Company registration number: 4422529 Charity registration number: 1092638
## Ubuntu Charitable Foundation
(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 30 September 2023
Wortham Jaques Limited Chartered Accountants & Charity Advisers 130a High Street Crediton Devon EX17 3LQ
## **Ubuntu Charitable Foundation**
## **Contents**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 3|
|Independent Examiner's Report|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Notes to the Financial Statements|7 to 17|
## **Ubuntu Charitable Foundation**
## **Reference and Administrative Details**
**Trustees** Mr WH Frankel OBE Mrs CJ Frankel **Secretary** Mr WH Frankel OBE **Charity Registration Number** 1092638 **Company Registration Number** 4422529 The charity is incorporated in England and Wales. **Registered Office** 130a High Street Crediton Devon EX17 3LQ **Independent Examiner** Wortham Jaques Limited Chartered Accountants & Charity Advisers 130a High Street Crediton Devon EX17 3LQ **Bankers** NatWest City of London Office PO Box 12258 1 Princes Street London EC2R 9PA
Page 1
## **Ubuntu Charitable Foundation**
## **Trustees' Report**
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 30 September 2023.
## **Objectives and activities**
## _**Objects and aims**_
The objects of the Ubuntu Charitable Foundation as set out in its Memorandum of Association are:
1. To further the education of persons in need of financial assistance, and
2. To further the advancement of medical science, and
3. To provide funds to or for the benefit of such exclusively charitable objects and purposes in any part of the world as the trustees of the charity may in their discretion think fit.
## _**Public benefit**_
The trustees continue to seek opportunities to support the education of those in need and medical science projects.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## **Financial review**
During the year the charity received a donation from the Kalk Bay Trust of £150,000.
## _**Policy on reserves**_
The charity’s financial reserves at the year end were £1,088,790 (including £4,652 of restricted funds). The trustees believe that the position of the charity is satisfactory as they have sufficient reserves to cover the charity’s minimal overhead commitments.
## **Trustees and officers**
The trustees and officers serving during the year and since the year end were as follows:
Trustees: Mr WH Frankel OBE Mrs CJ Frankel
Secretary: Mr WH Frankel OBE
## **Structure, governance and management**
## _**Nature of governing document**_
The governing document of the Ubuntu Charitable Foundation is its memorandum and articles of association. It is a company limited by guarantee (incorporated on 23rd April 2002) and is a registered charity (registered on 26th June 2002).
## _**Recruitment and appointment of trustees**_
The minimum number of trustees is two and there is no maximum. New trustees are appointed by the board.
Page 2
## **Ubuntu Charitable Foundation**
## **Trustees' Report**
## _**Major risks and management of those risks**_
The trustees have considered the risks to which the charity is exposed and consider that appropriate steps have been taken to minimise the charity’s risk.
## **Statement of trustees' responsibilities**
The trustees (who are also the directors of Ubuntu Charitable Foundation for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can 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.
## **Small companies provision statement**
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
The annual report was approved by the trustees of the charity on 27 November 2023 and signed on its behalf by:
......................................... Mr WH Frankel OBE Trustee
Page 3
## **Ubuntu Charitable Foundation**
## **Independent Examiner's Report to the trustees of Ubuntu Charitable Foundation ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 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**
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 Ubuntu Charitable Foundation 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.
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.
...................................... Charlotte Chapman Gibbs BFP ACA Wortham Jaques Limited Chartered Accountants & Charity Advisers
130a High Street Crediton Devon EX17 3LQ
Date:.............................
Page 4
## **Ubuntu Charitable Foundation**
## **Statement of Financial Activities for the Year Ended 30 September 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Income and Endowments from:**
Donations and legacies
3
Investment income
4
Total income
**Expenditure on:**
Raising funds
5
Charitable activities
6
Total expenditure
Gains/losses on investment assets
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
17
**Note**
**Income and Endowments from:**
Donations and legacies
3
Investment income
4
Total income
**Expenditure on:**
Raising funds
5
Charitable activities
6
Total expenditure
Gains/losses on investment assets
Net expenditure
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
17|**Unrestricted**
**funds**
**£**
150,000
9,337
159,337
(6,728)
(785)
(7,513)
63,755
215,579
215,579
868,559
1,084,138
**Unrestricted**
**funds**
**£**
6,500
13,684
20,184
(9,478)
(3,535)
(13,013)
(108,704)
(101,533)
(101,533)
970,092
868,559|**Restricted**
**funds**
**£**
-
-
-
-
-
-
-
-
-
4,652
4,652
**Restricted**
**funds**
**£**
-
-
-
-
-
-
-
-
-
4,652
4,652|**Total**
**2023**
**£**
150,000
9,337|
|---|---|---|---|
||||159,337|
||||(6,728)
(785)|
||||(7,513)
63,755|
||||215,579|
||||215,579
873,211|
||||1,088,790|
||||**Total**
**2022**
**£**
6,500
13,684|
||||20,184|
||||(9,478)
(3,535)|
||||(13,013)
(108,704)|
||||(101,533)|
||||(101,533)
974,744|
||||873,211|
All of the charity's activities derive from continuing operations during the above two periods.
The notes on pages 7 to 17 form an integral part of these financial statements. Page 5
## **Ubuntu Charitable Foundation**
## **(Registration number: 4422529) Balance Sheet as at 30 September 2023**
|**Note**
**Fixed assets**
Investments
12
**Current assets**
Debtors
13
Cash at bank and in hand
14
**Creditors: Amounts falling due within one year**
15
**Net current assets**
**Net assets**
**Funds of the charity:**
**Restricted income funds**
Restricted funds
**Unrestricted income funds**
Unrestricted funds
Revaluation reserve
Total unrestricted funds
**Total funds**
17|**2023**
**£**
1,078,049
-
11,373
11,373
(632)
10,741
1,088,790
4,652
1,058,757
25,381
1,084,138
1,088,790|**2022**
**£**
859,716
1,968
12,158|
|---|---|---|
|||14,126
(631)|
|||13,495|
|||873,211|
|||4,652
758,184
110,375|
|||868,559|
|||873,211|
For the financial year ending 30 September 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The financial statements on pages 5 to 17 were approved by the trustees, and authorised for issue on 27 November 2023 and signed on their behalf by:
.........................................
Mr WH Frankel OBE Trustee
The notes on pages 7 to 17 form an integral part of these financial statements. Page 6
## **Ubuntu Charitable Foundation**
## **Notes to the Financial Statements for the Year Ended 30 September 2023**
## **1 Charity status**
The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.
The address of its registered office is: 130a High Street Crediton Devon EX17 3LQ
These financial statements were authorised for issue by the trustees on 27 November 2023.
## **2 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Statement of compliance**
The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
## **Basis of preparation**
Ubuntu Charitable Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
## **Income and endowments**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
## _**Donations and legacies**_
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Page 7
## **Ubuntu Charitable Foundation**
## **Notes to the Financial Statements for the Year Ended 30 September 2023**
## _**Investment income**_
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
## _**Raising funds**_
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## _**Grant provisions**_
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
## **Governance costs**
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Fixed asset investments**
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
Page 8
## **Ubuntu Charitable Foundation**
## **Notes to the Financial Statements for the Year Ended 30 September 2023**
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
## **Financial instruments**
## _**Classification**_
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
## _**Recognition and measurement**_
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
## _**Investments**_
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
Page 9
## **Ubuntu Charitable Foundation**
## **Notes to the Financial Statements for the Year Ended 30 September 2023**
## _**Fair value measurement**_
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
## **3 Income from donations and legacies**
|Donations and legacies;
Donations from companies, trusts and similar proceeds
**Total for 2023**
**Total for 2022**
**4**
**Investment income**
Income from dividends;
Dividends receivable from other listed investments
Interest receivable and similar income;
Interest receivable on bank deposits
**Total for 2023**
**Total for 2022**|**Unrestricted**
**funds**
**General**
**£**
150,000
150,000
6,500
**Unrestricted**
**funds**
**General**
**£**
9,016
321
9,337
13,684|**Total**
**funds**
**£**
150,000|
|---|---|---|
|||150,000|
|||6,500|
|||**Total**
**funds**
**£**
9,016
321|
|||9,337|
|||13,684|
Page 10
## **Ubuntu Charitable Foundation**
## **Notes to the Financial Statements for the Year Ended 30 September 2023**
## **5 Expenditure on raising funds**
## **a) Investment management costs**
|**Note**
Other investment management costs;
Other portfolio management costs
**Total for 2023**
**Total for 2022**
**6**
**Expenditure on charitable activities**
**Note**
Charitable donations
Governance costs
7
**Total for 2023**
**Total for 2022**
Charitable donations|**Unrestricted**
**funds**
**General**
**£**
6,728
6,728
9,478
**Unrestricted**
**funds**
**General**
**£**
100
685
785
3,535
**Activity**
**undertaken**
**directly**
**£**
100|**Total**
**funds**
**£**
6,728|
|---|---|---|
|||6,728|
|||9,478|
|||**Total**
**costs**
**£**
**Total**
**funds**
**£**
100
685|
|||785|
|||3,535|
|||**Total**
**expenditure**
**£**
100|
In addition to the expenditure analysed above, there are also governance costs of £685 (2022 - £685) which relate directly to charitable activities. See note 7 for further details.
Page 11
## **Ubuntu Charitable Foundation**
## **Notes to the Financial Statements for the Year Ended 30 September 2023**
## **7 Analysis of governance and support costs**
## **Governance costs**
|Independent examiner fees
Examination of the financial statements
Other governance costs
**Total for 2023**
**Total for 2022**|**Unrestricted**
**funds**
**General**
**£**
594
91
685
685|**Total**
**funds**
**£**
594
91|
|---|---|---|
|||685|
|||685|
Page 12
## **Ubuntu Charitable Foundation**
## **Notes to the Financial Statements for the Year Ended 30 September 2023**
## **8 Net incoming/outgoing resources**
Net incoming resources for the year include:
**----- Start of picture text -----**
2023 2022
£ £
Other non-audit services 594 594
**----- End of picture text -----**
## **9 Trustees remuneration and expenses**
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
## **10 Independent examiner's remuneration**
**----- Start of picture text -----**
2023 2022
£ £
Examination of the financial statements 594 594
**----- End of picture text -----**
## **11 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **12 Fixed asset investments**
**----- Start of picture text -----**
2023 2022
£ £
Other investments 1,078,049 859,716
**----- End of picture text -----**
Page 13
## **Ubuntu Charitable Foundation**
## **Notes to the Financial Statements for the Year Ended 30 September 2023**
## **Other investments**
|**Other investments**||||
|---|---|---|---|
|**Cost or Valuation**
At 1 October 2022
Revaluation
Additions
Disposals
At 30 September 2023
**Net book value**
At 30 September 2023
At 30 September 2022|**Listed**
**investments**
**£**
823,821
63,756
1,105,922
(924,611)
1,068,888
1,068,888
823,821|**Unlisted**
**investments**
**£**
35,895
-
1,075,525
(1,102,259)
9,161
9,161
35,895|**Total**
**£**
859,716
63,756
2,181,447
(2,026,870)|
||||1,078,049|
||||1,078,049|
||||859,716|
The market value of the listed investments at 30 September 2023 was £1,078,048 (2022 - £859,716).
## **13 Debtors**
|Accrued income
**14 Cash and cash equivalents**
Cash at bank
**15 Creditors: amounts falling due within one year**
Accruals|**2023**
**£**
-
**2023**
**£**
11,373
**2023**
**£**
632|**2022**
**£**
1,968|
|---|---|---|
|||**2022**
**£**
12,158|
|||**2022**
**£**
631|
Page 14
## **Ubuntu Charitable Foundation**
## **Notes to the Financial Statements for the Year Ended 30 September 2023**
## **16 Reserves**
|At 1 October 2022
Transfer of surplus funds
Unrealised gain on investments
At 30 September 2023
At 1 October 2021
Unrealised loss on investments
At 30 September 2022
**17 Funds**
**Unrestricted funds**
**_General_**
Unrestricted funds
**Restricted funds**
Masiphumelele Youth
Project
**Total funds**|**Balance at 1**
**October**
**2022**
**£**
868,559
4,652
873,211|**Incoming**
**resources**
**£**
159,337
-
159,337|**Unrestricted**
**revaluation**
**reserve**
**£**
110,375
(110,376)
25,382
25,381
**Unrestricted**
**revaluation**
**reserve**
**£**
219,079
(108,704)
110,375
**Resources**
**expended**
**£**
**Other**
**recognised**
**gains/(losses)**
**£**
(7,513)
63,755
-
-
(7,513)
63,755||**Total**
**£**
110,375
(110,376)
25,382|
|---|---|---|---|---|---|
||||||25,381|
||||||**Total**
**£**
219,079
(108,704)|
||||||110,375|
||||||**Balance at**
**30**
**September**
**2023**
**£**
1,084,138
4,652|
||||||1,088,790|
Page 15
## **Ubuntu Charitable Foundation**
## **Notes to the Financial Statements for the Year Ended 30 September 2023**
|**Unrestricted funds**
**_General_**
Unrestricted funds
**Restricted funds**
Masiphumelele Youth
Project
**Total funds**|**Balance at 1**
**October**
**2021**
**£**
970,092
4,652
974,744|**Incoming**
**resources**
**£**
20,184
-
20,184|**Resources**
**expended**
**£**
(13,013)
-
(13,013)|**Other**
**recognised**
**gains/(losses)**
**£**
(108,704)
-
(108,704)|**Balance at**
**30**
**September**
**2022**
**£**
868,559
4,652|
|---|---|---|---|---|---|
||||||873,211|
The specific purposes for which the funds are to be applied are as follows:
The Masiphumelele Youth Project is a charitable project in South Africa dealing with HIV/AIDS in that country.
## **18 Analysis of net assets between funds**
|Fixed asset investments
Current assets
Current liabilities
Total net assets
Fixed asset investments
Current assets
Current liabilities
Total net assets|**Unrestricted**
**funds**
**General**
**£**
1,073,397
11,373
(632)
1,084,138
**Unrestricted**
**funds**
**General**
**£**
855,064
14,126
(631)
868,559|**Restricted**
**funds**
**£**
4,652
-
-
4,652
**Restricted**
**funds**
**£**
4,652
-
-
4,652|**Total funds at**
**30 September**
**2023**
**£**
1,078,049
11,373
(632)|
|---|---|---|---|
||||1,088,790|
||||**Total funds at**
**30 September**
**2022**
**£**
859,716
14,126
(631)|
||||873,211|
Page 16
## **Ubuntu Charitable Foundation**
## **Notes to the Financial Statements for the Year Ended 30 September 2023**
## **19 Analysis of net funds**
|**19 Analysis of net funds**||||
|---|---|---|---|
|Cash at bank and in hand
Net debt
Cash at bank and in hand
Net debt|**At 1 October**
**2022**
**£**
12,158
12,158
**At 1 October**
**2021**
**£**
9,193
9,193|**Financing cash**
**flows**
**£**
(785)
(785)
**Financing cash**
**flows**
**£**
2,965
2,965|**At 30**
**September**
**2023**
**£**
11,373|
||||11,373|
||||**At 30**
**September**
**2022**
**£**
12,158|
||||12,158|
Page 17