2022-07-31-accounts

forthe ear ended	31Jul 2022
Contents		Page
Governors, officers snd advisers
Report ofthe governors
Report ofthe auditors		10
Statement offinancial	activities	14
Balance Sheet		15
Cash flow statement		16
Notes to the financial	statements	17

The directors	The directors	ofthe company are Members of the	ofthe company are Members of the	Council ofManagement,	Council ofManagement,	Council ofManagement,	Council ofManagement,	and also Governors	and Trustees ofthe Charity.
Mr JKAtkinson *				Mr R Keys- Resigned			October 2021
Miss A Ave	rkiou			Mr D G Lewis	(Retired			ss Chair November	2021)
Mrs M Curtis*Appmnted			Chair November 2021	MrJ Plggotl'
Miss A Eliades				Mrs KTidmaish
Mrs BGoulding				Mr A Frankal*
MrJ McKinlay
Miss D Tnvedi
*Members	ofthe Finance		and General Purposes	Commitlee
Officers
Headmistress				Mm W Kempster
Bursar and	Company Secretary			Mrs A Monly
				Miss H Lucas
Deputy Head
Advisers
Solicitors				Veale Wasbrough		Vizards			Woknest
				Orchard Court					Woodhouse
				Orchard Lane					Church Lane
				Bristol BS1BWS					Aldford
									Cheshire CH3 6JD
Bankers				HSBC Bank Pic
				1 Aldermans Hill
				Palmers Green
				London N13 4YE
Auditors				Moore Kingston	Smith			LLP
				Floor 6
				3Appold Street
				London EC2A 2AP
Inveslment	Managers			EFG Private Bank		Limiled
				Park House
				116Park Streel
				London W1K6AP
Insurance	Brokers			Hettle Andrews
				Eleven Brindleyplace
				2 Brunswick Square
				Bnndleyplace
				Birmingham
				Bt2LP
ADDRESS
Palmers Green High School
104Hoppers		Road
Winchmore		Hill
London N21 3LJ				Website

				Unrestricted /
				Designated	Restricted	Total	Total
			Notes	funds 2	fundsf	2022 5	2021
INCOME
Income from charitable	activities
School fees Other educational	income			3,765,441 119,288		3,765,441 119,288	3,573,372 62,724
Income from investments
Bub-lsttings Investment Income				32,591 1,101		32,591 1,101	31,970 8,862
Other Income
Donations				10,743		10,743	18,395
Total income				3929,164		3,929164	3 695323
EXPENDITURE
Raising Funds Raising funds Interest and other	costs			17,636 8,573		17,636 8,573	18,805 8,791
Charitable activities
Schools and grentmaklng				3,359,213		3,359,213	3,186,067
Total expenditure				3,385,422		3;385,422	3213,663
Net operating income/(expenditure)				543,742		543,742	481,860
Other recognised gains	and losses
ReaBsed and unreslised	(loss)/gain	on investments	13	67,244		67,244	4,344
Foreign exchange gain/(loss)
Net income/(expenditure)				610,966		610.986	481,856
Transfer between funds
Net movementin funds				610,986		610,986	481,656
Totalfunds broughtforward				6,631,935		6,631,935	6,150,279
Total funds carried forward			16,17	7,242,921		7,242,921	6.631.935

mers G CE SHEET Jul 2022	ree	n High School Limited
			Notes	2022	2021
				8
FIXEDASSETS
Tangible assets Investments			12 13	2,129,008 3,001,002	2,219,593 2951483
				5,130,100	5,171,076
CURRENTASSETS
Debtors			14	80,857	66,720
Cash at bank and	in hand				2330843
				3,041,344	2.397,563
CREDITORS: Amounts		falling due within one year	15	(928,523)	(936,704)
NET CURRENT ASSETS				2,112,821	1,460,859
TOTAL ASSETS	LESS	CURRENT LIABILITIES		7,242,921	6,631,935
NET ASSETS				7,242,921	6,631,935
FUNDS
Unrestricted
General fund			16	4,926,715	4,401,647
Designated fund			18	2,129,008	2,219,593
Revaluation reserve			20	187,198	10,695
				7,242,921	6,631,935

Palmers Green High School Limited CASHFLOWSTATEI9ENT
forthe ear ended 31 Jul 2022
CASH FLOW STATEMENT
Net cash inflow from operating activities	Notes	2022 6	2021
Cash flows from Investing activities: Bank inlerlud received	21	688,043	658,506
Dtvidenrhr recefved
Internal element offinance hase rental payments Pmceads from sale af Inveslmenls Paymenls toacquire lbred assets Paymenls loacqulm lnvsstmenls		1,101 (8,573) 16,532 (45,381)	760 8,073 (8,791) 1,405,887 (42,047)
			(1,430,361)
Net cash outflow from investing activities
Cashf low from new borrowings
Net cash oumow from capital expenditure
Increase/(decrease) in cash
Cash and cash equivalents at the beginning ofthe reporting period		852,522	591,248
Cash and cash equivalents at the
end ofthe reporting period
Cash and cash equivalents r Cash al bank end in hand		290ILI84	2,345 682
Cash held as part ofInvestnmnt portfolio		2,984,487 13,701	2,330,843 14,819
		2,098.188	2,345662

Palmers Green High School Limited	Palmers Green High School Limited
ACCOUNTING POLICIES
forthe	r ended 31 Jul 2022
	ACCOUNTING POLICIES
	Palmers Green High School Limited is s company limited by guarantee with registered number	0537727, incorporated						and domiciled						in		England								and		INales. Its
	registered office is Palmers Green High School, 104 Hoppers Road, Iyinchmore Hill, I ondon, N21	3LJ.
	ACCOUNTING CONVENTION
	The financial statements have been prepared in accordance with the Finanmal Reporting Standard applicable in				the UK and Republic									of Ireland								(FRS 102).The
	Charitable Company is a public benefit entity for the purposes of FRS 102and therefore the Charity		also prepared			its	financial			statements							in	accordance									with			the
	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 (The FRS 102Charities SORP), the Companies Act 2006 and the Charities Act 2011.
	The financial statements are prepared in sterling, which isthe functional currency ofthe company.	Monetary		amounts in				these financial						statements										are		rounded				to
	the nearest pound.
	The financial statements have been prepared on the historical cost convention, modified by the	recognition		of certain				investments,					investments										properties,							snd
	financial assets and liabggies measured at fair value. The principal accounting policies are set out	below.
1.2	GOING CONCERN
	The governors have assessed whether the use of the going concern basis is sppropriiate and	have considered				possible events or								conditions									that			might			cast
	significant doubt on its abgily to continue as a going concern. The budgeting and forecasting reviewed		by the	governors				has considered							the		ongoing								impact			ofthe
	coronavirus pandemic, the current rate of inflation and increases in the cost living. The pupil	numbers		have		been		stable			however					we			accept						them			is		still
	uncertainty around future pupil numbers. Consideration has been given to the value ofthe investments		held	on the		balance			sheet			and	the			governors									believe			there
	is no indication there has been a permanent change on the investment values as a result ofthe current economic				situation.				After		making				sppropriiate										enquiries					the
	governors concluded that the chariitable company remains financially viable in the long term and will have adequate fsg due forthe period st least 12 month from the date of approval ofthese accounts. On that basis the governors				resources to meet its ongoing liabilities conclude that the chantable company is																						as they a going
	concern and continues to adopt the going concern basis in preparing these financial statements.
1.3	FEESAND SIMILAR INCOME
	Fees receivable and charges for services and use of premises are accounted for in the period in	which the		service is			provided.					Fees		receivable									are			stated			after
	deducting allowances, scholarships and other remissions granted by Ihe school from its unrestricted funds.
1.4	DONATIONS AND GRANTS
	Donations received for the general purposes ofthe school sre included as unrestricted funds. Donations restricted					by	the		wishes			ofthe			donor					or			the			terms		of an
	appeal are taken to testricted funds. Income from government or other grants Is recognised when		the charity			has	entitlement					to the				funds,					any				performance
	conditions attached to the grant have been met, n is probable the income will be received and the	amount can be reliably						measured.
1.5	EXPENDITURE
	Expenditure is accounted for on an accruals basis and recognised when there is a constructive	or legal obligation				to	pay		for expenditure.								Certain							expenditure						is
	apportioned lo cost categoriies based on the estimated amount attributabl to that activity in the year.		These	estimates				are	based			on staff				time				or		on			floor		area as
	appropnate.
	Governance costs comprise the costs of running the Trust, including strategic planning for its future development,					external			audit,			and	ag		other					costs					of complying
	with constitutional and statutory requirements.
1.5	FIXEDASSETS
	Tangible fixed assets are initially measured at cost snd subsequently measured at cost orvaluation, net ofdepreciation						and		any	impairment							losses.
	Depreciation is provided on the original cost of sg tangible fixed assets, at rates calculated to write off the costs less estimated										residual				value				of			each				asset			over
	its expected useful life as:
	2% per annum Freehold buildings
	10% per annum Freehold improvements
	10% per annum Furniture and equipment
	33.33% per annum Computer equipment
	25% perannum Motor vehicles
1.7	INVESTMENT PROPERTIES
	Investment property, which is property held to earn rentals and/or for capital appreciation, is measured		using	the fair value model							and stated						at		its			fair			value as					the
	reporting end date. The surplus or defimt on revaluation is recognised in general reserves.
1.5	INVESTMENTS
	Listed investments are included In the accounts at their market value, investment properties have		been	revalued			to their deemed							market						value					based				on a
	professional valuation by a governor ofthe school.
1.9	CASH AND CASH EQUIVALENTS
	Cash and cash equivalents include cash in hand, deposits held st call with banks, other short-term		liquid investments					with oriiginal maturibes												of		three				months				or
	less, and bank overdrafts Bank overdrafts are shown within borrowings in current liabilities.
1.10	FINANCIALINSTRUMENTS
	The company has elected to apply the provisions ofSection 11 'Basic Financial Instruments' and Section 12			'Other		Financial Instruments										Issues'					of			FRS 102					to ag
	of its financial instruments.
	Financial instruments are recognised in the charitable company's balance sheet when the charitable		company becomes party to									the contractual										provisions						ofthe
	instrument.
	BASIC FfNANCIAL ASSETS
	Basic financial assets, which include trade and other receivables and cash snd bank balances,	are	initially	measured				at	transaction					price				including								transaction
	costs and are subsequently carried st amortised cost using the effective interest method unless	the	arrangement			constitutes				a		financing					transaction,									where				the
	transaction is measured st the present value ofthe future receipts discounted ata market rate of interest.
																				Page					17

Palmers Green High School Limited	Palmers Green High School Limited
ACCOUNTING POLICIES
forthe	earended 31 Jul 2022
	OTHER FINANCIAL ASSETS
	Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint	ventures,			are initially			measured			at	fair value,
	which is normally the transaction price. Such assets are subsequently cerned at fair value and the changes in fair	value	are			recognised		in	profit or loss, except
	that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably	are measured					at cost	less		impairment.
	Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted In an active			market			are classiTied as					'loans		and
	receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
	Interesl is recognised by applying the effective interest rate, except for short-term receivables when the recogmtion	of interest				would be immaterial.					The		effective
	interest method is a method of calculating the amortised rmst of a debt Instrument and of allocating the interest income		over			the	relevant		period. The				efFective
	interest rate Is the rate that exactly discounts estimated future cash receipts through the expected life ofthe debt instrument				to the net carrying amount								on initial
	recog nilion.
	IMPAIRMENT OF FINANCIAL ASSETS
	Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment	at each		reporting end				date.
	Finanwal assets are impaired where there is objective evidence that, as a result ofone or mora events that occurred	after the		initial			recognition			ofthe	financial
	asset, the estimated future cash flows have been effected. The impairment loss is recognised in expenditure.
	BASIC FINANCIAL LIABILITIES
	Basic financial liabililies, including trade and other payables and bank loans, are iniliagy recognised at transactron	pnce	unless				the arrangement				constitutes				a
	financing transaction, where the debt instrument is measured at the present value oflhe future payments drsrxrunted	at a market rate of rnterest.
	Debt instruments are subsequently cerned at amortised cost, using the effective interest rate method.
	Account payables are obligations to pay for goods or services that have been acquired in the ordinary oourse of business		from suppliers.					Accounts			payable				are
	classified as current lrabilitres if payment is due within one year or less. If not, they are presented as non-current liabilities.		Trade payables					are		recognised			inigagy
	at transaction price and subsequently measured at amortised rmst usrng the effective interest method.
1.11	TAXES
	Under Section 505 ofthe Income snd Corporation Taxes Act 1988the Company is exempt from certain taxes. Full account		is taken				oftax	credits attaching					to
	covenants and dividends.
1.12	FUNDS HELD BYTHE SCHOOL ARE EITHER:
	Unrestricted General Funds:
	These are funds which can be used in accordance with the chariitable objects at the discretion ofthe Governors.
	Designated Funds:
	These are funds sst aside by the Governors out ofunrestncted general funds for specific future purposes or protects.
	Restriicted Funds:
	These are funds held For specific purposes as speafied by the donor.
1.13	OPERATING LEASES
	Rentals payable under operating leases are charged on a straight line basis over the lease term.
1.14	PENSIONS
	The school contributes to the Teachers' Pension Scheme, a defined benefit scheme. The funds are held independently		ofthe School's					funds. The				accounting
	policy follows the funding poficy and accounts payable are charged to direct charitable expenditure so as to spread	the cost		ofthe			pensions		over the			employees'
	working lives with the school. The school also make contributions to the personal pension schemes for non teaching	staff.
1.15	JUDGEMENTS ANO KEYSOURCES OF ESTIMATION UNCERTAINTY
	In the application ofthe charitable company's accxrunting pogaes, the governors are required to make judgements,	estimates			and assumptions					about the			carrying
	amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions					are	based on		historical			expenence
	and other factors that are considered to be relevant. Actual resugs may ddfer from these estimates.
	The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates sre		recognised in the						periiod		in	which			the
	estimate is revised where the revision affects only that period, or in the penod ofthe revision and future periods where the		revision				affects	both		current		and future
	periods.
1.16	CRITICAL JUDGEMENTS
	The following judgements (apari from those involving estimates) have had the most significant effect on amounts recognised			in		the financial		statements.
	The School uses a relevant local property index to establish the fair value of its investment properties. 1he valuation		w	based			upon the		key assumptions						of
	estimated rental values and market based yields. In determining fair value we make reference to market evidence and			recent			transaction			prices		for similar
	properties.
	The school makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of		trade			and other		debtors,			management
	considers factors including the current credit rating of the debtor, the ageing profile of debtors and histoncal experience. See				note		10for	the	net carrying				amount
	ofthe debtors and associated impairment provision.
	The annual depreciation charge for property, plant and equipment is sensiTive to changes in the estimated useful economic		lives and residual						values of			the assets.
	The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current					estimates,		based on			technological
	advancement, future investments, economic utilisalion and the physical condition of the assets. See note 12for the carrying					amount of		the		property,		plant		and
	equipment and note 1 for the useful economic lrves for each class ofasset.									Page	18

2	FEE INCOME				2022	2021
	The school's fee income		comprised:		2	2
	Gross fees				3,905,466	3,739,755
	Less: Discounts				(140,025)	(166,383)
					3,765,441	3,573,372
3	OTHER EDUCATIONAL		INCOME		2022	2021
					6	2
	Extras and disbursements				109,218	47,951
	Registration fees				5,770	6,825
	Fees in lieu of	notice			2,052	3,198
	Other income				2,248	4,750
					119,288	62,724
4	OTHER TRADING INCOME				2022	2021
					2	2
	Rent and lettings				32,591	31,970
						31,970
	Included within	the above	rs an amount of8nil (2021:Enil) which telates to restricted	income.
5	INVESTMENT	INCOME			2022	2021
						2
	Interest received				1,101	789
	Dividend income					8,073
						8,862
	Included within	the above	is an amount ofEnil (2021:En8) which relates to restricted	income.
6	DONATIONS	AND GRANTS			2022	2021
					6	2
	Donations and	gifts			10,743
	CJRS grants					18,395
					10,743	18,395

orthe	sr ended 31 J	ul 202	2
7	EXPENDITURE
(a)	Costs ofRaising Funds						Staff costs			Total
							(note 8)	Other	Depredation	2022
							6	F.	6	F.
	Financing costs							8,573		8,573
	Investment Management			Fees				17,636		17,636
	Total Costs of	Raising		Funds
	Charitable expenditure						Staff costs			Total
							(note 9)f	Other 6	Depreciation	2022 6
	Teaching						2,224,633	298,441	18,554	2,541,628
	Welfare							47,622		47,622
	Premises and Estates						104,751	130,916	117,412	353,079
	Administration						242,644	150,544		393,188
	Governance							23 697		23 697
	Total Charitable	Expenditure					2,572,028	651,220	135,966	3,359,213
	Total Expended						2,572,028	677,429	135,966	3,385,422
	Included within ths chafitable				expenditure	is an amount	ofBnil (2021:718175)relating to restricted expenditure.
	Costs ofRaising Funds						Staff costs			Total
							(note 8)	Other	Depreciation	2021
							6	6	F.
	Financing costs							8,791		8,791
	Investment Management			Fees				18,805		18,805
	Total Costs of	Raising		Funds				27,596		27,596
	Charitable expenditure						Staff costs			Tots I
							(note 9)	Other 6	Depreciationf	2021f
	Teaching						2,136,627	222,527	10,248	2,369,402
	Welfare							37,997		37,997
	Premises and Estates						104,136	116,738	153,504	374,378
	Administration						252,387	128,004		380,391
	Governance									23899
	Total Charitable	Expenditure					2,493,150	529,165	163,752	3,186,067
	Total Expended						2493150	558761	163752	3213663
(b)	Other Governance Costs include:								2022 6	2021 f
	Auditors' remuneration
	-Audit Fees								16,200	15,168
	-over/ (under)	provision		from previous		year			1,193	2,677
	-Accountancy Fees								2,688	3,684
	-Other Auditors	remuneration							3,612	2,370
(c)	Administration	Casts							2022	2021f
	Salaries								203,791	210,161
	National Insurance								18,157	19,786
	Pension Costs								20,696	22,440
	Subscriptions								15,400	12,899
	Staff Uniform								295	200
	Postage and stationery								11,090	12,959
	Telephones								14,988	14,235
	Miscellaneous -	Administration							6,201	4,239
	Sad debts								413	377
	Legal and Professional		Fees						16,871	17,530
	Other Administration Costs								85,285	65,565
									393,188	380,391

	Net Income is slated after tfmrging;						2022 6	2021
	Deprachdlon of tangible fixed assets
12 TANGIBLE FIXEDASSETS							135,966	163,752
					Furniture
	Cost: At 1August 2021 Additions		Freehold Property 6 3,429,046	Freehold Improvementsf 849,221 12,790	Equipment 410,486 3,806	IT Equipmenlf 235,821 28,785	Motor Vehicles f 35,842	Total f 4,960,418 45,381
	At 31 July 2022 Depreciation:		3429048	662 011	414E82	294808	35842	E605,797
	At 1 August 2021 Charge foryear		1,395,027 68,581	727,375 48,831	375,341 4,264	207,239 14,289	35,841 1	2,740,823 135,966
	At 31July 2022
	Net book value:				379605	221,528	35.842	2876,789
13	At 31July 2022 At 1 August 2021 INVESTMENTS		1 986438 2.034,019	85805 121,846	34,SS7 35,145	43,078 28,582	1	2,129,008 2,219,593
					Listed
					investments	Property	2022	2021
	VsluationAt 1August 2021						6
	Additions Disposals Realised gain/(loss) on investments Unrea lised gain/(loss) on investments (Decrease)/increase in cash I/aluation At 31 July 2022 UK equity				1,480,628 (16,532) (257) (108,986) (1,119) 1,353734	1,470,855 176,503 1,647,358	2,951,483 (16,532) (257) 67,517 (1,119) 3,Mf 062	2,961,470 1,430,361 (1,405,887) (55,900) 60,244 (38,805) 2,951,483
	International equity
	Bonds
	Other gated investments Property				1,340,033		1,340,033	1,465,809
	Cash				13,701	1 647358	1647358 13,701	1,470,855 14,819
	Investments representing more than 5%of	holding:			1,353,734	1.64T.358	3.001092	2,951,483
New Capital GLBAlpha FD XAcc GBP						Units	Value	2022
Historical cost:							11,376	1,340,033
Property
Other Investments								2022 1,412,537
								1,231,188
Investment l h								2643725

	Fees and extras Less provhlion for doubtful debts Otherdebtom Prepayments and accrued income	Fees and extras Less provhlion for doubtful debts Otherdebtom Prepayments and accrued income		2022 8 41,897 (6,856) 1,020	2021f 44,321 (5,614)
				20.790	28,013
			(9,883)
15	CREDITORS
	Amounts fatling	due within one year.
	Loans			2022 8	2021
	Trade creditors
	Taxagon atd social security costs Fee Depos8s Fees In advance Other creditors Accruals			500,000 30,737 50,206 210,250 30,067 92,514 14,689	500,000 8,713 47,981 228,500 42,368 78,290 30,853

The EFG bank loan of2500,000 (2021:2500,000) is secured against and the loan is repayable In Iuif on demand. HSBC hold a charge against Deferred income:	non-property the schoofs	invesfnlenls Rtad assai	Included property.	within	note 13. Interest is payable at	038705 1%over SONIA
Brought fonvards Released in year					2022 8	2021 L
Received In year Cerned forwards					42,368 (42,368) 30,067	49,173 (49,173) 42,368
Deferred income relates to schools feestd					30,067	42,368

			At	1 August 2021			Transfer
Unrestricted funds: General reserve Designated fund:				4,401,647	Income 6 3,929,164	Expendrture (3,249,456)	Between Fundsf (45.381)	Gains/ (losses)f (109,259)	At 31 July 2022 4,926,715
Designated asset	fund			2,219,593		(135,966)	45,381		2,129,008
Total designated				2,219,593		(135,966)	45,381		2,129,008
Revaluation reserve
				10,695
								176,503	187,198
Restricted funds:
Restricted equipment		fund
Total restdicted
Totalfunds
				6,631,935	3,929,164	(3.385,422)		67,244	7,242,921
			At 1August				Transfer
Unrestricted funds: General resenre				2020	Income f	Expenditure 6	Between Fundsf	Gains/ (losses)f	At 31July 2021
Designated fund:				3,702,394	3,695,323	(3,049,911)	(42,9471	96,788	4,401,647
Designated asset fund				2,340,398		(163,752)	42,947		2,219,593
Total designated				2,340,398		(163,752)	42,947		2,219,593
Revaiuatron reserve
				107,487
								(96,792)	10,695
Restricted funds:
Restricted equipment	fund
Total restricted
Total funds
				6,150,279	3,695,323	(3,213,663)		(4)	6,631,935

ANALY	SIS OF NET ASSETS BETWEEN FUNDS
		Unrestficted	Revaluation	2022
		funds	reservef	Total
Tangible	fixed assets	2,129,008		2,129,008
Investments		2,813,894	187,198	3,001,092
Current	assets	3,041,344		3,041,344
Current	liabilities	(928,523)		(928,523)
Total net assets		7,055,723	187,198	7,242,921
		Unrestricted	Revaluation	2021
		fundsf	reservef	Total f.
Tangible	fixed assets	2,219,593		2,219,593
Investments		2,940,788	10,695	2,951,483
Current	assets	2,397,562		2,397,562
Current	liabilities	(936,704)		(936,704)
Long term liabilities
Total net assets		6,621,239	10,695	6,631,934

			2022	2021
			Office	Office
			equipment	equipment
Due	within one year		1,020	1,020
Due	between	two and five years	2,805	3,825
				4,845

					2022	2021
Reconciliation ofoperating			result to	net cash Inflow from	8
operating acffvities
Net movement in funds					610,986	481,656
Realised and unrealised		loss/(gain)		on Investments	(67,244)	(4,344)
Depreciation					135,966	163,752
Bank interest received					(1,101)	(789)
Dividends received						(8,073)
Interest payable					8,573	8,791
Increase/(Decrease)	in	creditors			(8,200)	18,729
(Increase)/Decrease	in	debtors			9,863	(1,124)
					688,843	658,598