COMPANY REGISTRATION NUMBER: 03802499 CHARrrY REGISTrATION NUMBER: 1078799 The Hub, Hazelwell Company Limited by Guarantee Unaudited Financial Statements 31 July 2024
The Hub, Hazelwell Company Limited by Guarantee Financial Statements Year ended 31 July 2024 Page Trustees, annual report (incorporating the directorfs report) Independent examinerfs report to the trustees Statement of financial actNities (including income and expenditure account) Statement of financial position Notes to the financial ststements The following pages do not forni part of the financial statements Detailed statement of financial activities 19 Notes to the detailed statement of financial activities 21
The Hub, Hazelwell Company Limited by Guarantee Trustees. Annual Report (Incorporating the Dlrectorfs Report) Year ended 31 Juty 2024 The trustees. who are also the directors for the purposes of company law. present their report and the unaudited financial statements of the charity for the year erKled 31 July 2024. Achlevoments and p•rfornMnce ActlvStle8 for local people The Trustees continue to give priority to expand the use of the building by local and particularly older people through THATSP. This year we have been working to secure funding through Binningharn Mind and Spirit Partnership from Birmingham Cty Council have funding secured until October 2026. We aim to help local residents to stay physicalty and mentally fit. This forms part of our charitable activities and is a key part in our provision of benefft to the general public in our Eocal community by enabling frfendships and promoting community adhesion. The project has exSsted lor 30 years and over the past year the project for the over 50s has been continuing its work in the community in tying to reach those isolated and harder to reach members of the community. The Hub Ageing Together social project has benefited around 231 over 50's partScipants Sn 2024 as part of Its social and community value. Over the past year we have been able to observe the growth of some of the group activSties. and new activities have begun including the creative art class and digital drops al the centre. We are also working on offering Wann Places of welco for the communty. We have signed up to becoTh an online centre for dlgital support via The Good Things Foundation and been working towards offering warm meals during the winter months. The number of participants has been steadily increasing during this perlod. We also Continue to build on our community patherships withln thè Brandwood and Kings Heath area via community organisatlons and have been able to work In partnershlp with some organisations to provide activities. Charftable Socl•tles and Clubs Soffh8 of our evenSng activities are registefed charilles, and benefit from subsidised room hire. Activities include fitness. slimming and healthyoating groups, dance classes, pilates and yoga. Our conference facilities durlng the evenings are usually lel to local charities for their meetings and sub committees. One community choir and one orchestra resumed after the ending of Covid restrictions on meetings. The Hub is open on weekdays from 8.00am-10.30pm and at weekends from 9am-6prn.(expt during Covid). As one of the few local communtylpublic access buildings locally available, blood donor sessions continued monthly in the church Managed by The Hub.
The Hub, Hazelwell Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (condnuod) Year ended 31 July 2024 Achlevements and perfomianc• (¢onUnue Sustalnablllty The Trustees have been mindful to contlnue to make the premises sustslnable, to minimis8 operating costs and make it attractive to users and help maintsin this local social enterprlse. Maintenance and improvement work In the past year has Included work completed by staff and Trustees and contractors. A room ceiling Ilght programme contlnued, replaclng existing lights with LED lights. Work was undertaken to repair and update the lift. includlng its extemal door and security alarm system. Other work Included an ongoing programme of intemal painting, gutter clearance, repairs to windows and main entrance doors: also repairs to the roof needed due to leaks. Trustees are mindful to find ways of Increasing the number of male users and ensure contlnued use by chlldren and youth groups and increaslng diversity, to better reflect the changing nature of the local communlty, Flnanclal r•vlew The majority of operational costs are met by revenues generated by the centre. Grants are reGelv8d in respect of specific expendlture either capStal or maintenance related or for actlvlties such as our work wlth older people. Total Incomlng unrestrlcted resources Increased s15ghtly over the year from £130,581 (2023) to £132,730. Thls includes a transfer of funds of £14,462 from monies previously held Independently for work with Older People. This money is belng treated as a designated fund to be used for simllar activities, The unrestrfcted expanditure of the centra also 5ncreased, from £115,043 (2023) to £126,743. The surplus was £5,987. (2023: £15,238 surplu8). In additton, restrfcted grants ft)r work wh older people recognised In the year were £24,915. £3,500 In respect of Wann Welcome,; £5,000 for 'Wnter Food ASd'; and £1,000 towards dlgital support. Alongside expenditure relating to these grants, £400 of a grant In respect of Netrworklng which had been brought forward from 2023 was spent together wlth £1,477 in respect of computer equipment and training. There remalns £1,579 of grants received In the year which Is to be spent In 202412025, Circumstsnces permittlng. AS In previous years we provlde for £18,590 of depreclatlon on the Improvement8 to the property. The net result Is a balance carried forward on unrestricted reserves of £106,612, Including £14,262 of designated resenrfes, and restricted reserves of £540,710 made up of £539,131 capital grant and £1,579 for specific projects, Reserv Pollcy The Company alms to keep In reserve sufficlent funds to ensure the business can run for a period of 6 months without further income though like many similar organlsatlons, these reserves and income were depleted dung the perlod of Covid. The reserves at the year end exceeded thls target. In light, however. of the current economic uncertainties and in particular the decrease in income from Blrmlngham City Council, the Trustees wlll continue to review the position. The shad let of the back office has continued to wovide a welcome source of incorne.
The Hub, Hazelwell Company Limitsd by Guarantso Trustse8' Annual Report (Incorporatlng the Directoes Report) (¢ondnuedJ Year ended 31 July 2024 Finandal roview (condnuod) Tru8ts•8 and Staff Despite all of the changes we have to weather I remain, as always, very grateful for the dedication and hard work of the Hub staff- Guy Morris, Dorrett Erskine. Tessa Taylor and Zac Lawrence, and our part-time stewards. My thanks are also due to my fellow Trustees for their wisdom and practical help. Voluntsers The work of the charity and its delivery of its objectives requires its paid staff to work alongside Its volunteers including its work through The Hub Ageing Together Social Project {THATSP), formerty called ACTS, and its Trustees. The charity is activety seekn'ng further volunteers to support its work. Fundralslng The trustees wlll continue seek ways of sacuring funds and reducing buildlng runnlng costs and rebuilding our reserves Post Covid, Also to assist wth the costs for THATSP so that they can continue their invaluable work for older people. The Trustees have submitted grant applications to obtain extemal funding to modemise and update and maintain the facilities of The Hub, including a renovatlon of the kitchen. and new floorfng in the corrid¢)rs and cafe breakout area. Structur0• gov•manco and manag•m•nt Structure The Hub Hazelwell is a company Ilmited by guarantee govemed by its Memorandum and Articles of Association dated 8 July 1999 and as amended by s181 resolution dated 4 January 2000 and is registered as a charity wlth the Charity Commisslon. Govornance The Company Is administered by up to twelve Trustees (currently ten). four of whom were involved In setting up the Company originally. They are appointed for three years and three of Ihe Trustees retlre each year at the Annual General Kleeting. They receive no remuneration or benefits. Oryanlsatlon The Board of Trustees administers the charity. The board meets quartety. There are three subcommlttees of trustees responsible for, 1. stsff recruitment and rnana9errn( 2. building and works, 3. finance. The Facilities Manager has delegated authority lor day to day operational and business matters.
The Hub, Hazelwell Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (ltInuedj Year ended 31 July 2024 Ref•renc• and admlnlstratlve detalls Reglstered charlty name The Hub, Haze811 Charlty regl8tratlon number 1078799 Company rnglstratlon numb•r 03802499 Prfnclpal offlce and rnglsterad 318 VTrrage Road offlce Kings Heath Birniingham B14 7NH The tru8te88 J Dunne C Gunning G Mitchell S Moore Y Swain P Thomas D Taylor J Prfce Ms S CharaIamtS P Gardner (Retired 20 March 2024) (Appointed 14 November 2023) As reported In the previous year Mr Peter Gardner was appolnted a directorltrustee on 14 November 2023. Ms Yvonne Swain resigned on 20 March 2024. All other trustees appointed at 31 July 2023 were also In office at 31 July 2024. Company 8•crelary Ms C Gunning Indep•nd•nt examln•r David Seeley FCA Accuo Accounts'ng Limited Chartered Accountants Afvechurch 8irniingham B48 7JX Small company provlslons This report has been prepared in accordance with the provisions applicable to companles entit1 to the Small companies exemptlon.
The Hub. Hazelwell Company Llmlted by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (condnufjd) Year ended 31 July 2024 The trustees. annual report was approved on 9 April 2025 and signed on behalf of the board of trustees by: G Mitchell Trustee
The Hub, Hazelwell Company Limited by Guarantee Independent Examinerfs Report to the Trustees of The Hub. Hazelwell Year ended 31 July 2024 I report to the trustees on my examination of the financial statements of The Hub, Hazelwell Cthe charity,) for the year ended 31 Juty 2024. Responslb115tles and basls of report As the trustees of the company (arKI 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 Cornpanies Act 2006 (Ihe 2(106 Arf). Having satisfied myself that the accounts of the company are not required to be audiied under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Acf). In carying out my examination I have folbwed the Directions given by the Chatity Commission under section 145(5)(b) of the 2011 Act Independent examinorfs statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination gNing me cause to believe: accounting records were not kept in reSpt of the charity as required by section 386 of the 2006 ACC or the financial statements do not accord with those records: or the financial statements do not compty with the accounting requiremenls of section 396 of the 2006 Act other than any requirement that the accounts gNe a 'true and fairf view which is not a matter considered as part of an independent examination- or the financial statements have not been prepared in accordance with the ffÈthods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities pparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iland (FRS 102). I have no concems arKI have come across 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 aChed. David Seeley Independent Examiner Accuo Accounting Limited Chartered Accountants Alvechurch Bimiingham 848 7JX
The Hub, Hazelwell Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 July 2024 2024 Restricted funds Total funds Total funds 2023 Unrestricted funds Income and endowm•nt8 Donations and legacies Charitsble actNities Other trading activities Investment income 20,417 97,653 12,687 1,973 132,730 34,415 64.832 97.653 12.687 1,973 167.145 22.824 113.847 12.401 1,164 150,236 Total Income 34,415 Expendlture Expenditure on raising funds: Costs of other trading actlvltles Expenditure on charitable activits'es Total exp•ndlturo 8.302 120,441 6,302 173,744 180,046 6,470 147,706 154,176 10,11 53.303 126.743 53,303 Net expendltur• and net mov•mont In fund8 5,987 (18,888) (12.9011 (3,940) RKonclllatlon of fund• Totsl funds brought forward Total fvnd8 carrled forward 11)0,625 106,612 559,598 660,223 647,322 664,163 660,223 540,710 The statement of financial actNltles includes au gains and losses recognised In the year. All income and expendrture derSve from continuing activities. Th• notes on pages 9 to 17 foffli part of th08e financlal statements.
The Hub, Hazelwell Company Llmlted by Guarantse Statement of Financlal Posltlon 31 July 2024 2024 2023 Note Flxed ass•ts Tangible fixed assets 17 639.956 559.203 Current assets Debtors Cash at bank and in hand 18 19.896 103.381 22.520 92,335 114,855 123,276 CredltOTS: amounts falllng du• wlthln one year Net current assets 19 15.910 13.835 107,366 647.322 101,020 660,223 Total a8set81•88 current Ilabllltles Net a880ts 647,322 660,223 Funds of tho charlty Restricted funds Unrestricted funds 540,710 106,612 647,322 559.598 100,625 Total charlty funds 21 660,223 For the year ending 31 Juty 2024 the charity was entltled to exemptton from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities: The members have rK)t required the corrpany to obtain an audit of ts financAI statements for the year In question in accordance wilh section 476" The direclors acknowledge thelr responsibS1ities for complying with the requlrements of the Act with respect to accounting records and t preparation of financial staterrnts. These financlal slatements have been prepared In accordance with the provisions applicable to companies subject to the small companies. regime. These financlal statements were approved by the board of trustees and authorised for issue on 9 April 2025, and are slgned on behalf of the board by: G Mitchell Trustee The nots8 on page$ 9 to 17 forni part of th88e flnanclal •tatemonts.
The Hub, Hazelwell Company Limitsd by Guarantse Nots8 to the Financial Ststements Year ended 31 July 2024 General informatlon The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 318 Vicarage Road, Kings Heath, Bimiingham, 814 7NH. The charity is a public benefit entty as defined in the Charities Act. statement of compllance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. the 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) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting pollcies Basss of preparation The financial statements have been prepared on the historical cost basis. Golng concern There are no material uncertainties about the charity's ability to continue. Disclosure exemptlons The entity satisfies the criteria of being a qualifying entty as defined in FRS 102 by reason of being small. As such the charty has tsken advantage of the following disclosure exemptions available under FRS 102: (a) No cash flow statement has been presented for the company. (b) Disdosures in respect of financial instruments have not been presented.
The Hub, Hazelwell Company Limited by Guarantee Note8 to the Financial Statements (¢ontlnu•d) Year ended 31 July 2024 Accountlng pollcl•8 (conelnued) Judgements and koy sources of e¥tlmatlon uncertalnty The preparation of the flnancial ststements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgement {apart from those involving estirnations) that management has made In the process of applying the entity's accounting pollcles and that has the most significant effect on the amounts recognised in the financial statements Is that it will continue to operate for the foreseeable future. At present the Trustees belleve thls to be the case. Key sources of estimation uncertainty Accounting estimates and assumptions are made concemSng the future and, by their nature, wlll rarely equal the related actual outcome. The key assumption and other sources of estlmation uncertainty that has a significant risk of causing a material adjustment to the carrying amounts of assets and liabilitles within the next financlal year are as follows: (a) the propety earrylng value In the accounts of £539,1311s not materially overstated. (b) the amounts recelvable for room hire etc of £12,951 are not materially overstated. Fund a¢¢ountlng Unrestrfcted funds are avallable for use at the dlscretlon of the trustees to further any of the harity's purposes, Restricted funds are subjected to restrictions on thelr expendSture declared by the donor or through the tenns of an appeal. At present all are classlfied as restricted Income funds. Incomlng ro8ources All income is Included in the statem?nt of financlal activities when entitlement has passed to Ihe charity, it is probable that the economic benefits associated wlth the transactlon will flow to the charity and the amount can be reliably measured. The followlng specific pollcles are app15ed to pa'Cular categorles of Incorne: income from donations or grants is recognised when there Is evidence of entitlement to the gift, receipt is probable and its amount can be measured rellably. income from lettlngs ts recognlsed when the letting has taken place, 10
The Hub, Hazelwell Company Limitsd by Guarantee Nots8 to the Financial Statements (¢onthiuedJ Year ended 31 July 2024 Accountlng pollcles (contlnuod) Resources expended Expenditure Is recognlsed on an accruals basls as a liablllty Is Incurred. Expendlture includes VAT as this cannot be recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the Costs of all fundraising activities and events. expenditure on charitable activities includes all costs Sncurred by a charity in undertaklng activities that further its charitable aims for the benefrt of its beneficiaries, including those support costs and costs relating to the govemance of the charity apportloned to charitsble activities. other expenditure Includes all expenditure that Is neither related to ralslng funds for tha charity nor part of its expenditure on charitable actlvlties. All costs are allocated to expenditure categorles reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activty. Shared costs are apportioned between the activities they contrlbute to on a reasonable, Justifiable and consistent basis. Tanglble assets All fixed assets are Initially recorded at cost. Depreclatlon Depreciation 18 calculated 80 as to write off the cost or valuatlon of an asset, less its resldual value, over the useful econornlc Ilfe of that asset as follows: Leasehold property Fumiture and fittlngs Computer equipment 2% straighl Ilne 20% stralght line 25% str8ight1Sne Deflned contrlbutlon plan8 Contributlons to defined contrtbution plans are recognlsed as an expense In the perlod In whlch the related servlce Is provided. Llmlted by guarante• The charity is a company limited by guarantee and as such has no share capital. Donatlons and legaclo8 Unrestricted Funds Restricted Total Fund8 Fund8 2024 Donatlons Donations 20,417 20,417 Grants Grants for operational expenditure 34,415 34,415 34.415 54.832 20,417
The Hub, Hazelwell Company Limitsd by Guarantse Notes to the Financial Statements (contlnuedj Year ended 31 July 2024 Donations and legacles (¢4)ntlnued) Unrestricted Funds Restricted Total Funds Funds 2023 Donatlons Donations 3,169 3,169 Grants Grants for operational expenditure 19,655 19,655 19,655 3.169 22,824 Charltable actlvlt108 Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Room hlre Income from trips Sundry income 96,245 941 467 96,245 941 113,847 113,847 97,653 97,663 113,847 113,847 Oth•r tradlng actlvlt1é8 Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Fundralsing events Catering income Equipment hire Vending machine Income Office rent Feed in tarlff Local projects Church contributions towards Iyht and heat 435 6,123 169 43 2,525 435 6,123 169 6,353 1,319 585 2,900 8,353 1,319 585 2,900 56 1,188 2,525 1,188 3,392 12,687 3,392 12,687 12,401 12,401 Investment Inc¢)me Unrestrlcted Total Fund8 Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest receivable 1,973 1.973 1,164 1,164 12
The Hub. Hazelwell Company Llmlted by Guarantee Notas to the Financial Statements (conthiued) Year ended 31 July 2024 Costs of other tradlng activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Catering and other fundraising 6,302 6,302 6,470 6.470 10. Expendlturo on charltabl• actlvttles by lund type Unrestricted Funds Restricted Total Fund8 Funds 2024 Community leth'ngs Community devek>pment Local projects Support costs 108,578 3,919 116,644 20,379 10,187 26.534 18.460 10.187 18,590 53,303 120,441 173,744 Unrestricted Restricted Totsl Funds Funds Funds 2023 Comrnunity lettlngs Comrnunity development Local projects Support costs 99,655 600 19,409 534 18,590 39,133 100.255 19.409 1,926 26.116 147,706 1,392 7,526 108.573 11. Exp•ndltuM on charttable actlvltl•s by actlvlty type A¢VitieS undertaken directy Support Total funds 2024 Total fund 2023 Communlty lettings Community development Local projects Govemance costs 116,644 20,379 10,187 24.022 140.686 20.379 10.187 2,512 124,277 19,409 1,926 2.094 2.512 26.534 147,210 173,744 147,706 13
The Hub, Hazelwell Company Limited by Guarantee Nots8 to the Financial Statements {MntlnuedJ Year ended 31 July 2024 12. Anaty8i8 of 8UPPOrt costs Anatysis of support costs Community lettings Total 2024 Total 2023 Staff costs Premises General office Governance costs 4.775 18.590 657 2,512 26,534 4,775 18.590 657 2,512 26.634 4,388 18,590 1,044 2,094 26,116 13. Net expondlture Net expenditure is slated after chargingl{crediting): 2024 2023 Depreciatlon of tangible fixed assets 19,247 19,634 14. Indepond•nt •xamlnatlon le•8 2024 2023 Fees payable to the independent examiner for Independent examination of the financial ststements Other financial services 1,320 1,980 1,200 1,800 15. Staff costs The total staff costs and employee beneffts for the reporting period are analysed as follows: 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 77,682 4,217 1.3S8 83,257 71,300 3,096 1.030 75,426 The average head count of employees durfng the year was 5 (2023: 5). The average number of full-time equivalent employees during the year is analysed as follows: 2024 No. 2023 No. Offte staff Working with older people No employee receNed employee benefits of more than £60.000 during the year (2023: NII). 14
The Hub, Hazelwell Company Limited by Guarantsa Notes to the Financial Statements (CltInued) Year ended 31 July 2024 15. Staff costs (condnu•dJ Key Management Personnel The trustees consider themselves to be the key management personnel of the charity and they receNed no remuneration or reimbursement of expenses in either year. 16. Tru8te• r•muneratlon and expenses No remuneration or other beneffts from employment vrith the charity or a related entsty were received by the trustees 17. Tanglbl• flx•d usets Land and Fixtures and IlIdIng8 fittings Equlpment Total Cost At 1 August 2023 and 31 Juty 2024 Depreclatlon At 1 August 2023 Charge for the year At 31 July 2024 Carrylng amount At 31 July 2024 At 31 July 2023 929,525 91,842 42,888 1,064,255 371.804 18,590 90,647 370 42,601 287 505,052 19.247 390,394 91,017 42.888 524.299 539,131 557.721 825 539.956 559,203 1,195 287 18. D•btor8 2024 2023 Trade debtors Prepayments and accrued Incoff 12,951 17,949 4,571 22,520 19,895 19. Crodltors: amounts falllng due wlthln one year 2024 2023 Trade creditors Accruals and deferred income 2,707 11,128 11.465 15.910 13,835 15
The Hub, Hazelwell Company Limited by Guarantee Notes to the Flnanclal Statements (nthU•d) Year ended 31 July 2024 20. Pen8lon8 and other p08t retirement beneffts Defined contributlon plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £1,358 {2023: £1,030). 21. Analy818 of chavltable funds Unrn8trlct•d lund8 At 1 August 2023 At Transfers 31 July 2024 Income Expenditure General funds Older People work 1 IXI,625 118,268 14.462 (126,543) (200) {126,743) 92,350 14.262 100,625 132.730 106.612 At 1 August 2022 Income Expendlture Transfers 31 July 2023 General funds Older People work 85.387 130.581 (115,043) (300) 100,625 85,387 130,581 (115,043) (300) 100.625 16
The Hub, Hazelwell Company Limitsd by Guarantee Notes to the Flnancial Statements (¢ontthued) Year ended 31 July 2024 21. Anatysls of charftable fund8 (¢<¥rfthued) Restricted fund8 At 1 August 2023 At Transfers 31 July 2024 Income Expenditure Capital Grant Thrive-working V1 Older People BCC-NebNorklng BCC-IT Wann Welcome nter Food Aid Digital Grant 557,721 {18,590) $39,131 24,915 (24,915) (400) (1.477) (3.5(10) (4.421) 1,477 3,500 5,000 1,000 579 1,000 559.598 34,415 (53,303) 540,710 At 1 August 2022 At Transfers 31 Juty 2023 Income Expenditure Capital Grant Thrive-working Wth Older People 8CC-Networking BCC-IT Wam Welcome vnter Food Aid Digital Grant 576.311 (18,590) 557,721 19,409 (19,409) (600) (288) {246) 1,1)00 1,465 400 1.477 300 246 578,776 19,655 (39,133) 300 559,598 22. Analysls of net assets between lunds Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Net assets 825 121,697 (15,910) 106.612 539,131 1,579 539,956 123,276 115,910) 647.322 540,710 Unrestricted Restrthd Total Funds Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 1,482 112.978 (13,835) 100.625 557,721 1.877 559.203 114,855 (13,835) 660,223 559,598 17