OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-03-31-accounts

REGISTERED COMPANY NUMBER: 03277750 (England and Wales) REGISTERED CHARITY NUMBER: 1061942

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Keighley Kiddicare Ltd

Stirk Lambert & Co Chartered Accountants Russell Chambers 61a North Street Keighley West Yorkshire BD21 3DS

Keighley Kiddicare Ltd

Contents of the Financial Statements for the Year Ended 31 March 2023

Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6 to 7
Notes to the Financial Statements 8 to 15
Detailed Statement of Financial Activities 16

Keighley Kiddicare Ltd (Registered number: 03277750)

Report of the Trustees for the Year Ended 31 March 2023

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 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The main objective is to provide childcare for families in the Keighley area, particularly children from lone parent families, children from disadvantaged areas and children with disabilities.

Significant activities

The main activities are:- nursery day-care for children aged 0 to 4 at our day nursery in the Highfield Community Centre in Keighley; before and after school care for children aged 3 to 12 at St. Joseph's Primary School. and school holiday playschemes are held at the nursery for children up to 11 years of age.

Public benefit

The charity's public benefit is providing facilities for the daily care, recreation and education of children who are below compulsory school age or who are of compulsory school age during out of school hours and holidays to children in Keighley and the surrounding areas.

The Trustees are aware of the Charity Commission guidance on public benefit and are satisfied that the activities of the charity comply with public benefit requirements.

Complaints

The Trustees received no reported complaints in 2022/23.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

This year has been particularly testing as we fight to rebuild the organisation following the pandemic and sale of the Barlow Road site. There has been a very high staff turnover and the added difficulties arising from a rise in minimum wage and ever increasing costs of fuel and food. The senior staff team has remained consistent, and take one day at a time, striving to provide quality childcare and education. In the summer the trustees appointed a finance manager who works 20 hours and manages the accounts. The kitchen managed to retain a 5 star rating from the Food Standards Agency.

Children who attended our settings were from a variety of backgrounds - White British, Asian (mainly Pakistani), Eastern European (mainly Slovakian Roma or Polish).

FINANCIAL REVIEW

Financial position

During the year there was a deficit of £38,979, a decrease on the deficit of £96,379 in 2021/22.

The current year deficit includes some exceptional one-off items and was heavily influenced by the covid-19 pandemic, it therefore does not represent the underlying performance of the charity.

To reduce the deficit management are seeking alternative sources of funding and identifying opportunities to create efficiencies and minimise operating costs.

To manage performance and cashflow the trustees receive monthly management accounts and monitor income and expenditure against cashflow forecasts.

Principal funding sources

Parental fees and Early Education funding are the principal funding sources. These 2 sources of funding made up over 90% of our total income. The balance came mainly from Inclusion funding and fundraising.

Investment policy and objectives

Following the sale of the Barlow Road property it was decided to invest £110,000 of the proceeds in a deposit account to provide longer term financial security.

Page 1

Keighley Kiddicare Ltd (Registered number: 03277750)

Report of the Trustees for the Year Ended 31 March 2023

FINANCIAL REVIEW

Reserves policy

The Trustees feel that it is reasonable that unrestricted reserves equivalent to 4 months expenditure (around £115,000) are held in order to protect the organisation against the uncertainties of the trading and funding climate.

Going concern

The trustees have reviewed the gong concern status of the charity and concluded that the charity has sufficient reserves to continue operating for the foreseeable future.

FUTURE DEVELOPMENTS

Carol Dlambulo remains company secretary and supported by the trustees she continues to lead the staff team through a period of recovery As she reaches retirement age in less than three years, she has begun the process of training and coaching the senior staff team to manage the organisation on a daily basis. The aim is to make the transition process in 2026 as smooth as possible.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Keighley Kiddicare Limited is a registered charity (No. 1061942) and a company limited by guarantee (No. 3277750). The company is governed by its Memorandum and Articles of Association.

Recruitment and appointment of new trustees

Under the requirements of the Memorandum and Articles of Association, Trustees are elected to serve for a period of three years, after which they must seek re-election at the next Annual General Meeting.

A quorate Trustees' meeting may co-opt new Trustees at any time. They must then seek election at the next Annual General meeting.

In order to retain the original ethos of the charity, the Trustees will endeavour to ensure that new members are recruited primarily from service users, as well as ensuring that relevant skills are represented, e.g. business, finance, childcare, voluntary sector.

Organisational structure

Keighley Kiddicare's Board of Trustees must consist, according to the Articles of Association, of at least 3 members with no maximum number. The Trustees consider that a Board of between 8 to 12 members is an optimum number. The Board meets 6 to 8 times a year.

Day to day responsibility for service delivery and financial management is delegated to the Nursery and Out of School Managers.

Induction and training of new trustees

New Trustees will be provided with information about the history, structure and governance of the organisation as well as its financial position and strategic priorities.

New Trustees will be referred to relevant training courses aimed at voluntary sector committee members.

Related parties

Kiddicare's service delivery is consistent with the aims of the Early Years Foundation Stage, and is supported by Bradford Council.

On a local level, Kiddicare has strong links with local schools, colleges, Family Support workers and other professional agencies.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

03277750 (England and Wales)

Registered Charity number

1061942

Page 2

Keighley Kiddicare Ltd (Registered number: 03277750)

Report of the Trustees for the Year Ended 31 March 2023

Registered office

Highfield Community Centre Drewry Road Keighley West Yorkshire BD21 2QG

Trustees

S Magee Chair (resigned 31.1.23) P Greenwood Treasurer R Manley Chair S Widdop P Manley Vice Chair (appointed 24.8.22)

Company Secretary

C Dlambulo

Independent Examiner

Catherine Hill ACA CTA Stirk Lambert & Co Chartered Accountants Russell Chambers 61a North Street Keighley West Yorkshire BD21 3DS

Bank Lloyds Bank Hustlergate Bradford BD1 1NT

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 14 November 2023 and signed on its behalf by:

P Greenwood - Trustee

Page 3

Independent Examiner's Report to the Trustees of Keighley Kiddicare Ltd (Registered number: 03277750)

Independent examiner's report to the trustees of Keighley Kiddicare Ltd ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.

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').

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 your 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 your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, 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 Company as required by Section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. 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

  4. 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 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.

Catherine Hill ACA CTA

Stirk Lambert & Co Chartered Accountants Russell Chambers 61a North Street Keighley West Yorkshire BD21 3DS

14 November 2023

Page 4

Keighley Kiddicare Ltd

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2023

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Charitable activities
4
Charitable activities
269,715
Other trading activities
2
540
Investment income
3
209
Total
270,464
EXPENDITURE ON
Charitable activities
Charitable activities
266,380
Governance costs
43,053
Total
309,433
NET INCOME/(EXPENDITURE)
(38,969)
RECONCILIATION OF FUNDS
Total funds brought forward
214,096
TOTAL FUNDS CARRIED FORWARD
175,127		 Restricted
funds
£
-
-
-
-
10
-
10
(10)
52
42		 31.3.23
Total
funds
£
269,715
540
209
270,464
266,390
43,053
309,443
(38,979)
214,148
175,169		 31.3.22
Total
funds
£
248,667
1,590
4,501
254,758
308,866
42,271
351,137
(96,379)
310,527
214,148

The notes form part of these financial statements

Page 5

Keighley Kiddicare Ltd (Registered number: 03277750)

Balance Sheet 31 March 2023

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
9
14,597
CURRENT ASSETS
Debtors
10
15,769
Cash at bank and in hand
199,613
215,382
CREDITORS
Amounts falling due within one year
11
(39,153)
NET CURRENT ASSETS
176,229
TOTAL ASSETS LESS CURRENT
LIABILITIES
190,826
CREDITORS
Amounts falling due after more than one year
12
(15,699)
NET ASSETS
175,127
FUNDS
15
Unrestricted funds:
General fund
Capital Grant
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
41
-
-
-
1
1
42
-
42		 31.3.23
Total
funds
£
14,638
15,769
199,613
215,382
(39,152)
176,230
190,868
(15,699)
175,169
172,516
2,611
175,127
42
175,169		 31.3.22
Total
funds
£
6,898
9,262
272,963
282,225
(58,975)
223,250
230,148
(16,000)
214,148
210,832
3,264
214,096
52
214,148

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

The members have not required the 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 acknowledge their responsibilities for

The notes form part of these financial statements

Page 6

continued...

Keighley Kiddicare Ltd (Registered number: 03277750)

Balance Sheet - continued 31 March 2023

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 14 November 2023 and were signed on its behalf by:

P Greenwood - Trustee

R Manley - Trustee

The notes form part of these financial statements

Page 7

Keighley Kiddicare Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

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.

Income

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

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

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

Plant and machinery - 20% on reducing balance Motor vehicles - 20% on reducing balance Computer equipment - 20% on reducing balance

Investment property

Investment property is included at fair value. Changes in fair value are recognised in the statement of financial activities.

Taxation

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

Fund accounting

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

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

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

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution scheme for specific employees. The pension cost charge represents amounts paid during the year in respect of this scheme.

continued...

Page 8

Keighley Kiddicare Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

2.
OTHER TRADING ACTIVITIES
Fundraising events
3.
INVESTMENT INCOME
Rental income
Deposit account interest
4.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Childcare fees
Charitable activities
Childcare fee bad debts
Charitable activities
Grants
Charitable activities
Grants received, included in the above, are as follows:
Special Educational Needs - Aiming High
Graduate Leader Fund
Early Education Fund
Coronavirus Job Retention Scheme
5.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Other operating leases
Deficit on disposal of fixed assets		 31.3.23
£
540
31.3.23
£
-
209
209
31.3.23
£
152,856
2,778
114,081
269,715
31.3.23
£
2,114
-
111,967
-
114,081
31.3.23
£
3,661
2,905
-		 31.3.22
£
1,590
31.3.22
£
4,501
-
4,501
31.3.22
£
136,877
(4,491)
116,281
248,667
31.3.22
£
-
2,027
113,503
752
116,282
31.3.22
£
1,724
3,971
24,668

continued...

Page 9

Keighley Kiddicare Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.

7. STAFF COSTS

The average monthly number of employees during the year was as follows:

Direct charitable work
Administrative		 31.3.23

21
2
23		 31.3.22
21
2
23

No employees received emoluments in excess of £60,000.

8.

COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Charitable activities
Charitable activities
247,916
Other trading activities
1,590
Investment income
4,501
Total
254,007
EXPENDITURE ON
Charitable activities
Charitable activities
305,358
Governance costs
42,271
Total
347,629
NET INCOME/(EXPENDITURE)
(93,622)
Transfers between funds
3,144
Net movement in funds
(90,478)
RECONCILIATION OF FUNDS
Total funds brought forward
304,574
TOTAL FUNDS CARRIED FORWARD
214,096		 Restricted
funds
£
751
-
-
751
3,508
-
3,508
(2,757)
(3,144)
(5,901)
5,953
52		 Total
funds
£
248,667
1,590
4,501
254,758
308,866
42,271
351,137
(96,379)
-
(96,379)
310,527
214,148

continued...

Page 10

Keighley Kiddicare Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

9. TANGIBLE FIXED ASSETS

Plant and
machinery
£
COST
At 1 April 2022
60,611
Additions
744
At 31 March 2023
61,355
DEPRECIATION
At 1 April 2022
54,408
Charge for year
1,390
At 31 March 2023
55,798
NET BOOK VALUE
At 31 March 2023
5,557
At 31 March 2022
6,203
10.
DEBTORS
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
Amounts falling due after more than one year:
Trade debtors
Aggregate amounts		 Motor
Computer
vehicles
equipment
Totals
£
£
£
-
12,447
73,058
9,995
662
11,401
9,995
13,109
84,459
-
11,752
66,160
1,999
272
3,661
1,999
12,024
69,821
7,996
1,085
14,638
-
695
6,898
31.3.23
31.3.22
£
£
10,777
7,454
2,087
54
12,864
7,508
2,905
1,754
15,769
9,262		 Totals
£
73,058
11,401
84,459
66,160
3,661
69,821
14,638
6,898
7,508
1,754
9,262

Debtors due in more than one year represents fees due from ex customers who are continuing to repay their debts to Keighley Kiddicare Limited on a weekly or monthly basis over an extended period of time.

continued...

Page 11

Keighley Kiddicare Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£ £
Bank loans and overdrafts (see note 13) 2,079 4,000
Trade creditors 5,461 -
Social security and other taxes 181 2,072
Other creditors - 14,612
Accruals and deferred income 31,431 32,021
Accrued expenses - 6,270
39,152 58,975
12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£ £
Bank loans (see note 13) 15,699 16,000
13. LOANS
An analysis of the maturity of loans is given below:
31.3.23 31.3.22
£ £
Amounts falling due within one year on demand:
Bank loans 2,079 4,000
Amounts falling between one and two years:
Bank loans - 1-2 years 2,131 4,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 6,723 12,000
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal 6,845 -
14. LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.23 31.3.22
£ £
Within one year 1,565 2,128
Between one and five years 130 1,695
1,695 3,823

continued...

Page 12

Keighley Kiddicare Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

15. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Capital Grant
Restricted funds
Grants
TOTAL FUNDS
Net movement in funds, included in the above are as
Unrestricted funds
General fund
Capital Grant
Restricted funds
Grants
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
Property Revaluation
Capital Grant
Restricted funds
Grants
Minibus Fixed Asset
TOTAL FUNDS		 follows:
At 1.4.21
£
48,894
249,205
6,475
304,574
65
5,888
5,953
310,527		 At 1.4.22
£
210,832
3,264
214,096
52
214,148
Incoming
resources
£
270,464
-
270,464
-
270,464
Net
movement
in funds
£
158,794
(249,205)
(3,211)
(93,622)
(13)
(2,744)
(2,757)
(96,379)		 Net
movement
At
in funds
31.3.23
£
£
(38,316)
172,516
(653)
2,611
(38,969)
175,127
(10)
42
(38,979)
175,169
Resources
Movement
expended
in funds
£
£
(308,780)
(38,316)
(653)
(653)
(309,433)
(38,969)
(10)
(10)
(309,443)
(38,979)
Transfers
between
At
funds
31.3.22
£
£
3,144
210,832
-
-
-
3,264
3,144
214,096
-
52
(3,144)
-
(3,144)
52
-
214,148

continued...

Page 13

Keighley Kiddicare Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

15. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
Property Revaluation
Capital Grant
Restricted funds
Grants
Minibus Fixed Asset
TOTAL FUNDS		 Incoming
resources
£
254,007
-
-
254,007
752
(1)
751
254,758		 Resources
Movement
expended
in funds
£
£
(95,213)
158,794
(249,205)
(249,205)
(3,211)
(3,211)
(347,629)
(93,622)
(765)
(13)
(2,743)
(2,744)
(3,508)
(2,757)
(351,137)
(96,379)		 Resources
Movement
expended
in funds
£
£
(95,213)
158,794
(249,205)
(249,205)
(3,211)
(3,211)
(347,629)
(93,622)
(765)
(13)
(2,743)
(2,744)
(3,508)
(2,757)
(351,137)
(96,379)
(93,622)
(13)
(2,744)
(2,757)
(96,379)

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

Unrestricted funds
General fund
Property Revaluation
Capital Grant
Restricted funds
Grants
Minibus Fixed Asset
TOTAL FUNDS		 At 1.4.21
£
48,894
249,205
6,475
304,574
65
5,888
5,953
310,527		 Net
movement
in funds
£
120,478
(249,205)
(3,864)
(132,591)
(23)
(2,744)
(2,767)
(135,358)		 Transfers
between
funds
£
3,144
-
-
3,144
-
(3,144)
(3,144)
-		 At
31.3.23
£
172,516
-
2,611
175,127
42
-
42
175,169

continued...

Page 14

Keighley Kiddicare Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

15. MOVEMENT IN FUNDS - continued

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
Property Revaluation
Capital Grant
Restricted funds
Grants
Minibus Fixed Asset
TOTAL FUNDS		 Incoming
resources
£
524,471
-
-
524,471
752
(1)
751
525,222		 Resources
Movement
expended
in funds
£
£
(403,993)
120,478
(249,205)
(249,205)
(3,864)
(3,864)
(657,062)
(132,591)
(775)
(23)
(2,743)
(2,744)
(3,518)
(2,767)
(660,580)
(135,358)

16. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2023.

17. TRUSTEES' INTEREST

There were no material trustees' interests to disclose during the year.

Page 15

Keighley Kiddicare Ltd

Detailed Statement of Financial Activities for the Year Ended 31 March 2023

31.3.23 31.3.22
£ £
INCOME AND ENDOWMENTS
Other trading activities
Fundraising events 540 1,590
Investment income
Rental income - 4,501
Deposit account interest 209 -
209 4,501
Charitable activities
Childcare fees 152,856 136,877
Childcare fee bad debts 2,778 (4,491)
Grants 114,081 116,281
269,715 248,667
Total incoming resources 270,464 254,758
EXPENDITURE
Charitable activities
Wages 247,337 263,633
Pensions 2,042 2,469
Other operating leases 2,905 3,971
Rates and water 7,164 11,822
Insurance 2,445 1,675
Light and heat 36 1,823
Telephone 3,476 2,741
Postage and stationery 1,311 1,606
Advertising 599 -
Sundries 1,385 435
Minibus & travel expenses 2,156 3,193
Equipment and outings 1,951 1,487
Food & cleaning 4,736 4,354
Repairs and renewals 14,832 10,734
Accountancy 4,923 5,229
Training 2,139 251
Rent 5,597 5,583
Legal fees 275 3,738
Plant and machinery 1,390 1,551
Motor vehicles 1,999 -
Computer equipment 271 174
Loss on sale of tangible fixed assets - 24,668
Bank loan interest 474 -
309,443 351,137
Total resources expended 309,443 351,137
Net expenditure (38,979) (96,379)

This page does not form part of the statutory financial statements

Page 16