Mainstay DRM Ltd - Charities report - 22.2

REGISTERED COMPANY NUMBER: NI063756 (Northern Ireland)

MAINSTAY DRM LTD

TRUSTEES' REPORT AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

Page

Trustees' Report

1

to

4

Report of the Independent Auditors

5

to

8

Statement of Financial Activities

9

Balance Sheet

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

to

22

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of Accounting and Reporting by 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 (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The main objectives of the charity are:

The provision of accommodation for clients with learning disabilities and/or autism.

Significant activities

Mainstay DRM Ltd was established to:

- take over ownership and management of the property of Mainstay DRP;

- provide strategic management services and guidance to Mainstay DRP;

- provide residential, supported housing, respite and day care services for clients with learning disabilities which facilitate the charitable aims of the organisation through the leasing of assets to Mainstay DRP and the use of the surplus arising from the property leasing and provision of management services by the company being used in furtherance of the company's charitable objectives;

- protect the assets of Mainstay DRP for the wellbeing of the community at large;

- help maintain appropriate Reserves in Mainstay DRP in accordance with the Reserves policy and secure additional funding.

Mainstay DRM owns/rents properties across the local area including the purpose built facility at Cumulus Heights.

The Cumulus Heights facility features a residential home, day care services, two respite services and a training and administrative centre. It is a modern facility providing valuable services for people with a learning disability and their families.

Public benefit

The trustees are confident that the charitable aims of Mainstay DRM Ltd satisfy the principles of public benefit as defined in the Charities Act. They have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning its future activities.

How the charity activities deliver public benefit

The charitable activities focus on meeting the needs of vulnerable people, with learning disabilities, and are undertaken to further the charitable purposes for the public benefit.

Learning disabilities are found in people of all ages, regions, countries and societies. Equal access to services is an important issue. Mainstay DRM Ltd has an equal opportunity policy and diversity statement, which ensures that it has a culture, which is reinforced via a robust training program, which ensures equality of access to its services by gender, disability and sexual orientation. The trustees believe equal access to its services is vital to its success, and that successful outcomes must be shared by all communities that use its services.

STRATEGIC REPORT

Principal funding sources

The principal funding came by way of rental income from NIHE and from Mainstay DRP and various public donations at identified in note 2 of the accounts.

Investment policy and objectives

Under the Memorandum and Articles of Association, the charity has the power to invest in any way the trustees wish, however in formulating an investment policy, the charity has recognised that whilst it may have surplus funds to invest, these are likely to be called upon in the short term. The policy is to maintain high levels of capital security by minimising interest rate risk, maximising returns and liquidity and maintaining low transaction costs.

Reserves policy

The organisation has a reserves policy which ensures it has unrestricted funds (cash reserves) not committed or invested in fixed assets to provide for 3 months operating expenditure.

Future plans

The charity is committed to the continued provision of suitable facilities for people with a learning disability and their families subject to suitable funding arrangements.

These facilities are critical for many local families who urgently need support, care and assistance.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The organisation is a company limited by guarantee, incorporated on 22nd March 2007 and registered as a charity on 20th February 2008. 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. In the event of the company being wound up members are required to contribute an amount not exceeding £1.

Recruitment and appointment of trustees and management committee

The directors of the company are also charity trustees for the purpose of charity law. At the first annual general meeting all the directors shall retire from office and at every subsequent annual general meeting one director who is subject to retirement by rotation shall retire.

The subscribers to the Memorandum and Articles of Association of the company and such other persons are admitted to membership in accordance with the articles shall be members of the Company. No person shall be admitted a member of the Company unless approved by the directors.

Training of new trustees

New Trustees and members are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making processes, the business plan and financial performance of the charity. They also meet other trustees and members and are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Committee members

Mrs R Gorman

Dr P Moore

Mrs A Kerr

Mr JE Gorman

Mr D O'Donoghue

Ms J Caven

Mrs M McCargo

Mrs R McNamee Walsh

Mr C McKinney

Mr M Morrisey

Mr P Todd

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

NI063756 (Northern Ireland)

Registered Charity number

NI103530

Registered office

2 Cumulus Heights

Ballyvange

Downpatrick

Co. Down

BT30 6WT

Trustees

Mr J E Gorman

Ms R M McNamee Walsh

Dr P Moore

Mrs A Kerr

Mr P M Morrissey

Company Secretary

Mr D O'Donoghue

Senior Statutory Auditor

Mr Conaill McGrady

Auditors

M.B.Mc Grady & Co

Chartered Accountants

Statutory Auditors

Rathmore House

52 St Patricks Avenue

Downpatrick

Co. Down

BT30 6DS

Bankers

Danske Bank

45-48 High Street

Portadown

Craigavon

Armagh

BT62 1LB

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Mainstay DRM Ltd for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-	select suitable accounting policies and then apply them consistently;

-	observe the methods and principles in the Charity SORP;

-	make judgements and estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the 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.

In so far as the trustees are aware:

-	there is no relevant audit information of which the charitable company's auditors are unaware; and

-	the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

Trustees' report, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 21 November 2022 and signed on the board's behalf by:

Dr P Moore - Trustee

Opinion

We have audited the financial statements of Mainstay DRM Ltd (the 'charitable company') for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the charitable company's affairs as at 31 March 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Trustees' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of trustees' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The extent to which our audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In assessing and detecting irregularities such as fraud and non-compliance with laws and regulations we considered the following:

- the matters discussed among the audit engagement team and any other relevant professionals regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;

- the nature of the industry and any laws and regulations applicable to the company and the industry;

- the company's own assessment of the risk of fraud and other irregularities;

- company's policies and procedures in relation to:

- how they identify and comply with all relevant laws and regulations and whether they are aware of any non-compliance

- how they detect and respond to risks of fraud and their knowledge of any actual, suspected or alleged fraud;

- control environment within the company and how this mitigates risks of fraud and instances of

non-compliance with laws and regulations;

As a result of these procedures, we considered the opportunities and incentives that may exist within the Mainstay DRM for fraud and identified the greatest potential for fraud in relation to asset valuations. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

In response to the risk of material misstatement through irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- ensuring the engagement team had the appropriate knowledge and expertise in order to be able to identify and recognise any instances of fraud or non-compliance with laws and regulations;

- we identified the laws and regulations applicable to Mainstay DRM through discussions with directors and management and from our knowledge and experience of the sector;

- ensuring the audit was carried out with a level of professional scepticism;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- enquiring of management concerns of actual and potential litigation and claims;

- agreeing the financial statement disclosures to underlying supporting documentation to assess compliance with relevant laws and regulations;

- reviewing correspondence with the company's legal advisors.

To address the risk of fraud through management bias and override of controls, we:

- perform analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- obtain an understanding of provisions eg recoverability of debtors;

- test the appropriateness of journal entries and other adjustments

- assess whether the judgements made in making accounting estimates are indicative of a potential bias and

- evaluate the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and significant component audit teams, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations

are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing

standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of

the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may

involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Conaill McGrady FCA

for and on behalf of M.B.Mc Grady & Co

Chartered Accountants

Statutory Auditors

Rathmore House

52 St Patricks Avenue

Downpatrick

Co. Down

BT30 6DS

21 November 2022

MB McGrady and Co.

31/3/22

31/3/21

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

311,152

10,000

321,152

206,318

Other trading activities

3

4,725

-

4,725

14,228

Investment income

4

247

-

247

190

Other income

5

272,077

-

272,077

250,112

Total

588,201

10,000

598,201

470,848

EXPENDITURE ON

Raising funds

6

216

-

216

384

Charitable activities

7

Charitable Activities

164,814

8,879

173,693

226,319

Total

165,030

8,879

173,909

226,703

NET INCOME

423,171

1,121

424,292

244,145

RECONCILIATION OF FUNDS

Total funds brought forward

2,636,694

208,923

2,845,617

2,601,472

TOTAL FUNDS CARRIED FORWARD

3,059,865

210,044

3,269,909

2,845,617

31/3/22

31/3/21

Notes

£

£

FIXED ASSETS

Tangible assets

12

3,763,753

3,815,471

CURRENT ASSETS

Debtors

13

-

11,025

Cash at bank

320,609

529,844

320,609

540,869

CREDITORS

Amounts falling due within one year

14

(77,773

)

(486,460

)

NET CURRENT ASSETS

242,836

54,409

TOTAL ASSETS LESS CURRENT LIABILITIES

4,006,589

3,869,880

CREDITORS

Amounts falling due after more than one year

15

(736,680

)

(1,024,263

)

NET ASSETS

3,269,909

2,845,617

FUNDS

19

Unrestricted funds

3,059,865

2,636,694

Restricted funds

210,044

208,923

TOTAL FUNDS

3,269,909

2,845,617

The financial statements were approved by the Board of Trustees and authorised for issue on 21 November 2022 and were signed on its behalf by:

Mr J E Gorman - Trustee

Cash flows from operating activities

Cash generated from operations

1

532,788

479,215

Interest paid

(37,353

)

(61,736

)

Net cash provided by operating activities

495,435

417,479

Cash flows from investing activities

Purchase of tangible fixed assets

(40,206

)

(17,606

)

Sale of tangible fixed assets

300

2,600

Interest received

247

190

Net cash used in investing activities

(39,659

)

(14,816

)

Cash flows from financing activities

New loans in year

-

296,675

Loan repayments in year

(665,011

)

(345,620

)

Net cash used in financing activities

(665,011

)

(48,945

)

Change in cash and cash equivalents in the reporting period

(209,235

)

353,718

Cash and cash equivalents at the beginning of the reporting period

529,844

176,126

Cash and cash equivalents at the end of the reporting period

320,609

529,844

1.	RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

31/3/22

31/3/21

£

£

Net income for the reporting period (as per the Statement of Financial Activities)

424,292

244,145

Adjustments for:

Depreciation charges

91,219

134,511

Loss/(profit) on disposal of fixed assets

405

(127

)

Interest received

(247

)

(190

)

Interest paid

37,353

61,736

Decrease in debtors

11,025

1,152

(Decrease)/increase in creditors

(31,259

)

37,988

Net cash provided by operations

532,788

479,215

2.	ANALYSIS OF CHANGES IN NET DEBT

At 1/4/21

Cash flow

At 31/3/22

£

£

£

Net cash

Cash at bank

529,844

(209,235

)

320,609

529,844

(209,235

)

320,609

Debt

Debts falling due within 1 year

(142,197

)

75,359

(66,838

)

Debts falling due after 1 year

(1,024,263

)

287,583

(736,680

)

(1,166,460

)

362,942

(803,518

)

Total

(636,616

)

153,707

(482,909

)

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial 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 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 (FRS 102) (effective 1 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.

Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgments made in the process of preparing the financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Trustees do not consider that there are any critical judgments made in applying the Charity's accounting policies or that there are any critical accounting estimates or assumptions which may have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial year.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted 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 basis consistent with the use of resources.

Raising funds

Costs of generating funds comprise the the costs associated with attracting voluntary income and the costs of trading for fundraising purposes

Governance costs

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the company

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Fixtures and fittings

-

20% on cost

Equipment

-

20% on cost

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2.	DONATIONS AND LEGACIES

31/3/22

31/3/21

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

£

£

£

£

Various Donations

311,152

10,000

321,152

206,318

3.	OTHER TRADING ACTIVITIES

31/3/22

31/3/21

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

£

£

£

£

Fundraising events

4,725

-

4,725

14,228

4.	INVESTMENT INCOME

31/3/22

31/3/21

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

£

£

£

£

Deposit account interest

247

-

247

190

5.	OTHER INCOME

31/3/22

31/3/21

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

£

£

£

£

Gain on sale of tangible fixed assets

(405

)

-

(405

)

127

Property Rental

240,493

-

240,493

218,029

Consultancy Fees

18,000

-

18,000

18,000

Other services

10,936

-

10,936

10,936

Sundry income

3,053

-

3,053

3,020

272,077

-

272,077

250,112

6.	RAISING FUNDS

Other trading activities

31/3/22

31/3/21

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

£

£

£

£

Fundraising Advertising

216

-

216

384

7.	CHARITABLE ACTIVITIES COSTS

Support

costs (see

note 8)

£

Charitable Activities

173,693

8.	SUPPORT COSTS

Governance

Management

costs

Totals

£

£

£

Charitable Activities

78,667

95,026

173,693

Support costs, included in the above, are as follows:

31/3/22

31/3/21

Charitable

Total

Activities

activities

£

£

Rates and water

5,186

7,745

Bank Fees

92

65

Repairs and Maintenance

27,431

19,561

Provision for doubtful debts

8,605

-

Interest payable and similar charges

37,353

61,736

Auditors' remuneration

3,592

2,640

Accountancy and legal fees

215

61

Depreciation of tangible fixed assets

91,219

134,511

173,693

226,319

9.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31/3/22

31/3/21

£

£

Auditors' remuneration

3,592

2,640

Depreciation - owned assets

91,219

134,511

(Deficit)/surplus on disposal of fixed assets

405

(127

)

10.	TRUSTEES' REMUNERATION AND BENEFITS

No salaries or wages have been paid to any employees, including trustees and members of the committee, during the year

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.

11.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

206,318

-

206,318

Other trading activities

14,228

-

14,228

Investment income

190

-

190

Other income

250,112

-

250,112

Total

470,848

-

470,848

EXPENDITURE ON

Raising funds

384

-

384

Charitable activities

Charitable Activities

217,440

8,879

226,319

Total

217,824

8,879

226,703

NET INCOME/(EXPENDITURE)

253,024

(8,879

)

244,145

RECONCILIATION OF FUNDS

Total funds brought forward

2,383,670

217,802

2,601,472

TOTAL FUNDS CARRIED FORWARD

2,636,694

208,923

2,845,617