GJPS TRUST FUND Charity Accounts

COMPANY REGISTRATION NUMBER: 5864426

CHARITY REGISTRATION NUMBER: 1119437

GJPS TRUST FUND

Company Limited by Guarantee

Unaudited Financial Statements

31 July 2025

GJPS TRUST FUND

Company Limited by Guarantee

Financial Statements

Year ended 31 July 2025

	Page

Trustees' annual report (incorporating the director's report)	1

Independent examiner's report to the trustees	4

Statement of financial activities (including income and expenditure account)	5

Statement of financial position	6

Statement of cash flows	8

Notes to the financial statements	9

GJPS TRUST FUND

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 July 2025

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 July 2025 .

Reference and administrative details

Registered charity name	GJPS TRUST FUND

Charity registration number	1119437

Company registration number	5864426

Principal office and registered	Derwent House
office	Lakeside Court, Fifth Avenue
	Team Valley Trading Estate
	Gateshead
	Tyne And Wear
	NE11 0NL

The trustees

	D Schleider
	E Halberstadt
	M Steinhaus

Independent examiner	Ian Graff FCCA
	158 Cromwell Road
	Salford
	M6 6DE

Structure, governance and management

GJPS Trust Fund is constituted by Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 3 July 2006 as a company and the company number is 5864426. It was registered as a charity on 31 May 2007 with a charity number 1119437.

Recruitment and appointment of new trustees would be in line with the Memorandum and Articles of Association and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation.

Objectives and activities

The objects of the charity are

- The advancement of education according to the tenets of the orthodox Jewish faith- The relief of poverty amongst the elderly or persons in condition of need, hardship and distress in the Jewish community - the advancement of the orthodox Jewish religion

Strategic report

The following sections for achievements and performance and financial review form the strategic report of the charity.

Achievements and performance

The charity has investment income receivable from the investment property for the year amounting to £55,333 (2024 - £159,375 ).

The charity received a total income of £293,446 (2024 - £484,769) in the year which included: £143,446 from generous individual and corporate donors and a £150,000 grant received from Delapage. The trustees are profoundly grateful to Delapage for their substantial contribution, which has been instrumental in enabling the charity to expand its programs and outreach efforts.

The Charity gave out a total of £24,865 in grants with a focus on giving out to various educational institutions in line with the charity's object of advancing education according to the tenets of the Orthodox jewish faith. An additional £7,706 in support costs were incurred and £38,390 in interest payable was paid for a bank loan taken out in year. All other costs are borne by a local benefactor and the trustees wish to record their appreciation to the benefactor for the free use of their offices.

During the year, the charity continued the development of a new school building to provide additional classroom facilities for girls. By the year end, the project was substantially complete, with only minor finishing works outstanding. The building is intended to be let to the school, supporting the charity’s charitable objectives through the provision of educational facilities.

There was no material fundraising costs during the year.

There was a net overall surplus of £578,764 for the year (2024 - Surplus £529,771).

Financial review

The trustees feel that the activity reflects the profile and standing with the local community. The impact for the future year's expenditure is self evident and trustees would like to record their appreciation for all the financial and other support received from benefactors during the course of the year.

Capital expenditure of £1.6 million was incurred during the year in relation to the development of a new school building, which has been classified as investment property in the financial statements. The property was largely complete at the reporting date and will generate rental income once fully completed and occupied. The trustees are confident this will give towards the furthering of the charity's objects in the future year.

Reserves policy

The balance of total funds is £3,347,824 (2024 - £2,608,207), of which £965,682 is unrealised gains due to a property revaluation and £150,000 are restricted.

The trustees are satisfied that the balance of the fund is an acceptable level of reserves given the nature of revenue receipts against grants payable.

Public benefit

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.

The trustees' annual report and the strategic report were approved on 20 December 2025 and signed on behalf of the board of trustees by:

E Halberstadt

Trustee

GJPS TRUST FUND

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of GJPS TRUST FUND

Year ended 31 July 2025

I report to the trustees on my examination of the financial statements of GJPS TRUST FUND ('the charity') for the year ended 31 July 2025.

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

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

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.

Ian Graff FCCA Independent Examiner

158 Cromwell Road Salford M6 6DE

20 December 2025

GJPS TRUST FUND

Company Limited by Guarantee

Statement of Financial Activities

(including income and expenditure account)

Year ended 31 July 2025

	2025			2024
	Unrestricted funds	Restricted funds	Total funds	Total funds
Note	£	£	£	£

Income and endowments

Donations and legacies	5	143,446	150,000	293,446	484,769
Investment income	6	55,333	–	55,333	159,375
		---------	---------	---------	---------
Total income		198,779	150,000	348,779	644,144
		---------	---------	---------	---------

Expenditure

Expenditure on raising funds:

	Investment management costs	7	( 69,573)	–	( 69,573)	( 22,147)
Expenditure on charitable activities		8,9	( 39,589)	–	( 39,589)	( 92,226)
			---------	---------	---------	---------
Total expenditure			( 109,162)	–	( 109,162)	( 114,373)
			---------	---------	---------	---------

Net gains on investments	12	339,147	–	339,147	–

	---------	---------	---------	---------
Net income	428,764	150,000	578,764	529,771
	---------	---------	---------	---------

Other recognised gains and losses

Gains from revaluation of fixed assets	160,853	–	160,853	–
	---------	---------	---------	---------
Net movement in funds	589,617	150,000	739,617	529,771

Reconciliation of funds

Total funds brought forward	2,608,207	–	2,608,207	2,078,436
	------------	---------	------------	------------
Total funds carried forward	3,197,824	150,000	3,347,824	2,608,207
	------------	---------	------------	------------

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

GJPS TRUST FUND

Company Limited by Guarantee

Statement of Financial Position

31 July 2025

	2025	2024
Note	£	£

Fixed assets

Investments	16	3,980,593	2,370,000

Current assets

Debtors	17	20,500	355,500
Cash at bank and in hand		228,981	3,918
		---------	---------
		249,481	359,418

Creditors: amounts falling due within one year	18	( 980)	( 980)
		---------	---------
Net current assets		248,501	358,438
		------------	------------
Total assets less current liabilities		4,229,094	2,728,438

Creditors: amounts falling due after more than one year	19	( 881,270)	( 120,231)
		------------	------------
Net assets		3,347,824	2,608,207
		------------	------------

Funds of the charity

Restricted funds	150,000	–

Unrestricted funds:

	Revaluation reserve		965,682	804,829
	Other unrestricted income funds		2,232,142	1,803,378
			------------	------------
Total unrestricted funds			3,197,824	2,608,207
			------------	------------
Total charity funds		20	3,347,824	2,608,207
			------------	------------

For the year ending 31 July 2025 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.

GJPS TRUST FUND

Company Limited by Guarantee

Statement of Financial Position (continued)

31 July 2025

These financial statements were approved by the board of trustees and authorised for issue on 20 December 2025 , and are signed on behalf of the board by:

E Halberstadt

Trustee

GJPS TRUST FUND

Company Limited by Guarantee

Statement of Cash Flows

Year ended 31 July 2025

	2025	2024
	£	£

Cash flows from operating activities

Net income	578,764	529,771

Adjustments for:
Net gains on investments	(339,147)	–
Dividends, interest and rents from investments	(55,333)	(159,375)
Accrued income	–	( 470)

Changes in:
Trade and other debtors	335,000	( 355,500)
Trade and other creditors	–	( 240,000)
	---------	---------
Cash generated from operations	519,284	( 225,574)
	---------	---------
Net cash from/(used in) operating activities	519,284	( 225,574)
	---------	---------

Cash flows from investing activities

Dividends, interest and rents from investments	55,333	159,375
Purchases of other investments	( 1,610,593)	–
Proceeds from sale of other investments	500,000	–
	------------	---------
Net cash (used in)/from investing activities	( 1,055,260)	159,375
	------------	---------

Cash flows from financing activities

Proceeds from borrowings	761,039	( 19,526)
	------------	---------
Net cash from/(used in) financing activities	761,039	( 19,526)
	------------	---------

Net increase/(decrease) in cash and cash equivalents	225,063	( 85,725)
Cash and cash equivalents at beginning of year	3,918	89,643
	---------	--------
Cash and cash equivalents at end of year	228,981	3,918
	---------	--------

GJPS TRUST FUND

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 July 2025

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 Derwent House, Lakeside Court, Fifth Avenue, Team Valley Trading Estate, Gateshead, Tyne And Wear, NE11 0NL.

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

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - 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 to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure. If a reliable measure of fair value is no longer available for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Limited by guarantee

The organisation is a charitable company limited by guarantee, in the event of the company being wound up members are required to contribute an amount not exceeding £1.

5. Donations and legacies

Unrestricted Funds	Restricted Funds	Total Funds 2025
£	£	£

Donations

	Donations	143,446	–	143,446

Grants

Grants receivable	–	150,000	150,000
	---------	---------	---------
	143,446	150,000	293,446
	---------	---------	---------

Unrestricted Funds	Restricted Funds	Total Funds 2024
£	£	£

Donations

	Donations	184,769	–	184,769

Grants

Grants receivable	300,000	–	300,000
	---------	----	---------
	484,769	–	484,769
	---------	----	---------

6. Investment income

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Income from investment properties	55,333	55,333	159,375	159,375
	--------	--------	---------	---------

7. Investment management costs

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Bank interest	38,390	38,390	22,147	22,147
Costs of obtaining finance	19,500	19,500	–	–
Insurance	11,683	11,683	–	–
	--------	--------	--------	--------
	69,573	69,573	22,147	22,147
	--------	--------	--------	--------

8. Expenditure on charitable activities by fund type

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Grants paid	31,883	31,883	78,300	78,300
Support costs	7,706	7,706	13,926	13,926
	--------	--------	--------	--------
	39,589	39,589	92,226	92,226
	--------	--------	--------	--------

9. Expenditure on charitable activities by activity type

	Activities undertaken directly	Grant funding of activities	Support costs	Total funds 2025	Total fund 2024
	£	£	£	£	£
Grants paid	7,018	24,865	6,686	38,569	91,376
Governance costs	–	–	1,020	1,020	850
	-------	--------	-------	--------	--------
	7,018	24,865	7,706	39,589	92,226
	-------	--------	-------	--------	--------

10. Analysis of support costs

	Analysis of support costs	Total 2025	Total 2024
	£	£	£
Premises	–	–	2,171
General office	6,529	6,529	10,738
Finance costs	157	157	167
Governance costs	1,020	1,020	850
	-------	-------	--------
	7,706	7,706	13,926
	-------	-------	--------

11. Analysis of grants

	2025	2024
	£	£

Grants to institutions

Yeshivah L'Zeirim	–	6,000
Yeshaya Adler Memorial Fund	–	14,000
Beth Midrash Lemoroth	–	10,000
V.H.L.T Ltd	–	15,000
Yeshivas Beis Dovid	–	(8,000)
Friends of Yeshivas Torah Ohr	–	5,000
SMD Foundation	–	5,000
Less than £5,000	2,265	15,300
Kollel Kinyan Hashas	7,600	–
North London Welfare and Educational Foundation	15,000	–
	--------	--------
	24,865	78,300
	--------	--------
Total grants	24,865	78,300
	--------	--------

12. Net gains on investments

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Gains/(losses) on investment property	339,147	339,147	–	–
	---------	---------	----	----

13. Independent examination fees

	2025	2024
	£	£

Fees payable to the independent examiner for:

Independent examination of the financial statements	1,020	850
	-------	----

14. Staff costs

The average head count of employees during the year was Nil (2024: 1 ).

No employee received employee benefits of more than £60,000 during the year (2024: Nil).

15. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees

16. Investments

	Investment properties
	£
Cost or valuation
At 1 August 2024	2,370,000
Additions	1,610,593
Disposals	(160,853)
Fair value movements	160,853
	------------
At 31 July 2025	3,980,593
	------------
Impairment
At 1 August 2024 and 31 July 2025
Carrying amount
At 31 July 2025	3,980,593
	------------
At 31 July 2024	2,370,000
	------------

All investments shown above are held at valuation.

Investment properties

The investment property was revalued by Lambert Smith Hampton on the 14 March 2022.

17. Debtors

	2025	2024
	£	£
Prepayments and accrued income	–	340,000
Other debtors	20,500	15,500
	--------	---------
	20,500	355,500
	--------	---------

18. Creditors: amounts falling due within one year

	2025	2024
	£	£
Accruals and deferred income	980	980
	----	----

19. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	881,270	120,231
	---------	---------

20. Analysis of charitable funds

Unrestricted funds

	At 1 August 2024	Income	Expenditure	Gains and losses	At 31 July 2025
	£	£	£	£	£
General funds	1,803,378	198,779	(109,162)	339,147	2,232,142
Revaluation reserve	804,829	–	–	160,853	965,682
	------------	---------	---------	---------	------------
	2,608,207	198,779	(109,162)	500,000	3,197,824
	------------	---------	---------	---------	------------

	At 1 August 2023	Income	Expenditure	Gains and losses	At 31 July 2024
	£	£	£	£	£
General funds	1,273,607	644,144	(114,373)	–	1,803,378
Revaluation reserve	804,829	–	–	–	804,829
	------------	---------	---------	----	------------
	2,078,436	644,144	(114,373)	–	2,608,207
	------------	---------	---------	----	------------

Restricted funds

	At 1 August 2024	Income	Expenditure	Gains and losses	At 31 July 2025
	£	£	£	£	£
Restricted funds	–	150,000	–	–	150,000
	----	---------	----	----	---------

	At 1 August 2023	Income	Expenditure	Gains and losses	At 31 July 2024
	£	£	£	£	£
Restricted funds	–	–	–	–	–
	----	----	----	----	----

21. Analysis of net assets between funds

	Unrestricted Funds	Restricted Funds	Total Funds 2025
	£	£	£
Investments	3,830,593	150,000	3,980,593
Current assets	249,481	–	249,481
Creditors less than 1 year	(980)	–	(980)
Creditors greater than 1 year	(881,270)	–	(881,270)
	------------	---------	------------
Net assets	3,197,824	150,000	3,347,824
	------------	---------	------------

	Unrestricted Funds	Restricted Funds	Total Funds 2024
	£	£	£
Investments	2,370,000	–	2,370,000
Current assets	359,418	–	359,418
Creditors less than 1 year	(980)	–	(980)
Creditors greater than 1 year	(120,231)	–	(120,231)
	------------	----	------------
Net assets	2,608,207	–	2,608,207
	------------	----	------------

22. Analysis of changes in net debt

	At 1 Aug 2024	Cash flows	At 31 Jul 2025
	£	£	£
Cash at bank and in hand	3,918	225,063	228,981
Debt due after one year	(120,231)	(761,039)	(881,270)
	---------	---------	---------
	( 116,313)	( 535,976)	( 652,289)
	---------	---------	---------