Charity registration number 1071064
Company registration number 03601339 (England and Wales)
CITICARE INTERNATIONAL LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
CITICARE INTERNATIONAL LTD
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Rosemary James |
|---|---|
| Zafar Francis | |
| Ben Richards | |
| Stephen Smith | |
| Secretary | Ben Richards |
| Charity number | 1071064 |
| Company number | 03601339 |
| Registered office | 50 Zetland Street |
| Poplar | |
| London | |
| E14 6RB | |
| Independent examiner | Richard F Hopper |
| 4 Rhodfa Clawdd Offa | |
| Denbigh | |
| Denbighshire | |
| LL16 4RJ | |
| Bankers | Lloyds Bank plc |
| 210 Commercial Road | |
| London | |
| E1 2JR |
CITICARE INTERNATIONAL LTD
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 13 |
CITICARE INTERNATIONAL LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2022
The trustees present their annual report and financial statements for the year ended 31 July 2022.
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 charity's constitution, 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)".
Objectives and activities
The charity's objects are the advancement of education and the relief of poverty worldwide together with such charitable purposes as the trustees shall from time to time think fit. The policies adopted in furtherance of these objects are grants for the relief of poverty, sponsoring the development of educational materials and sponsoring selected beneficiaries from underprivileged backgrounds both in the UK and overseas, and there has been no change in these during the year.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
The UK national lockdown, as well as similar lockdowns abroad, came to an end in July 2021, leaving our overseas beneficiaries in economic hardship and our UK projects and beneficiaries facing rising costs. The facilities we rented in Stepney remained closed even after the lockdown, with volunteers continuing to work from home in several parts of London. The trustees decided to sell the overseas property which the charity had helped to fund some years ago, and the proceeds used to purchase facilities in another city in partnership with a reliable business friend in the country.
Weekly educational activities via Zoom resulted in the development of a group of volunteers near to the new location. They visited scattered refugee families and delivered small-scale relief to remote families who had been rendered unemployed by COVID and for whom the charity was able to raise some funds. Several trips were made to Pakistan to set up the new infrastructure and to give individuals face-to-face instruction in life skills to support their economic self-sufficiency. Music coaching events were offered and enthusiastically received by women who otherwise had no access to performing arts training in a safe environment. Some continued their training later via Zoom.
In the UK the charity was able to continue supporting individuals known to the trustees either through small educational grants, volunteer support or various ways of alleviating distress, hardship or deterioration of mental health. Musicians running the NJArts activity in London produced Punjabi music videos for those unable to read their own language.
The trustees were thrilled to see significant outcomes in those marginalised students previously supported by the charity. One achieved a First Class degree and secured professional employment, another gained entrance into a college offering training in their chosen profession, and a third was recognised internationally through an award scheme and given professional opportunities that will lead to self-sufficiency, and yet another has entered into counselling training that will open up opportunities to offer courses on parenting skills through seminars and trauma counselling sessions in Pakistan.
The work of the charity remains dependent upon the generosity of a few dedicated donors and the trustees have taken note of the need to increase and diversify the funding base in order to take advantage of the many opportunities to continue the charity's work both in the UK and overseas.
Financial review
The income and expenditure for the year and the financial position at the end of the year are set out in the attached accounts. The trustees consider the financial position to be satisfactory.
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CITICARE INTERNATIONAL LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. 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 charity’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.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity is a company limited by guarantee incorporated on 21 July 1998.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Rosemary James Zafar Francis Ben Richards Stephen Smith
New trustees are appointed as necessary by the agreement of the existing trustees
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The trustees oversee the work of the charity and meet frequently to review progress.
The trustees' report was approved by the Board of Trustees.
.............................. Rosemary James
Trustee
Date: .............................................
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CITICARE INTERNATIONAL LTD
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CITICARE INTERNATIONAL LTD
I report to the trustees on my examination of the financial statements of Citicare International Ltd (the charity) for the year ended 31 July 2022.
Responsibilities and basis of report
As the trustees of the charity (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 charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s 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:
-
1 accounting records were not kept in respect of the charity 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.
Richard F Hopper
4 Rhodfa Clawdd Offa Denbigh Denbighshire LL16 4RJ
Dated: .........................
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CITICARE INTERNATIONAL LTD
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JULY 2022
| Unrestricted Restricted funds funds 2022 2022 Notes £ £ Income from: Donations and legacies 3 15,908 104,187 Investments 4 2 - Total income 15,910 104,187 Expenditure on: Charitable activities 5 30,011 106,491 Net expenditure for the year/ Net movement in funds (14,101) (2,304) Fund balances at 1 August 2021 123,986 98,172 Fund balances at 31 July 2022 109,885 95,868 |
Total Unrestricted Restricted funds funds 2022 2021 2021 £ £ £ 120,095 34,400 44,395 2 10 - 120,097 34,410 44,395 136,502 30,331 63,067 (16,405) 4,079 (18,672) 222,158 119,907 116,844 205,753 123,986 98,172 |
Total 2021 £ 78,795 10 78,805 93,398 (14,593) 236,751 222,158 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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CITICARE INTERNATIONAL LTD
BALANCE SHEET
AS AT 31 JULY 2022
| Notes Fixed assets Tangible assets 10 Current assets Stocks 11 Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Income funds Restricted funds 14 Unrestricted funds |
2022 £ 30 7,740 10,345 18,115 (462) |
£ 188,100 17,653 205,753 95,868 109,885 205,753 |
2021 £ 30 2,598 31,546 34,174 (852) |
£ 188,836 33,322 |
|---|---|---|---|---|
| 222,158 | ||||
| 98,172 123,986 |
||||
| 222,158 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 July 2022.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on .........................
..............................
Ben Richards Trustee
Company registration number 03601339
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CITICARE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
1 Accounting policies
Charity information
Citicare International Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is 50 Zetland Street, Poplar, London, E14 6RB.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's constitution, 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 charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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 charity 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 purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity 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 charity 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.
Legacies are recognised on receipt or otherwise if the charity 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.
1.5 Expenditure
Expenditure is charged in the accounts in the period when a liability to make payment is incurred.
Support costs are apportioned to activities in proportion to the respective levels of direct costs.
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CITICARE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022
1 Accounting policies
(Continued)
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:
Freehold land and buildings Not depreciated Plant and equipment 25% p.a. on cost Computers 25% p.a. on cost Motor vehicles 20% p.a. on cpst
Freehold land and buildings are not depreciated as they are maintained to a good standard through a programme of repairs and maintenance and their current value is at least as great as the original cost..
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 charity 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.
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 charity 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 charity's balance sheet when the charity 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.
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CITICARE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022
1 Accounting policies
(Continued)
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.
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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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 are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.11 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are 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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CITICARE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022
3 Donations and legacies
| Unrestricted Restricted funds funds 2022 2022 £ £ Donations and gifts 1,972 2,623 Grant income 13,936 101,564 15,908 104,187 |
Total Unrestricted Restricted funds funds 2022 2021 2021 £ £ £ 4,595 34,400 44,395 115,500 - - 120,095 34,400 44,395 |
Total 2021 £ 78,795 - |
|---|---|---|
| 78,795 |
4 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2022 | 2021 | |
| £ | £ | |
| Interest receivable | 2 | 10 |
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CITICARE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022
5 Charitable activities
| UK activities Overseas activities 2022 2022 £ £ Direct project costs 84,453 - Travel costs 364 - 84,817 - Grant funding of activities (see note 6) 27,461 12,419 Share of support costs (see note 7) 11,343 - Share of governance costs (see note 7) 462 - 124,083 12,419 Analysis by fund Unrestricted funds 30,011 - Restricted funds 94,072 12,419 124,083 12,419 Grants payable UK activities Overseas activities 2022 2022 £ £ Grants to institutions: Other - 12,419 Grants to individuals 27,461 - 27,461 12,419 |
Total 2022 UK activities Overseas activities 2021 2021 £ £ £ 84,453 57,050 - 364 845 - 84,817 57,895 - 39,880 19,045 9,444 11,343 6,569 - 462 445 - 136,502 83,954 9,444 30,011 30,331 - 106,491 53,623 9,444 136,502 83,954 9,444 Total 2022 UK activities Overseas activities 2021 2021 £ £ £ 12,419 - 9,444 27,461 19,045 - 39,880 19,045 9,444 |
Total 2021 £ 57,050 845 |
|
|---|---|---|---|
| 57,895 28,489 6,569 445 |
|||
| 93,398 | |||
| 30,331 63,067 |
|||
| 93,398 | |||
| Total 2021 £ 9,444 19,045 |
|||
| 28,489 |
6 Grants payable
-
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CITICARE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
7 Support costs
| Support costs | ||
|---|---|---|
| Support costs Governance costs £ £ Depreciation 1,910 - Premises and insurance costs 6,335 - Administrative expenses 3,098 - Accountancy - 462 Governance costs heading 1 - - 11,343 462 Analysed between Charitable activities 11,343 462 |
2022 Support costs Governance costs £ £ £ 1,910 1,617 - 6,335 3,646 - 3,098 1,306 - 462 - 432 - - 13 11,805 6,569 445 11,805 6,569 445 |
2021 £ 1,617 3,646 1,306 432 13 |
| 7,014 | ||
| 7,014 |
Governance costs includes payments to the independent examiner of £462 (2021- £432) for independent examination and accountancy fees.
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9 Employees
The average monthly number of employees during the year was:
| 2022 | 2021 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
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CITICARE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022
| 10 Tangible fixed assets Freehold land and buildings Plant and equipment Computers Motor vehicles £ £ £ £ Cost At 1 August 2021 185,649 11,953 5,638 7,169 Additions - 1,174 - - Disposals - (1,000) - - At 31 July 2022 185,649 12,127 5,638 7,169 Depreciation and impairment At 1 August 2021 - 11,952 5,083 4,538 Depreciation charged in the year - 293 184 1,433 Eliminated in respect of disposals - (1,000) - - At 31 July 2022 - 11,245 5,267 5,971 Carrying amount At 31 July 2022 185,649 882 371 1,198 At 31 July 2021 185,649 1 555 2,631 11 Stocks 2022 £ Finished goods and goods for resale 30 12 Debtors 2022 Amounts falling due within one year: £ Other debtors 6,070 Prepayments and accrued income 1,670 7,740 13 Creditors: amounts falling due within one year 2022 £ Accruals and deferred income 462 |
Total £ 210,409 1,174 (1,000) 210,583 21,573 1,910 (1,000) 22,483 188,100 188,836 2021 £ 30 2021 £ 1,224 1,374 2,598 2021 £ 852 |
|---|---|
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CITICARE INTERNATIONAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2022
14 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement in funds Balance at 1 August 2020 Incoming resources Resources expended £ £ £ Purchase of freehold property 73,829 - - Student sponsorship 633 41,330 (38,910) Book publishing 24,231 - (4,490) Educational projects 11,772 - (10,223) Overseas activities 6,379 3,065 (9,444) Other relief activites - - - 116,844 44,395 (63,067) 15 Analysis of net assets between funds Unrestricted funds Restricted funds 2022 2022 £ £ Fund balances at 31 July 2022 are represented by: Tangible assets 113,901 74,199 Current assets/(liabilities) (4,016) 21,669 109,885 95,868 |
Movement in funds Balance at 1 August 2021 Incoming resources Resources expended Balance at 31 July 2022 £ £ £ £ 73,829 - - 73,829 3,053 49,920 (52,710) 263 19,741 1,656 (621) 20,776 1,549 - (1,549) - - 12,419 (12,419) - - 40,192 (39,192) 1,000 98,172 104,187 (106,491) 95,868 Total Unrestricted funds Restricted funds Total 2022 2021 2021 2021 £ £ £ £ 188,100 114,453 74,383 188,836 17,653 9,533 23,789 33,322 205,753 123,986 98,172 222,158 |
Movement in funds Balance at 1 August 2021 Incoming resources Resources expended Balance at 31 July 2022 £ £ £ £ 73,829 - - 73,829 3,053 49,920 (52,710) 263 19,741 1,656 (621) 20,776 1,549 - (1,549) - - 12,419 (12,419) - - 40,192 (39,192) 1,000 98,172 104,187 (106,491) 95,868 Total Unrestricted funds Restricted funds Total 2022 2021 2021 2021 £ £ £ £ 188,100 114,453 74,383 188,836 17,653 9,533 23,789 33,322 205,753 123,986 98,172 222,158 |
|---|---|---|
| 95,868 | ||
| Total 2021 £ 188,836 33,322 |
||
| 222,158 |
16 Related party transactions
There were no disclosable related party transactions during the year (2021 - none).
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