Charity Number: 313785 THE OSTEOPATHIC FOUNDATION REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS YEAR ENDED 31 MAY 2022
THE OSTEOPATHIC FOUNDATION FOR THE YEAR ENDED31 MAI, 2022 INDEX Page Management and adminisirdiive infornuiion R¢port of th¢ TnJgt¢¢s Independen¢ Examiner's report Siatement of financial a¢tiYities Statement of financial position Notcs to thc Financial Statcmcnts 8-14 Deiuiled statement of finJn¢ial a¢iiviiies 15-16
THE OSTEOPATHIC FOUNDATION MANAGEMENT AND ADMINISTRATION INFOKMATION Name of charity: The Osteopaihic Foundation Chairity Number: 313785 Principal address: Osieoparhic Foundation 3 Park Terrace Manor Road Luton LUI 3HN Trustees The tru.9te and officers serving during the year and since the year-end were &$ follows: Institut¢ of 0stlpathY Secretary Maurice Cheng Senior mang%ement Duncan Empcy (chaiMn. Osteopa(hic Foundation) Nadine Hob4on Tim Allardyce Kersiin Roll¢ Jonaihon Shdpiro (resigned 31 July 20211 Peier Brogdcn Obi Hassan Independent examlnen: UHY Ha¢k¢r Young LLP Quddrani House 4 Thomas More Square London Elw IYW Solleltors: Moiia Protani Ltd 72 11"oodbourne A¥'enue Brighion BNI 8EJ Adviser5: Ini-e5tec Wcaltli & Inl'eslment 30 Gresham Stteel London EC2V 7QN
THE OSTEOPATHIC FOUNDATION REPORT OF THE TRUSTEES FOR THE YE.4R ENDED 31 MAY 2022 The Osteopathic Foundation. previously the Osieopaihic Educaiional Foundation, was entnjsted to the care of the Institute of Ostcopathy by thc Ostcopathic Educational Foundation Trustces on 31 January 2017. The Instiiuie of Osieopaihy is the corp)rdte trnsiee ofThe Osieopaihic Foundaiion and by agreemenr with rhe outgoing Osteopaihic Iducation Foundation irnsices, rhc Council of rhc InstiNic has appointcd an indcpcndcntly chaircd managcmcnt board, Thc Osi¢opathi¢ Fowidation Board, to Jnanage thc affairs of thc charity. ThL Board huvL pILasure in prLSLnting ihLir report and ihL financial siatemLnis for thL chariiy for (hL year ended 31 st May 2022. The Board have adopied ihe prov'isions of Accounring and Reponing by Charities.. Statcnicnt of Recommended Practice applicablc io chariiies preparing iheir accounts in accordance with thc Finan¢i21 R¢portin&r Si#ndard appli¢abl¢ in th¢ UK and ihe R¢publi¢ of Ireland IFRS 102: eff¢¢tiv¢ l January 2015). Objectives And activitie5 Ohjeclives and aim.¥ The pury)ose of the charity as set out in its governin¥ documeni is to advance and promote the dei'elopment and ¢du¢uiion ol th¢ s¢i¢n¢e and pra¢ii¢e of osi¢opJthy for lh¢ benefi( ofihe publi¢. in pani¢ular by: { I l RaisingT and administcring funds in ordcr io assist and support all &SPCCLS of ostcopathic education. d¢v¢lopm¢nt. promoiion. r¢s¢ar¢h and pra¢ii¢¢ for th¢ b¢n¢fil of ihe publi¢. 121 Assisting. conferring and cooperating wilh any esiablished osieopaihic organisation or Government Dcpdrtment to support and improve ostcopathic cducalion, dcvclopmcnt, promotion, reseurch and practlCL. {31 Promoting th¢ d¢v¢lopm¢ni of b¢iier Iraining and sy.siems io improve ih¢ pra¢ii¢¢ of os¢eopa¢hy. Thc Board has considered the Charity Commission's guidancc on public bcncfit, includin¥ thc guidancc 'public bcn¢fit'. running a ¢hariiy (PB2)'. Sucidl invL)btments Th¢ Foundation d¢¢id¢d lo pla¢¢ on hold th¢ slud¢nt loan provision inh¢rii¢d from thc Ostcopathic Edu¢ation Foundation Trustcc Board for thi.s year until li ini'estigates the be%t 4teps to maxinii%e its irnpact to this beneficiary group. The Foundaiion hopes io offer ihe loans provision or someihin¥ siinilar again nexl year. The Osteopathic Foundation E4)ard has developed an inilial core slrdiegy cenlred on the funding of research alld educaiional programmes. By the end of the financial year 2021122, Ihere w&5 one successfully completed and clo%ed grartt, with ten grants remaining lil'¢ and in matMgement. Aehlevements and performance The results of the second funded projeci have been received. The Foundation was pleased io fund the research projcct which hclpcd an ostcopaih rcscarchcr to acquirc ncw skills in computing and ncuroiTnaging as wcll as working iowariLs inLreasirtg the knowled¥e ol. Ihe wider profe55ion on the impact of mild traumatiL brain injury in ellie rugby players. Colleagues at Imperial College London coniinue io further analyse the results and plan to disscminatc findings morc widcly within thc profcssion s(Kbn. Our objectives remain the same, namely (he advancemeni of osteopathy in the public interest. through funding projects that contribute to educaiion and io research. Ihal promotes the profession.
THE OSTEOPATHIC FOUNDATION REPORT OF THE TRUSTEES FOR THE YE.4R ENDED 31 MAY 2022 Fundraising plans are being put in place. Accounts have been set up on Amazonsmile and easyfundraisin with small amounts FKing rcgularly rcccivcd. With the coniinued support and dedication of the Tn]siees and ststTieam. we look fon¥ard io The Osteopathic Foundation strengthening lis rK)sition as a driving force for ihe profession. Inve51mentperformunLe Witli the steady recovery of the economy over the lasi year ihe fund has shown some improi.'ement with a ycar-cnd valuation of £2,845.798 and an overall annual iotal retum of minus 10/0. In conrcxt, the year to 31 Mdy 2022 th¢ ARC st¢ady growth p¢¢r group fell by-1.8/o. Financial review Sixiiifi('tsrti eiJent.s The initial impact of Covid-19 was to decrease the value of the investment wrtfolio mana¥ed by Iniestec. The Bikird took Ihe precautionary measure of halting new applications for funding, whilst guaranteeing the ¢oniinuaiion of fundinbi for ihos¢ proje¢¢s already in r¢¢¢ipi of J grnni. Thc inve.%tmcnt portfolio has nearly rccovercd to prtrCovid-19 Icvcl8 and ihc Board ha5 rcopcncd ¥Tant appli¢a¢ion% in 2022. The Accumulatcd Fund of Thc O%ieopathic Foundation, comprising principally the ini'eqtmcnt portfolio. 18 r¢glrdLd by the Trust¢¢ as th¢ "p¢mian¢ni endowmeni" of the C.harily. Hitherto. Ihe Tn]si¢¢ has r¢bFard¢d ih¢ underlyingT inve¥tmenl portfolio. aug7menied from lime lo lime by leCles and donation%, as proillidinui a bund. thc nLt incumL uf which cdn bc UbCLI io providc grantb dnd In5 Io Oblcopathic eLlucdtiun purwses and UTrants for r¢s¢arch. Up until 2000, the Osleopaihic Educalion Foundation provided, in the main. granls to osleopaihic 51uden15 to ¢nabl¢ thos¢ who ¢ould not oth¢n*'is¢ ftsnd th¢ir trdining (o do so. Aft¢r •IK)O. th¢ 0s(copathi¢ Iduration Foundati()n ehanged its policy to pre8erTre its endowmeni and. in addition to providinbj research grants. utili8cd substantially all its net income in building up a loan portfolio. the siudeni loans of which were io be repayable over a period not exceeding fiye years. following the successful complelion of training. Total rcscrves as ai 31 May 2022 amounted io L3,316.838 (2021 £3.071.559} with nel income for the pcriod of £245,27912021.. £350,026). Structureg governanre #nd management Governing documenl The charity i& controlled by its governing document. a deed oftrn5t, and constitutes an unincotporated charity. Thc charity is organised so ihe Truslcc and its members mccl rcgularly lo managc its affairs. Thc day to day administration 15 mana¥ed by The 05teopathic Foundation ProjeLt Manager. Thc Trustcc r¢gularly idcntifics and r¢vic'S thc risk to which thc charity is ¢X[Cd and to cnsurc appropriatc ontrols are in plarc to proi'idc aSonabl¢ a&surdn¢e against fraud and crrgr. Thc principal rL5k5 faccd by thc charity lie in the perlorn)ance of invesimenis and operdiional risks fn)m the inappropriate advancement of loans and making of granis. The risk i'ariability in invesiment returns is mitigated by the retention of expen invcstmcnt managcr5 as custodians and adN'isors of a divcrsificd portfolio of ini'cstmcnts.
THE OSTEOPATHIC FOUNDATION REPORT OF THE TRUSTEES FOR THE YE.4R ENDED 31 MAY 2022 ReLruitment and appointmenl oftrnstee Thc Osteopathic Foundation Board was app)intcd ihrough on ad¢rtiS¢mcnl, ,]rh thc proccss bcing oversc¢n by the Institut¢ of Ostcopathy Appointtnents Cornmittce. with four lay members (with strong health backgrounds), one of whom is Chair. and three osieopaihs. The Chair and Projeei Manager boih left ai diffcrcni titncs during thc year- a new Projcci Manager was appointed in February 2022 and a Board member actcd Int¢Dm Chair. A ne. Chair has nou. bccn aprKTrint¢d. This report was approved by ihe Board of Trusiees and signed on their behalf by= Duncan Empey For the Institutc of Osteopathy Dat¢.. 29th September 2022
INDEPENDEprr EXAMINER'S REPORT TO THE OSTEOPATHIC FOUYD.4TIOY I rcport to th¢ trustccs on my cxamination of th¢ accounts of Thc Ostcopathic Fowidation lthc charity) for th¢ year ¢nd¢d 31 May 2022, whilh ar¢ s¢t out on Pd&Y¢S 6 to 14. Responsibilities and basis of report As the charity trnstce, you are responsible for the preparaiion of the accounts in accordance with thc rcquircmcnts of thc Charitics Act 2011 I'thc Act-). I report in respect of my examination of the chariry's accounts carried oui uler section 14S of rhe 2011 Aci and in cajrying out my examination I haN'c follo.ed all ihc applicable Directions gii'cn by the Charity Commission under section 14515Mb) of the 2011 Aci. Independent examlner's stalem¢nt Since the charity's gross incomc exc¢cdcd £250,INX) your examiner musi bc a mcmbcr of a body listcd in gection 145 of IhL 201 l A¢1. l confim that l am qualified io und¢rtake ihe examinaiion becouge l am a member ot ICAEW which is onc of the liSd Ix)dics. I hai'e compleled my examination. I confinn thai no material matters have come to my altention iii connection with the ¢xamination giving m¢ ¢aus¢ io beli¢ve ihai in any maierial r¢spe¢i'. ccounting recoTrLs wcrc not kcpi in respcci of the charity as required by 8eetion 130 of the Act,. or the accounts do noi a¢cord with ihose records: thc account do noi comply u'iih ihe appli¢obl¢ r¢quir¢m¢ni4 conc¢ming ihc fomi and contcnt of acc()uni8 sei oui in the Charities {Account.% and RerK)rts1 RebFulations 2008 other Ihan any requircnient that the accounts give a 'trne and fair view. which is not a matter considered as part of an independent cxamina(ion.' or the aceounis have not been prepared in accordance ivith Ihe methods and principles of the Statement of Recommended praLtice for accounting and reporiing by charities. I hafvL no LollLerns and have Come acros% no othcr mailers in conncciion wilh thc exainination to which attenlion.should be drawn in this report in orderto enable a proper understanding of the accounis lo be reached. B8neritt ACA UHY Hackcr Young Ind¢p¢nd¢nt Examin¢r Quadrant House 4 Thoma5 Morc Square London Elw IYW Date.. 11 th October 2022
THE OSTEOPATHIC FOUDATIoN ST ATEMENT OF FIN.INCIAL ACTtvrrIES AND COMPREHENSI INCOME FOR THE YEAR ENDED 31 MAY 2022 Year ended 31 May 2022 Year ended 31 Ma)'2021 INotes Unrestricted income and endoiTr'ments from: Donations and legacics Invesimcnis Oth¢r in¢om¢ 415.792 48.927 25 1,330 44,105 75 Total unrestrltted Income and endowments 464,744 45,510 Expendlture on: Charitablc a¢tLVlties (169,4551 (160.716) Total ¢xp¢ndltur¢ 1169.4551 (160.7161 Ncl unrestri¢i¢d Ilosscsygains on invcstmcnis {50.0101 465.232 Net Income 245.279 350,026 Reeonclllatlon of funds Total fund broughi forward 3.071.559 2.721,533 Total unrestrlcted fund5 frrled forw*rd 3,316,838 3,071,559
THE OSTEOPATHIC FOUDATIoN ST ATEMENT OF FIN.INCIAL POSITION FOR THE YEAR EP*DED 31 MAY 2022 31 Ma} 2022 31 May 2021 Notes Fixed assets: Investmcnts io 2.845.798 2.796,467 2.845.798 2.796.467 Current a55ets: Cash at bank and in hand 505.330 302,746 505.330 302.746 Creditors: amounts falling due wilhln one year 14 134.29Q} (27.654) Net current #$$et$ 471.040 275,092 Total a55et5 less current Ilabilltles 3.316,838 3,071,559 Net assets 3,316.838 3,071.559 The fund5 of the charlty UnrcstriLied incomc funds 16 3.316.838 3,071.559 3.316,838 3,071.559 The financial statemenls were approved and authorised for issue by the Board and signed on its behalf by.. Duncan Empe). or the InstitutL of Osteopaihy Date.. 29th September 2022
THE OSTEOPATHIC FOUDATIoN NOTES TO THE ACCOUNTS FOR THE YEAR EP*DED 31 MAY 2022 Accounting policies Charlty Informatlon The OgteopAthiL Foundation is a Lharity registered in England 4md Waleg and governed by their charit>. commission scheme dated 24 Ociokn 1996. Basis of accounting Thc financial statements have bccn prcparcd under thc historical cost convcntion. cxccpt for thc investmcnts whi¢h arc includLd at mark¢t valu¢ and the rci'aluation of ¢crtAin r]xL assLtS diid in CcOrdnce with the Charities SORP IFRS 1021 "Accouniing and Reporting by Chariiies.. Stsiemeni of Recommended Praciice applicable to charities preparing their accounts in accordancc with thc FinunLiuI Riporting StanduTd applicablc in th¢ UK und Rcpublic of Irclund IFRS 1021, Financial RLporting Standard 102 IhL Finan¢ial R¢p)rtin& Standard #ppli¢abl¢ in ihc UK and RLpublii of Ireland (FRS 102) and ihe Charities Aci 2011. Thc 0stcvputhiL Foundation m¢cts th¢ dcfinition of a publiL bcncfit cnli¢y undcr FRS 102. Ass¢ts- and liabiliiics are iniiially rccognised ai hisiorical cosi or iransaction value unless othcrwise qtated in thc relevant accounting rK)licy noie(s). Comparative period The compardtive period is the 12 monihs 10 31 May 2021. Statement of c4$h flows Tli¢ Irusi¢¢S hav¢ tak¢n advanlag¢ of lh¢ ¢x¢mpiion in SORP FRS 102 from including a ¢8h flow Statement in the financial 5tsLiemenis on ihe grounds ihai th¢ charity is small. Incomlng resources All ineominbb rebources are included in Ihe siaiement of financial aciiviiies w,hen the charity is entitled to the inLome and ihe amount can be quaniified with reasonable accuracy. Re$our¢e$ expended Liabilitics arc r¢¢ogniscd as rcsourccs cxpcndcd whcn thcrc is a Icgal or constructivc obligation ommitting th¢ charity to ih¢ cXld1tllre. Investments Investments in listed securities (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profil or loss. Where fair value cannot be measured rcliably, invcstmcnts are nKasured at cost Ic55 impairnKnt.
THE OSTEOPATHIC FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR ENDEDJI MAY21122 Social investments Programme relaled investments are shown al cost, less provision for impairment. Irre¢overable VAT Irwoverabl¢ V AT is included in ih¢ Siaiemeni ofFinan¢ial A¢iivities and is rewrted as part of the expenditure to which it relaies. Income from donations and legacies Year ended 31 Ma) 2022 Year ended 31 May2021 Unrestricted fund5 Donaiions received Legacies r¢¢¢iv¢d 415.307 425 1.280 50 415.792 1.330 There were sibinificant donations this year from ihe Vaughn McDerniott Fund. Briiish Naluropa(hi¢ and Osteopathic A5KKiation and the Dr Raicliff Scholarship F und. Investment Income Ye4r ended 31 Ma) 2022 Ytor ended 31 May2U21 Unrestricted funds Dividend incoine from listed investments Bank int¢r¢st r¢¢¢ivable Other interest receivable 45.7&5 34 3.1?7 40,296 53 3.756 48.927 44.105 Other income Year ended 31 Ma) 2022 Ye&r ended 31 Ma> 2021 UnrÉstricted funds Otlicr 25 75 25 75
THE OSTEOPATHIC FOUDATIoN NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2022 Costs of charitable act]tieS by fund type Year ended 31 May 2022 Year ended 31 MA)'2021 Unrestricled fund5 Direct costs Support costs 59.251 I10.?04 54,817 105.899 169.455 160.716 Costs of charitable aetlvltles by #etlvlt!. Ivpe Year ended 31 Mai, 2022 Year ended 31 Iqa>' 2021 Actlvltles undertaken dlr¢¢tly Edu¢&Ltiun 59,251 54.817 59.251 54,817 Anal>'$l$ of Support ¢osls Year ended 31 Mav 2022 Yegr ended 31 Ma>'2021 Goi'emance ¢osis 110.204 105.899 110,204 105,899 Net Income for the >'ear after charglng Year ended 31 May 2021 Year ended JI May 2021 Indcpcndcnt cxatnin¢r f¢¢s Financiiil adi'ice Writ¢ off of irrecoverable debts 3.51X) 21,091 6.2 2U,99 282 Comparatii'e for the Statement of Flnaneixl Activitles The Comparative year values on the Statement of Financial Activities are for unrestricted funds. 10
THE OSTEOPATHIC FOUDATIoN NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2022 10. Investments 2022 2021 Note Listed investmenLg Social investmcnts 2.717.900 127.898 2,647,823 148,644 13 2.845.798 2.796.467 Anal>'sis of Tnovement of commercial ini'estmellts Llsted Investmenls 2022 Market value at l June 2021 2,647,823 Additions io inN'estmeni ai cosi Disposals al carrying i'alue Net105s on revaluation {798.3681 145.33111 Market value ai 31 May 2022 2,717.900 Compar4tlve n¥lysls of movemeni of ¢omm¢rell Investm¢nts 1.1sted Inveslmcnls 2021 Market value at l June 2020 2,166,997 Additions to investmenl at cost Di8posals at carrying N'alu¢ Net gain on rei'aluaiion 432.882 {342.477) 390.421 Markct valu¢ a131 May 2021 2,647,823
THE OSTEOPATHIC FOUDATIoN NOTES TO THE ACCOUNTS FOR THE YEAR EPDED 31 MAY 2022 12. Analvsis of investments between fund5 as at year ended 31 Mav 2022 2022 2021 Unrestricted fund5 Listed investments 2.717.900 2.647,823 2.717.900 2,647.823 13. Anal>'sls of movemenl of social investments ProRramme related Ini'estments 2022 Ai l June 2021 Loans provided in the year rcpLymcnts in ihc y¢ar Wriic off irrLYovcrablc loaAs 148.644 24,5(K) 139,11421 {fi,2041 At 31 May 2022 127,898 Comp4rativc nalysis of moyemcni ofsocil invcstmcnts ProRramme related inl'C51mcnt5 2021 Ai l June 2U20 Loans provided in the year Loan rcpaymcnts in thc ycar Writc off irr0vCrdb1C loaN 180.126 18,750 149,950) 1282) At31 May2021 148,644 Concessionary loans provided 10 members of the os'teopathic profession to further their education are granted interest free loans repayable iviihin 5 years of the grant dale. Failure io meet the repayments without prior cons¢nt of Thc ostcopathic Foundation Board will r¢suIt in th¢ loan balancc b¢corning repayable imrnedidtely. 12
THE OSTEOPATHIC FOUDATIoN NOTES TO THE ACCOUNTS FOR THE YEAR EP*DED 31 MAY 2022 14. Creditors: amounts falling due Mthin one vear 2022 2021 Unrestricted funds Tradc creditors Accruals 15,321 18.969 27.654 34.290 27.654 15. Flnancial instruments Carri'in% #mount or rin#nci#l a55et5: Dlbt in%trumLnl% mca%urLd ai aTnorti%¥d ¢0 Instrnments measured ai fair N'alue through pmfit or l(Iss 633.228 2.717,YOO 451,435 2,647.823 Carr>'ing amount of financial liabilities: Mcasurcd at amortiscd cosi 27.654 Movement ITh funds Unrestrlcted funds B¥l¥n¢¢ al l June 2021 In¢omlmg resources O¥i%olMg G#lM$ #nd resources losses B4laMce at .31 fvlav 2022 General 3,071,559 464.744 {169,455} {50,0101 3,316,838 3,071.559 464.744 (169.455) 150,010) 3.316.838 Comparatli'e unrestrl¢ted funds prevlous perlod Balanf e 41 l Jllne 2020 Inf Dming re50urce5 Oulgoing Gains and re50ur¢es 1055e5 Balance at 2021 General 2.721.533 45.510 (160.716) 465.232 3,071.559 2.721,533 45.510 (160.716) 465.232 3.071.559 13
THE OSTEOPATHIC FOUDATIoN NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2022 17. Purpose of unrestricted funds The adi'ancement and promotion of the developmeni of and education in the science and practice of 08tcopathy for th¢ b¢n¢fit of th¢ public. Anal>$l$ of net assets between fund$ Ini'estments Net eurrent assets Net assets Unrestrleted funds General 2.¥45.798 471.040 3.316.838 2,845,7911 471,040 3,316.838 Inves¢men¢s Net rurrent ass¢l$ Net a55ets Comparatlvc unrestrlcted Cunds prei'lous wr Gencral 2.796.467 275.092 3.071.559 2.796.467 275.092 3.071,559 19. TruSteemeMbers expenses Expenditure for members ofThe 05'teopaihic Foundalions Board were met in the year totallin¥ £144 12021.. £5161. No members of the Board were remunerated. 20. Related party tran$a¢llon$ During thc ycar cosls in rclation lo his PhD for Auslin PlunkclL a dircctor of thc company, prcviously apprO.Cd by thc Oslcopa(hic foundation Board. wcrc paid for by ihc Ostcopathic Foundalion. This Imounled to £20.{m in iotsil (2U21'. £nill. Further lo ihis. The Insiiiuie of Osleopatl)y is the sole Trustcc of thc charity and have charged secretariat fees to Thc Ostcopathic Foundation of £45.000 12021.. £62,726) for administrdtioT] of th¢ ¢harity throughout thc Yr. 14
THE OSTEOPATHIC FOUDATIoN DETAILED STATEiIIENT OF FINANCIAL ACTIVITIES FOR THE YEAR EP*DED 31 MAY 2022 2022 2021 Ineome and endowment Donatioms and legacie5 Donaiions Lcgacics 415.367 425 1.280 50 415.792 1.330 Investments InLome from listcd ini'estments B7 nk interest receivable Other interest receivable 45,766 34 3.127 40,296 53 3,756 48.927 44.105 Other Income Fees 25 75 Total Incomlng resources 464.744 45.510 Expenditure Ch#rltable #ctlvltles Bad dcbt expcnsc Il'ritc back ol. loan balance Grants 6,204 282 13,500) 58,035 53,047 (S9.251) 154,8171 Support Costs GoTrernance c05t5 ALLounianLy fees InvLStmcnt management fee Lcgal fcc Cost of irusiees, meetin8 Othcr costs Sccrctariat (Institutc of Ostcopathy) 14,71 N) (21.0911 15.5.3.3} {1441 15,0431 (73,675) 4.800) (20.9981 (1.520) 4.137 14741 (82.244) (110.204) (105,899) Total resources expended (169,455) {160,716) 15
THE OSTEOPATHIC FOUDATIoN DETAILED STATEiIIENT OF FINANCIAL ACTIVITIES FOR THE YEAR EP*DED 31 MAY 2022 2022 2021 Net incomel{105s) before gains 4nd losses 295.289 {11S,206) Other recognlsed galns and losses ILoss)..'¥ain on rei'aluaiion of invesiments ILoss)Igain on disposal of conuncrcial inv¢sttn¢nlS (45,338) (4.672) 390.421 74,811 (50.010) 465,232 Net Gxin 245,279 350,026