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2022-03-31-accounts

REGISTERED COMPANY NUMBER: 02958170 (England and Wales) REGISTERED CHARITY NUMBER: 1058649·

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR

YSTAL YFERA DEVELOPMENT TRUST

Bevan Buckland LLP Chartered Accountants Ground Floor Cardigan House· Castle Court Swansea Enterprise Park Swansea SA? 9LA

YSTALYFERA DEVELOPMENT TRUST

CONTENTS OF THE FINANCIAL STATEMENTS · FOR THE YEAR ENDED 31 MARCH 2022

Page
Repor of the Trustees 1
to2
Independent Examiner's Repor 3
Statement of Financial Activities 4
Balance Sheet 5
to6
Notes to the Financial Statements 7
to15
Detailed Statement of Financial Activities 16
to17

YSTAL YFERA DEVELOPMENT TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

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 company is a non-profit making organisation whose objectives are to promote the economic and social regeneration of the community of Ystalyfera in the Swansea Valley. When planning the activities for the year, the directors have considered the Commission's guidance on public benefit. The company was formed as a vehicle in which to further the objectives of a partnership of local authority and public bodies which was set up to regenerate the · town , centre of Ystalyfera. The partnership was successful in obtaining substantial funding to acquire and refurbish properties which were then transferred to the company as a means of endowing the community with these assets.

The charity is also promoting and assisting all organisations, clubs and entities by providing facilities and accommodation. The charity also manages the finance of numerous clubs on their behalf. Finally the charity continues its objectives of regeneration within the area, as well as the development and letting of properties.

ACHIEVEMENT AND PERFORMANCE Achievement and Performance

The company's main source of funding during the year comprised of grants and letting of property for commercial and residential purposes. We also have a charity shop and cafe, the profits of which will fund the activities of the Trust. The directors consider that the company's financial position at the balance sheet date was satisfactory. Core funding for 2022/2023, comprising grants from local authority (Community Regeneration Fund) has been obtained.

FINANCIAL REVIEW

Investment and Other Powers

The directors have the power to expend the funds of the company in such manner as they consider being beneficial for the achievement of the company's objects. They are also empowered to invest such part of the funds as they see fit in the furtherance cif the objects of the company.

Reserves policy

Ystalyfera Development Trust aims to build. up reserves in future years to enable it to continue and expand the services they currently provide and develop new projects in the future. This policy will be reviewed annually or when significant changes occur within the organisation.

FUTURE PLANS

The charity plans continuing the activities outlined above in the forthcoming years subject to satisfactory funding arrangements.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The organisation is a charitable company limited by guarantee, incorporated on 12th August 1994 an.d registered as a charity on 15th October 1996. 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.

Recruitment and appointment of new trustees

The directors of the company are also charity trustees for the purpose of charity law .. The rules regarding the number of directors and their appointment, reappointment and removal are contained in the Articles of Association to which reference should be made.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

02958170 (England and Wales)

Registered Charity number

1058649

Page 1

YST AL YFERA DEVELOPMENT TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

Registered office

22 Commercial Street Ystalyfera Swansea West Glamorgan SA9 2HR

Trustees

R Davies Councillor M Gladdish Teacher Mrs J L Hannam-Bowen Therapist (resigned 11.8.21) Ms A Christie Director Ms R C Makin Retired Ms J Manser-Thomas Civil Servant I Hawkins Retired (appointed 26.10.21) P H Brandon Retired (appointed 26.10.21)

Independent Examiner

Alison Vickers Institute of Chartered Accountants in England and Wales Bevan Buckland LLP Chartered Accountants Ground Floor Cardigan House Castle Court · Swansea Enterprise Park Swansea SA? 9LA

Solicitors

Bear, Wilson & Lloyd Calvert House Calvert Terrace Swansea SA1 6AP

Bankers

Lloyds TSB Bank pie 113 High Street Gorseinon Swansea SA4 4BR

REPORTING ACCOUNTANTS

Alison Vickers has indicated that she is willing to be re-appointed at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on ............................................. and signed on its behalf by: . :Zl /9 /' · ·

... ]t, ... �--[�] ·-·'······················

R Davies - Trustee

Page 2

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF YSTALYFERA DEVELOPMENT TRUST

Independent examiner's report to the trustees of Ystalyfera Development Trust ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 Marc� 2022.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). and are eligible for independent examination, I report in respect of my examination of your charity's accour;its as carried Having _satisfied myself that the accounts of the Company are not required to be audited under Part 16 of[] the 2006 Act out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have[1 ] 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 Company as required by section 386 of the 2006 Adt; or 2. the accounts do not accord with those records; or I the accounts 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 I

  2. the accounts 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

I have n:0:�cerns and have come across no other matters in connection with the examination to which attLtion should be drawn in this report in order to_ enable a proper understanding of the accounts to be reached. I

Alison Vickers

Institute of Chartered Accountants in England and Wales

Bevan Buckland LLP Chartered Accountants Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA Date: ........ �.�-.[] -�.[/] .3:'?: ......

Page3

YST AL YFERA DEVELOPMENT TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
34,070
Charitable activities
5
Promote econ'mic and social regeneration of the
community
33,698
Other trading a"tivities
3
34,295
Investment income
4
2
Total
102,065
EXPENDITURE ON
Charitable activities
6
Promote economic and social regeneration of the
community
81,187
NET INCOME
20,878
Transfers be�een funds
16
3,513
Net movement in funds
24,391
RECONCILIATION OF FUNDS
Total funds brought forard
577,964
TOTAL FUN0S CARRIED FORWARD
602,355		 Restricted
funds
£
10,400
10,400
10,400
(3,513)
6,887
78,533
85,420		 2022
Total
funds.
£
44,470
33,698
34,295
2
112,465
81,187
31,278
31,278
656,497
687,775		 2021
Total
funds
£
. 57,210
17,731
14,874
4
89,819
75,663
14,156
14,156
642,341
656,497

The notes form part of these financial statements

Page4

YSTALYFERA DEVELOPMENT TRUST

BALANCE SHEET 31 MARCH 2022

Notes
FIXED ASSETS
Tangible assets
12
Investment property
13
CURRENT ASSETS
Debtors
14
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
15
· NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
16
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
128,677
250,518
379,195
11,506
215,907
227,413
(4,253 )
223,160
602,355
602,355		 Restriced
funds
£
75,020
75,020
10,400
10,400
10,400
85,420
85,420		 2022
Total
funds
£
128,677
325,538
454,215
11,506
226,307
237,813
(4,253)
233,560
687,775
687,775
602,355
85,420
687,775		 2021
Total
funds
£
128,459
331,726
460,185
581
202,760
203,341
(7,029 )
196,312
656,497
656,497
577,964
78,533
656,497

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

Page5

continued .

YSTALYFERA DEVELOPMENT TRUST

BALANCE SHEET - continued 31 MARCH 2022

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime_

The financial statements were approved by the Board of Trustees and authorised for issue on ---------::?.-:- �.[l] .[�(] -[ZP-] -�------ and were signed on its behalf by:

--�:'."-�-fkv.�-�R Davies - Trustee

The notes form part of these financial statements

Page6

YSTALYFERA DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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.

Financial reporting standard 102 - reduced disclosure exemptions

The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

the requirements of Section 7 Statement of Cash Flows.

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.

Revenue grants are credited to the income and expenditure account during the period of expenditure. Capital grants are credited to the SOFA in restricted reserves and the depreciation on the assets to which they relate is charged to the Income and Expenditure account as restricted expenditure.

The value of goods for sale in the shops operated by the Charitable Company is recognised at the point of sale, as this is the earliest point at which it is practical to recognise such income.

Donations and similar incoming resources are recognised when they are received. Where a refundable income is received in respect of a specified event or project, the income is deferred until completion of that event or project.

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.

Tangible fixed assets and depreciation

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

Office Equipment & Fittings 15% Straight Line Leasehold Property Improvements 2% Straight Line

Assets below £100 are not capitalised, but included within expenses. The Trustees do not believe any assets are impaired and do not carry out impairment reviews.

Investment Properties

FRS 102, requires investment properties to be accounted for using the fair value accounting rules, therefore:

a) revaluation differences are reflected in the profit and loss account; and b) the fact that no depreciation is charged is no longer a breach of the Companies Act.

Taxation

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

Page?

continued ...

YSTALYFERA DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES- continued

Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes falling in future time periods.

Restricted funds are funds subject to specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.

Pensions

The pension costs charged in the accounts represent the contributions payable by the charity during the year in accordance with accounting requirements. The company is paying in to a defined contribution scheme.

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over lease term.

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 using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash at bank·

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the 1company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies, 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.

Creditors

Short term creditors are measured at transaction price.

Provision for liabilities

Provisions are recognised when the company has a present obligation {legal and constructive) from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be. measured or estimated reliably.

Functional and Presentation Currency

The company's functional and presentation currency is pounds sterling.

Going Concern

The company continues to adopt the going concern basis in preparing its financial statements.

continued ...

Page 8

YSTAL YFERA DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

2. DONATIONS AND LEGACIES
2022 2021
£ £
Grants 44,470 57,210
Grants received, included in the above, are as follows:
2022 2021
£ £
CRF Funding 32,070 30,210
NPTCBC 27,000
Lockdown grant 2,000
Garden Project 200
Community Car Grant 10,200
44,470 57,210
--- ---
3. OTHER TRADING ACTIVITIES
2022 2021
£ £
Shop income 34,295 14,874
---
4. INVESTMENT INCOME
2022 2021
£ £
Interest receivable - trading 2 4
5. INCOME FROM CHARITABLE ACTIVITIES
2022 2021
Activity £ £
Promote economic and social regeneration
Room Hire of the community 6,021 885
Promote economic and social regeneration
Trust Services of the community 1,637 951
Promote economic and social regeneration
Rental Income
Sundr. Income		 of the community
Promote economic and social regeneratior
of the community		 25,834
206		 15,742
153
33,698 17,731

Page 9

continued ...

YSTALYFERA DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2022

6. CHARITABLE ACTIVITIES COSTS

6. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 7) Totals
£ £ £
Promote economic and social
regeneration of the community 73,328 7,859 81,187
7. SUPPORT COSTS
Support
Management costs Totals
£ £ £
Promote economic and social regeneration
of the community 5,756 2,103 7,859
8. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated afer charging/(crediting):
2022 2021
£ £
Depreciation - owned assets 4,404 7,471
9. TRUSTEES' REMUNERATION AND BENEFITS

9.

There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.

Trustees' expenses

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

10. STAFF COSTS

STAFF COSTS
2022 2021
£ £
Wages and salaries 40,560 38,145
Other pension costs 2,246 2,053
42,806 40,198
The average monthly number of employees during the year was as follows:
2022 2021
Administration and Management 2 2
No employees received emoluments in excess of £60,000.

No remuneration was paid to directors, and no expenses were reimbursed. No employee earned more than £60,000 during the year.

continued ...

Page 10

YSTALYFERA DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
57,210
Charitable activities
Promote economic and social regeneration of
the community
17,731
Other trading activities
14,874
Investment income
4
Total
89,819
EXPENDITURE ON
Charitable activities
Promote economic and social regeneration of
the community
73,053
NET INCOME/(EXPENDITURE)
16,766
Transfers between funds
3,513
Net movement in funds
20,279
RECONCILIATION OF FUNDS
Total funds brought forard
557,685
TOTAL FUNDS CARRIED FORWARD
577,964
12.
TANGIBLE FIXED ASSETS
Freehold
property
£
COST
At 1 April 2021
139,950
Additions
At 31 March 2022
139,950
DEPRECIATION
At 1 April 2021
13,995
Charge for year
2,799
At 31 March 2022
16,794
NET BOOK VALUE
At 31 March 2022
123,156
At 31 March 2021
125,955		 Restricted
funds
£
2,610
(2,610)
(3,513)
(6,123)
84,656
78,533
Fixtures
and
fittings
£
43,962
1,528
45,490
38,364
1,605
39,969
5,521
5,598		 Total
. funds
£
57,210
17,731
14,874
4
89,819
75,663
14,156
14,156
642,341
656,497
Totals
£
183,912
1,528
185,440
52,359
4,404
56,763
128,677
131,553		 Total
. funds
£
57,210
17,731
14,874
4
89,819
75,663
14,156
14,156
642,341
656,497

Page 11

continued ...

YSTAL YFERA DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2022

13. INVESTMENT PROPERTY

FAIR VALUE
At 1 April 2021
and 31 March 2022
AMORTISATION
At 1 April 2021
Charge for year
At 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021		 £
387,191
58,559
3,094
61,653
325,538
328,632

Investment property is shown at most recent valuation. Freehold investment properties was re-valued by Dawson in September 2004. In the opinion of the trustees this valuation is still a a fair valuation of the properties. Therefore as at 31st March 2021 the trustees believe that the cost is equal to current market valuation.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Trade debtors 10,376 346
Prepayments and accrued income 1,130 235
11,506 581
15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Trade, creditors 860 546
Other creditors 842 4,611
Accrued expenses 2,551 1,872
4,253 7,029

16. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Designated Capital Fund
Restricted funds
NPTCBC-Community car scheme
Capital Restricted Fund
Ystalyfera Community Council
TOTAL FUNDS_		 At 1.4.21
£
196,311
381,653
577,964
78,533
78,533
656,497		 Net
movement
in funds
£
20,878
20,878
10,000
400
10,400
31,278		 Transfers
between
At
funds
31.3.22
£
£
5,968
223,157
(2,455)
379,198
3,513
602,355
10,000
(3,513)
75,020
400
(3,513)
85,420
687,775

continued ...

Page 12

YSTALYFERA DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

16. MOVEMENT IN FUNDS- continued

Net movement in funds, included in the above are as follows:

Unres�ricted funds
General fund
Restricted funds
NPTCBC-Community car scheme
Ystalyfera Community Council
TOTAL FUNDS		 Incoming
resources
£
102,065
10,000
400
10,400
112,465		 Resources
Movement
expended
in funds
£
£
(81,187)
20,878
10,000
400
10,400
(81,187)
31,278

Comparatives for movement in funds

Unrestricted funds
General fund
Designated Capital Fund
Restricted funds
Capital Restriced Fund
National Lotter
TOTAL FUNDS
At 1.4.20
£
172,299
385,386
557,685
82,046
2,610
84,656
642,341		 Net
movement
in funds
£
16,766
16,766
(2,610)
(2,610)
14,156		 Transfers
beteen
funds
£
7,246
(3,733)
3,513
(3,513)
(3,513)		 At
31.3.21
£
196,311
381,653
577,964
78,533
78,533
656,497

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 89,819 (73,053) 16,766
Restricted funds
National Lotter (2,610) (2,610)
TOTAL FUNDS 89,819 (75,663) 14,156
--- --- ---

Page 13

continued ...

YST AL YFERA DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

16. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement
At 1.4.20
in funds
£
£
Unrestricted funds
General fund
172,299
37,644
Designated Capital Fund
385,386
557,685
37,644
Restricted funds
NPTCBC-Community car scheme
10,000
Capital Restricted Fund
82,046
National Lotter
2,610
(2,610)
Ystalyera Community Council
400
84,656
7,790
TOTAL FUNDS
642,341
45,434		 Transfers
between
funds
£
13,214
(6,188)
7,026
(7,026)
(7,026)		 At
31.3.22
£
223,157
379,198
602,355
10,000
75,020
400
85,420
687,775

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
NPTCBC-Community car scheme
National Lottery
Ystalyfera Community Council
TOTAL FUNDS		 Incoming
resources
£
191,884
10,000
400
10,400
202,284		 Resources
Movement
expended
in funds
£
£
(154,240)
37,644
10,000
(2,610)
(2,610)
400
(2,610)
7,790
(156,850)
45,434

The Designated Capital Funds represents the balance of the fixed assets funded out of accumulated surpluses.

The Revaluation Reserve represents the balance of revaluation of a freehold property held for investment purposes.

The Capital Restricted Funds represents capital grants received in respect of the extension of the property and furniture grants received in respect of office equipment.

continued ...

Page 14

YSTALYFERA DEVELOPMENT TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022

17. EMPLOYEE BENEFIT OBLIGATIONS

The company operates a defined contribution pension scheme. Pension costs charged during the year amounted to £2,246. (2021 - £2,053).

RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2022.

Page 15