REGISTERED CHARITY NUMBER: 502893
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
FOR PEMBROKESHIRE BLIND SOCIETY
LM Griffiths & Co Limited Chartered Certified Accountants 1&2 Merlins Court Winch Lane Haverfordwest Pembrokeshire SA61 1SB
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PEMBROKESHIRE BLIND SOCIETY
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 March 2025
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|Report of the Trustees|1|to|3|
|Independent Examiner's Report|4.|
|Statement of|Financial Activities|5|
|Balance Sheet|6|
|Notes|to|the Financial|Statements|7|to|13|
|Detailed|Statement|of Financial|Activities|14|
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PEMBROKESHIRE BLIND SOCIETY REPORT OF THE TRUSTEES for the Year Ended 31 March 2025
The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. 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 activities for the public benefit
The main objectives of the charity are to promote the material mental and spiritual welfare of persons within the County of Pembrokeshire who are suffering from blindness, total or partially sighted. In particular it makes grants of equipment, and gifts of any kind whatsoever or otherwise to or for the benefit of such persons by arranging for them to be visited wherever they may be from time to time. The beneficiaries may also include registered partially sighted persons, at the discretion of the Management Committee.
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The strategies employed to achieve the charities objectives are to:
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provide annual gifts to members to support members and provide aids or assistance.
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purchase small items of equipment for members and consider requests for grants ofup to £500. - monitor membership lists and deal with day to day problems, and provide help, support and advice to members.
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arrange Christmas lunches for both south and north ofthe county.
The Trustees confirm that they have complied with the duty of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. This guidance has been referred to when reviewing the Charity's aims and objectives and in planning future activities.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Volunteer visitors in some parts of the county continue to do sterling work, with the main social event of the year continuing to be the two Christmas junches. Volunteers assist in arranging the Christmas lunches and also provide support to members at some of these events.
One of the main functions ofthe Society has been to provide assistance for members in the form of gifts. An annual gift of£100 is sent to registered members.
FINANCIAL REVIEW
Principal funding sources
Investment income is the principle source of funding for the Charity.
Investment policy and objectives
The Committee's investment powers are governed by the Trust Deed, which permits the Charity's finds to be invested in any way the Trustees at their absolute discretion think fit.
The Committee's investment policy is that of cautious or low risk. This aims to maximise income whilst the real value of investments is maintained. It enables continued future support to be guaranteed for the registered blind within Pembrokeshire.
Reserves policy
It is the Trustees’ intention to try to maintain reserves of approximately £1,000,000 in order to ensure a continued source of investment income from which the expenditure for annual gifts and grants can be made.
Financial review
Resources expended remain consistent year-on-year. Expenditure again exceeded income from investments, legacies and donations by some £10,298 (2024 - £19,879). At the end of the year there was a decrease in net funds of £22,436 (2024 - increase of £56,515) due to changes in the valuation of investments held.
The end ofthe year saw financial reserves standing at £1,101,163 (2024 - £1,123,599)
A special mention to Brewin Dolphin here, where they have managed the investment portfolio for you and kept the portfolio at a consistent level even through the current difficult market conditions.
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PEMBROKESHIRE BLIND SOCIETY
REPORT OF THE TRUSTEES for the Year Ended 31 March 2025
FUTURE PLANS
The charity plans to continue the activities outlined previously in the forthcoming years.
The Committee are hoping to provide occasional group meetings and also to have more engagement with some of our younger members through liaison with the schools officer for the visual impaired.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The original trust deed was dated 9th May 1974 and was amended by a scheme dated 8th August 2002, and amended again by a resolution dated 18th November 2016.
Recruitment and appointment of new trustees
Committee members are not trustees unless specifically appointed as such at a properly constituted meeting of the trustees.
Committee members may suggest members for appointment onto the committee and this must be approved by a majority of members in attendance.
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Organisational structure
The charity is administered by a Management Committee which can have up to 14 members. The board meets bi-monthly and the treasurer and secretary manage the day to day operation of the charity.
The Management Committee shall consist of: i Seven elected members from whom are appointed: Chairman, Vice Chairman, Secretary and Treasurer
ii Not more than four co-opted members.
- iii Three representative members from: - Pembrokeshire County Council; - Social Services departments; ~ Community Council.
Members are elected at the Annual General Meeting to serve for a period of one year and they can be re-elected.
Induction and training of new trustees
There are no formal policies in place for induction of trustees at present.
Trustees are encouraged to attend appropriate external training events and conferences to facilitate the undertaking of their role.
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REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number
502893
Principal address 1 Driftwood Close
Broad Haven Pembrokeshire
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PEMBROKESHIRE BLIND SOCIETY
REPORT OF THE TRUSTEES
for the Year Ended 31 March 2025
Trustees
The full committee is shown below with an indication as to
All Trustees are members ofthe Management Committee.The which ones are Trustees: President The Very Reverend Very Reverend Reverend Jonathan Lean (Trustee) Ist Vice President Mrs Penny Drew Penny Drew Drew 2nd Vice President Mrs Pauline Jones Chairman The Very Reverend Very Reverend Reverend Jonathan Lean (Trustee) Vice Chairman Councillor Simon Hancock
The Very Reverend Very Reverend Reverend Jonathan Lean (Trustee) Mrs Penny Drew Penny Drew Drew Mrs Pauline Jones
The Very Reverend Very Reverend Reverend Jonathan Lean (Trustee) Councillor Simon Hancock (Trustee)
Trustee
Reverend Harri Williams (Trustee)Peter Allen (Trustee)
Treasurer Secretary Gift Secretary
Mrs Mary Webb (Trustee) Mrs Janet Evans (Trustee) Mrs Sue Devonald
Committee Member (North) Committee Member (South)
Social Services Representative County Council Representative
Mrs Chris Lloyd Mrs Sue Moss
Mrs Tracey Martin-Smith Councillor Simon Hancock (Trustee)
Other advisers in attendance: North V.I.P. Representative Mrs Pat Farrar South V.LP. Representative Mrs Eva Rich North Visitor's Representative Mrs Penny Drew South Visitor's Representative Mrs Maureen Davies Talking Newspaper Representative Mrs Glenys Davies
Independent Examiner LM Griffiths & Co Limited Chartered Certified Accountants 1&2 Merlins Court Winch Lane Haverfordwest Pembrokeshire SA61 1SB
Investment advisers Brewin Dolphin 12 Smithfield Street London EC1A 9BD
Approved by order of the board of trustees on 27 June 2025 and signed on its behalf by:
Very Reverend Jonathan Lean - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PEMBROKESHIRE BLIND SOCIETY
Independent examiner's report to the trustees of Pembrokeshire Blind Society I report to the charity trustees on my examination of the accounts of Pembrokeshire Blind Society (the Trust) for the year ended 31 March 2025.
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 ofthe Act; or
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the accounts do not accord with those records; or 3. 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 ofan independent examination.
[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 ofthe accounts to be reached.
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Paul Murray
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The Association of Chartered Certified Accountants
LM Griffiths & Co Limited
Chartered Certified Accountants 1&2 Merlins Court
Winch Lane Haverfordwest Pembrokeshire SA61 1SB :
27 June 2025
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PEMBROKESHIRE BLIND SOCIETY
STATEMENT OF FINANCIAL ACTIVITIES
for the Year Ended 31 March 2025
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|2025|2024|
|Unrestricted|Total|
|Notes|fund£|funds£|
|INCOME AND ENDOWMENTS|FROM|
|Donations|and legacies|22,972|22,615|
|Investment income|2|27,741|25,417|
|Total|50,713|48,032|
|EXPENDITURE|ON|
|Raising funds|3|8,960|7,345|
|Charitable|activities|
|General|
|52,051|60,566|
|Total|61,011|67,911|
|Net gains/(losses) on investments|(12,138)|76,394|
|NET INCOME/(EXPENDITURE)|(22,436)|56,515|
|RECONCILIATION OF|FUNDS|
|Total funds|brought|forward|1,123,599|1,067,084|
|TOTAL FUNDS|CARRIED FORWARD|1,101,163|1,123,599|
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The notes form part of these financial statements
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PEMBROKESHIRE BLIND SOCIETY
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|BALANCE SHEET|
|31 March 2025|
|2025|2024|
|Unrestricted|Total|
|fund|funds|
|Notes|£|£|
|FIXED ASSETS|
|Investments|8|1,091,822|1,097,178|
|CURRENT ASSETS|
|Debtors|9|-|616|
|Cash|at bank|12,805|29,094|
|12,805|29,710|
|CREDITORS|
|Amounts|falling due|within one year|10|(3,464)|(3,289)|
|NET CURRENT ASSETS|9,341|26,421|
|TOTAL ASSETS LESS CURRENT|
|LIABILITIES|1,101,163|1,123,599|
|NET ASSETS|1,101,163|1,123,599|
|FUNDS|11|
|Unrestricted|funds|1,101,163|1,123,599|
|TOTAL FUNDS|1,101,163|1,123,599|
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The financial statements were approved by the Board of Trustees and authorised for issue on 27 June 2025 and were signed on its behalf by:
Very Reverend Jonathan Lean - Trustee
The notes form part of these financial statements
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PEMBROKESHIRE BLIND SOCIETY NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2025
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.
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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.
Governance costs
This includes the cost of the preparation and independent examination of the statutory accounts, the costs of trustee meetings and the cost of any legal advice to trustees on governance or constitutional matters.
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% on cost Computer equipment - 20% on cost
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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.
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Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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PEMBROKESHIRE BLIND SOCIETY
NOTES TO THE FINANCIAL STATEMENTS- continued
for the Year Ended 31 March 2025
2. INVESTMENT INCOME
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|2025|2024|
|£|£|
|Income from|listed investments|19,803|19,507|
|Deposit account|interest|7,938|5,910|
|27,741|25,417|
|3.|RAISING FUNDS|
|Investment management|costs|
|2025|2024|
|£|£|
|Charges relating to|investments|8,960|7,345|
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- TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.
Mrs Janet Evans, secretary, received a honorarium of £1,000 during the year, as authorised by a Charity Commission order dated 11 April 2007.
Mrs Mary Webb, treasurer, also received a honorarium of £1,000 during the year, in accordance with an agreement dated 5 February 2016.
Apart from this, no remuneration was paid to any trustee during the year.
Trustees’ expenses
Amounts on account of travel and meeting expenses totalling £550 were reimbursed to two other individuals (2023 - £550).
- STAFF COSTS
The average monthly number of employees during the year was as follows:
2025 2024
No employees received emoluments inexcess of £60,000.
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NOTES TOPEMBROKESHIRE THE FINANCIAL BLIND STATEMENTS SOCIETY- continued for the Year Ended 31 March 2025
- COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | ||||
|---|---|---|---|---|
| fund | ||||
| £ | ||||
| INCOMEANDENDOWMENTSFROM | ||||
| Donations andlegacies | 22,615 | |||
| Investment income | 25,417 | |||
| Total | 48,032 | |||
| EXPENDITUREON | ||||
| Raising funds | 7,345 | |||
| Charitable activities | ||||
| General | ||||
| 60,566 | ||||
| Total | 67,911 | |||
| Netgains on investments | 76,394 | |||
| NETINCOME | 56,515 | |||
| RECONCILIATIONOFFUNDS | ||||
| Totalfundsbrought forward | 1,067,084 | |||
| TOTALFUNDS CARRIEDFORWARD | 1,123,599 | |||
| 7. | TANGIBLEFIXEDASSETS | |||
| Fixtures | ||||
| and | Computer | |||
| fittings | equipment | Totals | ||
| £ | £ | £ | ||
| COST | ||||
| At 1 April2024 and31 March2025 | 735 | 3,375 | 4,110 | |
| DEPRECIATION | ||||
| At 1 April 2024 and 31 March2025 | 735 | 3,375 | 4,110 | |
| NETBOOKVALUE | ||||
| At 31 March 2025 | - | - | - | |
| At31March2024 | - | - | - |
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PEMBROKESHIRE BLIND SOCIETY
NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 March 2025
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|8.|FIXED ASSET INVESTMENTS|
|2025|2024|
|£|£|
|Shares|1,073,897|1,083,953|
|Other|17,925|13,225|
|1,091,822|1,097,178|
|Additional|information|as|follows:|
|Listed|
|investments|
|£|
|MARKET VALUE|
|At|1|April 2024|1,083,953|
|Additions|35,766|
|Disposals|(33,556)|
|Revaluations|(12,138)|
|Cash held movement|(128)|
|At 31|March 2025|1,073,897|
|NET BOOK VALUE|
|At 31|March 2025|1,073,897|
|At 31|March 2024|1,083,953|
|Market|Overseas and|
|value at|UK|global|
|yearend|investments|investments|
|£|£|£|
|Investments|listed on|a recognised|stock exchange or|
|held in common|investment funds,|open ended|
|investment companies,|unit trusts|or other|collective|
|investment|schemes|1,074,520|492,463|582,057|
|Cash held as part ofthe investment portfolio|17,301|17,301|-|
|Total|1,091,822|509,764|582,057|
|Investments,|material|in|terms|of value value|by|representing|more|than|5|per|cent|of the the|value|of the the|Charity’s|
|investments,|are|disclosed below: below:|
|Market value|
|Investment|held|£|
|North American Equities|138,846|
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Investments, material in terms of value value by representing more than 5 per cent of the the value of the the Charity’s total investments, are disclosed below: below:
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NOTES TOPEMBROKESHIRE THE FINANCIAL BLIND STATEMENTS SOCIETY- continued for the Year Ended 31 March 2025
- FIXED ASSET INVESTMENTS- continued
Cost or valuation at 31 March 2025 is represented by:
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|Listed|
|investments|
|£|
|Valuation|in 2020|(95,688|)|
|Valuation|in 2021|283,609|
|Valuation|in 2022|16,066|
|Valuation in 2023|(110,848)|
|Valuation|in 2024|83,430|
|Valuation|in 2025|(12,138)|
|Cost|909,466|
|1,073,897|
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Fixed asset investments were valued on an open market basis on 31 March 2025 by Brewin Dolphin.
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|Investments|(neither listed nor unlisted) were|as|follows:|
|2025|2024|
|£|£|
|Cash held by|broker|17,925|13,225|
|9.|DEBTORS:|AMOUNTS FALLING|DUE WITHIN ONE YEAR|
|2025|2024|
|£|£|
|Prepayments|-|616|
|10.|CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR|
|2025|2024|
|£|£|
|Trade|creditors|1,500|1,500|
|Other creditors|1,964|1,789|
|3,464|3,289|
|11.|MOVEMENT|IN FUNDS|
|Net|
|movement|At|
|At|1.4.24|in|funds|31.3.25|
|£|£|£|
|Unrestricted|funds|
|General|fund|1,123,599|(22,436)|1,101,163|
|TOTAL FUNDS|1,123,599|(22,436)|1,101,163|
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PEMBROKESHIRE BLIND SOCIETY
NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2025
11. MOVEMENT IN FUNDS- continued
Net movement in funds, included in the above are as follows:
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|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in funds|
|£|£|£|£|
|Unrestricted|funds|
|General fund|50,713|(61,011)|(12,138)|(22,436)|
|TOTAL FUNDS|50,713|(61,011)|(12,138)|(22,436)|
|Comparatives for movement in funds|
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|Net|
|movement|At|
|At|1.4.23|in funds|31,3.24|
|£|£|£|
|Unrestricted|funds|
|General fund|1,067,084|56,515|1,123,599|
|TOTAL FUNDS|1,067,084|56,515|1,123,599|
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Comparative net movement in funds, included in the above are as follows:
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|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in funds|
|£|£|£|£|
|Unrestricted|funds|
|General fund|48,032|(67,911)|76,394|56,515|
|TOTAL FUNDS|48,032|(67,911)|76,394|56,515|
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A current year 12 months and prior year 12 months combined position is as follows:
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|Net|
|movement|At|
|At|1.4.23|in|funds|313.25|
|£|£|£|
|Unrestricted|funds|
|General|fund|1,067,084|34,079|1,101,163|
|TOTAL FUNDS|1,067,084|34,079|1,101,163|
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PEMBROKESHIRE BLIND SOCIETY
NOTES TO THE FINANCIAL STATEMENTS- continued for the Year Ended 31 March 2025
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:
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|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in funds|
|£|£|£|£|
|Unrestricted|funds|
|General fund|98,745|(128,922)|64,256|34,079|
|TOTAL FUNDS|98,745|(128,922 }|64,256|34,079|
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12, EMPLOYEE BENEFIT OBLIGATIONS
Project workers can become members of the pension scheme run by Pembrokeshire County Council. Pembrokeshire Blind Society has no obligation or liability under this scheme.
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2025.
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|PEMBROKESHIRE BLIND|SOCIETY|
|DETAILED STATEMENT|OF FINANCIAL ACTIVITIES|
|for|the Year Ended|31|March|2025|
|2025|2024|
|£|£|
|INCOME AND ENDOWMENTS|
|Donations and|legacies|
|Donations and legacies|22,972|22,615|
|Investment income|
|Income from|listed investments|19,803|19,507|
|Deposit account|interest|7,938|5,910|
|27,741|25,417|
|Total|incoming|resources|50,713|48,032|
|EXPENDITURE|
|Investment|management|costs|
|Charges relating to investments|8,960|7,345|
|Charitable|activities|
|Project worker costs|25,589|37,500|
|Individual|gifts to members|15,600|14,100|
|Grants and donations|1,690|-|
|Party expenses|3,137|3,100|
|Sundry costs|200|650|
|46,216|55,350|
|Support|costs|
|Other|
|Insurance|616|635|
|Printing,|stationery and postage|755|146|
|Website costs|-|145|
|1,371|926|
|Governance|costs|
|Independent examiner's remuner ation|1,914|1,740|
|Trustee and committee expenses|2,550|2,550|
|4,464|4,290|
|Total resources expended|61,011|67,911|
|Net expenditure before gains and|losses|(10,298)|(19,879)|
|Realised|recognised gains|and|losses|
|Gains/losses on investment|assets|(12,138)|76,394|
|Net (expenditure)/income|(22,436)|56,515|
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This page does not form part of the statutory financial statements
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