 1,495,520
				1,495,520
				Movemen in funds £ 346,029 346,029
					346,029

Page 16

continued...

CARLEE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

13. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At 1.4.19 £ Unrestricted funds General fund (127,396) TOTAL FUNDS (127,396) Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 532,351 (773,616) TOTAL FUNDS 532,351 (773,616) A current year 12 months and prior year 12 months combined position is as follows: At 1.4.19 £ Unrestricted funds General fund (127,396) TOTAL FUNDS (127,396)	Net movement in funds £ 1,276,887 1,276,887 Gains and losses £ 1,518,152 1,518,152 Net movement in funds £ 1,622,916 1,622,916	At 31.3.20 £ 1,149,491
		1,149,491
		Movement in funds £ 1,276,887
		1,276,887
		At 31.3.21 £ 1,495,520
		1,495,520

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ 991,402 (1,212,578 ) 1,844,092 1,622,916 991,402 (1,212,578 ) 1,844,092 1,622,916

continued...

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CARLEE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021

14. RELATED PARTY DISCLOSURES

During the year, the charity had following transactions, balances and events which require disclosure.

The charity received donation of £11,000 (£25,000 - 2020) from entities that were under the control of the its trustee during the year.
The charity disposed its shareholding in the subsidiary Strawberry Estates Limited to Investwell Estates Limited (controlled by trustee's family member) at full market value. Authorisation for the disposal of this subsidiary which held an investment property was obtained from Charity Commission.
The charity has debtor balance outstanding from Investwell Estates Limited of £2,180,640 for which interest has been charged. Total interest received for the balance for the period is £106,440.

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