REGISTERED COMPANY NifMBER: N1643892 (Northern Ireland) REGISTERED CHARfTY NUMBER: 106675 Report of the Trusteey and Unaudited Flnanclal Statements for the Year Knded 31 March 2025 for Vault Artlst Studio$ M.B.McGrady & Co Chartered Accountants Suite 2B Cadogan House 322 Lisburn Road Belfast Co. Antrim BT9 6GH
Vault Artist Studios Contents of the Financial Statements for the Year Ended 31 March 2025 PAge Report of the Trusteej Independent EIner'S Report Statement of Flnancigl ActlvltAes Balance Sheet 8 to 9 Notes to the Flnanefi StAtements 10 tr) 16 Detailed Statement of Financial Activitie8 17 to 18
Vault Artist Studios Report of the Trustees for the Year Ended 31 March 2025 Sunllna of the ear The 2024125 year continued to present significant challenges for Vault Artist Studios, as the organisation worked to establish its identity and operations across two separdte buildings rather than a single, consolidated site. This transition required CODsiderable adaptation from tnembers, staff, and ITUStees, and shaped much of the orgaDisation's activity throughout the year. Members based at Slwjkill Mission faced particular challenges with building repairs, including a leabng roof. As result, some members were unable to fully access or use their studio spaces for periods of time, leading to disruption in artistic practice and continuity of Work. These challenges reinforced the ongoing impact that building Collditions and security of tenure have on the stability of the organisation and its n]embership. The precarious natt]re of operdting without a long-tern4 secure tenancy continued to place pressure on Vault Artist Studios during the year. Trustses recognise that it remains difficult to stabilise, plan, and the organisation without secure premxses, and that tbis Ternai a key stratsgic concern. The organisation therefore renInS committed to advocating for sustsinable, long-ternl space for artists in Belf&st, both for its own tUre and as part of a wider sectoral issue. In ¢ontras¢ the relocation of the gallery to Marlborougb House in Belfast city centre has had a markedly positive in]pact. Its central location enabled the gallery team to establish a vibrant and visible exhibition progranllne, significantly increasing opportunities to showcase members, work and to participate in city-wide initiatives such as Belfast Late Night Art. This Iw been a traDsfornMtive development for Vault Artist Studios, and trustses acknowledge the strong contribution of the gallery team in creating a culturally SIlficallt and welcoming space within the city ¢¢ntre. During the year, the or8anisation undertook a comprehensive m¢mber8bip survey better to understand men]ber denaphi¢s, needs, and shared values. The fmdings infornied a values-led strategic planning process led by the board and stsff, developed in support of a major funding application. While this application was ultimately unsuccessful, the proce&s itself strengthened orgaD-isational clarity, governance. and long-tern] planning, and will continue to underpin future development. Vault Artist Studios continued its partnership with Belfast Buildings Trust. Vault remained actively engaged in sector-wide discussioJ]s with other Belfast-based artist studios regarding the ongoing challenges of securing affordabEe and appropriate workspace. Trustees also contributed to discussions with Belfast City Council regarding Commissioned research exami these issues at a city-wide level. To support the practical operation of its buildings, the organisation appointed a new Facilities Officer during the year. This role has been instrunmtal in mallaging day-to4lay building iu¢S and coordinating responses to ongoing maintetvance challenges, particularly at Shankill MissioL The official opening of the Shanktll Mission building t¢x)k place during the year, marking an important milestone for the organisation. Trustees extend continued thanks to Argyle Business Centre for their generosity and practical support in enabling the use of this building. The opening of the dance studio at Sbankill Mission for both member and public bire has since proven to be a vital Tesource, supporting dancer men]beTS while also providing wider comn]uNty access to creative space. Despite ongoing challenges. Vault Artist Studios remains committed to supporting its members, 5trengthenxng organisational resilience, and continuing to work towards the long-terni goal of securing stsbl¢, sustainable premises. The dedication of member5, sts£ aud trustees during a period of continued uncertainty demonstrates the strength of the organisation and its ongoing relevance within Belfast's cultural infrastrncture. Over th¢ r¢porting period, Vault Artist Studios attracted llre than 5,000 visitors to its programme of exbibitions, workshops, talks, screenings. and art markets. Tbe programxne involved over 300 artists and enabled more than 400 participants to engage in workshops and classes facilitsted by members.
Vault Artist Sthdios Report of the Trustees for the Year Ended 31 March 2025 Ttees, staff, freelancers, and members continued to work collaboratively to strengthen organisational capacity through targeted fundraising activity. During the year. the organisation s¢cured support from a nutnber of key funding progrdmmes, including.. - Dornwit Accounts Fund (delivered by the National Lottery) - Belf&st City Council OrganisatioDal Support Grant - Arts Council of Northern Ireland Small Grants - Belfast City Council Small Grants In additio Vault Artist Studios continued to benefit from both f]nancial support and capacity-building assistance through the Arts & Business Nl Blueprint Progranllne. Despite a successful year of fimdraising, the organisation experienced a challenging financial year. Disruption arising from reloration and the work required to prepare the new buildings significantly affected earned income, with room hire revenue decreasing considerably. Rising energy costs also renwined a constant pressure, pa'cularlY in operating nd maintaining two separate buildings. Trustses Linda McBurney was appointed Chairperson in April 2024. Kristi Campbell was appointed Co-challperson in September 2025. Eoin McGinn w&8 appointed Secretary in April 2025. Emma Sbarye was appointed as a Trustee in April 2025.
Vault Artist Studios Report of the Trustees for the Year Ended 31 March 2025 OBJECTIVES AND ACTIvfTIES Objectives and ain (l) Promote arts and creativity to the general public in the GTeater Belfast area and its environs (the "area of benefit") by: (a) establishing and maintaining one or more Arts Centres that will provide affordabl¢ studio, office and space to Work for artists and craftspeople on tern]s appropriate to their It, enabling direct engagement with other artists, craftspeople and the public in a studio or workspace setting" (b) protnotmg, organising and delivering events which improve public access to, and participation arts and crafts. (c) organising workshops and seminars, and enabling the use of facilities by community groups and orgatiisatioDS: (d) encouTaging interest raising awareness of and fostering the development of creativelexperimental projects; (e) encouraging and fostering a view of the arts as a medium of iDforn]ation, expression and advanCenryt. (2) Promote cornrnunity development and the regeneration of local areas occupying fornKrly empty pren)iseslbuildmgs and, where appropriat¢, preserving, nAnta]n]llg and in¥>roving such facilities. What do we do and how do we do it
We salvage disused buildings as affordable space for people to make art and support creativity. We foster engagement amongst our members to develop new ways of working and strengthen our impact as L collective. We provide an alternative independent platforni for challenging and celebrating the arts. What nLqkeJ us different? Our tnembers cover a broad raoge of art and creative disciplines. Our independence allows us trj organise around their individual needs and invest in ea¢h other. Our collective attitude gives us the energy to affect the change that n]atteTS to us. Benefidari¢s OUT beneficiaties fall under three distinct categories: our members. to whom we provide affordable workspaces and support; other arts profe&8ionals and ¢omnllty wups who rent spaces on an adhoc basis. and the general public who attend our exhibitions and events. Membe We Provide affordable workspaces to our artist menthers. Our membership includes artists from across a wide Tange of creative disciplines and practices at all stsges of their careers. Our nmberS include those that work as.. Visual artists (in¢luding painters, sculptors, perforn]aDce artists, soulld artists, phOtOapherS, printinakers, craft makers, curators, street artists. textile artists. illustrators) FiInYneTS (including directors. producers, writers, animators, nwtion graphic designers, actors) Community artists and facilitstors Theatre makers (including actors, writers, directors, producers) OtILer perforniing artists (including ciwus, street perforn]ers, dancers, choreographers) Writers (including literature. graphic novelslcomic artists) Musicians (including songwTiters. singers, traditional musicians, bands, composers) Room reDtalJ We provide short terni r¢ntal opportunities to ails professionals, commullity groups and individuals. Uses of rent¢d spaces include.. Classes ( dancing, health and wellbeing (Yo8 pilates) Rehearsals (theatre, danc¢)
Vault Artist Studios Report of the Trustees for the Year Ended 31 March 2025
Youth groups Partnerships with other local arts organisations such &$ East Side arts, Belfast Buildings Trnst as venues Slgnifi¢ant aetivitiej Events Mutual Flux Pro The Vault Artist Studios Mutual Flux Progran)me was a multidiscipjinary, artist-led development initiative in Belfast runni througb in 24125, fimded by Belfast City cou11, offering skill-sharing, WOTkshops Oike poety, 3D modelling, finance), talks, and peer learning for local artists. aiming to foster Community and cr¢alive growth through events like "Anyone Can... ' sessions. It fOCed on hands-on learning* Collaboratio and pwtical skills for creatives. providing support and a vibrant space for artists to conllt and develop. e¢ts of Mutual Flux.. Artist-Led: Created and nm by members of Vault Artist Studios for fellow artists and students. Focus on Peer Learning: EMpl8]sed collaboration, skill-skning. and mutual support. Diverse Workshops: Included sessions on video content Creatio fuJallc¢ for creatives, 3D modellin& ¢asual letterin& and poety. cOmnllty Building: Designed to connect young ¢reativ¢s and provide a welcoming space. Funding: Supported by Belfast City Council's Art Sti10s Organisational Grant. Mutual Flux Events Finance For Artists by Sinéad ONeill Nicholl. Training. January 10th. Artist involv¢d: 15. Beneficiaries audience and participants.. 15 Arts Facilitation Training by Elaine Taylor. Workshop. February 27th. Artists involved: l6. Beneficiaries audience and participants.. 16 WhaVs Stopping You? Maknng Live Work by Alice Malseed. Workshop. March 21st. Artists involved: 7. Beneficiaries audience and participants: 7 ArtSpe8k Gmup Crits facilitated by Laura Nelson. Group Crit. Ja Feb, March. Artists involved: 15. Beneficiaries audience and participants: 15 STRuuRE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing docunlent, a deed of trust, and constitutes a limited con)anY, limited by guaTantee. as defined by the Companies Act 2006. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number N1643892 (Northern Ireland) Registered Charlty llumber 106675 Registsred office ShankiLL Mission Building 116 ShaDkill Road B¢lfast Co. Antrim BT13 2BD
Vault Artist Studios Report of the Trustees for the Year Ended 31 March 2025 Trustees L McBurney K Campbell M W Ditchfield M M Patton E McGinn E Sharpe (appointed 181412024) C B A Murphy (appointed 201312025) Company Seeretary K Campbell Kndependent Examiner Seamus McLernon M.B.McGrady & Co Chartered Accountants Suite 2B Cadogan House 322 Lisburn Road Belfast Co. Antrim BT9 6GH Approved by order of the board of trustees on ..... . and signed on its behalf by: L McBurney- Trustee
Independent Examiner's Report to the Trustees of Vault Artist Studioo I report on the accounts of the company for the year ended 31 March 2025. which are set out on pages seven to sixteen. Respective responslbilitieg of charity trustees and eIamlner As the ¢hariWs trustees (and also the directors for the purposes of company law) you are respoDsible for the preparation of the accounts in a¢¢ord&nce with the requirements of the Companies Act 2006. Having satisfied myseIf that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: examine the accounts under Section 65 of the Clwities Act follow the procedures laid down in the gener Directions given by the Cliarity CoJ])missioo for Northern Ireland under Section 65(9Xb) of the Clwities Act state whether particular matters have come to my attention. Basis of the independent eiAminer's report I have examined your clwity accounts as required under Section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the CEwity Con)mi5sion for Northern Ireland under Section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a con]paTison of the accounts presented with those records. It also included consideration of any unusual ltell OT disclosures in the accounts, and seeking explanations from you as clwity trustses concerning any such matters. My role is to state whether any material matters have Come to my attention giving me cause to believe: That accounting records were not kept in accorda¢ with Section 386 of the Companies Act 2006 That the accounts do not accord with those accounting re¢or(1s That the accounts do not comply with the accounting requirements of Se¢tion 396 of the Companies Act 2006 and with the methods and principles of the 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 That there is further inforniation needed for a proper understanding of the accounts to be reached. Independent exAminer's statement I have completed my examination and have no concerns in respect of the matters (l) to (4) listed above and, in connection with following the DiTectioDS of the Clwity Commission for Northern treland, I have found no matters that require drawing to your attention. Seamus McLernon M.B.McGrady & Co Chartered Accountants Suite 2B Cadogan House 322 Lisburn Road Belfast Co. Antrim BT9 6GH
Vault Artist Studios Statement of Financial Activfities for the Year Ended 31 March 2025 3113125 Tot21 funds 3113124 Total fundj Unrestrlcted fund Restricted fund Notes INCOME AND ENDOWMEY4TS FROM Donations and legacies 36,445 36,447 40,049 Charitable activitles General 65,434 119,563 184,997 137,735 Totsl 101,879 119,565 221,444 177,784 ExPElYDuRE OIY Raising fid$ 1,997 Charitable actlvitles General 94J50 107858 201.808 151,917 Other 874 20,766 21,640 36,212 Total 95,224 128,224 223,448 190,126 NET INCOMEI(EXPENDITURE) 6,655 (8,659) (2,004) (12,342) RECONCILIATION OF FUNDS Totsl funds brought forward 16,149 8,659 24,808 37,150 TOTAL FUNDS CARIUED FORWARD 22,804 22,804 24,808 The notes form part of these financial statements
Vault Artist Studlos Balance Sheet 31 March 2025 3113125 3113124 Notes FIXED ASSETS Tangible assets 13,798 11,633 CURRENT ASSETS Stocks Debtors Cash at bank 270 11,868 29.119 611 5,924 33,933 41,257 40,468 CREDITORS Amounts falling due within one year io (32351) {27,293) IYET CURRENT ASSETS 9,006 13,175 TOTAL ASSETS LESS CURRENT LIABILITIES 22,804 24,808 NET ASSETS 22,804 24,808 FUNDS Ulstric*d fund5 Restricted funds 12 22,804 16.149 8.659 TOTAL FUIYDS 22,804 24,808 The clwitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006. The trStee8 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) preparitig financial statements which give a true and fair view of the stste of affairs of the charitable con4)any at the end of each financial year and of its surplus or deficit for eacb financial year in accordance with the requirernents of Sections 394 and 395 and which otherwise conwly with the requirements of the Companies Act 2006 relating to financial statenlents, so faT as applicable to the cbaritable company. The notes forn) part of these financial statements continued...
Vault Artist Studios Balance Sheet - continued 31 March 2025 These financial statetnents have been prepared in accordance with the provisions applicable to clwitable companies 8ubje¢t to the small companies regime. The fin cial statements were approved by the Board of TTUStees and authorised for issue . and were signed on its behalf by: on L McBurney - Trustee The notes forni part of these fmancial statements
Vault Artist Studios Notes to the Financial Statements for the Year Ended 31 March 2025 ACCOUNTtNG POLICIES Bayis of preparing the fmancial statement$ The fll)ancial 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 Clwities: 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 l 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. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the fijnds, it is Probabl¢ that tbe income will be received and the amount can be measured reliably. Expendlture Liabilities are recognised &s expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable tbat a transfer of econon]ic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accountsd 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 b&sis consistent with the use of resources. T2ngible red assets Depreciation is provided at the following annual rates in order to vLte off each asset over its estimated useful life. Plant and machinery etc 25 % Straight Line Computer Equlpnnt 20 % Straight Line Stoeks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving itetL8. Taxatfion The charity is exempt from corporation tsx on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restrictsd funds can only be used for particutar restricted purposes within the objects of the charlty. Restrictions arise when specified by the donor or when funds are raised for particular restricted pury)oses. Furtller explanation of the nature and purpose of each fund is included in the notss to the financial statements. Pension costs and other post-retirement benefit8 The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable coMpanS pension scheme are charged to the statellnt of Financial Activities in the period to which they Telat¢. io continued...
Vault Artist Stsdios Notes to the Financlal Statements - continued for the Year Ended 31 March 2025 tNCOME FROM CHARITABLE ACTIVITIES 3113125 3113124 Total actlvlties General Grants Other clwitsble income Members Tental income Room Hire Jncome Member Events Income 119,857 1,486 40,215 18,109 5.330 85,341 5,484 35,453 5J30 6,127 184,997 137,735 Grants received, included in the above, are as follows: 3113125 3113124 Gener 119,857 85,341 NET llYCOMEI(EXPENDITURE) Net incomel(expenditure) is ststed after ¢harginW(crediting): 3113125 3113124 Depreciation- owned assets 6,717 6,709 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. Tru$teu' expenses There were no trustees, expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024. li continued...
Vault Artist Studios Notes to the Financial Statements - eontinued for the Year Ended 31 March 2025 STAFF COSTS The average monthly number of employees during the year was as follows.. 3113125 3113124 No employees received enlUIDents in excess of £60,000. COMPARATIVES FOR THE STATEMENf OF FINANCIAL ACTIVITIES Unrestricted fund Restricted fund Total funds LYCOME D ENDOWMENTS FROM Donations and legacies 40,047 . 40,049 Charitsble actkvltiej General 52,894 84,841 137,735 Total 92,941 84,843 177,784 EXPEM)ITURE ON Raising funds 1,997 1,997 Charltable activities General 75,058 76,859 151,917 Other 27,517 8,695 36,212 Total 104,572 85,554 190,126 1¥4ET INCOMEI(EXPENDITURE) (11,631) (711) {12,342) RECONCILIATION OF FUNDS Total fidS brought forward 27,780 9.370 37,150 TOTAL FUNDS CARRIED FORWARD 16.149 8,659 24,808 12 Continued...
Vault Artist Studios Notes to the Financlal Statements - continued for the Year Ended 31 March 2025 TAIYGIBLE FIXED ASSETS Fixtures and rittings Computer equipment Totals COST At l April 2024 Additions Disposals 28,990 5,175 (85) 5,625 4,110 (318) 34,615 9,285 (403) At 31 March 2025 34,080 9,417 43,497 DEPRECIATION At l April 2024 Charge for year 18J99 6J88 4,583 329 22,982 6,717 At 31 March 2025 24,787 4912 29,699 NET BOOK VALUE At 31 March 2025 9,293 4,505 13,798 At 31 March 2024 10,591 1,042 11,633 STOCKS 315 3113124 Stocks 270 611 DEBTORS: AMOUNTS FALLING DUE WITlllN ONE YEAR 3113125 3113124 Trade debtors Other debtors Prepaynents and accrued income 5,896 4,529 1,443 5,465 208 251 11,868 5,924 13 continued...
Vault Artist Studi05 Notes to the Financial Statements- continued for the Year Ended 31 March 2025 io. CREDITORS: AMOUNTS FALLING DUE THIN ONE YEAR 3113125 3113124 Trade creditors Social securlty and other taxes Other creditors Accrnals and deferred income 9JOS 3,452 1,421 17,873 420 1,198 25,675 32,251 27,293 ii. ANALYSIS OF NET ASSETS BETWEEN FUNDS 3113125 Total fuDds 3113ll4 Total fundj Unrestricted fund Restricted fulld Fixed assets Cuttent assets cUent liabilities 5,135 41,257 (23,588) 13,798 41,257 (32,251) 11,633 40,468 (27,293) (8,663) 22,804 22,804 24,808 12. MOVEMENf IN FUNDS Net movement in funds At 3113125 At 114124 Unrestricted funds General fund 16,149 6,655 22,804 Restricted funds Restricted funds 8,659 (8,659) TOTAL FUNDS 24,808 (2.004) 22,804 Net movement in funds, included in the above are as follows: Incomlng resources Resources ¢4nded Movement ill funds Unrestrlcted funds General fund 101,879 (95,224) 6,655 Restricted funds Restricted funds 119,565 (128224) (8,659) TOTAL FUNDS 221,444 (223,448) (2,004) 14 continued...
Vault Artist Stsdios Notes to the Financlal Statements - continued for the Year Ended 31 March 2025 12. MOVEMENT IN FUNDS- eontinued Comparatfves for movement in funds Net movement in funds At 3113124 At 114123 Unrestricted funds General fimd 27,780 (11,631) 16,149 Restricted funds Restricted funds 9,370 (711) 8,659 TOTAL FUNDS 37,150 (12,342) 24,808 ConaT8Ve net movement in fimds, included in the above are as follows: Incomtng resource$ Resources eended Movement in funds Unrestricted fundj General fund 92,941 (104,572) (11,631) Restricted funds Restricted funds 84,843 (85,554) (711) TOTAL FUNDS 177.784 (190,126) (12,342) A cuzrent year 12 months and prior year 12 months combined position is as follows.. Net ovement In funds At 3113125 At 114123 Unrestricted funds General fund 27,780 (4,976) 22.804 Restricted funds Restricted funds 9,370 (9,370) TOTAL FUNDS 37,150 (14,346) 22,804 15 continued...
Vault Artist Studios Notes to the Financial Statements - continued for the Year Ended 31 March 2025 12. MOVEMEI¥4T tN FUNDS - continued A cutTent year 12 months and prior year 12 months combined net movement in funds, included in the abov¢ are &s follows.. In¢oDJing resources Resources expended Movement in funds Unrestrfictsd funds General fund 194,820 (199,796) (4,976) Restrleted funds Restricted funds 204,408 (213,778) (9,370) TOTAL FUNDS 399,228 (413,574) (14,346) 13. RELATED PARTY DISCLOSURES There were no related paty transactions for the year ended 31 March 2025. 16
Vault Artist Studios Detailed Ststement of Flnancial Acdvltles for the Year Ended 31 March 2025 3113125 3113124 INCOME AND EiYDOWMENTS Donalfions and legacies Donations Subscriptions 2,337 34,110 7,030 33.019 36,447 40,049 Charitable activities Grants Other charitable income Members r¢ll income Room Hire tncome Member Events Income 119,857 1,486 40,215 18,109 5J30 85,341 5,484 35.453 5,330 6,127 184997 137,735 Totsl incoming resources 221,444 177,784 EXPENDITURE Other trading activitiej Bad debts 1,997 Charltable actlvlties Artist costs 12,296 10,241 Other Freelance & C&8ual staff wages 21,640 36,212 Support costs Management Wages Pensions Rates and watsr Insurance Light and beat Telephone Postage and stationery Advertising Sundries Repairs and Maintenance Legal and profe55ional Carried foThvard 66,857 1,996 7,471 1,080 37,983 1,957 1,774 1,105 2,574 50,906 7,338 181,041 35,572 743 11,776 975 21,621 1.367 1,123 4,424 9,782 43,470 3,323 134,176 This pag¢ does oot forni part of the statutory fjnancial statements 17
Vault Artist Studios Detailed Statement of Flnaneial Activitiei for the Year Ended 31 Marcb 2025 31n125 3113124 Management Brought forward Subscriptions Depreciation of tangible and heritage wets 181,041 353 7,120 134,176 150 6,709 188,514 141,035 Fhnance Bank charges 998 641 Total resources expended 223,448 190,126 Net expendithre (2,004) (12,342) This page doe8 not forni part of the statutory financial statements 18