**REGISTERED CHARITY NUMBER: 508449**
**Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2021**
**for**
**Burgesses' Land**
Morgan Griffiths LLP Chartered Accountants Cross Chambers
9 High Street Newtown Powys SY16 2NY
**Burgesses' Land**
**Contents of the Financial Statements for the Year Ended 31 March 2021**
||**Page**|
|---|---|
|**Report of the Trustees**|1 to 4|
|**Independent Examiner's Report**|5|
|**Statement of Financial Activities**|6|
|**Balance Sheet**|7|
|**Notes to the Financial Statements**|8 to 13|
|**Detailed Statement of Financial Activities**|14|
**Burgesses' Land**
**Report of the Trustees for the Year Ended 31 March 2021**
The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES Objects of the Charity**
These have been described in current terms below, as advised by learned counsel, what follows is the formal description taken from 1761 Act:
"AND BE IT FURTHER ENACTED, by the authority aforesaid, That the clear yearly rents, issues, and profits, arising or to be made from the said lands and grounds so to be allotted, to and for the said corporation of Pool as aforesaid, in pursuance of this act, shall, in the first place, be applied towards building, repairing, beautifying enlarging and maintaining in good condition and repair, the public edifices belonging to the said borough and corporation of Pool, (which are now greatly gone to decay), and the surplus of such rents and profits, after answering the purposes aforesaid, and after the payment and discharge of all and every the principal sum and sums of money that shall, at any time or times, be borrowed by the said corporation, under and by virtue of this act, together with all interest that shall accrue due for the same, shall be paid and applied from time to time, for the benefit and relief of the poor and distressed Burgesses of the said borough of Pool, in such manner as the said Bailiffs, Aldermen and Burgesses, and their successors, for the time being, shall order and appoint."
## **Public Benefit**
The public benefit requirement, albeit that this later requirement upon charities in general is not thought to directly to apply to Burgesses' Land, is expressed by the grants to public buildings which are available for public and general use and by the provision of grants to local voluntary groups through the second objective of the Charity.
## **ACHIEVEMENT AND PERFORMANCE**
The Trust has not made any grants during this period either under Objectives One or Two and will not do so, on the advice of our accountants, until the financial year 2023-2024. This is in order to ensure that both the estate of the Trust, which forms part of the permanent endowment, is restored to a satisfactory condition and also to protect its financial sustainability in the future. When grants are resumed they will not be at the previous level.
## **FINANCIAL REVIEW**
## **Financial position**
The statement of Financial Activities show a surplus for the year of £191,527 (2020: deficit £309,208), and reserves now stand at £2,738,718 (2020 £2,547,191).
Page 1
**Burgesses' Land**
**Report of the Trustees for the Year Ended 31 March 2021**
## **FINANCIAL REVIEW**
## **Reserves policy**
The Charity operates in a fashion which requires only that it has adequate day to day funds to meet management expenses. Grant awards are made only on the basis of known and predicted investment and other income and should this not be realised, any planned awards affected will be revisited. Second objective awards, which are the grants to local groups, are made from monies allocated by the Trustee once the requirements of the Welshpool Town Council for the year are deemed satisfied. The sum allocated usually amounts to £2,500 for the purpose.
Other liquid funds are held in the current account to meet unplanned expenditure for objective I and to take advantage of investment opportunities should these arise during the year. This is in accordance with the Charity's business plan, approved by the Trustee, where it is expected that cash will represent no more than 10% of the Charity's portfolio of investments.
The unrestricted funds are in deficit by £23,519 as at 31st March 2021, an improvement on the prior year position of £57,933.. The Trustee plans to continue to correct this position through reducing expenditure out of income.
## **FUTURE PLANS**
The covid pandemic has caused the Trust serious problems especially in 2020. However meetings by Zoom were organized and the work of the Trust progressed but was further impeded by the effect of the pandemic on other organisations with whom the Trust was involved. The report prepared by Mr A. P. Harvey and Dr R.L. Brown entitled "A Report to the Trustee with Recommendations for the Future Operation of the Trust-History, Governance, Objectives, Grants, Loans and Management" had been reviewed in its entirety by all members of the Trustee and was discussed in detail at a meeting of the Trustee. The recommendations made in the Report were agreed by the Trustee most importantly the move for the Trust to become a Charitable Incorporated Organisation with the assets currently held for the Trust by Welshpool Town Council being moved over as soon as possible. Work has continued on the utilization of the Charity Commission's "Constitution of a Charitable Incorporated Organisation whose only voting members are its charity Trustees" with special reference to updating the eighteenth-century language of the objects and insuring that the governance issues provide "clear water" between the Trust and the Town Council and thereby prevent conflict and possible accusations of "self-dealing". The text has been reviewed by the Trust's solicitor and barrister.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Page 2
**Burgesses' Land**
**Report of the Trustees for the Year Ended 31 March 2021**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The charity is unique in that it is governed by an Act of Parliament passed in 1761. This Act has not been amended by subsequent Charities legislation. It is as a result of the original legislation and the various changes to local government arrangements that the Welshpool Town Council is in the position of being the Trustee of the charity. It is important to recognise that it is not individual councillors who are trustees but the entire council being the body corporate. It follows that there are no arrangements for election of the Trustee.
The Charity has as its first purpose the care of the buildings owned or leased by the Town Council. The second purpose is the awarding of grants to groups operating within the charity's geographical area. These are available when the Trustee agrees that the first objective is satisfied for the year and there are funds available, though in recent years a definite sum has been made available. The decisions on which groups should receive an award are taken by a committee established for the purpose, which contains members from each of the Town & Community Councils in which groups may operate to qualify for an award. The groups have to work with the young, the old, the disabled and those in poverty. The full description of this duty is contained in the Act as in the Objects section of this report. Grants are not given to individuals. The Trustee has met on a regular basis throughout the period of this report.
## **Risk management**
The trustee has a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustee has approved and adopted an Investment Strategy and an Investment Advisory Group has been established on which professionals in financial investment and strategy and property serve. The results of their meetings are reported to the Trustee.
The major risks facing the charity are considered to be a significant fall in the value of financial investments held by EFG Harris-Allday, in the value of the property holdings and in the asset-backed bonds. All of the risks could and have impacted upon the charity's income. EFG Harris-Allday actively manage their portfolio of investments and the director responsible reports to the Trustee as necessary and the fund is rebalanced as needed. Thus the risk would be related to a worldwide collapse in the markets.
The properties which the Trust purchased in recent years does present some concern because of the amount of investment which is needed to bring some the properties up to an appropriate standard for renting. To this end a rationalisation of the Trust's property holdings has begun. The Armoury has been sold to Ponthafren a registered mental health charity aimed at people who experience mental health issues and those who are socially isolated or excluded.. As the property was sold at below market value the permission of the Charity Commission was sought and given. Two further properties in Bron-y-Buckley, Welshpool have been sold. All of the funds realised form part of the permanent endowment and will therefore be re-invested to the benefit of the Trust. A property in Woodside, Welshpool suffered severe damage after the explosion of a wood-burning stove. All the costs incurred in rebuilding have been covered by the Trust's insurance along with all the rent lost.
Concern remains about the investment in asset-backed bonds. It is now fully expected that the funds invested in Westway Holdings and Future Fuel will be lost. The former was shown as a loss in the accounts for the year ending March 31 2020 whilst Future Fuel has been impaired in these accounts. Renewal Energy Waste Solutions remains in business but has again deferred payment of interest until December 2022 although it maintains that it will be rolled-up with the capital. From the total investment of £400,000 in these bonds the Trust has only received some £29,938 in interest since 2018/2019. A Serious Incident Report was made to the Charity Commission where the Trust stated that to deal with this situation it has agreed inter alia to repay £20,000-£25,000 a year from income to replace that lost and also to move to being a Charitable Incorporated Organisation. The Charity Commission responded noting that "based on the information you have provided, which we assume is a full and frank disclosure of the relevant facts [...] it appears that the trustee is now dealing with the matter appropriately and responsibly."
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
508449
Page 3
**Burgesses' Land**
## **Report of the Trustees**
**for the Year Ended 31 March 2021**
## **Principal address**
Welshpool Town Council Triangle House Welshpool Powys SY21 7PG
## **Trustees**
Welshpool Town Counc
## **Independent Examiner**
Morgan Griffiths LLP Chartered Accountants Cross Chambers 9 High Street Newtown Powys SY16 2NY
## **Bankers**
Lloyds Bank plc Welshpool
## **Advisors**
**Barrister:** Francesca Quint, Radcliffe Chambers, 11 New Square, Lincoln's Inn, London, WC2A 3QB.
**Solicitor:** David Thomas, Gilbert Davies Solicitors, 18 Severn Street, Welshpool, SY21 7AD.
**Independent Advisors:** Dr R.L. Brown and Mr A.P. Harvey.
**Stocks and Shares Advisor:** Andrew Barr, EFG Harris Allday, Beech House, Anchorage Avenue, Shrewsbury Business Park, Shrewsbury SY2 6FG.
**Property Advisors:** Duncan Andrew and Jim Mason, Harry Ray & Co., 5 Broad Street, Welshpool, SY21 7RZ.
Approved by order of the board of trustees on 25 January 2022 and signed on its behalf by:
Welshpool Town Council - Trustee
Page 4
**Independent Examiner's Report to the Trustees of Burgesses' Land**
## **Independent examiner's report to the trustees of Burgesses' Land**
I report to the charity trustees on my examination of the accounts of Burgesses' Land (the Trust) for the year ended 31 March 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:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. 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 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.
Thomas Landers BA FCA Morgan Griffiths LLP Chartered Accountants Cross Chambers 9 High Street Newtown Powys SY16 2NY
25 January 2022
Page 5
**Burgesses' Land**
## **Statement of Financial Activities**
**for the Year Ended 31 March 2021**
|Notes
**INCOME AND ENDOWMENTS FROM**
Investment income
2
**EXPENDITURE ON**
Raising funds
3
**Charitable activities**
4
Objective 1
Objective 2
Other
6
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
**56,468**
**12,019**
**10,035**
**-**
**-**
**22,054**
**-**
**34,414**
**(57,933)**
**(23,519) **|Endowment
fund
£
**-**
**10,298**
**-**
**-**
**50,000**
**60,298**
**217,411**
**157,113**
**2,605,124**
**2,762,237 **|**31.3.21**
**Total**
**funds**
**£**
**56,468**
**22,317**
**10,035**
**-**
**50,000**
**82,352**
**217,411**
**191,527**
**2,547,191**
**2,738,718**|31.3.20
Total
funds
£
80,654
19,481
95,788
2,445
125,050
242,764
(147,098)
(309,208)
2,856,399
2,547,191|
|---|---|---|---|---|
The notes form part of these financial statements
Page 6
**Burgesses' Land**
## **Balance Sheet 31 March 2021**
|Notes
**FIXED ASSETS**
**Investments**
Investments
10
Investment property
11
**CURRENT ASSETS**
Debtors
12
Cash at bank
**CREDITORS**
Amounts falling due within one year
13
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
15
Unrestricted funds
Endowment funds
**TOTAL FUNDS**|**31.3.21**
**£**
**1,711,690**
**923,690**
**2,635,380**
**17,000**
**88,018**
**105,018**
**(1,680)**
**103,338**
**2,738,718**
**2,738,718**
**(23,519)**
**2,762,237 **
**2,738,718**|31.3.20
£
1,001,874
923,690
1,925,564
24,605
605,651
630,256
(8,629)
621,627
2,547,191
2,547,191
(57,933)
2,605,124
2,547,191|
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 25 January 2022 and were signed on its behalf by:
Welshpool Town Council - Trustee
The notes form part of these financial statements
Page 7
**Burgesses' Land**
**Notes to the Financial Statements for the Year Ended 31 March 2021**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the 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.
## **Investment property**
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
## **Taxation**
The charity is exempt from 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.
Page 8
continued...
**Burgesses' Land**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2021**
|**2.**
**INVESTMENT INCOME**
Rents received
Wayleaves
Interest received
Dividends received
**3.**
**RAISING FUNDS**
**Investment management costs**
Portfolio management
Administrative expenses
Maintenance charges
Support costs
**4.**
**CHARITABLE ACTIVITIES COSTS**
Objective 1
**5.**
**GRANTS PAYABLE**
Objective 1
Objective 2
The total grants paid to institutions during the year was as follows:
Welshpool Town Council
Guilsfield Evergreen Club
Welshpool Community Transport
Inspire Welshpool
Montgomery Youth Theatre
Guidsfield Tennis Club
Oldford Community Association
Guilsfield School PTA|**31.3.21**
**£**
**22,764**
**-**
**8,959**
**24,745**
**56,468**
**31.3.21**
**£**
**4,048**
**881**
**7,353**
**10,035**
**22,317**
**31.3.21**
**£**
**-**
**-**
**-**
**31.3.21**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|31.3.20
£
30,684
236
26,005
23,729
80,654
31.3.20
£
-
-
13,192
6,289
19,481
Support
costs
£
**10,035**
31.3.20
£
89,502
2,445
91,947
31.3.20
£
89,502
200
500
445
200
500
100
500
91,947|
|---|---|---|
Page 9
continued...
**Burgesses' Land**
**Notes to the Financial Statements - continued for the Year Ended 31 March 2021**
## **6. OTHER**
|Impairment losses|**31.3.21**
**£**
**50,000**|31.3.20
£
125,050|
|---|---|---|
The impairment in the current year is against the full amount invested in Future Fuel.
The impairment in the prior year was against the full amount invested with Westway Holdings Limited.
## **7. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
## **8. STAFF COSTS**
The charity has no employees and therefore there are no staff costs.
|**9.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
funds
£
**INCOME AND ENDOWMENTS FROM**
Investment income
80,654
**EXPENDITURE ON**
Raising funds
7,786
**Charitable activities**
Objective 1
95,788
Objective 2
2,445
Other
-
**Total**
106,019
Net gains/(losses) on investments
-
**NET INCOME/(EXPENDITURE)**
(25,365)
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
(32,568)
**TOTAL FUNDS CARRIED FORWARD**
(57,933)|
Endowment
fund
£
-
11,695
-
-
125,050
136,745
(147,098)
(283,843)
2,888,967
2,605,124|Total
funds
£
80,654
19,481
95,788
2,445
125,050
242,764
(147,098)
(309,208)
2,856,399
2,547,191|
|---|---|---|
Page 10
continued...
**Burgesses' Land**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2021**
## **10. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 1 April 2020
Additions
Disposals
Revaluations
Impairments
At 31 March 2021
**NET BOOK VALUE**
At 31 March 2021
At 31 March 2020|Listed
investments
£
**726,874**
**1,011,536**
**(441,172)**
**189,452**
**-**
**1,486,690**
**1,486,690**
726,874|Unlisted
investments
£
**275,000**
**-**
**-**
**-**
**(50,000) **
**225,000**
**225,000**
275,000|Totals
£
**1,001,874**
**1,011,536**
**(441,172)**
**189,452**
**(50,000) **
**1,711,690**
**1,711,690**
1,001,874|
|---|---|---|---|
There value of investment assets outside the UK as at 31 March 2021 was £629,016.
Unlisted investments are held at cost less impairment as opposed to market value which is used for the listed investments.
The impairment in the current year is against the full amount invested in Future Fuel.
## **11. INVESTMENT PROPERTY**
|**INVESTMENT PROPERTY**||
|---|---|
|**FAIR VALUE**
At 1 April 2020
and 31 March 2021
**NET BOOK VALUE**
At 31 March 2021
At 31 March 2020|**£**
**923,690**|
||**923,690**|
||923,690|
The investment property was last valued on 24th April 2017 by Harry Ray & Company, 37 Broad Street, Welshpool, SY21 7RR. The valuers were James Mason F.Land Inst. and M.D. Andrew M.N.A.E.A. M.N.A.V.A. The basis used for the valuation was Market Value.
## **12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Other debtors|**31.3.21**
**£**
**17,000**|31.3.20
£
24,605|
|---|---|---|
Page 11
continued...
**Burgesses' Land**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2021**
## **13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Other creditors
**14.**
**ANALYSIS OF NET ASSETS BETWEEN FUNDS**
Unrestricted
funds
£
Investments
**-**
Current assets
**(21,839)**
Current liabilities
**(1,680) **
**(23,519)**
**15.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
Income fund
**Endowment funds**
Capital Fund
**TOTAL FUNDS**|Endowment
fund
£
**2,635,380**
**126,857**
**-**
**2,762,237 **
At 1.4.20
£
**(57,933)**
**2,605,124**
**2,547,191 **|**31.3.21**
**£**
**1,680**
**31.3.21**
Total
funds
**£**
**2,635,380**
**105,018**
**(1,680) **
**2,738,718**
Net
movement
in funds
£
**34,414**
**157,113**
**191,527**|31.3.20
£
8,629
31.3.20
Total
funds
£
1,925,564
630,256
(8,629)
2,547,191
At
31.3.21
£
**(23,519)**
**2,762,237**
**2,738,718**|
|---|---|---|---|
Net movement in funds, included in the above are as follows:
|**Unrestricted funds**
Income fund
**Endowment funds**
Capital Fund
**TOTAL FUNDS**|Incoming
resources
£
**56,468**
**-**
**56,468**|Resources
expended
£
**(22,054)**
**(60,298)**
**(82,352)**|Gains and
losses
£
**-**
**217,411**
**217,411**|Movement
in funds
£
**34,414**
**157,113**
**191,527**|
|---|---|---|---|---|
Page 12
continued...
**Burgesses' Land**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2021**
## **15. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
Income fund
Objective 2
**Endowment funds**
Capital Fund
**TOTAL FUNDS**|At 1.4.19
£
(33,016)
448
(32,568)
2,888,967
2,856,399|Net
movement
in funds
£
(24,917)
(448)
(25,365)
(283,843)
(309,208)|At
31.3.20
£
(57,933)
-
(57,933)
2,605,124
2,547,191|
|---|---|---|---|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
Income fund
Objective 2
**Endowment funds**
Capital Fund
**TOTAL FUNDS**|Incoming
resources
£
80,654
-
80,654
-
80,654|Resources
expended
£
(105,571)
(448)
(106,019)
(136,745)
(242,764)|Gains and
losses
£
-
-
-
(147,098)
(147,098)|Movement
in funds
£
(24,917)
(448)
(25,365)
(283,843)
(309,208)|
|---|---|---|---|---|
## **16. RELATED PARTY DISCLOSURES**
The balance on the interest free loan to Welshpool Town Council stood at £17,000 at 31 March 2021 (2020: £23,000).This balance is included in Other Debtors in note 12.
During the year the Charity made Objective 1 grant payments totalling £nil to Welshpool Town Council (2020: £89,502).
Page 13
**Burgesses' Land**
## **Detailed Statement of Financial Activities for the Year Ended 31 March 2021**
||31.3.21|31.3.20|
|---|---|---|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Investment income**|||
|Rents received|**22,764**|30,684|
|Wayleaves|**-**|236|
|Interest received|**8,959**|26,005|
|Dividends received|**24,745**|23,729|
||**56,468**|80,654|
|**Total incoming resources**|**56,468**|80,654|
|**EXPENDITURE**|||
|**Investment management costs**|||
|Portfolio management|**4,048**|-|
|Administrative expenses|**881**|-|
|Maintenance charges|**7,353**|13,192|
||**12,282**|13,192|
|**Charitable activities**|||
|Grants to institutions|**-**|91,947|
|**Other**|||
|Impairment of unlisted investment|**50,000**|125,050|
|**Support costs**|||
|**Finance**|||
|Bank charges|**-**|171|
|**Governance costs**|||
|Insurance|**2,107**|1,615|
|Accountancy and legal fees|**1,920**|3,840|
|Professional fees|**16,043**|6,949|
||**20,070**|12,404|
|Total resources expended|**82,352 **|242,764|
|**Net expenditure before gains and losses**|**(25,884)**|(162,110)|
|**Realised recognised gains and losses**|||
|Realised gains/(losses) on fixed asset|||
|investments|**27,959**|(18,505)|
|**Net income/(expenditure)**|**2,075**|(180,615)|
This page does not form part of the statutory financial statements
Page 14