REGISTERED CHARITY NUMBER: 296226
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 December 2021
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for
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Link House Trust
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George Hay Partnership LLP Chartered Accountants St George's House, George Street Huntingdon, Cambridgeshire PE29 3GH
Link House Trust
Contents of the Financial Statements for the Year Ended 31 December 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Statement of Trustees' Responsibilities | 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 14 |
| Detailed Statement of Financial Activities | 15 to 16 |
Link House Trust
Report of the Trustees for the Year Ended 31 December 2021
The trustees present their report with the financial statements of the charity for the year ended 31 December 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).
Background and Activities
International post-graduate students arriving in the UK for the first time often experience problems adjusting to an unfamiliar environment and culture without the physical presence of family and friends to support them.
Established in December 1986 by a Trust Deed declaration, Link House is a local Christian response to the needs of overseas students of any faith or none. We provide affordable furnished accommodation in a caring Christian environment with a friendly and supportive family atmosphere. Two guest rooms is also available at a nominal fee so that residents can host visiting family or friends.
In doing this, Link House aims to help build bridges of understanding between people of different faiths and cultures (including many from developing countries) who will be returning home in due course to take up positions of influence in their governments, in universities and professions as well as in industry and commerce. A friendly and warm welcome to the UK promotes the global reputation of the UK as a non-discriminatory and welcoming society founded on Christian values.
Societal benefits are also derived from our work whilst they are here, given that positive home environments have a positive effect on the wider community.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The primary Objectives of Link House Trust are as follows:
a) To provide accommodation within a caring Christian environment for post-graduate students, in particular students from overseas, who are following an approved course of study in Cambridge. b) The relief of need, hardship and distress amongst such students. c) The advancement of the Christian Faith.
ACHIEVEMENT AND PERFORMANCE
The Residents and Activities
Social events for residents included a Pub-quiz in June, another a "Mexican Fiesta" meet-and-greet evening in October for new arrivals. The wardens have as usual hosted particular events for residents remaining in Cambridge at both Easter and Christmas times.
Occupancy levels for rooms have continued to remain high. In March 2022 there were 32 residents from 22 different countries (March 2021 - 29 residents/19 countries). The balance from different regions remains largely unchanged, but the ratio of "arts" to "science" subjects for PhDs has dropped from about 1/3rd to 1/4.
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Link House Trust
Report of the Trustees for the Year Ended 31 December 2021
FINANCIAL REVIEW
Financial position
Those 2021 Accounts along with this Trustees' Annual Report are to be filed with the Charity Commission. The total income in 2021 was £150,281, of which £147,911 relates to rental income and the remainder was from donations, legacies, bank interest and gifts.
The total resources expended of £125,337 (£10,445 per month on average) was lower than income for 2021 by £24,258 thus creating a net surplus. This expenditure was incurred in achieving the objectives of the charity including wages, administration, property maintenance and improvements, insurance and bank charges. Due to revaluation uplift of £8,475 in respect of investments, there is an overall surplus in 2021 of £33,419.
Restricted funds
The charity holds £11,836 of restricted funds. This Bursary Fund is for the following purpose, as defined by the donor of these funds:
"To be used at the discretion of a majority of the Link House Trustees for potential hardship situations for international residents when unable to pay for their Link House accommodation, tuition fees, flights or general living expenses and who may require limited assistance."
Unrestricted funds
The charity held unrestricted surplus funds totalling £377,970 (excluding properties) as of 31 December 2021 [£356,387 : 2020]. Some of this surplus will be employed to continue to upgrade the condition of the property and gardens.
The rest of the surplus is held in case a suitable property might be identified for purchase in the future, for the purposes of expanding the accommodation offered by the charity. Various possibilities for investing some of these surplus funds in the short to medium term are being explored by the Trustees. Also, the possibility of a modification to the property, to house and employ an additional deputy warden is currently being explored.
Reserves policy
As of the end of 2021, the charity holds £240,828 of free funds. [312,577 ; 2020] This is sufficient to cover over 6 months' running expenses should an unforeseen catastrophe occur, for example an event causing the properties to become uninhabitable.
£153,835 is being held in a Natwest Reserve account, funds can be released by majority vote of the Trustees. This vote can occur at the regular quarterly meeting, or via email correspondence (which must be copied to all), or by way of an extraordinary meeting.
Investment Policy
After seeking financial advice, the Trustees concluded that it would be sensible to invest a portion of the excess reserves that the Trust is holding. An amount of £100,000 was invested in December 2020 and so far has shown strong growth. This decision was taken as the bank is granting a very low return on funds and also as a way of diversifying our reserves.
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Link House Trust
Report of the Trustees for the Year Ended 31 December 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Link House Trust was established by Trust Deed on 29th December 1986, supplemented by a Deed of Variation on 20 January 2006 which increased the maximum number of Trustees from 6 to 8 and details the procedure to be followed should the Trustees resolve to dissolve the Trust.
Trustees and Patrons
Trustees and Patrons are as listed at the foot of this report.
The only change in Trustees over the past year was the retiring of Richard Mackie as Treasurer, and replaced by Dr Sooter Nomhwange.
Regarding changes to our Patrons, Dr Chris Gaston - a former chair of the Trustees - has replaced Reverend Canon Doctor John Polkinghorne who passed away earlier in 2021
Meetings and Management
Gary and Anne Boswell completed their 5th full year as Link House Wardens in Jan-2022. Mil and Bil Saviki, who had been volunteer assistant wardens (VAWs) at East Hertford Street since 2015, moved out in early 2022 to their own home in Cambridge. Jack Harding has continued as a VAW in The Lodge. Phyllis Shaw continues in a part-time office management role, although she is due to retire in December 2022.
Advertising for a single part-time paid Deputy Warden post took place in autumn of 2021. In spite of a disappointing number of applications, one interview being held in January 2022, and readvertising the job in February, no suitable candidate has yet appointed for this post.
The proposals by our appointed Architects to create a purpose built flat within the existing East Hertford Street building have been further developed. The Planning Application submitted to the authorities was finally approved after about 8 months, with cost estimates being prepared for the Sept 2022 Trustees' meeting.
The Planning Approval also includes plans for a covered cycle shed, and landscaping changes required for the front garden in Chesterton Road.
Quarterly Trustee management meetings took place via Zoom in June 2021 due to Covid-19, and then in person in September & December 2021 and February 2022. Regular reports, and issues arising about the residents have been prepared by the wardens.
Over this past year, several room renovations have taken place as and when residents have vacated rooms, in particular addressing the damp issues in two basement rooms in Chesterton House. Otherwise, room occupancy has generally been very high through the Covid restrictions.
Other improvements this year have included upgrading the Garden Room entrance and wheelchair access ramp, replacement emergency lights, and some new kitchen equipment that needed replacement.
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Link House Trust
Report of the Trustees for the Year Ended 31 December 2021
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
296226
Principal address
17-19 Chesterton Road Cambridge CB4 3AL
Trustees
The name of the charity, its charity registration number and the address of the registered office of the charity are shown in the header of this report. The trustees at the time of writing are listed in the footer of this report. During 2021 the Trustees were as follows:
Stuart Anderson (Chair) Richard Mackie (Resigned November 2021) Dr Sooter Nomhwange (Treasurer) Andrew Keiller Angela Palmer Dr Paul Anderson Anne Jarvis Rev Dr Jonathan Holmes Patricia Johnston
New Trustees are volunteers who are appointed by unanimous agreement of the existing Trustees. All Trustees have signed a declaration confirming their agreement with the doctrinal basis of the Trust (Christian Faith).
Independent Examiner
George Hay Partnership LLP, Chartered Accountants St George's House, 14 George Street Huntingdon, Cambridgeshire PE29 3GH
PROPERTY OWNED BY THE CHARITY
The charity owns three houses. These are:
Chesterton Road House, 17-19 Chesterton Road, Cambridge, CB4 3 AL The Lodge, Hertford Street, Cambridge, CB4 3AG 7 East Hertford Street, Cambridge, CB4 3AJ
Message from Stuart Anderson, Chair of Trustees
'As I moved away from Cambridge in August 2022, I gave notice of my intention to stand down as Chair of the Trustees after these accounts are approved. I have greatly enjoyed this role over the past 7 or so years and would like to express my own sincere thanks to our wardens, assistant volunteer wardens, Trustees, our supporters, our residents for their hard work and efforts to make Link House a success, and of course above all to our God who makes all things possible.'
Approved by order of the board of trustees on 24[th] October 2022 and signed on its behalf by:
Mr Stuart Anderson Chair of Trustees
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Link House Trust
Statement of Trustees' Responsibilities for the Year Ended 31 December 2021
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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Independent Examiner's Report to the Trustees of Link House Trust
Independent examiner's report to the trustees of Link House Trust
I report to the charity trustees on my examination of the accounts of Link House Trust (the Trust) for the year ended 31 December 2021.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mrs T M Hunter FCCA ACA DChA George Hay Partnership LLP, Chartered Accountants St George's House George Street Huntingdon Cambridgeshire PE29 3GH
Date: 31[st] October 2022
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Link House Trust
Statement of Financial Activities for the Year Ended 31 December 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Provision of Student Accommodation Investment income 2 Total EXPENDITURE ON Charitable activities Provision of Student Accommodation Net gains/(losses) on investments and property NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 2,353 147,911 16 150,280 125,337 8,475 33,418 3,947,052 3,980,470 |
Restricted fund £ - - 1 1 - - 1 11,835 11,836 |
31.12.21 Total funds £ 2,353 147,911 17 150,281 125,337 8,475 33,419 3,958,887 3,992,306 |
31.12.20 Total funds £ 26,330 135,665 177 162,172 133,981 (497,500) (469,309) 4,428,196 3,958,887 |
|---|---|---|---|---|
The notes form part of these financial statements
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Link House Trust
Balance Sheet 31 December 2021
| Notes FIXED ASSETS Tangible assets 6 Investments 7 CURRENT ASSETS Debtors 8 Cash at bank and in hand CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund £ 3,631,167 108,475 3,739,642 5,165 257,569 262,734 (21,906) 240,828 3,980,470 3,980,470 |
Restricted fund £ - - - - 11,836 11,836 - 11,836 11,836 11,836 |
31.12.21 Total funds £ 3,631,167 108,475 3,739,642 5,165 269,405 274,570 (21,906) 252,664 3,992,306 3,992,306 3,980,470 11,836 3,992,306 |
31.12.20 Total funds £ 3,634,475 - 3,634,475 5,464 339,830 345,294 (20,882) 324,412 3,958,887 3,958,887 3,947,052 11,835 3,958,887 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 24[th] October 2022 and were signed on its behalf by:
Mr Stuart Anderson Trustee
The notes form part of these financial statements
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Link House Trust
Notes to the Financial Statements for the Year Ended 31 December 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% Straight line Properties - Revalued professionally each 5 years
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
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.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
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Link House Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| Deposit account interest | 17 | 177 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Wardens and administrators No employees received emoluments in excess of £60,000. 5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 26,330 Charitable activities Provision of Student Accommodation 135,665 Investment income 167 Total 162,162 EXPENDITURE ON Charitable activities Provision of Student Accommodation 133,981 Net gains/(losses) on investments (497,500) NET INCOME/(EXPENDITURE) (469,319) RECONCILIATION OF FUNDS Total funds brought forward 4,416,371 TOTAL FUNDS CARRIED FORWARD 3,947,052 |
31.12.21 3 Restricted fund £ - - 10 10 - - 10 11,825 11,835 |
31.12.20 3 Total funds £ 26,330 135,665 177 162,172 133,981 (497,500) (469,309) 4,428,196 3,958,887 |
|---|---|---|
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Link House Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
6. TANGIBLE FIXED ASSETS
| COST At 1 January 2021 and 31 December 2021 DEPRECIATION At 1 January 2021 Charge for year At 31 December 2021 NET BOOK VALUE At 31 December 2021 At 31 December 2020 |
Freehold property £ 3,602,500 - - - 3,602,500 3,602,500 |
Fixtures and fittings £ 147,754 115,779 3,308 119,087 28,667 31,975 |
Totals £ 3,750,254 115,779 3,308 119,087 3,631,167 3,634,475 |
|---|---|---|---|
The properties held were re-valued as at 31 December 2020 by Eddisons, RICS registered valuers on the basis of open market value for current use. The trustees are not aware of any significant changes since the valuation.
The properties are not held purely for investment and there is no intention for them to be disposed of in the foreseeable future therefore, when considering economic benefit, a policy of 5-year valuations is considered to be appropriate.
7. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Unlisted | |
| investments | |
| £ | |
| MARKET VALUE | |
| Additions | 100,000 |
| Revaluations | 8,475 |
| At 31 December 2021 | 108,475 |
| NET BOOK VALUE | |
| At 31 December 2021 | 108,475 |
| At 31 December 2020 | - |
| There were no investment assets outside the UK. | |
| Cost or valuation at 31 December 2021 is represented by: | |
| Unlisted | |
| investments | |
| £ | |
| Valuation in 2021 | 8,475 |
| Cost | 100,000 |
| 108,475 |
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Link House Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
| 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Gift aid debtor Prepayments and accrued income 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 10) Trade creditors Other creditors 10. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank overdrafts 11. MOVEMENT IN FUNDS At 1.1.21 £ Unrestricted funds General fund 3,947,052 Restricted funds Bursary Account 11,835 TOTAL FUNDS 3,958,887 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 150,280 (125,337) Restricted funds Bursary Account 1 - TOTAL FUNDS 150,281 (125,337) |
31.12.21 £ 4,414 751 5,165 31.12.21 £ 1 2,481 19,424 21,906 31.12.21 £ 1 Net movement in funds £ 33,418 1 33,419 Gains and losses £ 8,475 - 8,475 |
31.12.20 £ 3,728 1,736 5,464 31.12.20 £ - 1,581 19,301 20,882 31.12.20 £ - At 31.12.21 £ 3,980,470 11,836 3,992,306 Movement in funds £ 33,418 1 33,419 |
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Link House Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.1.20 £ Unrestricted funds General fund 4,416,371 Restricted funds Bursary Account 11,825 TOTAL FUNDS 4,428,196 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 162,162 (133,981) Restricted funds Bursary Account 10 - TOTAL FUNDS 162,172 (133,981) |
Net movement in funds £ (469,319) 10 (469,309) Gains and losses £ (497,500) - (497,500) |
At 31.12.20 £ 3,947,052 11,835 3,958,887 Movement in funds £ (469,319) 10 (469,309) |
|
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A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Bursary Account TOTAL FUNDS |
At 1.1.20 £ 4,416,371 11,825 4,428,196 |
Net movement in funds £ (435,901) 11 (435,890) |
At 31.12.21 £ 3,980,470 11,836 3,992,306 |
|---|---|---|---|
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Link House Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2021
11. MOVEMENT IN FUNDS - continued
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 Restricted funds Bursary Account TOTAL FUNDS |
Incoming resources £ 312,442 11 312,453 |
Resources expended £ (259,318) - (259,318) |
Gains and Movement losses in funds £ £ (489,025) (435,901) - 11 (489,025) (435,890) |
|---|---|---|---|
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2021.
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Link House Trust
| Detailed Statement of Financial Activities | ||
|---|---|---|
| for the Year Ended 31 December 2021 | ||
| 31.12.21 | 31.12.20 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 1,667 | 25,330 |
| Gift aid | 686 | 1,000 |
| 2,353 | 26,330 | |
| Investment income | ||
| Deposit account interest | 17 | 177 |
| Charitable activities | ||
| Income from students | 147,911 | 135,665 |
| Total incoming resources | 150,281 | 162,172 |
| EXPENDITURE | ||
| Charitable activities | ||
| Wages | 42,054 | 40,383 |
| Pensions | 4,130 | 3,988 |
| Rates and water | 6,049 | 7,417 |
| Insurance | 9,139 | 8,591 |
| Light and heat | 12,687 | 13,645 |
| Sundries | 10,024 | 14,070 |
| Repairs and maintenance | 18,536 | 14,643 |
| In house entertainment | 2,503 | 1,793 |
| Renewal of furniture | 4,461 | 3,781 |
| Travel | 308 | 260 |
| Depreciation of fixtures and equipment | 3,308 | 19,937 |
| Direct student support | 1,357 | - |
| 114,556 | 128,508 | |
| Support costs | ||
| Management | ||
| Telephone | 3,575 | 2,827 |
| Postage and stationery | 421 | 449 |
| Professional fees | 4,300 | - |
| 8,296 | 3,276 | |
| Finance | ||
| Bank charges | 325 | 457 |
| Governance costs | ||
| Accountancy and Examiner's fees | 2,160 | 1,740 |
| Total resources expended | 125,337 | 133,981 |
| Net income before gains and losses | 24,944 | 28,191 |
This page does not form part of the statutory financial statements
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Link House Trust
| Detailed Statement of Financial Activities | |||
|---|---|---|---|
| for the Year Ended 31 December 2021 | |||
| 31.12.21 | 31.12.20 | ||
| £ | £ | ||
| Realised recognised gains and losses | |||
| Realised gains/(losses) on fixed asset | |||
| investments | 8,475 | - | |
| Realised gains/(losses) on investment | |||
| property | - | (497,500) | |
| Net income/(expenditure) | 33,419 | (469,309) |
This page does not form part of the statutory financial statements
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