Smalles Goldie Group GflEATING ADVJlTrlTAGE REGISTERED COMPANY NUAIBER: 02432547 REGISTEREO CHARITY NUMBER.. 702269 Smalles Goldie Copy Humbercare Limited Financial Statements (A Company Llmited by Guarantee) 31 March 2022 SD4)20842&1-e ICAEW CHARTEREO ACCOUNTANTS &11p4S o iffjdiiw fi0* Paiiheishi
Humbercare Limited Contents of the Financial Statements for the y6ar ondgd 318t March 2022 Ptye R•l•renc• and Admlnl8tratlv• 0otall8 Roport of tho Trust 2 to 5 R•port of th• Ind•p•ndent Audllor• 8tstom•nt of Fln•nclal ActFvltl 8alanco Shmt 10 Ca•h Flow Ststomont Noto• to th• Cash Flow Slatom•nt 12 Nolo• to th• Flnanclal 8l•t•ment• 13 to 25 D•tall•d Btatemont of Flnanclal Actlvltl•8 26 to 27
Humbercare Limited Reference and Administrative Datalls for the year ondod 31st Mvch 2022 TRUSTEES L Alderson-spelghl {resigned 1.5.2021) P Robinson D Walker G Ziae P L Arksey A Young J E Malyon KEY MANAGEMEP PERSONNEL R McKlnnon M Mwcer J A Trlbe KAJlmaTh COMPANY SECRETARY R McKlnnon REGISTERED OFFICE 818everley Road Hull East York8hlr HU3 1XR REGISTERED COMPANY NUMBER 02432547 IEnglar¥J and Wales) REGISTERED CHARITY NUMBER 702269 INDEPENDENT AUDITORS Smalle8 Goldle Chartered Accountants Slalutory Auditor Regent's Court Princess Street Hull E88t Yorkshlre HU2 8BA Page 1
Humbercare Limited Report of the Trustees for th• ywr ended 31st Mar¢h 2022 The trustees who are also direclors of the charity for the purposes of the Companies Act 2006. present their report with the financial slalements of the charity for the year ended 318t March 2022. The trustees have adopted the provisions d knounling and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in a¢¢oréance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective 1 January 2019). OWECTIVES AND ACTIVITIES Statomont of Purpolfj Humbercare - an enabling organisalion de(Ilcated lo provldlng quallty and innovatlve services lo adults and young people in need. Bellof I peoplo Should have the opportunlty lo reallse their polenlial, Improv8 Ih8ir skllls, optimi8e their life chances and become re8pon$lble members of th8 community. Stratoglc Alm• To provide quality and value driv&n service5', To provide eIceS that ¢onlribute lo the safety and wdlbeing of our coMmUny. To ulilise the organisalion's resour5, expertlse and reputation In Its Sklll base using Care Quality Commission accreditation, Inv081ors in People and Matrix award8 to be an employw of cholce in the voluntary sector. V•luo8 Effecllvene$$- services that are outcome focused and improve our rx)mmunity,' Efficiency - viable services that are cost effective with added value; Facilllatlng Positive Change - a5315ting and creating opportunitKgS for people lo opllm18e Ihelr Iwe chan¢e$,' Bellef In Dfver8ity- to a¢knOedge and r88pect all indivlduals. SlgnlflGant actlvltle• Hurnbercare delivers 8 range of person-centred services to vulnerable young people and adults. Our innovative community-based Support packages Include mentoring and volunleering, accommodation based and non- accommodation-ba8ed. including montal health crisis SUPPOrt, housing-reloted support seNl¢es and 5UPPOrted Icégings. All (r services are oulcome focussed. Hurnbercare SLtpply services on behalf of the following local aulhorilles and organis8tlon5 Hull City Councll, Northeast Lincolnshire Council & Clinical CommSs8lonlng Group, East Ridlng of Yorkshir8 Cwncil, Uner$1¢Y of Hull Humber Trust, Nallonal Probation Servlce and the University of Hull. Publlc benefit During the past finanaal year, Humbercare has worked with over 4,OCNJ people by h8lplng Ih8m to maintsln their accommodation, by helping them rnotivale Ihemsdves regarding learning and employment, by acting 88 role modds and advocaleg, to enable them lo bewrne valuable members of the communily and therefor8 to reduct offending and improve the community for everyone. Conlrlbutlon of Volunt8•rs Managèmènt Commltt•• Humbercare's Management Committee are volunteers and they commri themselve8 10 6 m881ings per year with the possibility of more for Ih)se a involved in a sub%omrnittee. MontornNolunteèrs Humbercare had 62 ment(Yslvdunteers per year. They have completed 8,266 voluntary hwTS in the follmng areas.. lrfe skills and budgeting. literacy and numeracy, befriendInro1e modelllng. employment and training support, education support. accommodation suppcvt. Page 2
Humbercare Limited Report of the Trustees for the year end•d 31st March 2022 FINANCIAL REVIEW Financial position The results for the year and the financS8l position of the company are shown in Ihe annexed financial statements. Overall, exduding galn$12021.' losses) on pension schemes, the company made a surplus in this operating year of £345,925 (2021.. £610,034), Thls represents a deficit of £4,399 (2021.. surplus £10,304) on restricted funds and a surplus of £350.32412021-. £599,730) on unrestricted funds. The surplus Is a result of the Senior M8nagemenl Team investing in Infrastruclure to sUPPOrt 3 of the organlsalions most demanding services lo deliver the highest slandard possible and to ensure that the organisalion can respond and be competilive In future procuremenl exercises. This includes inveslm8nt in our property portfolio, personnel, on-going upgrades to internal software and informatitin technology. The investments wll assisl the organisalion in Increaslng 118 annual income over the next 3-5 yèars and cnntinuing lo deliver hSgh-quality 8ervlces meeting the fequlrements of the communilles the organisalion works with. During this flnancial year, there has been continued inv8slmenl into the Finance team in terms of on-90ing updates to syst8m8 and infrastructure lo meet the growing demands of the organlsalion. As 813131 March 2022 unr88lrlcted reserves wer8 £67.36912021.' £308,720 deflcll) whilst restrict8d reserves were £30,294 {2021.. £34,693). Grant MakSng Pollcy HLtmbercare is only able lo provide grants lo individuals vA)o are using our prole¢t8 or are referred by statutory or other voluntary organisations. Inv88tmant Pollcy Al surplus funds ar8 Invested with the Charlly'g bankers either on deposlt or in a current account wth tho exception of a number of shares 8nd unil Irusls {market value £30,294 as at 31sl March 20221 transferred to Hurnberca from HACRO (Hull & Easl Rkllng Assoclalion for the Care and Resettlement of Offenders) in May, 2001. RaseTve8 poIIcy The Trustees have estsbll8hed a pollcy whereby unre8tricted funds not commilled or Invested in langible fixed assets {Ih8 free regerve8') held by the ¢h8rily will be expended at the Trustees, dlscrelion In furtherance of any of the Charitys oblecls. ReseNes are required to cover.. any redundancy costs thal become du8, Ic•3elher winding up and associated legal Costs; working upllal for running the core., exceptional and unforeseen expenditure., and grants received in afrears lo ensLJre cash flow remains healthy. The pre¥ent level of free reserves is a deficit of £28.254. This positic has arisen primarily as a result of the recognition of pension fund defldl arrangemenl lotalling £313,440. It has been agreed (hal this deficil is to be repaid by monthly instalments until 2028. The Iru8tees propose to build free reserves and 8trenglhen the financial position of the charity by reducing debtor repayment days and by continued close Control of spending and regular monitoring against prudent budgets. [e lo the charivs ongoing successful expansion, il is felt that the charity is able to continue its ongoing funded activities, or in the event of a SnrflcanI drop in funding and the charity being wound up meet redundancy and a5so¢ialed legal costs. FLITURE STRATEGY Humbercare Lirnited has in place a three year businesg strategy and yearfy plans which set out lo continue the activities as outlined above in the forthcoming yeats subject to satisfactory funding arrangements. These projeGts may b8 subject to further development and expansion In the future. Page 3
Humbercare Limited Report of the Trustees for the yoar ended 31st MarGh 2022 STRUCTURE, GOVERNANCE AND MANAGEMENT Charlty constitutlon and govoming document The charity was established in September 1989 under a Memorandum of A880cialion which establl$hed the objects and powers of the charitable company andls governed under Ils Articles of Association. The charily conslitulas a limited company, limited by guarantee. a5 defined by the Companies Act 2006. Mambors of tha manag•m•nt commlttee Tnjslees and key management who served durlng the year and up io the dale of thls repr)rt are set out on page 1. M&mbers of the chartlablè company guarantee to wntribule an amount not exceediw £1 to the assets of the harilable company in the event of winding up. The total number of such guarantees 8t 31st March 2022 wa8 5. (2021 5). Recrultm•nL appointmont. InductSon and tralnlng of naw trustO08 The directors of the Management Committee ar8 elected al the AGM to Serve a perlod of 3 years with on8 third ol all dlreGtors retiring annually. and being eligible, offering themselves for re-election al the forthcomlrKJ Annu81 General Meeting. To ensure induction lo Humbercare Limlled, M8n8gemenl Committee Trustees receive all relevant documentation and informallon relating lo thelr rde as a Trustee and all relevant infomiallon relating to Humbercare. K•y manag&m•nt remun•rntlon Key manag&m&nt remuneration is sel by the board, based on market rates commensurate wilh lev81 of sector experience. The company does not offer a company car $chem8. STATEMENT OF TRUSTEES. RESPONSIBIUTIES The truslè&s (who 8re also the directors of Humbercare Limlled for the wrpoBes of company law) aro re8pon$lble for preparing the Report of the Trusle8s and the financial statements in accordance with applkable law and United Kingdom Accounting Standard8 (United KiThJdom Generally Accepted Accountlng Pracllcel. Company law requireg the Iruslees lo prepare financial statements for each flnanclal year which glve a tru8 and fair viow of the stale of affairs of the charitable company and of the Incoming resources and 8ppllcallon of resources, includlng th6 inex)me and expenditure, of th8 charitable company for that perlod. In preparSng those flnand818lalemen18, the trustees are required lo selecl suitable accounllng poli05 and then apply them con818tently', observe the methods and principles in the Charity SORP; make judgement¥ and estimates that are reastsnable and prudent., prepare the flnancial statements on the going concern ba818 unless it is inapproprlate to psurne thet the charitable company will continue In busine56. The trugtees are responsible for keeping proper accounting records which disclose wlh reasonable aUracY al any time the financial position of the charitable company and lo enable them to ensure that the financial slalements comply with the Companies Act 20(. They are also responsible for safeguarding the 8ssels of the charltable company and hence for taking reasonable ¥tep5 for the preventlon and detection of fraud and oth irregularities. In so far as the trustees are aware: there 18 no levant audit information of whiGh the charitable company's auditors are unaware.. and the trustees have taken all steps that they oughl to have taken lo make themsefves aware of any relevant audit information a1 to estsblish thal the audil(Ys are aware of that informallon. AUDITORS The auditors, Smalles Goldie, wrill be proposed for re-appoinlmenl al theforthcoming Annual General Meeting. Page 4
Humbercare Limited Raport of the Trustees for tho year ond•d 31it March 2022 This report was approved by the Board on ..... . . and slgned on its behaff by". R McKinnon - Seudary Page 5
Report of the Independent Auditors to the Members of Humbercare Limited Oplnlon We have aud111 tho finanaal slalements of Humbercare Limlted (Ihe'charitable company'l for the year ended 31st March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Sialement and notes lo the financial slalemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Sland8rd9 (United Kingdom Generally AcrAP1 Accwnting PractlLE). In our opinion financial statements.. give a true and fair view of the state of the charitable company'8 affairs as at 31st March 2022 and of it8 incoming resources and application of resources, induding Its income and expenditure, for the year then ended.. hav8 been propedy prepared in accordance with United Klngdom Gen8rally Accepted Accounting Practice,. and have been prepared In accordance th the requirements of the Companles Ac* 20C6. 8a#is for oplnlon We conducted our audit in accordance with International Stsndards on Auditing (UK) IISAS {UK}l and appllcable law. Our responsibilities under those Standards are further described in the Auditors. SponSibl1111es for the audil of the financial s18tem&nls soction of our report. We are independent of the Charitable company in aGrdance with the ethical requirements that are relevant lo our audit d the flnanclal statements in the UK. inGluding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities In accordance with these requirements. We believe that the audlt evidence we have obtained Is $uffi¢i8nt and approprfate lo provide a basis for our opinion. Material uncortainty rolatgd to golng concorn In 8uditing the finanGial statements, we have concluded Ihal the IrLf8tees' use of Ihe golng concem basls of accounting in the preparation of the financlal sialements is appropriate. Based on the work we have performed, we have not Identified any materlal uncwtalntie8 relatlng to events or Conditions that, individually or collectively, may cast significant doubl on the charitable company's ablllty to continue as a going concern for a period of al leasl Iwelve months from when the flnancial Slalements ai8 aulhorlsed for Issue. Our responslblllties and the responsibilities of the trustees th respecl to going concern are destylbed In th8 relevant 8e¢tions of thls rep(Kt. oth•r Infommtlon The Iruslees aro responsible for the other information. The other Inftjmialion comprises the Information included in the Annual Report, other than the financlal staternenls and our Report of the Independent AudilLYs thereon. Our opinlon on the financi81918temenls does not cover the other infomiatlon and, ex¢xpl lo the exlenl otheM5e expliciuy Stated in our report, we do not express any fomi of assurance Conclusion ther80n. In connection with (Njr eudll of the financial $talemenls, our responsSblllly Is to read tho other Infomiatlon and, In dolng so, consider whether the other information is m8terlally Inconsislenl with the financial statements or our knedge obtained in the audit or otherwise appears lo be materially misslaled. If we entify such materlal inconsistencies apparent material misstalwnents, we are required lo determine whether this gives rise to a material misslatemenl in the financial stalernenls Ihernselves. If, based on the work we have performed, we conclude that there is a matwial misstatement of this other Infonnation. we are raquired to report that fact. We have nothing to report in thi8 regard. Oplnlon8 on other matterg pr•scrib•d by the Companigs AGt 2006 In our opinion, based on the work undertaken in the ciyjrse of the audit.. the information gNen in the Report of the Trustees for the financial year for 1¢h the financial statements are prepared is consistent wth the financial statements- and the Report of the Trustees has been prepared in accordanc8 with applicable legal requirements. Page 6
Report of the Independent Audltors to the Members of Humbercare Limited Matt•rs on vthich we are required to Teport by exceptlon In the light of the knovAedge and understanding of the charitable company and its environment obtaine(1 In the course of the audit, we have not identrfied material misstatements in the R8POrt of the Trustees. We have nothing to report in respect of the followng mattws where the Companies Act 20 requires us to report lo you if, in our opinion-. adequate atntIng records have not been kepl or relums adequate for our audit have not be8n received from branches not visited by us., or the financial statements aw not in agreement with the accounting records and returns., or certain disdosures of trustees, remuneralii)n Speclfied by law are not made.. or we have not received all the information and explanations we requiro for our audit. or the Iruslees were not entitled lo lake advantage of the small companies exemptlon from the requlrement to prepare a Strategic R6port or In preparing the Report of Ihe Trustees. R•spon•lbllldo8 of tfU3tovd A5 explained more fully In the Statement of Truslees, Respon8Sblllt5es, the trustees (who are also the director8 of the charitable company for the purposes of company law} are responsible for the preparation of the financial statements and for belng satisfied that they glve a true and faSr view, and for such Internal control as th& tru5tee¥ d8termine is necessary lo enable the preparatlon of finandal statements that are free from material mi551atemenl. whether due lo fraud or error. In preparlng the financial 8tstemenl$, Ihe tru8te88 ar8 r88pon$lble for ass8sslng the charitable company'8 ability to conllnue a8 8 oing concern, dlgclosing, as applicable. m8tlers related lo going ojncern and using the going concern basis of accounting unle$$ the truste8s either Intend lo Ilquidale the charitable company or to cease operations, or have no realistic allernalive bul to do so. Our rn8pon•lbllltlu for the audlt of th• financlal statement• Our objectives are lo obtaln reasonable as8urance about whether the flnancial 8talem8n18 as a whole are free from material misstatement, vthelher due to fraud or error, and 10 Issue a Report of Ihe Independent Auditors that includes our oplnion. Reasonabl8 assLJf8nce Is 8 hlgh level of assurance, but is not a guarantee that an audll conducted In 8c£ordance wlth ISAS (UK) will always delect a material misstalemenl when it exists. Mi$8talemenls can arise from fraud or error and are wnSIder malerlal if, Indivldually or in the aggregate, they coulé 8$OnablY be expected lo Influence the economlc decision8 of users laken on the basis of these finanaal statements. Th• •xtent lo whlch th• audlt waj con¥ld•rnd capable of d•t•cllng Irregularltl•8 Includlng fraud Our approach to idenllfying and asse85ing the risks of material misstatemenl in respect of irregularities, indudlng fraud and non-wmpliance wllh laws and regulatlong, was focused on specific laws and regulations whlch we considered may have a direct malerfal effect on the financial statements or the operations of the charllablg company, inrluding the Companies Act 2006. Charities Act 2011. taxatM)n legislation, data protection, anli-bribery, wnploymenl, environmental and health and 8afety legislation. An understanding of these laws and regulations and the extent of compliance was obtalned through lS$S1On wlth manag8ment and in5PeCting legal and regulatory correspondence. We assassed the susceptibility of the company's financial statements to malÈri81 mlsstat8ment, induding obtaining an understanding of how fraud might occur, by making enquiries of manag&ment and consldering the internal controls in pl8ce lo mitigate ri¥ks of fraud and non-cornpliance wlth laws and regulations. To address the risk of fraud Ihrough management bias and override of controls, we.. performed analytical procedures lo identrfy any unusual or unexpected relationships- tesl8d journal entries lo identify unusual transactions., assessed whether judgements and assumptions made in determlnlng the accounting estimates were indicative of polenlial bias,. and investigated the rab'onale behind signrficant or unusual transactions. Page 7
Report of the Independent Auditors to the Members of Humbercare Limited In r85ponse to the risk of irregularities and non-compllance with laws and regulallons, we designed procedures which induded. but were not limited lo.. agreeing financlal statement disclosures lo underlying supporting doc#Jmenlation: reading the mlnules of meetings of those charged with governance., enquiring of management as to actual and potential liligalion and claims., and reviewing correspondence With relevant regulators and legal Due lo the inherent limitations of an audit, there is a risk that we will not delecl all irregularrtle8, includlng those leading lo a material mi5Stalemenl in the financial statements or non-compliance with wulalion. This risk increases the more that compliance with a law or regulation Ss removed from the events and transactions reflected in the financial 51atem8nls, as we wlll be less likely to becom8 aware of instances of non-cornpliance. Auditing standards also limit the audit procedures required lo identify non-compliance wllh laws and regulations lo enqulry of the dIrtorS and other management and tho inspection of regulatory and legal correspondence, if any. The risk is also greater regarding irregularities occurrlng du8 to fraud rather than error, as fraud invdves intentional concealment, forgery, collusion, omission, or mlsrepresenlalion. A further descrlplion of our responslbllSlles for the audlt of th8 fSnancial statements Is located on the Financlal Roporting Council's website at wm.frc.org.uklauditorsr8sponslbililias. Th1$ desc*iption fomis part of our Report of the Independent Audll¢ys. U8• of our rnport Thi$ pOrt is made solely to the charitable company's members. as a body, in aCcrdanCe with Chapter 3 of Part 16 of the Companies Act 20C6. Our audit work has been undertak8n so that we might stale lo the charitable Gompany's members those matters we are requSrad to stale to them In an audilor8' report and for no other purpose. To Ihe fullest exlenl permitted by law, we do not accept or assume respon$Sblllly to anyone other than the charitable company and the charitable company8 members as a body, for our audlt work. for this report, or for the opinion8 we have formod. Stephen Bramall Bsc FCA (Senior Statutory Auditor) for and on behalf of small Goldie Chartered Accountants Slatulory Auéltor Regent's Court Princess Street Hull East York8hire HU2 8BA Date.. 01012022 Paga 8
Humbercare Limited Statement of Financial Activities (Incorporating an Income and Exponditure Account) for the year ended 318t Mar¢h 2022 2022 Total funds 2021 Total funds Unrestrlcted Restricted fund funds Notes INCOME AND ENDOWMENTS FROM Donations and legaeS 11,404 15,000 26,404 21,239 Charltsble acllvltles Advice and ¥upport 8,035.803 8,035,863 8,197,937 Investment income 893 893 879 Total ,047,267 15.893 8,220,055 EXPENDITURE ON Charltablg •¢tlvltl•8 Advice and support Nel gainslllos¥esl on investments 7,696.943 1S,893 7,712,836 7,620,325 10,304 NET INCOMEI(EXPENDITUREI 350.324 (4,3991 345,925 610.034 Oth•r rocognl•od galn•lllo•sg•) Actuarial gainsl{lossesl on defined benetit 8Ghernes 16,369 Net movement In funds 376,089 14,399) 371,690 593,665 RECONCILIATION OF FUNDS Totsl fund8 brought forward 1308,720) 34,693 1274,027) (867,6921 TOTAL FUNDS CARRIED FORWARD The notes form part of these financial statements Page 9
Humbercare Limited Balance Sheet 31st March 2022 2022 2021 Nol8s FIXED ASSETS Tangible a$5ets Investments 12 13 95.623 87,757 34,693 125,917 122,450 CURRENT ASSETS Debtors Cash al bank and In hand 14 410,950 611416 583,56g 137.945 1,022,366 721,514 CREDITORS Amounts falling due wllhln on8 year 15 1735,514) (708,138) NET CURRENT ASSETS TOTAL AsseTS LESS CURRENT LIABILrriES 412,789 137.826 CREDITORS Amounts falling due after more than one year 16 (4,185) PENSION UABILrrY 20 (313,440) <407,688) NET ASSETSI(LIABILITIES) FUNDS Unrestrlcted fund8 Restricted funds 19 67.389 (308,720) TOTAL FUNDS These financlal statements have been ppared in accordance wth the prov181ons applicable to charltable companies subject lo Ibe small companies regime. The flnanci81 statements were approved by the Board of TrusteeB and aulhorf88d fw issu8 on . were signed on ils behalf by.. P Robinson - Trustee The notes form part of these financial statements Page 10
Humbercare Limited Cash Flow Statement for thg yr endod 31st March 2022 2022 2021 Notes Cash flows from oporatlng activiti08 Cash p)eral8d from opèration8 16,728 Nel cash provlded ty op8rating activities 16,728 Cash flow8 from Inve*tlng actfvitles Purthase of tangible fixed assets Sale of 18ngible fixed assets Interest received Dividends recelved (74,0481 11,501 (32,799) 893 873 Net cash used in inve5tlng a¢tlvlties 616541 31920) Cuh IIow8 from Ilnanclng actlvitl•• Hire purchase repayments in year Nel cash used In flnanclng activltle8 Chang• In ca•h and c•sh •qulval•nts In tho roportlng porlod Cash and ¢a8h equivalonl• at th• boglnnlng of th• roportlng perlod 473,471 (17,690> Calh and cash •qulval•nts at th• •nd of th• rnportlng p•rfod 611416 The notes form part of Ihese financial Staternts Page 11
Humbercare Limited Notes to the Cash Flow Statement for the year •nd•d 31st March 2022 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2022 2021 N01 income for the reportlng porlod (as par th• Ststomont of Financlal Activitio91 AdJu8tments for: Depreciation charges Los8&s1(gainl on investments Loss on disposal of red assets Interest recèived Dividends received Decreasel(increasel in debtor8 Increaselldecreasel in creditors DnCe belweon penslon charge and cash contributlon8 345,925 610,034 43.411 4.399 11,271 29,420 {10,304) 16> 18731 (254,8531 (300.3) 55 787) {893) 172,619 29,378 N•1 cash provldad by oporallon• 537 624 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.21 Cash flow At 31.3.22 Net ca8h Ca8h al bank arKI In hand 473 471 611416 473 471 611416 D•bt Finance leases Total 131281 475 970 607 251 The notes form part of th8se financial statement5 Page 12
Humbercare Limited Notes to the Financial Statements for the yèar ènded 31st March 2022 COMPANY INFORMATION Humbercare Limited is a charftable company Ilmlted by guarantee and was in¢cffporaled In Ihe United Kingdom on 16th October 1989 and registered as a charity on 7th December 1989. In the event of the charlty being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity, The address of the registered office ig given In the charity information on page 1 of these financial statements. ACCOUNTING POLICIES Bas1• of preparfng the Ilnanclal stat•mont8 The financial sl8temenls of the charitable company. whlch is a public benefit enlily under FRS 102, have been prepared in accordarn with the Chari1Ses SORP {FRS 102)'Accounting and Reportlno by Charities-. Slatem8nt of Recommended Practice appll¢able to charilles preparing their accounts in accordance with th& Flnanclal Reporting Standard applicab5e in the UK and Republic of Ireland {FRS 1021 (effective 1 January 2019),, Financ¢al Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republlc of Ireland, and Ihe Companles Aol 2006. The flnancial slalement5 have been prepared under the hlslorical cost convention, wllh the exceptlon of Investments which are Included et market value, as modlfled by the revaluallon of certain assets. The slgnlflcanl accounllng polici&s applled in the preparatlon of these flnanclal statements are set out below. These policies havfi hAAn pnnASslRnlly applifid In sjll yf2ars presented unless otherwise slated. Golng concem At the Balance Sheet date, the charitable company's n81 current assets and nel assets stand al £286,852 and £97,663 Tespectively. During the year to 31 March 2022, additional funding was sourced for the exl3tlng 8cllvllles which are expe¢led lo generate economic benefit for th& company In future years. It Is the direclor¥' vlew that these condition8, along with Ihe forecasted 8urplus cash flow generation, provide Sufflent evldence over the charilabl8 company's ability to operate as a golng coneAm. Accordingly the accoun18 have been prepared on the going concern bas1$. Income All income18 recognlsed In the Statement of Financlal Acllvities On the charlty has enllllemenl lo the funds and any perfromance conditions have be&n met. it is wobabl8 that the inrne will b8 received and the amount can be mea8ured reliably. Income from government and other gr8nls, ether capilel or revenue, 18 recognl8ed when the charity has entitlement lo the funds, any performance conljlllcS attach&J to the grants have been met, il is probable that the income will be received and Ihe amount can be measured rdiably and is not deferred. Income received in advance cl the dellvery of spedfic delfv8rabl88 is deferred until the ryiteria for Income recojnition are met. The value of services provlded by volunteers are not Included. Expenditure Liabilities are recognised as expendllure as soon as there is a legal or conslructive obligation commilling the tharity lo that expenditure, it is probable that a transfer of economic benefils wlll be required in seluement and the amount of the obligation can be measured reliably. Expendilure is accounted for on an accruals basis and hag been dassified under headings that aggregate all cost related lo the category. Where costs cannot be directly attributed lo partlar headings they have been 8lloc8ted to activitios a basis consistent with the use of resources. Page 13 ntinued...
Humbercare Limited Notes to the Financial Statements - continued for tho year •nd•d 31st March 2022 ACCOUNTING POLICIES - contlnuod Allocatlon and apportlonment of costs All costs are allocated between the expendilure categories of the Statement of Financial Activities on 8 basis designed to reflect the U58 of the resource. Costs relating to a particular activity are allocated directly and general costs ar8 appcKiioned on gn appropnate basis e.g. number of staff employed on each proleci. Governance costs indude those costs assocfjaled th meeting the conslltulk)nal and ststutory requiTrmenls of the charity and include audit fees and accounting eosls. Tanglbl6 fix•d ass•t• Tanglble fixed assets ale staled at cost {or deemed costl or valuatlon less accumulated depreciation and acLumulated impairment losses. C051 includes costs dlreGlly allributable lo maklng the asset capable of operating as Intended. Depreaation is provided on all tangible fixed assets, al rates calcula to write off the c08t, le8 estimated re8idu81 value, of each asset on a 8yslemati¢ basss ov8r its expected useful Ilfe as follows.. Weslbourne Improvements Fixtures and filling8 Motor vehide8 Computer equipment - over 10 years over 3 years - over 5 years - over 3 years T•x•tlon Humbercare Limlled 58 a UK registered charfly and all of its Income is applled to the achlevernenl of Its charitable objects. The charitable company is therefore exempl under current legislalk)n from mo81 forms of taxation. Fund accounting Unregtrlct8d fund¥J Unreslricled funds can be used In accordance wlth the chanlable objectives at tho dlscretlon cl Ihe management commlttee. Re8trlct•d fund• Restricted fvnds can only be used for particular reslricled purposes within th8 oblects of the charity. Reslri¢lion¥ arise when specrfied by the donor or when funds are raised for particular $tricted purposes. Further explanalM)n of the nature and purp088 of each fund is induded in the Re¢ of the Trust88S. Impalmient Assets not measured at fair value are revl8wed for any indicallon that the asset may be Impaired al each balance sheet dale. If such indication exists, the recoverable amount of the as5el, or the asset'8 cash generating unit, is eslimaled and compared to IIE carying amount. Where Ihg carrying amount 8xceeds its coVer¥bIe amount, an impairment Ioss is recognised in the statement of financlal activitie$ unless the a$¥el is carried al a revalued arnounl where the impalrment loss is a r8valualion decrea8e. Pension costs and other p08t.rntirgment bgnefit8 The company operates both a defined contribution pension scheme and a defined benefits scheme. The assets of the schemes are held separately from those of the company In independently administered funds. Contributions are tharged lo the Statement of Finanaal Activlties as they becom8 P8yable in accordance th the rules of the scheme.There is no liability under the defined benefit scheme other than the payment of those contributions. Page 14 contlnued...
Humbercare Limited Notes to the Financial Statements - continued for thg y•ar endod 31Bt March 2022 ACCOUNTING POLICIES . contlnuod Dobtors and cr•ditors recelvablo I payable wlthln one year Debtors and creditors th no stated interest rate and rer*ivable or payable within one year are recorded at transaction price. Any Ios888 arising fiom impairment are recognised in expenditufe. DONATIONS AND LEGACIES 2022 2021 Other income Donallons Slr James Reckitt Charlly 1.739 9.665 15.000 5,145 15,C(K) 21,239 INVESTMENT INCOME 2022 2021 Dlvidends received Interest received 893 873 893 879 INCOME FROM CHARITABLE ACTIVITIES 2022 Advlce and support 2021 To181 adlvili88 Grants University of Hull Supporters Lodgings Piovlders Rents recelved 2,281,550 9,000 107.043 2,823,980 7,600 92,605 273 748 ,197 937 Grants rocelved. Induded In the above, are as fOlkv8.. 2022 2021 Hull City Council North East Lincolnshire Counul Humbersidg Probalion Service Social Services Humber NHS Foundation 1,798.324 388,973 44,185 50.068 2,127,655 421,478 57,042 87.490 130,321 2 281,550 2 823 986 Page 15 ontinued...
Humbercare Limited Notes to the Financial Statements - continued for tho year ondod 31st March 2022 CHARITABLE ACTIVITIES COSTS Support Costs (see note 7) Direct Costs Tota15 Advice and support 7 097 660 615.176 7 712836 SUPPORT COSTS Governanc• costs Administrallon Totals Advlce and sup 570 480 898 815 178 NET INCOMEI(EXPENDrruRE} Net incomel{expendlture)18 stated after chargin{CreditIngl'. 2022 2021 Depreclation - owned assets Deficit on di8P08al of fixed assels Auditors, remunerallon Operating lease rentals - lan¢J and bullding8 43,410 11,271 10.050 29,420 10,600 2511 140 TRUSTEES, REMUNERATION AND BENEFITS Th8re were no trustees, remuneration or olhw benefits for the year ended 318t M8rch 2022 nor for the year ended 31st March 2021. Tru•iM8' •XP•Tr• Travel costs amounllng to£nil12021' £nill were reimbursed to members of the Mana98ment Committee. 10. STAFF COSTS 2022 2021 Wages and salaries Social security costs Other pension costs 2,837,525 221,303 149 114 2,742,645 224,082 146 197 3 112924 The average monthly number of employees durfng Ihe year vms a8 ftJtlow8'. 2022 15 2021 15 129 ManwrnBnt arKI adminbstrallon Project Co-ordinator8 and workers 136 144 Page 16 continued...
Humbercare Limited Notes to the Financial Statements - contlnued for th• yèar ended 31st March 2022 10. STAFF COSTS- contlnuod The number of employee5 whose employee benefi19 {excluding employw penslon costs) exceeded £60,000 was.. 2022 2021 £60,001- £70.000 £80,001- £90,000 £90,C(J1- £100,000 Total remuneration for key management personnel is £325,764 (2021.. £279,823). 11. COMPARATIVES FOR THE STATEME OF FIPIANCIAL ACTIVITIES Unreslrlcled Restricted fund fund8 Total funds INCOME AND ENDOWMENT8 FROM Donatlon$ and legacie8 6,239 15.000 21.239 Charltablo actlvltl•• Advlce arKI 8UPPOrt 8,197,937 8,197,937 Inv8slmenl Income 873 879 Totsl 8,204.182 15.873 8 220,055 EXPENDITURE ON Charitabl• aGtlvlti•8 Advice and support Net galns on investments 7,604,452 15,873 7.620.325 NET INCOME 599,730 10,304 610,034 Olh•r racognlsod galn811108808} Actuarial gainsl(losses) on defined bénefit Schemes Net movement In funds 583,361 10,304 593,665 RECONCILIATION OF FUNDS Totsl fvnd8 broughl forward (892,081) 24,389 (867.892) TOTAL FUNDS CARRIED FORWARD 308,720 Page 17 Continued...
Humbercare Llmited Notes to the Flnancial Statements - continued for tho year ondod 31st March 2022 12. TANG18LE FIXED ASSETS Fixtures and fillings We8lbwrne Improvements Motor vehlcles Computer equipment Totals COST At 1 st April 2021 Additions Disposals 112,667 30,602 6.899 52,685 210,971 67,149 406,925 74.048 110 594) 72,903) 37 691) Al 31st March 2022 37 501 994 278 120 370 379 DEPRECIATION Al 1st April 2021 Charge for year Ellminated on di8PO8al 66,560 11,266 30,213 1,237 47,353 2.999 37 691) 175,042 27,908 319.168 43.410 At 3181 March 2022 202 950 NET BOOK VALUE At 31$1 March 2022 Al 31 st March 2021 389 5,332 35,929 13. FIXED ASSET INVESTMENTS Listed Investments MARKET VALUE At 1 st April 2021 Revaluations 34,693 At 318t Morch 2022 NET BOOK VALUE At 31st March 2022 At 31st March 2021 34,693 There were no Investment 8SS8ts oul¥lde the UK. Th8 hlslorkal of the investment8 as al 31 March 2022 was £10,27312021 £10,273). Page 18 continued...
Humbercare Limited Notes to the Financial Statements - continued for tho yèar •nded 31st March 2022 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 Trade debtS Other debtors Prepayments and accrued income 102,360 30,651 2,142 550 776 308,330 410 950 15. CREDITORS: AMOUNTS FALLING Due WTHIN ONE YEAR 2022 2021 Hlre purchase18ee note 17) Trade creditors Social security and olher tsxes Other creditor3 Accrual8 and deferred Sncome 2,499 378,348 100,749 24,296 200,246 360,779 58.931 22.474 290 831 735 514 16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2022 2021 Hire purchas8 (888 note 17) 4,165 17. LEASING AGREEMENTS Minimum lease payments fall du8 as follow8., Hlr• purtha•e contracts 2022 2021 Nel obllgallons repaYae.. Withln one year Between one and flve years 2,499 2,499 6,864 Non4anc•llabtO operatlng leases 2022 2021 Wllhin one year Behveen one and flve years In more than five years 2,420,514 3,822.516 2,429,744 5,880,662 6 243 030 8315CK19 Page 19 conlinued...
Humbercare Limited Notes to the Financial Statements - continued for tho year ended 318t March 2022 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2022 Total funds 2021 Total tund8 Unrestricted Reslricl& fund funds Fixed assets Investments Current asset8 Current liabilities Long term liabilities Pension liability 95.623 95.623 30,294 1.022,3e6 {735,5141 {1,066) 313 440) 87.757 34,693 721,514 (7,138) (4,165) 407.688 30,294 1,022,386 {735,514) {1,666) MOVEMENT IN FUNDS Net movement In funds At 1.4.21 31.3.22 Unrestrictod funds General fund 1308,720) 376.089 67.369 Restrlctod fund* HACRO 34,693 (4,399) 30,294 TOTAL FUND8 274 027 371690 Net movement in funds, included in the above are as follows.. Incoming resource5 Resources expended Gains 8nd Movement losses in funds Unr••trlct•d fund• General fund 8,047,267 (7,696,943) 25,765 370,089 R•¥tricted fund• J. Reckill - Restricted HACRO 15,000 893 (15,0001 8931 399> TOTAL FUNDS Page 20 continued...
Humbercare Limited Notes to the Financial Ststements - continued for the yoar ènd•d 31st March 2022 19. MOVEMENT IN FUNDS- ¢ontlnued Comparatlveg for movemont In fvnds Net movement in funds At 31.3.21 At 1.4.20 Unro•trlcled fund8 General fund {892,081 J 583,361 1308,7201 Re8tricted funds HACRO 24,389 10,304 34.693 TOTAL FUNDS 867,692) 593 665 274 027) Comparative nel movement In funds, Included in the above are as foll¢)w8.' Incoming re8ource8 Resources expended Gains and 10347C3 Movement In fvnd Unra8trlct8d fund• General fund 8,204,182 {7,604,452) 116,369) 583,361 R•8trfct•d fund• J. Reckitt - RtrIcted HACRO 15,000 115.000) 873 873) 10,304 10.304 TOTAL FUNDS 593 685 EMPLOYEE BENEFIT OBUGATIONS Humbercare Limited operates various penslon herneS resulllng a pensions charge in the Statement of Financial Activitie5 Qf £149,114 (2021.. £146,197). There were outstanding conlribullons of £22,328 12021.. £24,055) at the year end. Details of the various schemes are a8 follow¥'. TPT Radr•m•nt Solution• - Th• Growth Plan Th& cornp8ny participates in the ¥¢heme, a mulli-employer scheme which provldes benefits to some 950 non•associated participating employer5. The scheme is a defined benefit scheme In the UK. It is not Fiossible for the company to obtain sufficient information to enable il to account for the scheme as a deflned benefit scheme. Therefore il accounts for th8 scheme as a defined (ntribUtiOn scheme. The scheme is subject to the funding legislalion outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, togeth8r with documents issued by the Pensions Regulator and Technlcal Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. Page 21 y)tinued...
Humbercare Limited Notes to the Financial Statements - continued for th• yr endod 31st March 2022 EMPLOYEE BENEFIT OBUGATIONS - Gonllnuod The scheme is classrfied as a 'last man standing arrangement.. Therefcfe the company is potentially liable for other participating employers. obligations if those employers are unable lo me&1 their share of Ihe scheme deficit following thdraWal fr¢Jm th8 scheme. P8rtidpatlfig employers are legally required to meet their share of the scheme defial on an annuity purchase basis on withdrawal from the scheme. A full actuarial valuation for the scheme was carried out al 30 September 2017. Thls actuarial valuallon showed assets of £794.9m, liabilities of £926.4m and a doficil of £131.5m. To ellminale this funding shortf811, the Trustées have asked the participating employers to pay addlllon81 contrlbutions lo the scheme as follows.. Deficlt contrlbutlons From 1 April 2020 10 31 January 2025 - £ll,243,o per annum (payable monthly and increasing by 3% each 1 $1 April) Unless a concession ha8 been agreed th tho Trustee the temi lo 31 January 2025 applie8. The r8c*)very plan contribution8 are allc¢aled to each participating employer in Ilne with Ih8Sr estimated share of the scheme liabilities. The 8llo¢atlon for Humb8rcare Limlted has been calculated 88 follows: From 1 April 2020 to 31 January 2025 - £4,453 par annum Where the scheme 18 in def11 and where the company has agreed to a d&fl¢lt funding arrangement the company recognises a liability for this obligation. The amount recognlsed is the net present value of the deficll reduction contributions payable under the agre8menl that relates to the deficil. The present value Is calculated using the discount rate datailed in these disclosures. The unwnding of the discount rate Is COgnIsed a8 a finance c09t. PRESENT VALUES OF PROVISION 2022 2021 Pr888nt value of provl$lon RECONCILIATION OF OPENING ANO CLOSING PROVISIONS 2022 2021 Provlsion at Start of period Unwinding of the discount factor Ilnter88t exp8n8e) Deficit contrlbutlon paid Remeasurements - impact of any change In assumptions Remeasuremenls - amendments to the contribution schedule 18,123 105 (4,586) 1107) 8,881 21,474 482 {4.4531 620 Provision 8t end of period INCOME AND EXPENDITURE IMPACT 2022 2021 Interest expense Remeasurements - impact of any change In assumplicms Remeasurements - amendments lo the contributSon schedule 105 (107) {8,8B1> 620 Page 22 continued...
Humbercare Limited Notes to the Financial Statements - contlnued for tho year fjnd 31st March 2022 20. EMPLOYEE BENEFIT OBUGATIONS - contlnued ASSUMPTIONS 2021 2021 Rale of discount 2.35 The discount rates shown above are the equivalent single dlscounl rates which, when used lo disrount the future recovery plan contributions due, would give the same results as using a fvll AA corporate bond yield curve to discount the same recovery plan o)ntfibulM)ns. TPT Retlrement Solutlon• - Carner Averago R•valuod Eamlng81"CARE"I Penslon SGh•rn• The company p8rt1cipates in the scheme, a multl-employer scheme which provldes benefits lo some 41 non-8ssocialed employers. The scheme 18 a defined benefit hem8 in the UK. It Is not possible for tha company to obtain sufficient informalion lo enable it to account for th8 scheme a8 a defined benefit scheme. Therefore il accounts for the s¢heme as a defined Gonlrlbutlon scheme. The scheme 19 sublect lo the fundlng leglslation oulllned In the Penslons Act 2004 vknlch came Into force on 30 December ?005 ThiA, InoAlhAr wSlh daeiimRnls issued by th& Pensions Regulator and Technl¢al Acluarfal Standards 188ued by the Financial Reporting Councll, sel out the framework for funding defined benefll occupallonal panslon 8chemes in the UK. Th6 scheme Is classified as a 'lasl rnan slanding arrangement,. Therefixe the company is potentially 1Sable for other partlcipaling employer8, obllgations If those em 0yerS are unable lo meet th8ir share of the scheme deflclt followng wlthdrawal from the scheme. Participating employer5 are legally required to meet Ihelr Share of the scheme deficit on an annuity wrchase ba818 on withdrawal from Ihe sGhem8. A full acluarfal valuation for the scheme was carried out at 30 Seplember 2016. This actuarial valuation showed asset8 of £60.45m, liabilities of £85.30m and a (ieficil of £24.86m. To eliminate this funding shortfall, the Trustee asked partlcipating employers to pay addillonal contributions lo the scheme a$ follows.. Deflclt contrlbullon8 From 1 Aprll 2020 to 30 November 2028 - £1,4CK).000 per annum (payable monthly and increasing by 30k each 1 st April) The recovery plan contrlbulions are allocated lo each participating employer In Ilne th their estimated Share of the scheme Ilabilities. The allo¢8tion for Humbercare Limited has been calculated as follows.. From 1 April 2020 10 30 November 2028 - £43,WO per annum Where the scheme is in deficit and where the company has agreed lo a deficit fundlng arrangement the company recognlses a liability for this obllgation. The 8mounl recognised is the nel present value of the deficit reduction contribullons payable under the agreement that relates to the deficit. The present value is calujlaled using the discount r8t8 detailed in these disdosures. The unwinding of the discount rate is recognised as a finance cost. PRESENT VALUES OF PROVISION 2022 2021 Present value of provision 320,346 Page 23 continued...
Humbercare Limited Notes to the Financlal Statements - continued for lh• y•ar •ndod 31st March 2022 EMPLOYEE BENEFIT OBLIGATIONS - ¢ontinuod RECONCILIATION OF OPENING AND CLOSING PROVISIONS 2022 2021 Provision al start of period Unwinding of the discount factor (Interest expense) Deficit contribution paid Remeasuremenls - impact of any change in assumptions Remeasuremenls- amendments lo the conlribulSon schedule Provision al end of pericxl 320.346 379,000 2,891 9,212 {46,820) (43,5001 15,636 (40,0021 INCOME AND EXPENDITURE IMPACT 2022 2021 Inlere8t expense Remeasuremenl8 - Impact of any change in assumpllons Remeasuremenls - amendments to the contribution schedul? 2,891 (11,434) 9,212 15,636 140,002) ASSUMPTIONS 2022 2021 Rale of dlscount 2.55 0.98 The di8counl raleg shown above are the equlvalenl Single discount rates whlch. when used to dlscount the fulure recovery plan contributions due, would give the same results as using a full AA corporate bond yreld cuNe lo diseounl the same recovery plan conlribulion8. D•ffln•d Contrlbutlon sch•m• Ea•t RSdlng of Yorknhlr• P•n•lon Fund Humbercare Llmll&J cea8ed to be an employlng authority in the East Rlding Pension Fund on 9 January 2014. The fund previously provided retirement benefits for two employees and was a defined benefit schame. The value of the fund at the date of cessatlon, and stlll oulstanding lo date, has been calDJlated 81 £44,04012021'. £46,868). 21. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31st March 2022. Pag8 24 (ntInued...
Humbercare Limited Notes to the Financial Statements - continued for th• y•ar ended 31st March 2022 ULTIMATE CONTROLLING PARTY The charitable Company, being limited by guarantee, has no share capi181 and was contrdled throughout the perlod by119 members and therefore rK) one paty had ultimate control. INDEMNITY INSURANCE The rrent cover for indemnlty Insurance for th8 charliy and charKy trustee8 18 £1.lXiO,O {2021 £1.OW,000). Page 25
Humbercare Limited Detailed Statement of Financial Activltles for the year •nd 31st March 2022 2022 2021 INCOME ANO ENDOWMENTS Donatlons and legaci8s Other income DonatnS Sir James Re¢kitl Charity 1,739 9.085 5.145 1,094 26,404 21,239 Inveslmènt Income Dividends received Interest received 893 873 879 Charltsbl• actlvltleo Grants Unlversily of Hull Supporters Lodglngs Provlders Rents recèived 2,281.550 9,000 107,043 2,823,986 7,600 92,605 5 273 746 8 035 863 8 1g7937 Total In¢omlng r••ourco• 8,oe3,100 8,220,055 EXPENDITURE Charltabl• •¢llvltl Wages Soc181 S8rIty Pensions Client propert188 rènt Clienl properties rates, utilities and cleanlng Client propertles repalrs Payments to carer8 Congull8ncy fees Other staff costs SIAff re¢ruitm8ril Staff trav81 and sub8lstenc8 Staff training Fines and penallles Depreclation of tangible fixed assets Log9 on sale of tangible fixed assets Interest on pension scheme liabilitie¥ 2.637.525 221,303 149,114 2,494,782 182,148 582,681 27,875 481,360 195,731 25,722 34,778 23,768 11,034 32.144 11.271 2,742,645 224,082 146,197 2.511,140 251,736 340,329 52.642 454,944 255,155 4,803 31,588 13,609 6,580 18,154 7,097,660 7,065,269 This page dcEs not forn part of the statutory fInarla1 8tatements Page 26
Humbercare Limited Detailed Statement of Financial Actlvltles for the year énded 31st March 2022 2022 2021 Support costs Administratlon Bad debts offi rent, raies, utilities and deanlng Insurances Telephones Printing, stalK)nary and postage IT support Memberships and subsrylpllon8 Health and safely Motor exp8nse3 Sundry expenses Depreciation of tanglble and heritsg8 a888ts 4.650 89.190 186.761 100.745 80,758 69,047 30,256 10.516 3.662 3,630 77,732 179,120 76,318 53,887 46,146 37.484 13.045 11.115 2,831 11,267 570.480 508,944 Gov•rnan¢e ¢o•ts Legal and profe¥$lonal fees Audf( and accountsncy faes 7,514 4.081 42,031 Total re8ource5 expended 7712 836 7 620,325 N•t In¢•m• b•for• qaln• and 1008•8 350,324 599,730 Roall8•d recognl•od g¥ln8 and 108808 Reallsed gainslllosses) on flxed asset inveslmenls Nol Incomo 345 925 This page (loes not fomi part of the statutory financial statements Page 27