REGISTERED COMPANY NUMBER: 01527982 (England and Wales) REGISTERED CHARITY NUMBER: 510908
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2022
FOR
MEETING POINT TRUST LIMITED
D E Ball & Co Limited Chartered Accountants 15 Bridge Road Wellington Telford Shropshire TF1 1EB
MEETING POINT TRUST LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31st December 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 14 |
| Detailed Statement of Financial Activities | 15 | to | 16 |
MEETING POINT TRUST LIMITED
REPORT OF THE TRUSTEES for the Year Ended 31st December 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st December 2022. 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
Significant activities
The principal activity of the company in the year under review was that of promoting any charitable purpose or purposes for the benefit of the inhabitants of Telford and the surrounding districts of the County of Shropshire.
Public benefit
The main activity is undertaken to further our charitable objective for the public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Total gross income shows encouraging signs of growth - and even surpasses pre-covid trading, however, this increase is accounted for by rental income from Telford Minster. Total expenditure is in-line with pre-covid trading.
The Hummingbird café, whilst running at high costs due to our commitment to support the local community with lower selling prices shows signs of moving forward which is extremely encouraging. The café's new look and rebranding as 'The Hummingbird Café' has been well received. The aspiration to engage more with local suppliers has been challenging as those (all) suppliers look to recover their costs from COVID shutdowns and increased prices across the board.
Meeting room hire has been strong and the building continues to attract new users, in particular 2 large events in September and October are of note. The October event has been secured from a local competitor venue and was the largest show of its kind for 100 years with over 850 exhibits. The event organisers booked the whole of Meeting Point House. This is a clear example of the potential commerciality of the building.
Following investment in 2021 The Octagon Well-being programme was developed with the addition of regular weekly Yoga classes, crafting, mindfulness, and music for dementia.
Meeting Point House continues its work with MIND and hosts Calm Café twice weekly. It is used as a hub to support adults suffering from social isolation, or any mental health issues, diagnosed or otherwise. Throughout August two funded holiday programmes took place, one catering for 6 - 9-year-olds accompanied by parents and carers, the other 10 -13-year-olds. The activities on offer included chocolate making, science experiments, Bhangra dancing, Box fit, paper crafting, mindful crafting, self-care and many more. A total of 147 attendances were recorded.
Throughout 2022 further investment continued in our asset with new fire doors, smoke detectors and upgrades to our CCTV. Lighting throughout the building was upgraded to LED with the aid of grant funding. Further improvements have also been made to our meeting rooms with new flooring and redecoration and new flooring throughout most of the first floor corridors.
Grant funding this year was down. In a changing and challenging environment more emphasis has been required on being self sufficient and concentrating on core activities. Grant income, moving forward, needs to provide services/activities which are both suitable and required for the local community without incurring costs for the Trust.
The team has not lost sight of the overriding ethos of the charity, and we have worked hard to continue to provide activities and services that support our community. We are flexible with our approach to doing so and have forged great relationship with local partners.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Page 1
MEETING POINT TRUST LIMITED
REPORT OF THE TRUSTEES
for the Year Ended 31st December 2022
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 01527982 (England and Wales)
Registered Charity number
510908
Registered office
Meeting Point House Southwater Square Town Centre Telford Shropshire TF3 4HS
Trustees
Rev D F Lavender - Retired D G Wright Cllr K Sahota - Councillor Ms R Evans Rev K Osmund-Smith - Minister of Religion D Rolfe - Retired Reverend A Walden - Vicar T Currie (appointed 30.9.22)
Independent Examiner
D E Ball & Co Limited Chartered Accountants 15 Bridge Road Wellington Telford Shropshire TF1 1EB
Bankers
Barclays Bank plc 23 Church Street Wellington Telford Shropshire
Solicitors
FBC Manby Bowdler Routh House Hall Court Hall Park Way Telford Shropshire TF3 4NJ
Approved by order of the board of trustees on 26th September 2023 and signed on its behalf by:
Ms R Evans - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MEETING POINT TRUST LIMITED
Independent examiner's report to the trustees of Meeting Point Trust Limited ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st December 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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.
Russell M Ball
D E Ball & Co Limited Chartered Accountants 15 Bridge Road Wellington Telford Shropshire TF1 1EB
26th September 2023
Page 3
MEETING POINT TRUST LIMITED
STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31st December 2022
| Notes INCOME AND ENDOWMENTS FROM Fund raising income Other trading activities 2 Investment income 3 Other income Total EXPENDITURE ON Charitable activities Promoting charitable purposes in the Telford area Net gains/(losses) on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 50 376,688 1,007 13,363 391,108 357,447 (5,361) 28,300 1,370,799 1,399,099 |
Restricted fund £ - - - - - - - - - - |
31.12.22 Total funds £ 50 376,688 1,007 13,363 391,108 357,447 (5,361) 28,300 1,370,799 1,399,099 |
31.12.21 Total funds £ 1,182 263,439 1,179 23,733 |
|---|---|---|---|---|
| 289,533 | ||||
| 283,957 | ||||
| 6,862 | ||||
| 12,438 1,358,361 |
||||
| 1,370,799 |
The notes form part of these financial statements
Page 4
MEETING POINT TRUST LIMITED
BALANCE SHEET
31st December 2022
| Notes FIXED ASSETS Tangible assets 8 Investments Investments 9 Investment property 10 CURRENT ASSETS Stocks 11 Debtors 12 Cash at bank and in hand CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 15 Unrestricted funds TOTAL FUNDS |
Unrestricted funds £ 29,174 69,003 1,247,063 1,345,240 1,000 119,009 23,233 143,242 (89,383) 53,859 1,399,099 1,399,099 |
Restricted fund £ - - - - - - - - - - - - |
31.12.22 Total funds £ 29,174 69,003 1,247,063 1,345,240 1,000 119,009 23,233 143,242 (89,383) 53,859 1,399,099 1,399,099 1,399,099 1,399,099 |
31.12.21 Total funds £ 22,766 73,364 1,247,063 1,343,193 1,000 35,149 58,803 94,952 (67,346) 27,606 1,370,799 1,370,799 1,370,799 1,370,799 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
Page 5
continued...
MEETING POINT TRUST LIMITED
BALANCE SHEET - continued
31st December 2022
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 26th September 2023 and were signed on its behalf by:
R Evans - Trustee
The notes form part of these financial statements
Page 6
MEETING POINT TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31st December 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, 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 Companies Act 2006. 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.
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
- 25% on reducing balance
Investment property
In the Trustees opinion, the Investment Properties carrying value does not differ materially from its fair value at the balance sheet date. No independent valuation has been obtained at the balance sheet date to confirm this.
The Trustees recognise the requirement to obtain an independent valuation with sufficient regularity to confirm the Investment Properties carrying amount in the balance sheet does not differ materially from its fair value.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
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MEETING POINT TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st December 2022
2. OTHER TRADING ACTIVITIES
| Service charges and room hire Catering sales Hummingbird cafe 3. INVESTMENT INCOME Investment income 4. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets |
31.12.22 £ 277,187 14,113 85,388 376,688 31.12.22 £ 1,007 31.12.22 £ 6,852 |
31.12.21 £ 188,153 4,601 70,685 |
|---|---|---|
| 263,439 | ||
| 31.12.21 £ 1,179 31.12.21 £ 5,490 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31st December 2022 nor for the year ended 31st December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st December 2022 nor for the year ended 31st December 2021.
6. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 31.12.22 | 31.12.21 | |
|---|---|---|
| Charitable activities | 11 | 11 |
No employees received emoluments in excess of £60,000.
continued...
Page 8
MEETING POINT TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st December 2022
| 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL INCOME AND ENDOWMENTS FROM Fund raising income Other trading activities Investment income Other income Total EXPENDITURE ON Charitable activities Promoting charitable purposes in the Telford area Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 8. TANGIBLE FIXED ASSETS COST At 1st January 2022 Additions At 31st December 2022 DEPRECIATION At 1st January 2022 Charge for year At 31st December 2022 NET BOOK VALUE At 31st December 2022 At 31st December 2021 |
ACTIVITIES Unrestricted funds £ 1,182 263,439 1,179 23,733 289,533 283,957 6,862 12,438 1,358,361 1,370,799 |
Restricted fund £ - - - - - - - - - - |
Total funds £ 1,182 263,439 1,179 23,733 |
|
|---|---|---|---|---|
| 289,533 | ||||
| 283,957 | ||||
| 6,862 | ||||
| 12,438 1,358,361 |
||||
| 1,370,799 | ||||
| Fixtures and fittings £ 234,092 13,260 247,352 211,326 6,852 218,178 29,174 22,766 |
continued...
Page 9
MEETING POINT TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st December 2022
9. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1st January 2022 | 73,364 |
| Additions | 1,000 |
| Revaluations | (5,361) |
| At 31st December 2022 | 69,003 |
| NET BOOK VALUE | |
| At 31st December 2022 | 69,003 |
| At 31st December 2021 | 73,364 |
There were no investment assets outside the UK.
Cost or valuation at 31st December 2022 is represented by:
| Listed | ||
|---|---|---|
| investments | ||
| £ | ||
| Valuation in | 2020 | 48,493 |
| Valuation in | 2021 | 6,862 |
| Valuation in | 2022 | (5,361) |
| Cost | 19,009 | |
| 69,003 |
The mid price value of the investments in the CAF UK Equity Fund and CAF Fixed Interest Fund at the year end was £69,003 ( 2021 £73,364 ).
10. INVESTMENT PROPERTY
| FAIR VALUE At 1st January 2022 and 31st December 2022 AMORTISATION At 1st January 2022 and 31st December 2022 NET BOOK VALUE At 31st December 2022 At 31st December 2021 |
£ 1,247,474 |
|---|---|
| 411 | |
| 1,247,063 | |
| 1,247,063 |
Included in the total is £300,000 relating to a leasehold property acquired in 2020 on a 999 year lease.
continued...
Page 10
MEETING POINT TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st December 2022
| 11. STOCKS Stocks 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Prepayments 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 14) Trade creditors Social security and other taxes Accrued expenses Deferred income Other provisions 14. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Bank overdrafts 15. MOVEMENT IN FUNDS At 1.1.22 £ Unrestricted funds General Fund 1,240,444 Repair Fund 75,000 Revaluation Fund - investments 55,355 1,370,799 TOTAL FUNDS 1,370,799 |
31.12.22 £ 1,000 31.12.22 £ 108,981 10,028 119,009 31.12.22 £ - 6,334 10,883 6,082 60,000 6,084 89,383 31.12.22 £ - Net movement in funds £ 33,661 - (5,361) 28,300 28,300 |
31.12.21 £ 1,000 31.12.21 £ 27,084 8,065 35,149 31.12.21 £ 20,000 5,313 15,483 10,622 3,644 12,284 67,346 31.12.21 £ 20,000 At 31.12.22 £ 1,274,105 75,000 49,994 |
31.12.21 £ 1,000 31.12.21 £ 27,084 8,065 |
|
|---|---|---|---|---|
| 35,149 | ||||
| 1,399,099 | ||||
| 1,399,099 |
continued...
Page 11
MEETING POINT TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st December 2022
15. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General Fund Revaluation Fund - investments TOTAL FUNDS |
Incoming resources £ 391,108 - 391,108 391,108 |
Resources expended £ (357,447) - (357,447) (357,447) |
Gains and Movement losses in funds £ £ - 33,661 (5,361) (5,361) (5,361) 28,300 (5,361) 28,300 |
|---|---|---|---|
Comparatives for movement in funds
| At 1.1.21 £ Unrestricted funds General Fund 1,234,868 Repair Fund 75,000 Revaluation Fund - investments 48,493 1,358,361 TOTAL FUNDS 1,358,361 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General Fund 289,533 (283,957) Revaluation Fund - investments - - 289,533 (283,957) TOTAL FUNDS 289,533 (283,957) |
Net movement in funds £ 5,576 - 6,862 12,438 12,438 Gains and losses £ - 6,862 6,862 6,862 |
At 31.12.21 £ 1,240,444 75,000 55,355 1,370,799 1,370,799 Movement in funds £ 5,576 6,862 12,438 12,438 |
|
|---|---|---|---|
continued...
Page 12
MEETING POINT TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st December 2022
15. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General Fund Repair Fund Revaluation Fund - investments TOTAL FUNDS |
At 1.1.21 £ 1,234,868 75,000 48,493 1,358,361 1,358,361 |
Net movement in funds £ 39,237 - 1,501 40,738 40,738 |
At 31.12.22 £ 1,274,105 75,000 49,994 |
|---|---|---|---|
| 1,399,099 | |||
| 1,399,099 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General Fund Revaluation Fund - investments TOTAL FUNDS |
Incoming resources £ 680,641 - 680,641 680,641 |
Resources expended £ (641,404) - (641,404) (641,404) |
Gains and Movement losses in funds £ £ - 39,237 1,501 1,501 1,501 40,738 1,501 40,738 |
Gains and Movement losses in funds £ £ - 39,237 1,501 1,501 1,501 40,738 1,501 40,738 |
|---|---|---|---|---|
| 40,738 | ||||
| 40,738 |
Purpose of funds
General Fund
The surplus on this fund over and above those funds invested in Tangible fixed assets represents 'free reserves'. The trustees try to maintain a sum of £70,000 to enable the charity to continue for upto six months in the event of a significant drop in income. Any additional 'free reserves' above this amount will be used to fund further property developments in line with the charity's objectives.
Repair Fund
This represents funds the trustees have allocated to meet future major repair cost.
Revaluation Fund - investments
This represents the un-realised gain on the investments held with CAF.
continued...
Page 13
MEETING POINT TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st December 2022
16. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st December 2022.
Page 14
MEETING POINT TRUST LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31st December 2022
| 31.12.22 | 31.12.21 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Fund raising income | ||
| Donations | 50 | 1,182 |
| Other trading activities | ||
| Service charges and room hire | 277,187 | 188,153 |
| Catering sales | 14,113 | 4,601 |
| Hummingbird cafe | 85,388 | 70,685 |
| 376,688 | 263,439 | |
| Investment income | ||
| Investment income | 1,007 | 1,179 |
| Other income | ||
| Other Covid grants | 3,200 | 6,901 |
| J&H Rausing grant | - | 6,025 |
| Energise | - | 900 |
| Landau community grant | 1,097 | 9,907 |
| Sundry grants | 9,066 | - |
| 13,363 | 23,733 | |
| Total incoming resources | 391,108 | 289,533 |
| EXPENDITURE | ||
| Charitable activities | ||
| Wages | 127,833 | 99,752 |
| Pensions | 6,126 | 5,999 |
| Rates and trade refuse | 2,765 | 4,041 |
| Insurance | 8,290 | 7,722 |
| Light and heat | 22,484 | 22,778 |
| Telephone | 3,352 | 1,820 |
| Printing, postage and stationery | 1,193 | 1,355 |
| Repairs and renewals | 51,852 | 28,516 |
| Sundries | 2,965 | 3,360 |
| Advertising | 2,776 | 1,998 |
| Cleaning costs | 16,230 | 12,596 |
| Training | 626 | 515 |
| Security costs | 3,876 | 4,266 |
| Catering expenses | 1,660 | 2,775 |
| Accountancy | 1,407 | 1,960 |
| Legal and professional fees | 1,871 | 1,871 |
| Coffee shop purchases and wages | 85,758 | 66,701 |
| Activity costs | 8,155 | 9,011 |
| Depreciation of fixtures and fittings | 6,852 | 5,490 |
| Carried forward | 356,071 | 282,526 |
This page does not form part of the statutory financial statements
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MEETING POINT TRUST LIMITED
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31st December 2022
| 31.12.22 | 31.12.21 | |
|---|---|---|
| £ | £ | |
| Charitable activities | ||
| Brought forward | 356,071 | 282,526 |
| Bank charges | 1,315 | 1,431 |
| Bank loan interest | 61 | - |
| 357,447 | 283,957 | |
| Total resources expended | 357,447 | 283,957 |
| Net income | 33,661 | 5,576 |
This page does not form part of the statutory financial statements
Page 16