CHARITY REGISTRATION NUMBER: NIC100399 The Heart Trust Fund (Belfast Heart Centre) Unaudited Financial Statements 31 December 2022 Finegan Gibson Ltd Chartered Accountants & Registered Auditors Causeway Tower 9 James Street South Belfast BT2 8DN
The Heart Trust Fund (Belfast Heart Centre) Financial Statements Year ended 31 December 2022 Page Trustees. annual report Independent examiner's report to the trustees Statement of financial activities statement of financial position Notes to the financial statements
The Heart Trust Fund (Belfast Heart Centre) Trustees. Annual Report Year ended 31 December 2022 The Iruslees present their report and the unaudited financial slalements of the charity foi the year ended 31 December 2022. Chair's report Reference and admlnlstratlva detalls Reg5stered ¢harlty name The Heart Trust Fund {Belfast Heart Cenlrel Charity registratlon number NIC100399 Principal Offlce 98 Casle Street Comber Newtonwnards BT23 5DY Thg trusts8$ Dr R A Hamilton (Chairperson) Professor J McL2ughlin Dr N Johnston Sir M Horner Mr D Allister Independent examiner Finegan Gibson Ltd Causeway Tower 9 Jamgs Slrgel South Bellasl BT2 8DN
The Heart Trust Fund (Belfast Heart Centre) Truste8s' Annual Report Iconllnued) Year ended 31 December 2022 Structure. goveman¢e and management Govgrning Document The Heart Trust Fund was established by a Trust Detsd in 1980. There were subsequent amending deeds and, in partiCLJlar, a deed of settlèment issued in thè High CoLJrt in 1990 which clearfy sets out the objectives and the prescribed structure. A change of name on the Trust Deed from The Heart Trust Fund (Royal Victoria Hospital) to The Heart Trust Fund (Beast H8art Centre} was approved by the Court in September 2021, having been approved by The Charity Commission in January 2021. Deeds of Retirement and Appointment of new Trustees were also updated in September 2021. Appointment of Trustees TTUStees are recruited lo meet the skills required lo effectively run the charity. The number of Injstees is five, as pres¢ribed by the trust deed. The skills and knoledge required include medical knowledge. legal. investment and an understanding of research. There have been no changes lo the Chair or other Trustees during 2022. rrnstees Induction and Tralnlng Naw Irusteas are givén a dètailèd 8xplanalion of the work of the charity. They arg also gulded through the Trust Deeds which established the charity with particular emphasis on the objectives. Visi15 to the Cardidogy Department al Ihe Belfast Trust are arranged at inteNals lo allow the trustees to develop a good undèrstanding of the organisalion which the charity was established to support. Such visits had not occurred during the COVID pandemic but a visit was restabliShed during 2022. Oryanisation Struoturn The trustees usually meet two or three times a year, endIng on 8ppli¢alions and financial commilmants. Di5CUS5ion and decisions taken are re¢ordd in the minutas of @ach meeting. In the event of an issue having no overall consensus, decisions are taken by a majorty of vote. Face lo face eelings were re-estsblished during 2022 one in April 8nd 8 second meeting in October. This latter meeting was combined with a visit lo the Cardiology Department whet8 8s well as the routine business agenda we had presentations from the staff who were receiving research grants from the Heart Trust Fund. We also had the opportunity lo meet their supervisors and other departmental staff. Related Partios and Co-operalion wlth othw Organisations As dictated by our Trust Deed, one of OLJr trustees is appointed by the Cardiology Departrnenl of the Royal Victoria Hospital. the organisation which the Charity was established to support. Risk Managam•nt The Charty does not recognise any "major risks. In order lo meet th8 unlikely risk of legal challenge the Trustees have pul in place appropriate insuran.
The Heart Trust Fund (Belfast Heart Centre) Trustees. Annual Report lunllnu9d) Year ended 31 December 2022 Objectiv•s and activities The objectives of th8 fund are Sel out in the 1990 Trust Deed wth the name ch8ng8 updated in Deeds of Retirement and Appointment of New trustee5 in 2021 and are as follows.. . The advancement and support of the Belfast Heart Centre. The promotion and support of Cardiac Res&arch in the Belfast H&art Cenlre. The promotion of high standards of patient care in Beast Heart Centre. The provisicsn of facilities and services for th9 caré of pati8nts requiring care in the Belfast Heart Centre. The promouon of high stsndards of patient care in Surgical Cardiology at the region81 centr8 in Belfast. The provision of facilities and seNices for the care of patients requiring Surgical Cardiac treatment at the at the regional c8ntre in Belf8sI. The promotion and advaneernenl of hospttal research into medical and surgical treatment in cardiac disease in Northem Ireland. Public Benefit The Trustees, having regard to the Northèrn Ireland Charity Commission guidance on public benefit. have reviewed the activities of the Trust and the work at the Belfast Heart Centre which the Trust supports. Public health of the population of Northern Ireland is benefitted in a variety of aspects of cardiac care and a secbon on the application form for grants now requests clinical or soThetal impact to be addressed. Achlevements and performance Duiing 2022 the Trust continued to fund a variety of projects. one project continued which had commenced in February 2021 initially as a iwo year project bul subsequently approved for a three year PhD. A further Iwo year project for an MD commenced in August 2022. A grant was approved for a third project to run over years whith is due to commence during 2023. No applications were reiVed to support staff training during 2022. The Heart Tiust Fund website was up¢Jated during the year using an extemal source who will also maintain it.
The Heart Trust Fund (Belfast Heart Centre) Trustees. Annual Report (contlnu•LIJ Year 8nded 31 December 2022 Financial revièw The financial position of The Heart Trust Fund In 2022 showed a decrease in lotsl value of 10.20A. Expenditure was higher than the previou5 kn years as research recommenced following the pandemic. Total income generated from investments and donations was £193.448, an increase from the previous year due to a generous bequest from fvyo estates. The investment management costs associated with running the Trust and its inveskn8nts was £14.812 equivalent to 7.SQA of gross income. Resee$ Pollcy It is our policy lo retsin a cash reserve of approximately 50% of our average dnnual expenditure. At the Of year our cash reserve was £148.439 well in excess of our target amount. Investment Pollcy We maintain 8 statement of Investment Policy whlch continues to be revlewed on an annual basls. Plans for future periods We will continue to support the work in the Belfast Heart Centre as well as offertrbg sorne training support to nursing staff in other ¢ardiology departments within Northem Ireland. Post Year End Impa¢t gf Covld-19 Research aclivty appear5 to be baGk lo normal in the Belfast Heart Centre post Covid-19 and the expe¢tsli)n is that application5 for research grants will conts.nue as previously. The Charity finance5 appear lo be faidy stable al present. Funding for projects is from income generated from investments with some income from individual donations. The Trustee meetings have settled to Iwo each year, face to face and can be increased if required. Financially the Trust is stablo and iii u good position lo maintain ils objectives in the year ahead. The trustees, annual report was approved on 10th August 2023 and signed on behalf ol the trx)ard of trustees by.. Dr R A Hamilton (Chairperson) Trustee rofessor J McLaughlin Trustee
The Heart Trust Fund (Belfast Heart Centre) Independent Examinerfs Report to the Trustees of The Heart Trust Fund (Belfast Heart Centre Year ended 31 December 2022 I report lo the Irusl8es on my examination of the financial statements of The Heart Trust Fund18eWasl Heart Cenlrel I'lhe charity'l for the year ended 31 December 2022. Responsibilities and bas1$ of report As the trustees of the charity you are responsible for the prepafftlion of the financial statements in accordance with the requirements of the Charities Act (Northern Ireland) 2008 Ilhe '2008 Acl'l. You are satisfied that your charity is not required by charily law lo be audited and have chosen instead to have an independent examination. I report in respect of my examinatlon of the charity's financial stalernents as carried out under section 65 of the 2008 Act. In carrying out my examination I have followed the general Directions given by the Charity Commission for Northern Ireland under section 6519}Ib) of the 2008 Act. Independent examIneS statement I hav8 complètgd my examination. I conflrm that no mattèrs have come to my attentlon In connection with my examinallon giving me cause lo believe that in any material respect= accounting records were not kept as reqUId by with section 63 of the 2008 Acl., or the financial slalements do not accord with those records. or the financial 51alements do not comply with the accounting requirements of the 2008 Act., or th8 financial slalements do not comtly with the applicable requir8ments conceming the form and content of acccwnts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a Irug and fairf Mew which is not a matter considered as part of an independent examination. I confirm that there are no other mattèrs lo which your attention should be drawn lo enable a proper understanding of the accounts lo be reached. Finegan Gibson Ltd Independenl Examiner Causeway Tower 9 James Street South Belfast 8T2 8DN l O August 2023
The Heart Trust Fund (Belfast Heart Centre) Statement of Financial Activities Year ended 31 December 2022 2022 Unrestrici8d funds Total funds Tot81 funds 2021 Ngte Income and endowments Donations 8nd legacies Investment income 129.590 63.858 129.590 63.858 13.858 64,066 Total Incorno 193.448 193.448 77.924 Expenditure Expenditure on raising funds- Costs of raising donations and legacies Investment rnanagement costs Expendlture on charitable activities Total expenditure 12161 1216) 114.612} (14,6121 {119,1391 1119,139} {133.9671 1133.967) (3031 115.1671 175,5161 190,9861 Net Ilossesygains on invaslmgnls 10 {356.0471 1356,047) 291.032 Net lexpenditurevincome and net movoment in funds {296.5661 1296,566) 277.970 Reconclllation of fund$ Total funds brought forward Total funds carried fonvard 2,903,110 2,903,110 2,625,140 2.606,544 2.606,544 2.903.110 The statement of financial actlvities includes all gains and losses recognise(l in the year. All income and expenditure derive from continuing activitles. Th• not•s on pagas 8 to 15 form part of thèsè financial ststamènts.
The Heart Trust Fund (Belfast Heart Centre) Statement of Flnancial Position 31 December 2022 2022 2021 Fixed assets Investments 14 2.673,024 2,921.886 Current assets Debtors Cash al bank and in han 15 354 350 9,044 354 9,394 Credltors: amounts falllng due wlthln one year Net current li8bllltles 16 66.834 28,170 18,776 66.480 Total assets less current Ilabllftle$ 2,606,544 2,606.544 2,9)3,110 2.3,110 Net assets Funds ofthe charlty Unreslricled funds 2,606.544 17 2,606.544 2,903,110 2.903,110 Total charlty funds These flnandal slalemenls were approved by the board of trustees and aulhorised for issue on 10 August 2023, and are signed on behalf of the board by: Dr R A Hamilton (Chairperson) Trustee ssor J McL8ughlln ustee The notes on pa9e$ 8 to 15 form part of these financial stat•m•nts.
The Heart Trust Fund (Belfast Heart Centre) Notes to the Flnanclal Statements Year ended 31 December 2022 General information The charity is a public benefit entity and a registered chaity in Northern Ireland and is unincorporated. The address of the principal offe is 9b Castle Street, Comber, Newtownards, BT23 5DY. Statement of compllance These financlal statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Slalement of Recommended Practice applicable lo charilies preparing their accaunls in accordance v4ith the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} (Charities SORP (FRS 1021) and the Charities Act {Northern Ireland) 2008. Accounting policies Basis of preparation The financlal slalemenls hav8 been pr8pared on the historical cost basls. as modlfigd by the revaluation of certain financial assets and liabilities and investment properties measured al fair value through income or expenditure. Tha financial statements are prepared in sterling. which is the functional curiency of the entity. Going concern Thefe are no material uncert81nties about the charitys ability lo continue. Di$¢losure exemptions The charity has taken advantsge of the exemption in SORP 2015 from the requirement to produce a cashffow statèmènt b8cause il is a small charity. Judgaments and key sources of eslimation uncertainty Th6 preparatlon of the financial ststements requires management lo make judgements. eslimales and assumptions that 2ffecl the amounts reporteé. These eslimales and judgements are Gontinually reviewed and are based on experience and other factors. including expectations of future events Ihat are believod lo be reasonable under the circumstances. Fund accounting Unrestrlcted fund8 are available for use al th8 discretion of the trustses lo furthar 8ny of the charbty's purposes. Designated funds are unreslrlcled furKls eanmarked by the Iruslees for particular future project or commitment. Reslrittled funds a subjected to reslriclions on their expenditure dedared by the donor or through the terms of an appeal. and fall into one of sub-dasses.. restricted income funds or endowment funds.
The Heart Trust Fund (Belfast Heart Centre) Notes to the Financial Statements (contlftuedj Year ended 31 December 2022 Accounting policles (¢onflnuedJ Incoming resources Al incoming resources are included in th8 Stat8m8nt of financial aclivitl8s when enlillemenl has PaSS8d lo the charity.. it is probable that the economlc benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following Splf1¢ pdicies are apptied to particular categorbes of income.. incoffte from donations or grants is recognised when there is evidence of enlillemenl lo the gift, receipt is probable and its 8mount Can be measured reliably. legacy income is recognised when receipt Ss probable and entiljemenl is established. income from donated goods is measur8d at the fair valuè of the goods unless this is impr8cllcal to measure reliably. in which case the v81ue is derived from the cost lo the donor or the eslimate(S resale value. Donated facilities and services are racognised in the accounts when received if the value can be reliably measured. No amounts are included for the conlribution of g8naral voluntgers. income from conlracls for the supply of services is recognised with the delivery of the onlracted Service. This is dassified as unrestricted funds unless there Is a contractual rUIrement for il lo be spent on a particulai purpose and returned if unspent, in which case it may be regarded as restrictad. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classified under headlngs of the statement of financial aelivilies to which it relates-. expenditure on r8isino funds includes the costs of all fundraising aclivilies, events, non-ch8rilable tr8ding 8Ctivities. and the sale of donated goods. expenditure on charitable activi118s includes all costs ineurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries. including those support costs and Costs relating lo the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither relal8d lo raising funds for the harity nor part of its expenditurè on charrtable activities. I costs are allocated 10 9xp8ndilure calegorios reflecting the use of th8 f8SDurce. Dir8Ct costs allributabla to a single activity aTe allocated direcdy to that activity. Sharèd costs are apportioned bettveen the aCtivleS they contribute to on a reasonable, justifiable and consislenl basis. Tangible assets Tangible assets are Inltially recorded at cost. and subsequently stated al ¢ost less 8ny accumulated depreciation and impairment losses. Any tangible assets carried at rèvalued amounts are recorded at the fair value al the dale of revaluation less any subsequent accumulated depreciatbon and subsequent accumulated impairment loss6s.
The Heart Trust Fund (Belfast Heart Centre) Notes to the Financial Statements Icontlnuodj Year ended 31 December 2022 Accounting policies (contlnued) Tangtble assets {contlnu8dJ An increase in the caryng amount of an asset as a result of a r8valuat¢on, is recognised in oth8r recognised gains an(J losses. unless il reverses a chargè for impairment that has PTeviously been recognised as expenditure within the statement of financS8l activbties. A decrease in the carrying amount of an asset as a result of revaluation, is recA)gnised in other recognised gains and losses. except lo which il offsets any previous revaluation gain. in which case th8 loss is shown within other recognised g8ins and losses on the statement of financial activilles. Depreciation Depreciation is eal¢ulaled so as lo write off the cost or valuation of an asset. less its residual value, over the useful economic life of that asset as follows.. Fixtures and fittings 25Yo straight line Investments Unlisted gquity investments are initially recorded at cost, and subsequenuy measured at fair value. If fair value cannot be reliably measured. assets are measured al cosl less impairment. Listed investments are measured at fair value wllh changes in tair value being recognised in income or expenditure. Impairment ot flxgd assets A rgview for indicators of impairment carried out al each reporting dale, with the recoverable amount belng estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impaimienl tesung, when It is not possitAe lo estimate the recoverable amount of an individual assel, 8n estimate is made of the recDverable amount of the cash-generaling unit to which the asset belongs. The cash-generating unit is th8 smallèst Identrfiable group of assets that indudes the asset and generates cash inflows that larg81y Independent of the cash inflows from other assets or groups of assets. For impairment testing ol goodwill, the goodwill acquired in a business combinalion is, from the 8cquisilion date. allocated to each of the c8sh-generating units that are expected to benefrt from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assign8d lo th¢)se units. Flnancial instruments A financial asset or a financial liability is recognised only when the charity becomes a paty to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any relaled trans8¢lion costs. crn1 assets and current liabilities are subsequently Measured at the cash or other consideration expected lo be paid or ceIVed and not discounted. 10
The Heart Trust Fund {Belfast Heart Centre) Notes to the Flnanclal Statements Iconllnuedj Year ended 31 December 2022 A¢¢ounting policies (Gofillnuodl Financial instrumants (nnodj Debt instrumènts are subsequently measured al amortised (x)sl. Where investments in shares are publidy traded or their fair value can otherwse be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. Al other such investments are subsequently measured at cost less impairment. Other financial inslrurnenls. including derwatwes, are initially recognised al fair value. unless payment for an asset is deferred beyond normal business temis or fInand at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted al a market rale of interest for a similar debt instrument. Other financi31 instruments are subsequenlly measured at fair value. with any changes recognised in the ststement of financial aclNilies, with the exception of hedging instruments in a d8signated hedging relationship. Financial assets that are measurgd al cost gr amort15ed Gost are reviewed ft)r objective gvidence of impairment at the end of each reporting dale. If there 15 objective evidence of irnpaiment, an impaimient loss is recognised under the appropriate heading In the stalernenl of financial activities in which the initial gain was rOgNISed. For all equity instruments gardleSS of significancé, and other financial assets that are Individually significant. theso are assessed indlvidually for Impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characterislics. Any reversals of impairment a cOgnised immediately. lo the extent that the reversal does not result in a rryIng amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Donatlons and legacles Unrestricted Totsl Funfls Unrestricted Totsl Funds Funds 2022 Funds 2021 Donations Donalions 916 916 4.374 4.374 Legacie5 Legacies 128,674 129,590 128,674 9,484 9,484 13.858 129.590 13,858 11
The Heart Trust Fund (Belfast Heart Centre) Notes to the Flnancial Statements Iconlinued) Year ended 31 December 2022 Investment Income Unrestricted Total Fund5 Unrestricted Total Funds Funds 2022 Funds 2021 Income from UK listed investments Bank interest weiv8ble 63,813 45 63,813 45 64,059 64.059 63,858 63,858 64,066 64,066 Costs of raising donation5 and legacies Unrestricted Total Funds Unreslrlcted Total Funds Funds 2022 Funds 2021 Costs of ralsing donations and legacies Donations 216 216 303 303 Invostment management costs Unreslricled Total Funds Unrestricted Total Funds Funds 2022 Funds 2021 Investmer¢t managemenl fees 14,612 14,612 15,167 15,167 Expenditure on charitable activities by actlvlty type Activities undertaken direclty Support costs Total funds 2022 Total fund 2021 Support to the Reglonal Medical Cardiology Centre al RVH Governance costs 113.595 3,676 1,868 5,544 117,271 1,868 73.760 1,756 113,595 119,139 75.516 Analysls of support costs Support lo the Regional Medic81 Cardiology Centre at RVH Totsl 2022 Total 2021 Premises Communications and IT Goneral office Govemance costs 958 436 1.820 1.869 958 436 1.820 1.869 1,481 999 1.831 1,906 6,217 5.083 5,083 12
The Heart Trust Fund (Belfast Heart Centre) Notes to the Financial Statements l¢pntinu¢dJ Year ended 31 December 2022 10. Nel (10g$esllgains on Inv8stments Unrestricted Total Funds Unrestricted Total Funds Funds 2022 Funds 2021 Gainsl(losses) on listed investlnents 1356.047) {356.0471 291.032 291,032 11. Independent •xamin¥tion fee8 2022 2021 Fees payable to the independent examiner for.. Independent examinatson of the financial statements 1.806 1.702 11 Trustee remuneration and expenses No remuneration or other benefrts from employment with t1& charty or a related entity were reiVed by the trust99$. 13. Tanglble flxed 8SS¢ts Flxtures and fittlngs C05t At 1 January 2022 and 31 December 2022 Depreclatlon At 1 January 2022 and 31 December 2022 Carrying amount At 31 December 2022 450 450 Al 31 December 2021 I Investrnents Cash Dr ¢a5h Listed equivalents investments Total Co$t or valuation Al 1 January 2022 Additions Disposals Fair value movemen15 Other movements 138.607 {516,7771 419.424 2.783,279 516,777 1419,4241 1356.0471 2,921.886 {356,0471 107,185 107,185 At 31 Dacember 2022 148,439 2,524.585 2,673,024 Carrying amount At 31 December 2022 148,439 138,607 2,524,585 2,783.279 2.673.024 At 31 De¢ember 2021 2.921.886 13
The Heart Trust Fund (Belfast Heart Centre) Notes to the Financial Statements l¢ontlnued) Year ended 31 December 2022 14 Investments (contlnuerfj All investments shown above are held at valuation. Llstèd Investments The aggregate market valu8 of listed inveslmenl81s £2,524.585 {2021.. £2,783.279). Financial assets held at fair valu• These investments were valued by Brewin Dolphin, BelfasL 1& Debtors 2022 2021 Prepayments and accrued income 354 350 16. Creditors: amount$ falling due within one year 2022 2021 Bank loans and overdrafts Accruals and deferred income 32,240 34.594 28.170 66,834 28,170 17. Analysi$ of ¢harltable funds Unrestricted funds At 1 January 20 22 At Galns and 31 December losses 2022 Income Expenditure General funds 2,903.110 193,448 1133,9671 1356,047) 2,606,544 At 1 January 20 21 At Galns and 31 December losses 2021 Income Expendilure General funds 2,625,140 77,924 190.9861 291,032 2.903.110 14
The Heart Trust Fund (Belfast Heart Centre) Notes to the Financial Statements Iconunuedj Year ended 31 December 2022 18. Analysls of net assets bgtwe8n funds Unrestricted Total Funds Funds 2022 Investments Current assets Creditors less than 1 year Net assèts 2,673,024 354 166,8341 2,606,544 2.673.024 354 166,8341 2.606.544 Unrestricted Total Funds Funds 2021 Investments Current assets Creditors less than 1 year Net assots 2,921,886 9.394 128.1701 2.903,110 2,921,886 9,394 128.1701 2.903.110 19. Related partios No related party transactions occurred during the 2022 year12021..NIL). 15
The Heart Trust Fund (Belfast Heart Centre) Management Information Year ended 31 December 2022 The following paggs do not fomi part of the financlal stat•monts. 16
The Heart Trust Fund (Belfast Heart Centre) Detailed Statement of Financial Activities Year ended 31 December 2022 2022 2021 Income and ondovmients Donations and legacies DDnalions Legacies 916 128,674 4,374 9.484 129,590 13,858 Invgstment Income Income from UK listert investments Bank interest receivable 63,813 45 64,059 63,858 64,066 Total Income 193,448 77,924 17
The Heart Trust Fund (Belfast Heart Centre) Notes to the Detailed Statement of Financial Activities Year ended 31 December 2022 2022 2021 Costs of raisSng donations and legacies Costs of raising donations and le9aci95 - Donations Fundraising costs 216 303 Costs of ralslng donatlons and legacles 216 303 Expenditure on charitablo actlvities Support to the Regional Mèdical Cardiology Centre at RVH Activities undertaken diTrectly Research grant costs Website costs 111.451 2.144 69,300 113,595 69.300 Support Gosts RGnl & ral&s Light & heat Insurance Secretarial expenses Telephone Poslage, stationery and advertising 650 650 104 727 1.803 999 177 764 1,625 436 195 3.676 4.460 Governance costs AccoLtntancy services Bank interest payable 1,806 62 1.702 54 1.868 1.756 Expenditure on charitable activities 119,139 75,516 Investment management costs Investm&nt management fees 14.612 15,167 Total axpendituro 133.967 90,986 Net11055es}Igains on investments Gainslllossesl on listed inveslrnenls {356,0471 291,032 Net lexpènditurelllncome (296,566} 277,970 18