nuffield farming scholarships trust (a company limited by … · 2016. 12. 7. · fbc manby bowdler...

Registered Number 4787639

Charity Number 1098519

Nuffield Farming Scholarships Trust (a company limited by guarantee)

Report and financial statements

for the year ended 5 April 2013

Registered Number 4787639

Nuffield Farming Scholarships Trust

Report and financial statements


Contents

Trustees’ and Advisers for the year ended 5 April 2013 ....................................................................... 1

Trustees’ report for the year ended 5 April 2013 .................................................................................. 3

Independent examiners’ report to the trustees on the unaudited accounts of Nuffield Farming

Scholarships Trust ................................................................................................................................ 6

Statement of financial activities (including summary income and expenditure account) for the year

ended 5 April 2013 ................................................................................................................................ 7

Balance sheet as at 5 April 2013 .......................................................................................................... 9

Accounting policies ............................................................................................................................. 11

Notes to the financial statements for the year ended 5 April 2013 ..................................................... 13

Detailed income and expenditure account for the year ended 5 April 2013 ....................................... 21

Notes to the detailed income and expenditure account for the year ended 5 April 2013 ................... 22

Nuffield Farming Scholarships Trust Registered Number 4787639

1

Trustees’ and Advisers


Chairman

S Watkins

Vice Chairman

W Hendrie

Trustees

A Blackburn (retired on completion of term with effect from 23 November 2012)

N Chippindale

R Cooksley (with effect from 23 November 2012)

J Darling

T Evans (retired on completion of term with effect from 23 November 2012)

J Franklin

C Grote (with effect from 23 November 2012)

W Hendrie

P Hughes (retired on completion of term with effect from 23 November 2012)

J Martin (with effect from 23 November 2012)

R Parker

N Pulling

I Tremain

S Watkins

H Woolley

Chief Executive

M Vacher (appointed as at 1 January 2013)

J Stones (resigned with effect from 1 January 2013)

Trust address

Southill Farmhouse

Staple Fitzpaine

Taunton

Somerset

TA3 5SH

Registered office

Nuffield Farming Scholarships Trust

c/o 28 Bedford Square

London

WC1B 3JS

Bankers

CafCash Limited

King’s Hill

West Malling

Kent

ME19 4TA


2

Solicitors

FBC Manby Bowdler

Rowan House South

1 Sitka Drive

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG

Independent Examiners

David Turner & Co Limited

Church Farm

Elmdon

Saffron Walden

Essex

CB11 4LT


3

Trustees’ report for the year ended 5 April 2013

The Trustees present their annual report and financial statements for the year ending on 5 April

2013. The Trustees have adopted the provisions of the Statement of Recommended Practice

(SORP) “Accounting and Reporting by Charities” issued in 2005 in preparing the annual report and

financial statements of the charity.

Status

The organisation is a charitable company limited by guarantee, incorporated on 4 June 2003 and

registered as a charity on 11 July 2003 under the number 1098519.

The company was established under a Memorandum of Association which established the objects

and powers of the charitable company and is governed under its Articles of Association.

Organisational structure

The charity is controlled by its Board. Under the company’s Articles of Association, ordinary

members of the Board are elected to serve for a period not exceeding six years. External and

ordinary members representing the membership are elected at the AGM. Representatives of the

Nuffield groups are elected by the annual meeting of the groups, whilst representatives of the

returning scholars are elected by their peers. The day to day management of the Trust is delegated

to the Director of the Trust, Mike Vacher who took over from his predecessor, John Stones, with

effect from 1 January 2013.

Members of the Board, who are directors for the purpose of company law and trustees for the

purpose of charity law, who served during the year and up to the date of this report are set out on

page 1.

Members of the charitable company guarantee to contribute an amount not exceeding £1 to the

assets of the charitable company in the event of winding up. The total number of such guarantees at

5 April 2013 was 508.

The Trust’s objectives

The Trust will give study grants to suitable candidates to further the practice of agriculture,

horticulture, forestry and countryside management, to impart information gathered widely and to

provide leadership for rural industries.

Activities

In 1946, the Nuffield Foundation decided to sponsor travelling scholarships for established farmers

and horticulturalists, with the object of advancing standards in the UK, and for the first ten years the

Foundation not only organised but financed the scheme in its entirety. In 1956 the agricultural

industry was called upon to raise the funds necessary to finance the travel and incidental expenses

of scholars, the Foundation continuing to bear all other charges and to employ staff at Nuffield Lodge

in order to administer the scheme. In 1970 it was decided to form an independent registered charity

to take over all of these activities and Nuffield Farming Scholarships Trust was the result of this

decision. On 8 November 2002, a resolution was passed to authorise the original Trust to transfer all

of that charity’s assets to a newly incorporated entity limited by guarantee which was enacted on

5 April 2004.


4

The Trust carries on certain other activities in addition to fundraising and administering the annual

scholarships. These include: hosting visiting scholars from overseas, arranging conferences,

briefings and training programmes for Scholars, (including the Annual Conference and the Annual

Meeting of the Trust), supporting study groups for existing scholars and continually liaising with

overseas Nuffield Farming Scholarships organisations.

During the period the Trustees have implemented the changes to the annual timetable and taken

forward other strategic initiatives. In addition they have recruited a new Director.

The charity trustees have referred to the Charity Commission guidance on public benefit when

reviewing the objectives and in planning future activities.

Financial summary

The gross resources arising in the year amounted to £361,186 (2012 £304,107).

During the year 22 awards were made at a cost of £304,342 (2012 20 awards at a cost of £248,670).

Other costs borne by the Trust amounted to £92,356 (2012 £76,802).

Related parties

On 5 April 2004, assets and liabilities were transferred from the original charity of the same name at

their net book value using the merger method of accounting for incorporations in accordance with the

Deed of Incorporation with the exception of donations and subscriptions receivable were received

under gift aid, the associated tax refund due from H M Revenue & Customs and the Barclays bank

account in which subscriptions and donations are deposited by the donors. These assets were held

on trust by the original charity. The original charity annually gifted its net incoming resources to the

incorporated charity.

On the 7 February 2008 the trustees of the original charity decided to dissolve the charity and to

transfer all remaining assets and activities to the incorporated charity. Following the transfer the

original charity was dissolved under the charity merger provisions of Section 74C of the Charities Act

1993. Thus entitlement to potential future legacies and other income will transfer to this charity.

Reserves and investment policy

Total funds of the Trust as at 5 April 2013 amounted to £813,619 (2012 £771,639) whilst free

reserves (which include surplus funds held as unrestricted investments in order to generate income)

stand at £686,210 (2012 £633,274). The funds have arisen from prudent investment of surpluses

when these occurred. The reserves are held to smooth the flow of monies from one year to another

and as a means of financing the cost of administration of the Trust. The Trustees feel that it is

prudent to retain reserves that will ensure the Trust can meet the cost of administration for a

minimum of two years.

The Memorandum of Association gives the charity powers to make and hold investments. The

trustees have considered the most appropriate policy for investing funds and decided that

specialised unit trusts, designed for the charity sector and acting as tracker funds, together with high

interest accounts, fulfils their requirements to generate income and protect the capital contained

therein.


5

The market value of the Trust’s investments at 5 April 2013 was £801,920 (2012 £735,306) against

their historical cost of £724,429 (2012 £613,953). The Trustees retain in the General Reserve any

growth in value of their invested funds and any surplus from the operating of the Trust while seeking

to fulfil its objectives; particularly where this arises from Scholars’ donations which it is generally

understood are made to assist in the administration of the Trust.

The Trustees are prepared to expend up to 5% of the General Reserve in any one year if they feel

that a good case has been made for doing so. The Trustees will review the policy annually.

Risk

The Board regularly review the risks to which the charity may be exposed and can confirm that

systems have been established to mitigate those risks. Scholars are required to arrange travel

insurance and sign contracts which include a disclaimer. This remains under constant review.

Statement of trustees’ responsibilities

The trustees are responsible for preparing the Annual Report and Financial Statements in

accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under

that law the trustees have elected to prepare financial statements in accordance with United

Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and

applicable law). The financial statements are required by law to give a true and fair view of the state

of affairs of the charitable company at the balance sheet date and of its incoming resources and

application of resources, including income and expenditure, for the financial year.

In preparing those financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to

presume that the charity will continue in operation.

The trustees confirm that they have complied with the above requirements in preparing the financial

statements.

The trustees are responsible for maintaining proper accounting records which disclose with

reasonable accuracy the financial position of the charitable company and which enable them to

ensure that the financial statements comply with Companies Act 2006. They are also responsible for

safeguarding the assets of the charitable company and hence for taking reasonable steps for the

prevention and detection of fraud and other irregularities.

Small company exemption

This report has been prepared in accordance with the Statement of Recommended Practice –

Accounting Reporting Charities and in accordance with the special provisions of Part VII of the

Companies Act 2006 relating to small entities.

Approved by the trustees on and signed on its behalf by:

S Watkins W Hendrie

Chairman Vice-Chairman


6

Independent examiners’ report to the trustees on the

unaudited accounts of Nuffield Farming Scholarships Trust

I report on the accounts of the charity for the year ended 5 April 2013, which are set out on pages 7 to 20.

Respective responsibilities of trustees and examiner The trustees (who are the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under Section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a member of The Institute of Chartered Accountants in England and Wales.

Having satisfied myself 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 145 of the 2011 Act;

• follow procedures laid down in the general Directions given by the Charity Commission under Section 145(5)(b) of the 2011 Act; and

• state whether particular matters have come to my attention.

Basis of independent examiner’s report My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement In connection with my examination, no matter has come to my attention:

(1) which gives me reasonable cause to believe that, in any material respect, the requirements:

• to keep accounting records in accordance with Section 386 of the Companies Act 2006; and

• to prepare accounts which accord with the accounting records, comply with the accounting requirements of Section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

David Turner Chartered Accountant David Turner & Co Limited Church Farm Elmdon Saffron Walden Essex CB11 4LT


7

Statement of financial activities (including summary income and expenditure account)


Note Unrestricted fund

Restricted fund

Endowment fund

Total funds 2013

Total funds 2012

£ £ £ £ £

Incoming resources

Incoming resources from generated funds

Voluntary income 1

- Donations 18,255 - - 18,255 12,450

- Scholars donations (including gift aid) 55,698 - - 55,698 51,676

Activities for generating funds 2,813 - - 2,813 3,251

Investment income 25,541 284 - 25,825 26,820

Incoming resources from charitable activities 2

Sponsored scholarships 60,000 170,350 - 230,350 187,275

Income from other activities 28,245 - - 28,245 22,635

Total incoming resources 190,552 170,634 - 361,186 304,107

Resources expended

Costs of generating funds

Costs of generating voluntary income 3 6,252 - - 6,252 7,029

Cost of goods sold 4 2,656 - - 2,656 476

Cost of charitable activities

Scholarships 5 144,342 160,000 - 304,342 248,670

Cost of other activities 6 59,474 - - 59,474 43,702

Governance costs 7 23,974 - - 23,974 25,595

Total resources expended 236,698 160,000 - 396,698 325,472


8

Note Unrestricted fund

Restricted fund

Endowment fund

Total funds 2013

Total funds 2012

£ £ £ £ £

Net incoming/(outgoing) resources before

other recognised gains and losses

(46,146) 10,634 - (35,512) (21,365)

Other recognised gains and losses

Unrealised gains/(losses) on investments 77,492 - - 77,492 (14,303)

Net movement in funds, page 21 31,346 10,634 - 41,980 (35,668)

Balances brought forward at 6 April 2012 674,140 32,564 64,935 771,639 807,307

Balances carried forward at 5 April 2013 705,486 43,198 64,935 813,619 771,639

All activities derive from continuing operations.


9

Balance sheet

as at 5 April 2013

Note Unrestricted funds

Restricted funds

Endowment funds

Total funds 2013

Total funds 2012

£ £ £ £ £

Fixed assets

Investments 9 674,511 62,474 64,935 801,920 735,306

Current assets

Stock 4,363 - - 4,363 5,092

Debtors 10 64,452 - - 64,452 152,881

Cash at bank 161,521 - - 161,521 85,609

230,336 - - 230,336 243,582

Creditors: amounts falling due within one

year

11 (218,637) - - (218,637) (207,249)

Net current assets 11,699 - - 11,699 36,333

Total net assets 686,210 62,474 64,935 813,619 771,639

Restricted funds 12&13 - 62,474 64,935 127,409 138,367

Unrestricted funds

General 686,210 - - 686,210 633,272

686,210 62,474 64,935 813,619 771,639


10

The directors are satisfied that the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 and that members have

not required an audit in accordance with Section 476.

The directors acknowledge their responsibilities for:

i ensuring that the company keeps accounting records which comply with Section 386; and

ii preparing accounts which give a true and fair view of the state of affairs of the charitable company as at the end of the financial year and of its profit

or loss for the financial year in accordance with the requirements of Section 396 and which otherwise comply with the requirements of this Act

relating to accounts, so far as applicable to the charitable company.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime under the

Companies Act 2006 and the Financial Reporting Standard for Smaller Entities (effective January 2007).

The financial statements were approved by the Trustees on and signed on their behalf by:

S Watkins W Hendrie

Chairman Vice Chairman


11

Accounting policies

Accounting convention

The financial statements are prepared under the historical cost convention, with the exception of

investments which are included at market value, and in accordance with the Financial Reporting

Standard for Smaller Entities (effective 2007), the Companies Act 2006 and follow the

recommendations in Accounting and Reporting by Charities: Statement of Recommended Practice

issued in March 2005.

Donations, legacies and similar incoming resources

Donations, legacies and similar incoming resources are recorded in the statement of financial

activities as they become due. The value of services provided by volunteers has not been included.

Annual subscriptions are recognised in the period to which they relate.

Sponsorship receivable and payable

Sponsorship receivable is recorded in the statement of financial activities as soon as the charity has

entitlement to the income, there is certainty of receipt and the amount is quantifiable. Amounts

payable are recorded at the same time. Monies are agreed to be due when the scholars for the

relevant year are selected unless sponsorship has not been agreed in advance. Any amounts

received or due for sponsorship which have not been paid to the agreed recipient at the end of the

accounting period are carried forward in other creditors and amounts received in advance.

Investment income

Dividends are included in the statement of financial activities on receipt. Bank and other interest is

received gross of tax and included in the statement of financial activities on receipt.

Resources expended

Scholarships awarded are recognised in the year in which the award is agreed together with the

associated selection, briefing and award advertising costs incurred in the year, to the extent that the

conditions for payment have been satisfied.

Costs of other activities are recognised in the year in which they are incurred.

Governance costs are those incurred in connection with the management of the Trust’s assets,

organisational administration and compliance with constitutional and statutory requirements.

Overheads and directors’ fees and expenses are allocated between expense headings on the basis

of time spent.

Fixed asset investments

Investments held as fixed assets are stated at market value. Any loss or gain on revaluation is taken

to the Statement of Financial Activities. Profits and losses arising on the disposal of investments are

included in the Statement of Financial Activities as they arise, based on the brought forward value (or

cost for additions disposed of during the same year) of the investments sold.

Stocks

Stock consists of purchased goods for resale. Stocks of merchandise are stated at the lower of cost

and net realisable value.


12

Funds

The charity maintains various types of fund as follows:

• Unrestricted funds represent unrestricted income which is expendable at the discretion of the

trustees in furtherance of the objectives of the charity.

• Restricted funds represent donations, contributions and sponsored scholarships received

which are allocated by the donor for a specific purpose.

• Endowment funds represent donations received where the donor has stipulated that the

income may be used for general purpose, but the capital must be retained.


13

Notes to the financial statements


1 Incoming resources from generated funds

Unrestricted funds

£

Restricted funds

£

Endowment funds

£

Total funds 2013

£

Total funds 2012

£

Voluntary income

Donations 18,255 - - 18,255 12,450

Scholars’ donations 47,630 - - 47,630 37,600

Gift aid 8,068 - - 8,068 14,076

Activities for generating funds

Sales of merchandise 207 - - 207 51

Valuation movement (729) - - (729) -

Other fundraising activities 3,335 - - 3,335 3,200

Investment income

Dividends and interest 25,541 284 - 25,825 26,820

102,307 284 - 102,591 94,197


14

2 Incoming resources from charitable activities

Unrestricted funds

Restricted funds

Endowment funds

Total funds 2013

Total funds 2012

£ £ £ £ £

Sponsorship scholarships

Funds received - 170,350 - 170,350 117,275

Contributions to scholars selection and briefing 60,000 - - 60,000 70,000

60,000 170,350 - 230,350 187,275

Income and other activities

Conference income

- Winter conference 27,772 - - 27,772 21,316

Income from study groups 320 - - 320 1,275

Sale of reports 153 - - 153 44

Income and other activities 28,245 - - 28,245 22,635

88,245 170,350 - 258,595 209,910


15

3 Cost of generating voluntary income

Unrestricted funds

£

Restricted funds

£

Endowment funds

£

Total funds 2013

£

Total funds 2012

£

Director’s fees and expenses 5,743 - - 5,743 6,045

Website design and maintenance 129 - - 129 543

Other costs 380 - - 380 441

6,252 - - 6,252 7,029

4 Cost of goods sold

Unrestricted funds

£

Restricted funds

£

Endowment funds

£

Total funds 2013

£

Total funds 2012

£

Cost of merchandise 2,656 - - 2,656 476


16

5 Scholarships

Unrestricted funds

£

Restricted funds

£

Endowment funds

£

Total funds 2013

£

Total funds 2012

£

Scholarships awarded to individuals - 160,000 - 160,000 131,000

Scholarships withdrawn - - - - (5,000)

Selection and briefing expenses 69,266 - - 69,266 48,616

Scholars’ reports 12,603 - - 12,603 10,369

Costs of advertising scholarships 15,713 - - 15,713 14,414

Administration of scholarships 46,760 - - 46,760 49,271

144,342 160,000 - 304,342 248,670

22 scholarships (2012 – 20) were awarded during the year.

6 Cost of other activities

Unrestricted funds

£

Restricted funds

£

Endowment funds

£

Total funds 2013

£

Total funds 2012

£

Conferences

- Winter conference 32,103 - - 32,103 22,347

- Arden conference 6,432 - - 6,432 1,007

Arden award payments 12,555 - - 12,555 10,000

Study groups - - - - 1,082

Dissemination of information 8,384 - - 8,384 9,266

59,474 - - 59,474 43,702


17

7 Governance

Unrestricted funds

£

Restricted funds

£

Endowment funds

£

Total funds 2013

£

Total funds 2012

£

Director’s fees and expenses 11,486 - - 11,486 12,092

Insurance - - - - 831

Bank charges 715 - - 715 697

Meeting costs 5,875 - - 5,875 3,130

Legal and professional costs 1,800 - - 1,800 4,134

Independent examiners’ fees 1,960 - - 1,960 2,320

Bookkeeping costs 1,125 - - 1,125 484

Website design and maintenance 257 257 1,027

Other administration costs 756 - - 756 880

23,974 - - 23,974 25,595


18

8 Staff emoluments

The trust has no employees.

The Trustees did not receive any remuneration.

Trustees participating in the Award Selections received travelling expenses. If any Trustee is

required to attend an international meeting then travel and accommodation expenses will be

refunded.

9 Investments

2013

£

2012

£

Market value at 6 April 2012 735,306 748,913

Acquisitions at cost 25,706 25,375

Sale proceeds from disposal (36,584) (24,679)

Unrealised gains/(losses) in the year 77,492 (14,303)

Market value at 5 April 2013 801,920 735,306

Investments at market value comprise

Deposit accounts 81,594 92,471

Unit trusts 720,326 642,835

801,920 735,306

Investments at historical cost as at 5 April 2013 comprise

Deposit accounts 81,594 92,471

Unit trusts 642,835 521,482

724,429 613,953

Investments are revalued annually using published market values at the year end date.

10 Debtors

2013

£

2012

£

Tax recoverable on deeds of covenant and investment income 8,068 14,076

Donations and subscriptions receivable 2,395 1,785

Prepayments 1,877 2,500

Other debtors 52,112 134,520

64,452 152,881


19

11 Creditors – Amounts falling due within one year

2013

£

2012

£

Scholarships payable 196,500 164,395

Other creditors - 35,554

Accruals 22,137 7,300

218,637 207,249

12 Endowment funds

Endowment funds comprise the following resources which have been made available and which the

trustees are legally required to invest or retain for the charity’s purposes. As the trustees have no

power to convert these funds into income and apply them as such, the funds are shown as

permanent endowment.

Arden fund

£

Balance at 6 April 2012 and 5 April 2013 64,935

The Arden Fund has been established to finance a scholarship in memory of Frank Arden. Interest

arising on the permanent endowment is to be applied by the trustees for this purpose and is credited

to restricted funds.

13 Restricted funds

Zimbabwe Fund

£

British Potato

Council

£

Arden fund

£

Sarasin Alpha CIF

Income and

Reserves

£

Total

£

Balance at 6 April 2012 953 11,163 5,834 55,482 73,432

Movement in resources

- Incoming 48 86 157 - 291

- Outgoing - (11,249) - - (11,249)

Balance at 5 April 2013 1,001 - 5,991 55,482 62,474

The £55,482 held in the Sarasin Alpha CIF Income and Reserves account represents restricted

funds, previously held in the reinvested Nuffield Russia Trust. This action was agreed by the

trustees on 22 September 1999.

Where scholarship funds are received from organisations for restricted purposes, until the funds are

distributed to the individuals concerned, they are held separately from the other funds of the charity

as restricted funds.


20

The funds donated by the British Potato Council and accrued income thereon are to finance seed

potato scholarships. The funds contained in the Zimbabwe fund are allocated to scholars from

Zimbabwe and other South African countries.

14 Taxation

The charitable company is exempt from corporation tax on its charitable activities.


21

Detailed income and expenditure account


Note 2013

£

2013

£

2012

£

2012

£

Incoming resources

Sponsored scholarships 2 170,350 117,275

Contributions to scholars expenses 2 60,000 70,000

Donations received 1 18,255 12,450

Scholars donations and gift aid 1 55,698 51,676

Investment income 1 25,825 26,820

Conference income 2

- Winter 27,772 21,316

Study group income 2 320 1,275

Sales of reports 2 153 44

Sundry income 1 2,813 3,251

361,186 304,107

Resources expended

Scholarships awarded - 2013 5 154,000 -

- 2012 5 6,000 130,000

- 2011 5 - 1,000

- 2008 5 - (5,000)

Publication of scholars’ reports 5 12,603 10,369

Selection and briefing expenses 5 69,266 48,616

Cost of advertising scholarship 5 15,713 14,414

257,582 199,399

Conferences 6

- Winter 32,103 22,347

- Arden 6,432 1,007

Arden award payments 12,555 10,000

Study groups 6 - 1,082

Dissemination of information 6 8,384 9,266

General administration, page 22 79,642 139,116 82,371 126,073

Net resources before other

recognised gains/(losses)

(35,512) (21,365)

Unrealised gains/(losses) on

investments

77,492 (14,303)

Net movement in funds, per

page 8

41,980 (35,668)


22

Notes to the detailed income and expenditure account


Cost of generating

voluntary income

£

Cost of goods sold

£

Scholarships

£

Governance

£

2013

£

2012

£

General administration

Director’s fees 5,470 - 38,287 10,939 54,696 53,500

Director’s expenses 273 - 1,913 547 2,733 6,959

Telephone 78 - 539 154 771 1,423

Postage and carriage 97 - 682 194 973 1,421

Office stationery 188 - 1,317 375 1,880 1,042

Office machine maintenance 17 - 116 33 166

Website design and maintenance 129 - 901 257 1,287 5,163

Insurance - - - - - 831

Bank charges - - - 715 715 697

Meeting costs - - - 5,875 5,875 3,130

Miscellaneous expenses - - 2,086 - 2,086 127

Cost of merchandise - 2,656 - - 2,656 476

Legal and professional fees - - - 1,800 1,800 4,618

Independent examiners’ fees - - - 1,960 1,960 2,320

Bookkeeping costs - - - 1,125 1,125 -

Show costs - - 919 - 919 664

Per page 21 6,252 2,656 46,760 23,974 79,642 82,371

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