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2024-03-31-accounts

PHOENIX SOCIAL ENTERPRISE LIMITED

FINANCIAL STATEMENTS YEAR ENDING 31 MARCH 2023

Registered Company No: 3319667 Registered Charity No: 1060956

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Contents

LEGAL AND ADMINISTRATIVE INFORMATION ....................................................................... 3 YEAR ENDING 31 MARCH 2023 ............................................................................................. 3 Directors’ & Trustees ........................................................................................................... 3 TRUSTEE’S ANNUAL REPORT YEAR ENDING 31 MARCH 2023 ............................................... 4 Structure, Governance, and Management ........................................................................... 4 Recruitment and Appointment of Trustees ........................................................................... 4 Management and strategic Leadership ................................................................................ 4 TRUSTEES ANNUAL REPORT YEAR ENDING 31 MARCH 2023 ................................................ 5 Public Benefit ..................................................................................................................... 5 Risk Management ............................................................................................................... 5 TRUSTEES' ANNUAL REPORT YEAR ENDING 31 MARCH 2023 ............................................... 6 Objectives and Activities ................................................................................................... 6 Years Objectives ............................................................................................................... 6 Services and Programmes ............................................................................................... 6 Work placement and Internship ....................................................................................... 6 Customer-centric organisation ........................................................................................ 6 TRUSTEES ANNUAL REPORT YEAR ENDING 31 MARCH 2023 ................................................ 7 Financial Review ............................................................................................................... 7 Future Plans .................................................................................................................. 7 Financial control ............................................................................................................. 7 Investment powers ............................................................................................................... 7 Responsibilities of the Trustees ........................................................................................... 7 INDEPENDENT EXAMINER’S REPORT TO TRUSTEES YEAR ENDING 31 MARCH 2023 ............ 8 Respective responsibilities of trustees and examiner ........................................................... 8 Basis of independent examiner’s report ............................................................................... 8 Independent examiner’s statement ..................................................................................... 8 STATEMENT OF FINANCIAL ACTIVITIES (Including Income & Expenditure Account) ............. 9 YEAR ENDED 31 MARCH 2023 ............................................................................................... 9 BALANCE SHEET At 31 MARCH 2023 ................................................................................. 10 BALANCE SHEET – CONTINUED At 31 MARCH 2023 .......................................................... 11 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 ............................. 12 1 Accounting Policies ................................................................................................... 12 2 Investment Income ...................................................................................................... 12 3 Income Resources From Charitable Activities ............................................................. 13

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LEGAL AND ADMINISTRATIVE INFORMATION YEAR ENDING 31 MARCH 2023

Directors’ & Trustees

The directors of the charitable company

Registered Company Number 3319667 (England & Wales)
Registered Charity Number 1060956
Registered office 5 Russell Town Avenue
Redfeld
Bristol
BS5 9LT
Directors & Trustees
Chair Guy Bailey
Treasurer Anndeloris Chacon
Secretary Berdencia Williams-McLarty
**Independent Examiners ** ANT BEC Payroll & Accountancy Services
24 Lower Ashley Road
St Agnes
Bristol BS2 9NP
Solicitors Bush & Bush
77-81 Alma Road
Clifon
Bristol
BS8 2DP
Bankers Santander UK PLC
Bridle Road
Bootle
Merseyside
L30 4GB
Registered Company Number 3319667
Registered Charity Number 1060956

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PHOENIX SOCIAL ENTERPRISE LIMITED

TRUSTEE’S ANNUAL REPORT YEAR ENDING 31 MARCH 2023

The Trustees present their report incorporating the Directors report and financial statements of the year ended 31 March 2022. Reference and administrative information set out on the previous page form part of this report. The financial statements have been prepared by the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2022 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts by the Financial Reporting Standard for Smaller Entities FRSSE.

Structure, Governance, and Management

Phoenix Social Enterprise is a registered charity and company limited by guarantee (No.1060956 and No.3319667, respectively). Incorporated on 17 February. The organisation is governed under a Memorandum and Articles of Association.

Phoenix Social Enterprise is constantly evolving, changing, and updating. We are a transnational company creating employment education and training opportunities nationally, trans-nationally, and globally for disadvantaged young people - underpinned by a philosophy of equality and human rights. We focus on young, disadvantaged people 18-34 and older people 50+ mainly from Black and Minority Ethnic (BAME) diverse communities locally, nationally, and transnationally. The organisation is controlled by its governance document, a deed of trust, and constitutes a limited company by guarantee, as defined by the Companies Act 2006 and its Amendments 2013.

Recruitment and Appointment of Trustees

Our rules provide for a Board of Directors (“Board”) consisting of no less than three and no more than thirteen members, the exact number within this range being determined by our Board. The Board currently has set the number of directors at seven. The Corporate Governance and Nominating Committee (“Governance Committee”) reviews the size and composition of our Board and its committees at least once per year, including the number of directors eligible for election at the annual meeting of stakeholders, accordance with our Certificate of Incorporation.

Management and strategic Leadership

Phoenix Social Enterprise (PSE) provides accredited training, capacity building of the organisation employment provision for long-term unemployed, and work placement opportunities for individuals in the UK and Europe. The Board of Directors (also referred to as Trustees) was elected at the Annual General Meeting held on 11[th] November 2023 and currently comprises 3 representatives. The Chair has substantial experience in equality, youth, business, and management skills. A qualified social worker with years of experience working with disadvantaged young people.

The CEO acts as shadow secretary and the Operations director and shadow business development director on the board.

The Treasurer manages a care orientation business in the community with extensive financial management experience and qualifications.

PSE Board members are experienced managers and/or leaders in their respective organisations with track records of delivering quality services within voluntary, community, and social enterprise sectors, within the private and public sectors. Directors are inducted via an introductory session with the Chief Executive followed by an annual Board/staff Away Day.

The Board of Directors are voluntary members; meet six-weekly give strategic direction and set priorities. Directors also volunteer their time on two sub-committees - the Personnel, Finance & Building Sub-committee.

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PHOENIX SOCIAL ENTERPRISE LIMITED

TRUSTEES ANNUAL REPORT YEAR ENDING 31 MARCH 2023

Directors address issues relating to their respective areas of responsibility. Decisions made by sub-committees are referred to the Board of Trustees for final ratification.

Public Benefit

Our main activities are described below more fully. Our activities focus on PSE’s role in addressing social issues and social inclusion through education, training, and employment programs. We are also an income generation company. PSE self-generates 80% of its income from lettings, room hire, conference events, commissions, social research and training, and employment contracts. In 2022-2023 financial year we managed several programmes. The overriding majority via commissions, research, conference booking, and events.

Accredited Training and other income generation projects – provided accredited training for young people in partnership with local training agencies by using our assets to generate funding to support other activities.

  1. Capacity build organisations - PSE provided capacity building for existing and emerging businesses through the pandemic and post pandemic includes work carried out with over 650 organisations providing skilled staff to work with challenging young people. In addition, giving disadvantaged, and gifted and talented young people alternative skills to reach their true potential using alternative methods.

  2. Office rental and conference facilities - PSE is based in a detached building and rented office units, conference rooms, and other facilities to community groups, public sector agencies, and private businesses.

In shaping the objectives for the year and planning activities, the trustees have considered the Charity Commission Guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.

Risk Management

The trustees’ duties are to identify any review risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. In addition to the due diligence carried out extra policies and structures were put in place to manage Covid 19. The Board of Directors has conducted its own review of the major risks to which the charity is exposed, and systems have been established to mitigate those risks. Significant external risks to funding have led to the development of a strategic plan, which will allow for the diversification of funding and activities towards self-generation of income and contracts. Internal risks are minimized by the implementation of procedures for authorization of all transactions and projects to ensure consistent quality of delivery for all operational aspects of the charitable company. These procedures are periodically reviewed to ensure that they still meet the needs of the charity.

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PHOENIX SOCIAL ENTERPRISE LIMITED

TRUSTEES' ANNUAL REPORT YEAR ENDING 31 MARCH 2023

Objectives and Activities

Our objectives are to:

  1. Provide local, national, and transnational businesses with the most cost-effective route to recruit talented young people and adults to operate within their businesses, ensuring stability and growth for their business in the medium and long term.

  2. Provide educational institutions with social action research forums to introduce their students to local, students establishing employment within these industries.

  3. Provide young people and adults from marginalized communities with the opportunity to realise their ambition in the workplace by providing opportunities to display their talents and skills to businesses from diverse industries and professions both nationally and trans-nationally in gaining employment in such businesses.

  4. Develop innovative education/business programs that will enable young people to demonstrate their skill set to satisfy the needs of businesses and for them to demonstrate their potential.

  5. Recognised skills that locally, nationally, and trans-nationally transform businesses, as the principal quality provider of educational and employment opportunities in the UK, in Europe, and other international markets.

Years Objectives

Services and Programmes

Self-generated income – In Bristol and the surrounding area, we provide capacity building to communities and individuals, reasonably priced office space, conference facilities, event support/management, and partnership working with organisations wishing to improve their employment practices.

Brokerage Service – Job Brokerage provides tailored, 1-to-1 support for unemployed people in Bristol and the West of England. The service works closely with a range of providers and organisation’s take on long-term unemployed people and “job-ready” clients to overcome individual barriers, but who need further assistance to target specific employers and support to access employment

Work placement and Internship

For those wishing to increase their skills and confidence, we offer placements at home and overseas. Our focus has been on working with institutions, companies, and NGOs across the UK and Europe in a more strategic way providing employment, education, and training opportunities for teachers, trainers, and students utilizing e-tools and online training solutions. Programs that enabled us to work with more than 17 European countries developing training for teachers, working with the arts as an alternative youth engagement medium developing practice with partners to develop safer interventions that help prevent so many young people from dying through careless driving on roads across Europe.

Customer-centric organisation

Our customers view their interactions with us holistically. We put our customers first in every aspect of the business—from product development and marketing to sales and customer service. By focusing on the customer our business can optimised to have the greatest impact on customer experience and ultimately, the organization’s bottom line.

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PHOENIX SOCIAL ENTERPRISE LIMITED

TRUSTEES ANNUAL REPORT YEAR ENDING 31 MARCH 2023

Financial Review

Future Plans

~~aC~~ Private & Social Housing Project Planning Permission £3m April 2024 ~~|~~ Building 2026

Financial control

The Trustees believe that existing controls are adequate to safeguard the assets of the charity.

Investment powers

There are no significant restrictions on either the investment powers of the Trustees or the activities of the charity.

Responsibilities of the Trustees

The Directors/Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance, with the 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 situation 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 these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and 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.

Registered Office Signed by order of the Trustees. 5 Russell Town Avenue Redfield Bristol BS5 9LT Guy Reid-Bailey OBE, Chair

On behalf of PSE Board of Directors Date: 22/11/2024

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PHOENIX SOCIAL ENTERPRISE LIMITED

INDEPENDENT EXAMINER’S REPORT TO TRUSTEES YEAR ENDING 31 MARCH 2023

I report on the accounts of the company for the period 31st March 2022 - 2023 which are set out on pages 8 to 16.

Respective responsibilities of trustees and examiner

The trustees (who are also the directors of the company for purposes of company law) are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act), and that an independent examination is needed. It is my responsibility to:

Examine the accounts under section 145 of the 2011 Act,

Basis of independent examiner’s report

My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required by audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view, and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

During my examination, no matter has come to my attention:

Lloyd Beckford Date: 21/11/2023

Antbec Payroll & Accountancy Services

24 Lower Ashley Road, St Agnes, Bristol BS2 9NP

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PHOENIX SOCIAL ENTERPRISE LTD

STATEMENT OF FINANCIAL ACTIVITIES (Including Income & Expenditure Account) YEAR ENDED 31 MARCH 2023

INCOMING RESOURCES Unrestricted
 Restricted Total Funds Total Funds
Funds
 Funds 2023 2022
2023
 2023
Notes £ £ £ £
Income resources from
generated funds
Voluntary Income 2 13,781 13,781 -
Investment Income 27,507 27,507 267
Donations - - - 1,800
Membership - - - 1,603
Incoming resources from 3
Charitable activities
Commissions - 58,816 58,816 326,538
Erasmus+ 38,443 38,443
Core Activities 220,431 - 220,431 101,822
Management Fees - - - 7,760
Strategic Partnership - 56,860 56,860 8,801
__ __ __ __
Total Incoming Resources 300,162 165,676 415,838 448,591
RESOURCES EXPENDED
Charitable activities
Commissions - 56,860 56,860
Erasmus+ 32,114 - 32,114 -
Core Activities 210,784 - 210,784 500,034
Management Fees
Strategic Partnership 56,066 56,066
Governance Costs 4 24,064 2,750 26,814 10,343
__ __ __ __
Total Resources Expended 266,962 115,676 382,638 510,377
NET INCOMING 33,200 - 33,200 (61,786)
RESOURCES
RECONCILIATION OF
FUNDS
Total funds brought 207,402 - 207,402 247,214
forward __ _ __ __
TOTAL FUNDS CARRIED 240,602 - 240,602 185,428
FORWARD __ _ __ __

The notes on pages 13 to 16 form part of these financial statements as required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet* See note 8&9 for full comparative for 2023.

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PHOENIX SOCIAL ENTERPRISE LTD

BALANCE SHEET At 31 MARCH 2023

FIXED ASSETS
Tangible Assets
CURRENT ASSETS
Debtors: amounts falling due within one year
Cash at bank
CREDITORS
Amounts falling due within one year
NET CURRENT ASSETS/(LIABILITIES)
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
Unrestricted funds
General funds
Restricted funds
TOTAL FUNDS		 Unrestricted
Funds
£
Restricted
Funds
£
Notes
8
259,245
-
9
135,715
-
10
25,823
-
161,538
-
11
(180,181)
-
(18,643)
-
240,602
-
240,602
-
12
_
_		 31.3.23
Total
Funds
£
259,245
135,715
25,823
161,538
(180,181)
(18,643)
240,602
240,602
240,602
______-
240,602		 31.3.22
Total
Funds
£
263,324
263,324
-
(119,281)		 31.3.22
Total
Funds
£
263,324
263,324
-
(119,281)

(77,898)
185,428
147,852
37,576
185,428

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PHOENIX SOCIAL ENTERPRISE LTD

BALANCE SHEET – CONTINUED At 31 MARCH 2023

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ending 31 March 2023.

The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The Trustees/Directors acknowledge their responsibilities for:

(a) Ensuring that the company keeps proper accounting records that, comply with Sections: 386 & 387 of the Act, and

(b) Preparing financial statements which give a true and fair view of the situation of the company at the end of the financial year and of its profit or loss for the financial year by the requirements of section 393, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the company.

These accounts have been prepared in accordance, with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and with the Financial Reporting Standard for Small Entities (effective) April 2008).

These financial statements were approved by the trustees on 21[st] November 2023 and are signed on their behalf by

Guy Reid-Bailey, OBE – Chair of Trustees

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PHOENIX SOCIAL ENTERPRISE LTD

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022

1 Accounting Policies

Accounting Conventions

The financial statements have been approved under the historical cost convention, as modified by the revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities' (effective January 2015) the Companies Act 2006, and requirements of the Statement of Recommended Practice, Accounting, and Reporting by Charities.

Incoming Resources

All income resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Resources expended

Expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all costs relating 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 the resources.

Allocation and Apportionment of Costs

Tangible Fixed Assets

Depreciation is provided at the following annual rates to write off the costless estimated residual value of each asset over its estimated useful life.

Fixtures and fittings – 25% on reducing balance.

Taxation

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

Fund Accounting

Unrestricted funds can be used by the charitable objectives at the discretion of the trustees/directors.

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

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

Pension Costs and Other Post-retirement Benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company’s pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2 Investment Income


Rent Received
Deposit Account Interest		 31.3.23
£

27,490

.17
______
27,507

_		 31.3 22
£
7,760
7
_
7,767
_____

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PHOENIX SOCIAL ENTERPRISE LTD

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

3 Income Resources From Charitable Activities

Activity

Grants
Work Placement (EU)
Grants
Erasmus
Grants
Core Activities

Grants
Chimes Partnership
Other grants

Grants received, included in the above, are as follows:

Work Placement (EU) Funding
Erasmus+ Strategic Funding
European Funding

Chimes Partnership Funding
ESL Funding
Other grants

4 GOVERNANCE COSTS

Staf
Accountancy
Legal fees
Auditors’ remuneration
5 NET INCOMING /(OUTGOING) RESOURCES
Net resources are stated after charging/(crediting):

Auditors’ remuneration
Depreciation – owned assets		 31,3.23
£

58,816
38,443
220,431

56,860

48,613
374,550

31,3.23

£

58,816

38,443

113,820
56,860

57,998
48,613
374,550

31,3.23
£

9,100
17,714
-
-
_

26,814
31.3.23
£

-
6,415		 31.3.22
£
-
-
326,538
101,822
20,231
448,591
31.3.22
£
200,100
126,438
-
101,822
20,231
-
-
448,591
31.3.22
£
5,000
3,000
8,549
-
_
16,549
31.3.22
£
-
11,309

6 TRUSTEES’ REMUNERATION AND BENEFITS

Trustees’ Expenses

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PHOENIX SOCIAL ENTERPRISE LTD NOTES TO THE FINANCIAL STATEMENTS CONTINUED

7 STAFF COSTS

Wages and salaries
Social security costs
Other pensions costs
8 TANGIBLE FIXED ASSETS		 31.3.23
£

190,070
15,155
4,324
209,549		 31.3.22
£
292,068
26,326
3,224
321,618
Long Leasehold Fixtures & fttings
 Totals
£ £ £
COST OR VALUATION
At 1 April 2022 225,748 161,536 380,208
Additions - 2,907 4,563
Revaluations 14,252 - -
At 31 March 2023 240,000 164,443 384,771
DEPRECIATION
At I April 2022
Charge for the year - 138,783 110,138
______ 6,415 11,309
-
145,198 121,447
NET BOOK VALUE
At 31 March 2023 240.000 19,245 259,245
At 31 March 2022 225,748 37,576 263,324
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£ £
Trade debtors 6,958 41,385
Prepayments and accrued income 128,757 77,896
135,715 119,281
10 CASH BACK
31.3.23 31.3.22
General funds Total funds Total funds
£ £ £
25,823 25,823 -
Bank account No. 1

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PHOENIX SOCIAL ENTERPRISE LTD

NOTES TO THE FINANCIAL STATEMENTS CONT’D - YEAR ENDED 31 MARCH 2023

11 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23 31.3.22
£ £
Trade creditors 173,317 77,896
Social security and other taxes 66 -
Other creditors 6,798 41,385
Accruals and deferred income - -
180,181 119,281
12 MOVEMENT IN FUNDS
At 1.4.22 Net movement At 31.3.23
In funds
£ £ £
Unrestricted funds (61,786) 33,200 240,602
General fund _ _ __
TOTAL FUNDS (61,786) 33,200 240,602
Net movement in funds, included in the above are as follows:
Incoming Resources Movement in
resources expended funds
£ £ £
Unrestricted funds
General fund 300,162 (266,962) 33,200
Restricted funds
EU Funding 58,816 (58,816) -
CHIMES Funding 56,860 (56,860) -
115,676
 (115,676)
 -
_ __ ______
TOTAL FUNDS 415,838 382,638 33,200

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INCOMING RESOURCES
Voluntary income
Gifts

Donations
Grants
Subscriptions
Donated services and facilities
Investment income
Rents received
Deposit account interest

Incoming resources from charitable activities
Grants

Total incoming resources

RESOURCES EXPENDED
Charitable activities
Wages

Freelance/Consultancy
Social Security
Pensions
Rates and water
Insurance
Light and heat
Telephone
Postage & Stationary
Advertising
Sundries

Fixtures and fttings
Computer equipment

Governance costs
Wages
Accountancy
Legal fees
Auditor’s remuneration

Support costs
Finance
Bank charges


Total resources expended

Net income		 (1)
100
1,800
-
-
1,386
1,606
12,296
267
13,781
3,693
27,490
101,822
17
67
27,507
101,889
374,550
343,009
415,838
448,591
180,970
138,000
-
80,050
15,155
26,326
4,324
3,224
7,047
17,040
4,697
5,773
11,640
13,611
6,791
6,954
5,844
2,396
1,140
3,312
111,162
180,198
3,207
10,096
3,207
10,008
355,184
496,988
9,100
8,000
17,714
-
2,000
-
2,056
26,814
12,056
31.3.23
31.3.22
£
640
£
1,334
382,638
510,377
33,200
(61,786)		 1,800
-
1,606
267
3,693
101,822
67		 1,800
-
1,606
267
101,889
343,009

(61,786)

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