Charity registration number 1056875
Company registration number 02970375 (England and Wales)
WALLINGTON CHRISTIAN OUTREACH LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
WALLINGTON CHRISTIAN OUTREACH LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | A J P French |
|---|---|
| J G Hawkins | |
| J K Hawkins | |
| Secretary | J G Hawkins |
| Charity number | 1056875 |
| Company number | 02970375 |
| Registered office | 39 Woodcote Road |
| Wallington | |
| Surrey | |
| SM6 0LH | |
| Independent examiner | Frances Wilde FCCA DChA |
| Warner Wilde | |
| Chartered Certified Accountants | |
| 4 Marigold Drive | |
| Bisley | |
| Surrey | |
| GU24 9SF | |
| Bankers | HSBC - Wallington |
| 54 Woodcote Road | |
| Wallington | |
| Surrey | |
| SM6 0NF | |
| Scottish Widows Bank Plc | |
| 67 Morrison Street | |
| Edinburgh | |
| EH3 8YJ |
WALLINGTON CHRISTIAN OUTREACH LIMITED
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 14 |
WALLINGTON CHRISTIAN OUTREACH LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2023
The Trustees present their annual report and financial statements for the year ended 31 August 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Company's Memorandum of Association, the Companies Act 2006 and "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).
The Company trades as The Oasis Christian Centre.
Objectives and activities
a. Policies and objectives
The Company was formed to obtain charitable status and acquire the charitable activities of Wallington Christian Outreach, itself a registered charity. Charitable status was granted on 17 July 1996 and it acquired the charitable activities, assets and liabilities with effect from 1 September 1997 when it commenced trading as Oasis Christian Centre.
b. Activities for achieving objectives
The principal way in which the work is carried out is by means of a Christian Bookshop operating at 39 Woodcote Road and known as Oasis Christian Centre. From 1 May 2018 the shop had been managed by Anna Woodman. Anna left us in June 2023, Dave Lock having taken over as manager on 1 May 2023. A team of volunteers assist with running the bookshop.
The work of the bookshop is overseen by the Trustees, who meet regularly. Also, they all have hands-on experience, working in volunteer roles within the bookshop at least once or twice a week. They bring a wealth of relevant experience, e.g. accountancy and business, to the job which they can do without further formal training. However, should formal training prove appropriate, this will be arranged.
Public benefit
In planning the activities of the Company, the Trustees have considered the Charity Commission's guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion.
The shop is open to the public and this, in our view, means that it is for the benefit of the public as required by charity law.
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WALLINGTON CHRISTIAN OUTREACH LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
Achievements and performance
Review of activities
Sales for the year showed an encouraging 18% increase on the previous year and we expect this to continue through such media as established offsite book sales and book signings within the shop premises. Competition from online outlets continues to be a major concern, although we are actively encouraging local churches to place orders through us. Apart from books, we carry stocks of Christian hardware, cards and gifts. These are good revenue earners and appeal to both Christians and non-Christians alike.
We did not have the benefit of a legacy as in the previous year to reduce our loss for the year, £10,234 (2022: loss of £4,028, reduced from £14,226 by virtue of a £10,200 legacy).
Staffing of the shop remains challenging from time to time and new volunteers are actively being sought. In July 2022, our shop manager, Anna Woodman, moved with her family to Essex. However, she very kindly agreed to continue in her role, working part-time remotely from home, and attending the shop one day a week, pending the appointment of a new manager. We are pleased to report that Dave Lock, previously manager of Manna Christian Centre in Streatham, was appointed as our new manager with effect from 1 May 2023, with Anna leaving us on 1 June. Dave brings with him a wealth of experience as a Christian bookshop manager and the Trustees work closely with him.
The lease came to an end in May 2014 and the Trustees have been holding over since that time. In May 2017, the Trustees received from the landlord an offer of a new 10-year lease, at an increased rental, but felt unable to take matters forward until a new manager had been appointed. The pandemic further delayed renewal discussions and these were postponed until December 2022, the landlord agreeing that the rent would be held at the same level until March 2023. No further negotiations have taken place and the Company has continued to pay rent at the existing level.
During the reporting period, we lost two Trustees. Martin Rowlands, a valued and capable member of the Board of Trustees tragically died very suddenly in August 2023. Howard Cole, who joined our Board of Trustees in 1996, and had acted faithfully as our Chairman since 1997, resigned on 31 August 2023, but remained as a volunteer in the bookshop until March 2024. In November 2023, we lost Paul Hawkins, another key member of the Trustees, who died suddenly after a short illness. Paul had been involved with the Oasis since the late 1990’s, having served as manager until May 2018, and then continued as our accountant and as a Trustee until shortly before his death. Both Martin and Paul are sorely missed. The remaining Trustees are more than capable to continue to control the company. However, we are actively seeking additional Trustees amongst the local Christian community.
Considering the Company’s healthy cash position and the continuity of the business provided by our new manager, these financial statements have been prepared on a going concern basis as, in the opinion of the Trustees, there are no material uncertainties about the Company’s ability to continue for the foreseeable future, being 15 months from the date of signing these financial statements.
Fundraising activities
The company does not actively participate in voluntary fund raising and relies on sales from its bookshop to raise funds to finance its charitable activities.
Financial review
Reserves policy
The company held unrestricted reserves of £93,836 (2022: £104,070). The reserves included stock of £59,779 in 2023, (£57,504 in 2022).
It is the policy of the Company that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to at least four month’s running expenditure; 2023 £15,500, (2022 £15,500).
The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Company ’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Plans for future periods
The Company plans to continue to operate in its existing markets whilst exploring the possibility of Ecommerce.
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WALLINGTON CHRISTIAN OUTREACH UMrrED TRUSTEES. REPORT ONCLUDING DIRECTORS. REPORn (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 HSC¢A• AJPFrnTh IR•w 31 w a)ziJ 20 ALVAt X12JI J G Ha¥hin 14
WALLINGTON CHRISTIAN OUTREACH LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF WALLINGTON CHRISTIAN OUTREACH LIMITED
I report to the Trustees on my examination of the financial statements of Wallington Christian Outreach Limited (the Company) for the year ended 31 August 2023.
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 financial statements 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 Company’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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 that in any material respect:
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1 accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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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
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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 financial statements to be reached.
Frances Wilde FCCA DChA
Warner Wilde Chartered Certified Accountants 4 Marigold Drive Bisley Surrey GU24 9SF
Dated: .........................22nd August 2024
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WALLINGTON CHRISTIAN OUTREACH LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2023
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 100 | 10,200 |
| Charitable activities | 4 | 139,298 | 117,562 |
| Investments | 5 | 152 | 5 |
| Total income | 139,550 | 127,767 | |
| Expenditure on: | |||
| Raising funds | 6 | 86,619 | 72,792 |
| Charitable activities | 7 | 63,165 | 59,003 |
| Total expenditure | 149,784 | 131,795 | |
| Net expenditure and movement in funds | (10,234) | (4,028) | |
| Reconciliation of funds: | |||
| Fund balances at 1 September 2022 | 104,070 | 108,098 | |
| Fund balances at 31 August 2023 | 93,836 | 104,070 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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WALUNGTON CHRISTIAN OUTREACH LIMITED BALANCE SHEET ASAT31 AUGusf2023 Flx•d 4M•ts 841 57.9)4 15 38274 49.9)9 102 113.t 10 19.9&31 110,5241 102.571 104.070 104,070 104, 2t#X. lty V* yw and 31 2023 J G
WALLINGTON CHRISTIAN OUTREACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
1 Accounting policies
Charity information
Wallington Christian Outreach Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 39 Woodcote Road, Wallington, Surrey, SM6 0LH.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Company's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The Company is a Public Benefit Entity as defined by FRS 102.
The Company has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The cost of raising and administering such funds are charged against the specific fund. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
1.4 Income
Income is recognised when the Company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Legacies are recognised on receipt or otherwise if the Company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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WALLINGTON CHRISTIAN OUTREACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
1 Accounting policies
(Continued)
Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to projects. Gifts donated for resale are included as income when they are sold. Donated facilities and services are included at the value to the company where this can be quantified and a third party is bearing the cost. No income is recognised where there is no financial cost borne by a third party or where the value cannot be determined with reasonable accuracy. No amounts are included in the financial statements for services donated by general volunteers.
Income from other trading activities relates to the sale of books and other goods, exclusive of value added tax and any discounts.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings Over the period of the lease Office equipment 37.5% straight line Fixtures and fittings 25% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the Company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
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WALLINGTON CHRISTIAN OUTREACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
1 Accounting policies
(Continued)
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10 Financial instruments
The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost less provision for impairment. A provision for impairment of debtors is established where there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debt. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.
1.11 Taxation
The charitable company is exempt from corporation tax on its charitable activities.
1.12 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged in the period to which they relate.
2 Critical accounting estimates and judgements
In the application of the Company’s accounting policies, the Trustees might be required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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WALLINGTON CHRISTIAN OUTREACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
| 3 4 5 6 |
Income from donations and legacies Unrestricted Unrestricted funds funds 2023 2022 £ £ Donations and gifts 100 10,200 Income from charitable activities Unrestricted Unrestricted funds funds 2023 2022 £ £ Charitable activities Sale of goods 139,298 117,562 Income from investments Unrestricted Unrestricted funds funds 2023 2022 £ £ Interest receivable 152 5 Raising funds Unrestricted Unrestricted funds funds 2023 2022 £ £ Fundraising and publicity Advertising 100 - Trading activities Cost of books 37,481 28,853 Cost of gifts, music, cards etc. 49,038 43,939 86,619 72,792 |
Income from donations and legacies Unrestricted Unrestricted funds funds 2023 2022 £ £ Donations and gifts 100 10,200 Income from charitable activities Unrestricted Unrestricted funds funds 2023 2022 £ £ Charitable activities Sale of goods 139,298 117,562 Income from investments Unrestricted Unrestricted funds funds 2023 2022 £ £ Interest receivable 152 5 Raising funds Unrestricted Unrestricted funds funds 2023 2022 £ £ Fundraising and publicity Advertising 100 - Trading activities Cost of books 37,481 28,853 Cost of gifts, music, cards etc. 49,038 43,939 86,619 72,792 |
|---|---|---|
| 28,853 43,939 |
||
| 72,792 |
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WALLINGTON CHRISTIAN OUTREACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
7 Expenditure on charitable activities
| Charitable | Charitable | ||
|---|---|---|---|
| activities | activities | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Direct costs | |||
| Staff costs | 21,754 | 21,224 | |
| Depreciation and impairment | 1,011 | 4,020 | |
| Rent, rates and service charges | 18,948 | 18,391 | |
| Insurance | 2,373 | 2,257 | |
| Light and heat | 2,093 | 1,863 | |
| Telephone | 1,780 | 1,718 | |
| Printing, postage and stationery | 731 | 705 | |
| Bank charges | 1,209 | 966 | |
| Equipment, repairs and maintenance | 4,462 | 3,738 | |
| Sundry expenses | 6,930 | 3,071 | |
| 61,291 | 57,953 | ||
| Share of support and governance costs (see note 8) | |||
| Governance | 1,874 | 1,050 | |
| 63,165 | 59,003 | ||
| Analysis by fund | |||
| Unrestricted funds | 63,165 | 59,003 | |
| 8 | Support costs allocated to activities | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Governance costs | 1,874 | 1,050 | |
| Analysed between: | |||
| Charitable activities | 1,874 | 1,050 | |
| 2023 | 2022 | ||
| Governance costs comprise: | £ | £ | |
| Independent Examiner's fees | 1,575 | 1,050 | |
| Legal and professional | 299 | - | |
| 1,874 | 1,050 |
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WALLINGTON CHRISTIAN OUTREACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
| 9 | Net movement in funds | 2023 | 2022 |
|---|---|---|---|
| £ | £ | ||
| The net movement in funds is stated after charging/(crediting): | |||
| Depreciation of owned tangible fixed assets | 1,011 | 4,020 |
10 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Company during the year.
11 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 | |
|---|---|---|
| Number | Number | |
| Administration | 1 | 1 |
| Unpaid Volunteers | 14 | 14 |
| Total | 15 | 15 |
| Employment costs | 2023 | 2022 |
| £ | £ | |
| Wages and salaries | 20,521 | 20,213 |
| Other pension costs | 1,233 | 1,011 |
| 21,754 | 21,224 |
There were no employees whose annual remuneration was more than £60,000.
12 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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WALLINGTON CHRISTIAN OUTREACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
| 13 Tangible fixed assets Leasehold land and buildings Office equipment Fixtures and fittings £ £ £ Cost At 1 September 2022 50,808 18,663 33,807 Additions - 250 103 At 31 August 2023 50,808 18,913 33,910 Depreciation and impairment At 1 September 2022 50,808 17,796 33,175 Depreciation charged in the year - 653 358 At 31 August 2023 50,808 18,449 33,533 Carrying amount At 31 August 2023 - 464 377 At 31 August 2022 - 1,014 485 14 Stocks 2023 £ Finished goods and goods for resale 59,779 15 Debtors 2023 Amounts falling due within one year: £ Trade debtors 1,408 Prepayments and accrued income 3,497 4,905 16 Creditors: amounts falling due within one year 2023 £ Other taxation and social security 2,340 Trade creditors 3,656 Other creditors 2,144 Accruals and deferred income 1,823 9,963 |
Total £ 103,278 353 |
|---|---|
| 103,631 | |
| 101,779 1,011 |
|
| 102,790 | |
| 841 | |
| 1,499 | |
| 2022 £ 57,504 |
|
| 2022 £ 1,885 3,798 |
|
| 5,683 | |
| 2022 £ 1,089 5,289 2,536 1,610 |
|
| 10,524 |
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WALLINGTON CHRISTIAN OUTREACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
17 Retirement benefit schemes
| Retirement benefit schemes | ||
|---|---|---|
| 2023 | 2022 | |
| Defined contribution schemes | £ | £ |
| Charge to profit or loss in respect of defined contribution schemes | 1,233 | 1,011 |
The Company operates a defined contribution pension scheme for all qualifying employees.
18 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 | Incoming | Resources | At 31 August | |
|---|---|---|---|---|
| September | resources | expended | 2023 | |
| 2022 | ||||
| £ | £ | £ | £ | |
| General funds | 104,070 | 139,550 | (149,784) | 93,836 |
| Previous year: | At 1 | Incoming | Resources | At 31 August |
| September | resources | expended | 2022 | |
| 2021 | ||||
| £ | £ | £ | £ | |
| General funds | 108,098 | 127,767 | (131,795) | 104,070 |
19 Financial commitments, guarantees and contingent liabilities
Customer Loyalty Cards
Customer loyalty cards have been issued which entitle customers to redeem £5 off their next purchase once they have been completed. The company does not know at any time how many of these cards will be presented for redemption and therefore they will be accounted for when redeemed.
20 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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