## **REGISTERED COMPANY NUMBER: 01527982 (England and Wales) REGISTERED CHARITY NUMBER: 510908**
## **REPORT OF THE TRUSTEES AND**
## **FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31ST DECEMBER 2024**
## **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 2024**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|3|
|**Independent Examiner's Report**||4||
|**Statement of Financial Activities**||5||
|**Balance Sheet**|6|to|7|
|**Notes to the Financial Statements**|8|to|14|
|**Detailed Statement of Financial Activities**||15||
## **MEETING POINT TRUST LIMITED**
## **REPORT OF THE TRUSTEES for the Year Ended 31st December 2024**
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 2024. 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**
2024 has been a positive year with income ahead of 2023, however, the most significant gains are in community engagement which are extremely encouraging.
Following a productive final quarter of 2023 staff development opportunities for 2024 were recommended and subsequently implemented. Staff are empowered to make decisions and take far greater responsibility for the day-to-day operations of Meeting Point House/Hummingbird Café. Investment in staff training was significant during the year, in particular Mental Health.
Our relationships with local education providers have developed and we now regularly host placements, particularly those with SEND, 4/5 days a week, every week.
A repurposing of resources led to one of our meeting rooms being given over to storage to accommodate the introduction of a dedicated disabled washroom. This facility was much needed and funded entirely from a Postcode Community grant of £50,000.00. In addition, both ladies and gents' toilets were completely refurbished. The remaining balance of £18,000.00 will go towards a solar project which is planned for 2025.
Another change of space was to re-locate one of our tenants to a larger office (at no cost to themselves) to free up the space vacated by reception for a new drop-in office to be used by Citizens Advice (and any other charity, voluntary group or CIC free of charge). Whilst this has had a negative impact on room hire income it has re-enforced our commitment to help the local community.
Our Hummingbird café and associated services have made further progress and continues to grow year on year. Community engagement is very strong. We have partnered with Telford Inter-faith to donate any left-over hot meals to their food bank. A regular collection service was established from September which is gratefully received.
Our Pay it Forward scheme (PIF) has been extremely successful. Customers are encouraged to buy a hot drink or meal for those who may not have sufficient funds to do so therefore ensuring that a vulnerable person does not go without a hot drink or meal. Meeting Point Trust supplement this to ensure there is always something available. Tea, coffee, soup and toast is always available to those that need it most free of charge.
During December we expanded our PIF scheme and collected Christmas presents (along with donating ourselves) for the Homeless. Customers dropped off a gift which we wrapped and handed out prior to our Christmas shut down. Our campaign featured in the local press and was covered by BBC Radio Shropshire.
Meeting Point House continues to face financial challenges; however, we are much better placed to understand and react to these. All contracts are reviewed regularly and renegotiated where possible. Regular supplier interaction takes place and we support local wherever possible. We work hard to ensure the best value is obtained in every case.
Page 1
## **MEETING POINT TRUST LIMITED**
## **REPORT OF THE TRUSTEES for the Year Ended 31st December 2024**
A Business Energy Efficiency Review took place this year by the Marches LEP which identified significant savings (both economical and environmental) by installing solar and ASHP heat source pumps. Following a tender process, we submitted our proposals and were hopeful of grant support. However, owing to deadlines this has now been rolled over to 2025 and financial support has been secured.
Meeting Point House continues its relationship with Telford Mind and hosts 'Calm Café'. This service was reduced by Mind to one session per week at the end of the year owing to demand and the need to reach people in other parts of the county. These sessions support adults suffering from social isolation or other disparate mental health issues.
## **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.
## **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 Ms R Evans Rev K Osmund-Smith - Minister of Religion D Rolfe - Retired T Currie R Mehta (resigned 20.9.24) L Scott Director (appointed 28.6.24)
## **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
Page 2
## **MEETING POINT TRUST LIMITED**
## **REPORT OF THE TRUSTEES for the Year Ended 31st December 2024**
## **REFERENCE AND ADMINISTRATIVE DETAILS Solicitors**
Clarkes Solicitors LLP Hazledine House Telford Centre Telford Shropshire TF3 4JL
Approved by order of the board of trustees on 17th June 2025 and signed on its behalf by:
Rev K Osmund-Smith - Trustee
Page 3
## **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 2024.
## **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:
1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. 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
4. 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
17th June 2025
Page 4
## **MEETING POINT TRUST LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31st December 2024**
|Notes
**INCOME AND ENDOWMENTS FROM**
Other trading activities
2
Investment income
3
Other income
**Total**
**EXPENDITURE ON**
**Charitable activities**
4
Promoting charitable purposes in the Telford area
Net gains on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
394,312
3,429
50,000
447,741
393,161
-
54,580
2,957,027
3,011,607|Restricted
fund
£
-
-
-
-
-
-
-
-
-|31.12.24
Total
funds
£
394,312
3,429
50,000
447,741
393,161
-
54,580
2,957,027
3,011,607|31.12.23
Total
funds
£
388,637
1,198
39,958|
|---|---|---|---|---|
|||||429,793|
|||||374,802|
|||||1,502,937|
|||||1,557,928
1,399,099|
|||||2,957,027|
The notes form part of these financial statements
Page 5
## **MEETING POINT TRUST LIMITED**
## **BALANCE SHEET 31st December 2024**
|Notes
**FIXED ASSETS**
Tangible assets
9
**Investments**
Investments
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**
14
Unrestricted funds
**TOTAL FUNDS**|Unrestricted
funds
£
35,417
-
2,750,000
2,785,417
1,000
30,226
229,143
260,369
(34,179)
226,190
3,011,607
3,011,607|Restricted
fund
£
-
-
-
-
-
-
-
-
-
-
-
-|31.12.24
Total
funds
£
35,417
-
2,750,000
2,785,417
1,000
30,226
229,143
260,369
(34,179)
226,190
3,011,607
3,011,607
3,011,607
3,011,607|31.12.23
Total
funds
£
24,497
-
2,750,000
2,774,497
1,000
68,876
187,561
257,437
(74,907)
182,530
2,957,027
2,957,027
2,957,027
2,957,027|
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 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
- (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 6
continued...
## **MEETING POINT TRUST LIMITED**
## **BALANCE SHEET - continued 31st December 2024**
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 17th June 2025 and were signed on its behalf by:
K Osmund-Smith - Trustee
The notes form part of these financial statements
Page 7
## **MEETING POINT TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31st December 2024**
## **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...
Page 8
## **MEETING POINT TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st December 2024**
## **2. OTHER TRADING ACTIVITIES**
|31.12.24
£
Service charges and room hire
257,560
Catering sales
20,091
Hummingbird cafe
116,661
394,312
**3.**
**INVESTMENT INCOME**
31.12.24
£
Investment income
3,429
**4.**
**CHARITABLE ACTIVITIES COSTS**
Promoting charitable purposes in the
Telford area
**5.**
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
31.12.24
£
Depreciation - owned assets
9,294|31.12.23
£
269,766
15,152
103,719|
|---|---|
||388,637|
||31.12.23
£
1,198
Direct
Costs
£
393,161|
||31.12.23
£
7,648|
## **6. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31st December 2024 nor for the year ended 31st December 2023.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31st December 2024 nor for the year ended 31st December 2023.
continued...
Page 9
**MEETING POINT TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st December 2024**
## **7. STAFF COSTS**
## **8.**
|Wages and salaries
Other pension costs
The average monthly number of employees during the year was as follows:
Charitable activities
No employees received emoluments in excess of £60,000.
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
funds
£
**INCOME AND ENDOWMENTS FROM**
Other trading activities
388,637
Investment income
1,198
Other income
39,958
**Total**
429,793
**EXPENDITURE ON**
**Charitable activities**
Promoting charitable purposes in the Telford area
374,802
Net gains on investments
1,502,937
**NET INCOME**
1,557,928
**RECONCILIATION OF FUNDS**
Total funds brought forward
1,399,099
**TOTAL FUNDS CARRIED FORWARD**
2,957,027|31.12.24
£
117,673
5,916
123,589
31.12.24
11
Restricted
fund
£
-
-
-
-
-
-
-
-
-|31.12.23
£
111,152
4,013
115,165
31.12.23
11
Total
funds
£
388,637
1,198
39,958|31.12.23
£
111,152
4,013
115,165
31.12.23
11
Total
funds
£
388,637
1,198
39,958|
|---|---|---|---|
||||429,793|
||||374,802|
|||1,502,937||
|||1,557,928
1,399,099||
|||2,957,027||
continued...
Page 10
## **MEETING POINT TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st December 2024**
## **9. TANGIBLE FIXED ASSETS**
|**COST**
At 1st January 2024
Additions
At 31st December 2024
**DEPRECIATION**
At 1st January 2024
Charge for year
At 31st December 2024
**NET BOOK VALUE**
At 31st December 2024
At 31st December 2023
**10.**
**INVESTMENT PROPERTY**
**FAIR VALUE**
At 1st January 2024
and 31st December 2024
**NET BOOK VALUE**
At 31st December 2024
At 31st December 2023
Included in the total is £300,000 relating to a leasehold property acquired in 2020 on a 999 year lease.
Fair value at 31st December 2024 is represented by:
Valuation in 2023
Cost|Fixtures
and
fittings
£
250,323
20,214
270,537
225,826
9,294
235,120
35,417
24,497
£
2,750,000|Fixtures
and
fittings
£
250,323
20,214|
|---|---|---|
|||270,537|
|||225,826
9,294|
|||235,120|
|||35,417|
|||24,497|
||2,750,000||
||2,750,000||
||£
1,502,937
1,247,063||
||2,750,000||
continued...
Page 11
## **MEETING POINT TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st December 2024**
|**11.**
**STOCKS**
Stocks
**12.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Prepayments
**13.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Social security and other taxes
Accrued expenses
**14.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General Fund - free funds
General Fund - repair provision funds
General Fund - property fund
Revaluation Fund - property funds
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General Fund - free funds
**TOTAL FUNDS**|At 1.1.24
£
132,027
75,000
1,247,063
1,502,937
2,957,027
2,957,027
Incoming
resources
£
447,741
447,741||31.12.24
£
1,000
31.12.24
£
22,976
7,250
30,226
31.12.24
£
6,313
13,776
14,090
34,179
Net
movement
in funds
£
54,580
-
-
-
54,580
54,580
Resources
expended
£
(393,161)
(393,161)|31.12.23
£
1,000
31.12.23
£
59,345
9,531
68,876
31.12.23
£
45,069
18,564
11,274
74,907
At
31.12.24
£
186,607
75,000
1,247,063
1,502,937|31.12.23
£
1,000
31.12.23
£
59,345
9,531
68,876
31.12.23
£
45,069
18,564
11,274
74,907
At
31.12.24
£
186,607
75,000
1,247,063
1,502,937|
|---|---|---|---|---|---|
|||||3,011,607||
|||||3,011,607||
|||||Movement
in funds
£
54,580
54,580||
||||||54,580|
continued...
Page 12
**MEETING POINT TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st December 2024**
## **14. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|Net
movement
At 1.1.23
in funds
£
£
**Unrestricted funds**
General Fund - free funds
1,274,105
54,991
General Fund - repair provision funds
75,000
-
General Fund - property fund
-
-
Revaluation Fund - property funds
-
1,502,937
Revaluation Fund - investments funds
49,994
-
1,399,099
1,557,928
**TOTAL FUNDS**
1,399,099
1,557,928
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General Fund - free funds
429,793
(374,802)
Revaluation Fund - property funds
-
-
429,793
(374,802)
**TOTAL FUNDS**
429,793
(374,802)|Transfers
between
funds
£
(1,197,069 )
-
1,247,063
-
(49,994)
-
-
Gains and
losses
£
-
1,502,937
1,502,937
1,502,937|At
31.12.23
£
132,027
75,000
1,247,063
1,502,937
-|
|---|---|---|
|||2,957,027|
|||2,957,027|
|||Movement
in funds
£
54,991
1,502,937|
|||1,557,928|
|||1,557,928|
A current year 12 months and prior year 12 months combined position is as follows:
|**Unrestricted funds**
General Fund - free funds
General Fund - repair provision funds
General Fund - property fund
Revaluation Fund - property funds
Revaluation Fund - investments funds
**TOTAL FUNDS**|At 1.1.23
£
1,274,105
75,000
-
-
49,994
1,399,099
1,399,099|Net
movement
in funds
£
109,571
-
-
1,502,937
-
1,612,508
1,612,508|Transfers
between
funds
£
(1,197,069 )
-
1,247,063
-
(49,994)
-
-|At
31.12.24
£
186,607
75,000
1,247,063
1,502,937
-|
|---|---|---|---|---|
|||||3,011,607|
|||||3,011,607|
continued...
Page 13
**MEETING POINT TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31st December 2024**
## **14. 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:
|**Unrestricted funds**
General Fund - free funds
Revaluation Fund - property funds
**TOTAL FUNDS**|Incoming
resources
£
877,534
-
877,534
877,534|Resources
Gains and
Movement
expended
losses
in funds
£
£
£
(767,963)
-
109,571
-
1,502,937
1,502,937
(767,963)
1,502,937
1,612,508
(767,963)
1,502,937
1,612,508|
|---|---|---|
## **Purpose of funds**
## General Fund - Free Funds
The surplus on this fund over and above those funds invested in Property 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.
## General Fund - Repair Provision Fund
This represents funds the trustees have allocated to meet future major repair cost.
## Revaluation Fund - property
This represents the un-realised gain on the revaluation of the property.
## **15. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31st December 2024.
Page 14
## **MEETING POINT TRUST LIMITED**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31st December 2024**
||31.12.24|31.12.23|
|---|---|---|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Other trading activities**|||
|Service charges and room hire|257,560|269,766|
|Catering sales|20,091|15,152|
|Hummingbird cafe|116,661|103,719|
||394,312|388,637|
|**Investment income**|||
|Investment income|3,429|1,198|
|**Other income**|||
|Sundry grants|50,000|39,958|
|**Total incoming resources**|447,741|429,793|
|**EXPENDITURE**|||
|**Charitable activities**|||
|Wages|117,673|111,152|
|Pensions|5,916|4,013|
|Rates|3,658|3,094|
|Insurance|11,835|13,206|
|Light and heat|26,326|25,112|
|Telephone|3,019|2,833|
|Printing, postage and stationery|851|1,158|
|Repairs and renewals|52,005|49,199|
|Sundries|3,463|5,438|
|Advertising|3,945|1,750|
|Cleaning costs|16,713|12,919|
|Training|1,096|10|
|Security costs|367|7,659|
|Catering expenses|125|1,100|
|Accountancy|2,210|2,150|
|Legal and professional fees|1,761|1,866|
|Coffee shop purchases and wages|131,251|120,539|
|Activity costs|390|2,895|
|Depreciation of fixtures and fittings|9,294|7,648|
|Bank charges|1,263|1,061|
||393,161|374,802|
|Total resources expended|393,161|374,802|
|**Net income**|54,580|54,991|
This page does not form part of the statutory financial statements
Page 15