The Women's League of Health & Beauty Charity Accounts

The Women's League of Health & Beauty Charity Accounts

FLEXERCISE WLHB - Company Information

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COMPANY REGISTRATION NUMBER: 00487405
CHARITY REGISTRATION NUMBER: 226127
The Women's League of Health & Beauty
Company Limited by Guarantee
Unaudited Financial Statements
31 March 2019
The Women's League of Health & Beauty
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2019
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
6
Statement of financial activities (including income and expenditure account)
7
Statement of financial position
8
Notes to the financial statements
9
The Women's League of Health & Beauty
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 March 2019
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2019 .
Reference and administrative details
Registered charity name
The Women's League of Health & Beauty
Charity registration number
226127
Company registration number
00487405
Principal office
PO Box 6981
Basingstoke
RG24 4GH
Registered office
c/o Richard Place Dobson
Chartered Accountants
1-7 Station Road
Crawley
RH10 1HT
West Sussex
The trustees
J Ross
K Davies
S Floyd
H Jordan
D Robinson
(Appointed 30 November 2018)
C Underhill
(Appointed 24 November 2018)
C Pointer
(Resigned 30 March 2019)
S Coulson
(Resigned 30 November 2018)
L Santos
(Resigned 31 July 2018)
G Whitelegg
(Resigned 28 March 2019)
Founder Mary Bagot Stack
Patron Sophie Ellis-Bextor
President Saba Douglas-Hamilton
Vice Presidents Isode McCullagh (deceased January 2019)
Margaret Peggie OBE
Rosemary Barber
Helen (Pikkie) Smith
Company Secretary Alison Howard (resigned 30 November 2018)
Richard Guy (1 December 2018 - 14 February 2019)
Independent examiner
Thomas McManners BSC ACA ACMI
Structure, governance and management
Governing document
Founded in 1930 by Mary Bagot Stack, the League was incorporated as a charity, limited by guarantee and is governed by its Articles of Association approved 27 November 2016. Under the Companies Act 2006 the League is permitted to omit the word 'Limited' from its title. All paid up FLexercise members and teachers automatically have voting rights within the Association. A portion of their membership fee is passed to the charity. Those who are not members or active teachers and wish to support the charity may do so by becoming a Friend of WLHB for a fee paid direct to the charity.
Appointment of Trustees
As set out in the Articles of Association, the Trustees are appointed by the members of the Association at annual general meetings. Trustees must retire at annual general meetings at least once every three years. At the end of the third term of their office, they shall automatically step down and may not be reappointed until the expiry of 12 months after the end of their third term of office. The Trustees meet at regular intervals throughout the year. There are several sub-groups, including events (production) and finance.
Risk Management
The Trustees have examined the major strategic, business and operational risks that the charity faces and confirm that systems have been established to enable reports to the produced so that the necessary steps can be taken to lessen the risks. A key element in the management of financial risk is the setting of a reserves policy and its regular review by the trustees.
Objectives and activities
The objectives of the charity are;
- to promote health, physical fitness, education and training through the teaching of the Bagot Stack exercise system by means of holding classes, and delivery of lectures, events and conferences for the benefit of the general public.
- to recruit and train teachers, trainers and assessors in the Bagot Stack exercise system and to grant certificates to such teachers as become duly qualified.
- to provide professional development training and courses for teachers and trainers and assessors of the Bagot Stack exercise system.
The Trustees confirm that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.
The charity carried out the objectives by the assisted funding of training of teachers and the promotion of physical education in the form of classes etc. all of which are available to the general public.
Achievements and performance
The social media presence during the financial year has increased and is showing promise in attracting interest from people to find out more, to follow us, and attend classes, as well as alerting them to the teacher training that is available. Many of the teachers have acquired their own social media reach and connections with other local groups. Raising the profile of FLexercise has been the aim and reports show that there is progress in this aspect. The teachers are paramount in continuing developing this strategy.
The training group has introduced Exercise Essentials, a one-day course for those already holding level 2 qualifications in a form of exercise, movement and dance. Three courses have been run and though this may not be providing new class members to the organisation it is giving the opportunity to share our exercise system to a wider audience with the Bagot Stack principles and technique being introduced by these teachers into their classes; thus achieving the charity's objective "to promote health, physical fitness, education and training through the teaching of the Bagot Stack exercise system .......... for the benefit of the general public". Additionally, three full courses have been completed and those qualified FLexercise teachers have opened and/or taken over classes. Another course commenced during the year and will complete in May 2019.
Investment in teacher training remains a goal for the trustees for without qualified FLexercise teachers there cannot be FLexercise classes. Expansion into the bereft areas of the UK would be an ideal so that FLexercise becomes a truly national brand but is very hard to achieve.
After participating in the Elevate exhibition- a trade show for the industry - links and contacts made were followed up. One being that FLexercise is now recognised by CIMSPA (Chartered Institute for the Management of Sport and Physical Activity). Teachers may become members of this professional body (or REPs Register of Exercise Professionals if they prefer). CIMSPA has given the opportunity for the Exercise Essentials course to be accredited as a recognised CPD course. The FLexercise teachers' national courses and regional sessions are accepted as recognised CPD which the teachers have to complete to continue their membership with CIMSPA and REPs.
Class memberships, which are recorded by EMD UK under the Licence Agreement, are an indicator of one of the charity's key objectives. For the membership year ended 31 August 2018, which falls in the period of these accounts, the adult class membership was 6,635 (6,875 for the year ended 31 Aug 2017). Though numbers are down in that period 16% were new members (1064).
EMD UK continue to manage the operational activities of the organisation under licence, this being the income from class memberships, teachers' affiliation, and the outgoings for training of new teachers, membership administration and circulation, marketing, promotion and the fees paid to the consultants (Teachers' & Members' Co-ordinator, Marketing and Development Co-ordinator, Social Media Co-ordinator and Training management co-ordinators).
This licence agreement also covers a share of the EMD UK office administration, civil liability insurance for the teachers and member to member cover. The arrangement leaves the charity to continue pursuing its objectives, as defined, from a stable financial standpoint.
There is no residual income payment, (a percentage of the surplus from the operational activities) for the 2018/19 year as operational expenditure exceeded income. This was anticipated and planned for by the Trustees. As the terms of the licence agreement provide that only up to 90%, of any surplus would be passed back to the charity, with the balance being held by EMD UK, the Trustees consider it prudent to spend all the income to FLexercise Operational resulting in no surplus.
Financial review
The charity receives a portion of the teachers' affiliation and class membership fees, which, along with the small number of Friends of WLHB, is the main source of income. No legacies have been received in the financial year, but there were two small donations and income of £200 from Gift Aid.
This has resulted in expenditure being greater than the income. The Trustees employed the services of a Commercial Director in 2017 and part of her fee for the time of her consultancy fell within the financial year. Costs to the charity have been controlled though use of reserves has been made to continue training of teachers and raising the profile of the organisation.
The arrangement with EMD UK has resulted in further benefits being achieved through funding from government (indirectly), thus continuing to provide much needed additional resources.
At the end of the year the financial results include voluntary income of £12,078 (2018; £50,395 which included bequests of £30,400 and donations from members of £2,673). Activities for generating funds, which includes investment income was £22,393 (2018: £49,387). The total resources expended remain under tight control and totalled £59,504 (2018; £124,166).
Reserves Policy
The Trustees have established the target level of reserves (those funds that are freely available) that the charity ought to have as £100,000. The reserves are needed to bridge the funding gap between spending in relation to the charity's expenditure and receiving income through membership fees etc. Reserves are also held for any unforeseen expenditure.
The actual reserves (excluding, designated funds, restricted funds and tangible fixed assets) as at 31 March 2019 are £245,719 (2018: £243,330) which exceeds the target of £100,000. Whilst the Trustees believe that the current level of reserves is sufficient for the forthcoming challenge to increase both the numbers participating in classes and the number of teachers, it recognises that it is prudent to ensure that there are sufficient reserves to provide financial flexibility over the longer term. The Trustees are currently investing in projects to raise the profile of the charity, increase membership and thereby to build reserves through planned operating surpluses. The Trustees review the reserves policy annually.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 28 June 2019 and signed on behalf of the board of trustees by:
S Floyd
D Robinson
Trustee
Trustee
The Women's League of Health & Beauty
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of The Women's League of Health & Beauty
Year ended 31 March 2019
I report to the trustees on my examination of the financial statements of The Women's League of Health & Beauty ('the charity') for the year ended 31 March 2019.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Thomas McManners BSC ACA ACMI
Independent Examiner
TTCA Ltd
28 June 2019
The Women's League of Health & Beauty
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 March 2019
2019
2018
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income and endowments
Donations and legacies
5
12,078
–
12,078
50,395
Other trading activities
6
22,393
–
22,393
49,387
Investment income
7
6,809
–
6,809
6,487
--------
----
--------
---------
Total income
41,280
–
41,280
106,269
--------
----
--------
---------
Expenditure
Expenditure on raising funds:
Costs of raising donations and legacies
8
1,005
1,052
2,057
3,105
Costs of other trading activities
9
4,018
1,965
5,983
52,447
Expenditure on charitable activities
10,11
48,588
2,876
51,464
68,614
--------
-------
--------
---------
Total expenditure
53,611
5,893
59,504
124,166
--------
-------
--------
---------
Net gains on investments
13
( 14,720)
–
( 14,720)
( 3,270)
--------
-------
--------
---------
Net expenditure and net movement in funds
2,389
( 5,893)
( 3,504)
( 14,627)
--------
-------
--------
---------
Reconciliation of funds
Total funds brought forward
243,330
13,058
256,388
271,015
---------
--------
---------
---------
Total funds carried forward
245,719
7,165
252,884
256,388
---------
--------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The Women's League of Health & Beauty
Company Limited by Guarantee
Statement of Financial Position
31 March 2019
2019
2018
Note
£
£
£
Fixed assets
Investments
18
201,262
186,542
Current assets
Debtors
19
3,923
574
Cash at bank and in hand
70,032
92,839
--------
--------
73,955
93,413
Creditors: amounts falling due within one year
20
22,333
23,567
--------
--------
Net current assets
51,622
69,846
---------
---------
Total assets less current liabilities
252,884
256,388
---------
---------
Net assets
252,884
256,388
---------
---------
Funds of the charity
Restricted funds
7,165
13,058
Unrestricted funds
245,719
243,330
---------
---------
Total charity funds
22
252,884
256,388
---------
---------
For the year ending 31 March 2019 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 28 June 2019 , and are signed on behalf of the board by:
S Floyd
D Robinson
Trustee
Trustee
The Women's League of Health & Beauty
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2019
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is c/o Richard Place Dobson, Chartered Accountants, 1-7 Station Road, Crawley, RH10 1HT, West Sussex.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements consist of the level of income relating to the year, but not yet received to be shown in the accounts.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the purposes of the charity. Restricted funds are subjected to restrictions on their expenditure imposed by the donor.
Incoming resources
Income All income is included in the statement of financial activities when the charity is entitled to the income, any performance related conditions attached have been met or are fully within the control of the charity, the income is considered probable and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: Donations and legacy income are received by way of donations, legacies, grants and gifts and is included in full in the Statement of Financial Activities when receivable. Where legacies have been notified to the charity but the criteria for income recognition have not been met, the legacy is treated as a contingent asset and disclosed if material.
Resources expended
Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:
- Costs of raising funds comprise the costs associated with attracting donations, grants and legacies and the costs of trading for fundraising purposes.
- Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
- Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
- All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis, as set out in the notes to the accounts.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to 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
-
20% straight line
4. Limited by guarantee
The charity is a company limited by guarantee and has no share capital. The liability of each association member in the event of winding up is limited to £10.
5. Donations and legacies
Unrestricted Funds
Total Funds 2019
Unrestricted Funds
Total Funds 2018
£
£
£
£
Donations
Membership fees
8,337
8,337
17,181
17,181
Legacies
Legacies
145
145
30,400
30,400
Other donations and legacies
Gift Aid
200
200
141
141
Other donations
3,396
3,396
2,673
2,673
--------
--------
--------
--------
12,078
12,078
50,395
50,395
--------
--------
--------
--------
6. Other trading activities
Unrestricted Funds
Total Funds 2019
Unrestricted Funds
Total Funds 2018
£
£
£
£
Fundraising activities
2,735
2,735
49,387
49,387
Royalty income
19,658
19,658
–
–
--------
--------
--------
--------
22,393
22,393
49,387
49,387
--------
--------
--------
--------
7. Investment income
Unrestricted Funds
Total Funds 2019
Unrestricted Funds
Total Funds 2018
£
£
£
£
Income from other investments
6,601
6,601
6,471
6,471
Bank interest receivable
208
208
16
16
-------
-------
-------
-------
6,809
6,809
6,487
6,487
-------
-------
-------
-------
8. Costs of raising donations and legacies
Unrestricted Funds
Restricted Funds
Total Funds 2019
£
£
£
Travel
61
–
61
Printing, postage and stationery
82
–
82
Bank Charges
–
–
–
Other costs
862
1,052
1,914
-------
-------
-------
1,005
1,052
2,057
-------
-------
-------
Unrestricted Funds
Restricted Funds
Total Funds 2018
£
£
£
Travel
103
–
103
Printing, postage and stationery
81
–
81
Bank Charges
14
–
14
Other costs
2,907
–
2,907
-------
----
-------
3,105
–
3,105
-------
----
-------
9. Costs of other trading activities
Unrestricted Funds
Restricted Funds
Total Funds 2019
£
£
£
DVD and stock expenses
2
–
2
Promotional events
2,005
1,965
3,970
Travel
123
–
123
Printing, postage and stationery
164
–
164
Bank Charges
–
–
–
Other costs
1,724
–
1,724
-------
-------
-------
4,018
1,965
5,983
-------
-------
-------
Unrestricted Funds
Restricted Funds
Total Funds 2018
£
£
£
DVD and stock expenses
481
1,958
2,439
Promotional events
43,797
–
43,797
Travel
206
–
206
Printing, postage and stationery
163
–
163
Bank Charges
28
–
28
Other costs
5,814
–
5,814
--------
-------
--------
50,489
1,958
52,447
--------
-------
--------
10. Expenditure on charitable activities by fund type
Unrestricted Funds
Restricted Funds
Total Funds 2019
£
£
£
Training and education
31,234
2,876
34,109
Charitable operational costs
10,784
–
10,784
Support costs
6,570
–
6,571
--------
-------
--------
48,588
2,876
51,464
--------
-------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2018
£
£
£
Training and education
14,891
4,776
19,667
Charitable operational costs
42,391
–
42,391
Support costs
6,556
–
6,556
--------
-------
--------
63,838
4,776
68,614
--------
-------
--------
11. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2019
Total fund 2018
£
£
£
£
Training and education
34,109
–
34,109
19,667
Charitable operational costs
10,784
–
10,784
42,391
Governance costs
–
6,571
6,571
6,556
--------
-------
--------
--------
44,893
6,571
51,464
68,614
--------
-------
--------
--------
12. Analysis of charitable operational costs
Charitable operational costs
Total 2019
Total 2018
£
£
£
Re-brand project
2,240
2,240
28,311
Commercial director fees
7,200
7,200
10,080
Honorarium consultancy
–
–
4,000
Website costs
1,344
1,344
–
--------
--------
--------
10,784
10,784
42,391
--------
--------
--------
13. Net gains on investments
Unrestricted Funds
Total Funds 2019
Unrestricted Funds
Total Funds 2018
£
£
£
£
Gains/(losses) on other investment assets
14,720
14,720
3,270
3,270
--------
--------
-------
-------
14. Independent examination fees
2019
2018
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
1,698
1,609
-------
-------
15. Staff costs
The average head count of employees during the year was Nil (2018: Nil).
No employee received employee benefits of more than £60,000 during the year (2018: Nil).
16. Trustee remuneration and expenses
During the year none of the Trustees received remuneration for their services.
The Trustees received £3,507 (2017: £2,927) of reimbursed expenses in relation to travel and subsistence costs.
17. Tangible fixed assets
Equipment
Total
£
£
Cost
At 1 Apr 2018 and 31 Mar 2019
2,081
2,081
-------
-------
Depreciation
At 1 Apr 2018 and 31 Mar 2019
2,081
2,081
-------
-------
Carrying amount
At 31 Mar 2019
–
–
-------
-------
At 31 Mar 2018
–
–
-------
-------
18. Investments
Other investments
£
Cost or valuation
At 1 Apr 2018
186,542
Additions
–
Fair value movements
14,720
---------
At 31 Mar 2019
201,262
---------
Impairment
At 1 Apr 2018 and 31 Mar 2019
–
---------
Carrying amount
At 31 Mar 2019
201,262
---------
At 31 Mar 2018
186,542
---------
All investments shown above are held at valuation.
19. Debtors
2019
2018
£
£
Prepayments and accrued income
1,201
–
Other debtors
2,722
574
-------
----
3,923
574
-------
----
20. Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
20,635
9,623
Accruals and deferred income
1,698
13,944
--------
--------
22,333
23,567
--------
--------
21. Deferred income
2019
2018
£
£
Amount deferred in year
–
8,337
----
-------
22. Analysis of charitable funds
Unrestricted funds
At 1 Apr 2018
Income
Expenditure
Transfers
Gains and losses
At 31 Mar 2019
£
£
£
£
£
£
General funds
243,330
41,280
(53,611)
–
14,720
245,719
---------
--------
--------
----
--------
---------
At 1 Apr 2017
Income
Expenditure
Transfers
Gains and losses
At 31 Mar 2018
£
£
£
£
£
£
General funds
251,223
106,269
(117,432)
–
3,270
243,330
---------
---------
---------
----
-------
---------
Restricted funds
At 1 Apr 2018
Income
Expenditure
Transfers
Gains and losses
At 31 Mar 2019
£
£
£
£
£
£
Wormesley Fund
5,015
–
(3,928)
–
–
1,087
Joan Cooper Fund
8,043
–
(1,965)
–
–
6,078
--------
----
-------
----
----
-------
13,058
–
(5,893)
–
–
7,165
--------
----
-------
----
----
-------
At 1 Apr 2017
Income
Expenditure
Transfers
Gains and losses
At 31 Mar 2018
£
£
£
£
£
£
Wormesley Fund
9,585
–
(6,734)
2,164
–
5,015
A4A Fund
207
–
–
(207)
–
–
Joan Cooper Fund
10,000
–
–
(1,957)
–
8,043
--------
----
-------
-------
----
--------
19,792
–
(6,734)
–
–
13,058
--------
----
-------
-------
----
--------
Restricted funds of the charity are for the following purposes
- Wormseley Fund: training and development of teachers
- A4A Fund: training equipment and scholarships
- Joan Cooper Fund: advertising the Fitness League
23. Analysis of net assets between funds
Unrestricted Funds
Restricted Funds
Total Funds 2019
£
£
£
Investments
–
–
–
Current assets
245,719
7,165
252,884
Creditors less than 1 year
–
–
–
---------
-------
---------
Net assets
245,719
7,165
252,884
---------
-------
---------
Unrestricted Funds
Restricted Funds
Total Funds 2018
£
£
£
Investments
186,542
–
373,084
Current assets
80,355
13,058
186,826
Creditors less than 1 year
(23,567)
–
(47,134)
---------
--------
---------
Net assets
243,330
13,058
512,776
---------
--------
---------