CAVENDISH CANCER CARE
REGISTERED IN ENGLAND AND WALES UNDER COMPANY NUMBER 5086868
REGISTERED CHARITY NUMBER 1104261
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST JANUARY 2024
TINGLE ASHMORE LIMITED
CHARTERED ACCOUNTANTS
SHEFFIELD
CAVENDISH CANCER CARE
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST JANUARY 2024
INDEX
| Page | |
|---|---|
| Trustees' annual report | 1-8 |
| Independent examiner's report | 9 |
| Statement of financial activities and income and expenditure account | 10 |
| Balance sheet | 11 |
| Statement of cash flows | 12 |
| Principal accounting policies | 13-15 |
| Notes to the financial statements | 16-22 |
CAVENDISH CANCER CARE
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST JANUARY 2024
TRUSTEES' ANNUAL REPORT
The Trustees present their annual directors' report and the unaudited financial statements of the charity for the year ended 31st January 2024 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes.
As in the previous year, the Trustees agreed that the 2024 financial statements would not be subjected to audit, but instead that of an independent examination by Tingle Ashmore Limited. Whilst an independent examination is less rigorous than an audit, the Trustees believe that assurance over the accuracy of these financial statements is achieved through the combined scrutiny and challenge provided by the Treasurer and that by Tingle Ashmore Limited, in their role as Independent Examiner.
Objectives and activities
The objects of the charity are the relief of sickness by the provision of therapies and support of those patients, dependents and other members of the public affected by cancer and other life threatening diseases, living in and around the area of Yorkshire, Derbyshire and Nottinghamshire.
The charity's objectives are primarily met by the provision of one to one assessment and therapy to individuals; we also offer a range of group classes and courses. Care is provided in person at our Centre on Wilkinson Street, via the telephone and online. The charity is also expanding its range of services in respect of care and wellbeing to businesses in the region.
We also run a peer-to-peer support scheme, Cavendish Cancer Buddies, and a Cancer Information Hub in Moor Market, Sheffield.
The centre makes full use of volunteers. Volunteers work across the organisation including within Fundraising, the Finance Office, Reception and client support. They also represent the charity externally as appropriate.
Chairman's Report
At Cavendish Cancer Care, we understand that each person's journey with cancer is unique. Therefore, our support is tailored to individual needs, ensuring a personalised approach. We offer a range of services, including counselling and complementary therapies, which work alongside and enhance NHS medical treatments. Our dedicated team provides nutritional advice and equips individuals with self-help techniques such as relaxation and visualisation, fostering their overall well-being.
All our support services are offered free of charge. We firmly believe that financial constraints should not hinder individuals from accessing the care they deserve. By removing financial barriers, we ensure equitable access to our support services, promoting a more inclusive and compassionate environment.
It is important to note that our support extends to individuals of all ages. Our commitment to inclusivity is exemplified by our dedicated Young People's Service, which offers specialist play therapy, art therapy and counselling. Children affected by cancer receive tailored support through these specialised services, ensuring they have a safe space to express their emotions and navigate their unique challenges.
We are committed to expanding and enhancing our Young People's Service, ensuring that it can reach and support a larger number of young individuals facing the challenges of a cancer diagnosis, whether personally or within their family. This will inevitably necessitate increased investment, and we are resolved to oversee this process with careful financial prudence. Our goal is to create an environment and structure that can effectively provide the much-needed support for these young people to address the significant trauma they have experienced.
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CAVENDISH CANCER CARE
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST JANUARY 2024
TRUSTEES' ANNUAL REPORT
Over the past few years, we have navigated substantial challenges and obstacles while focusing on strengthening and expanding our offering to clients.
Demand for our support has soared. We are committed to working to improve the integration of support services, reach a broader audience, promote diversity, upgrade our facilities and ensure financial sustainability.
Fundraising has never been more difficult. The international conflicts continue to play on many people who traditionally supported UK charities. There is a finite level of giving and combined with high interest rates and the inflation seen in the past year, it is surprising that we have done so well. That is down to our staff who day after day work hard to raise the money that we need.
In response to challenges in fundraising, we proactively expanded our partnerships with local businesses, with a particular focus on corporate wellbeing. This not only generated financial support for the charity but also contributed to the wellbeing and resilience of employees, impacting the wider community. By offering these services, we have secured income that further supports our mission.
Looking ahead, we recognise the need for us to develop a new financial framework to ensure sustainability. However, this is not a cost-cutting exercise, and we will continue to invest in our team and systems where it is needed to improve the quality and efficiency of our services and fundraising efforts.
In conclusion, despite the challenges in fundraising, we remain committed to providing crucial support to those affected by cancer. Our strategic review, coupled with our adaptive approach, positions us for growth and continued impact. We appreciate your support as we work towards enhancing our services and securing a sustainable future. It would also be remiss of me not to mention the crucial support and service provided by the many volunteers who work with us – we at Cavendish owe them our deepest gratitude and thanks.
Chief Executive Officer's Report
This was a year of evolution rather than revolution, further consolidating our hybrid model of care whilst conducting a comprehensive strategic review to ensure that in future years:
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all the different types of support we offer are fully integrated so that we provide a seamless experience for our clients and ensure that they can access the right support at the right time, to support their short and long-term health and wellbeing
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we can reach more of the people who would benefit from our support but don’t currently receive it
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our premises, facilities, and systems are fit for purpose and provide a quality experience for our clients
-
we can increase expenditure on services in a way that is financially sustainable.
We have continued to expand our on-demand online support, now rebranded as Cavendish@Home. We also took the first steps to introduce a range of in-person groups and classes, which we are building on in 2024/25.
Alongside the work we deliver at the Tim Pryor Centre, we have also continued to provide:
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our specialist Young People’s Service;
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our peer-to-peer support service, Cavendish Cancer Buddies; and
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our outreach services on the wards of Sheffield’s three major hospitals – Northern General Hospital, Royal Hallamshire Hospital, and Weston Park Cancer Centre.
-
we also relaunched our North Derbyshire-based outreach service within the NGS Macmillan Cancer Information & Support Centre at Chesterfield Royal Hospital.
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CAVENDISH CANCER CARE
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST JANUARY 2024
TRUSTEES' ANNUAL REPORT
In addition, we have maintained our role working alongside the University of Sheffield to deliver high-quality education and placements for the University’s medical students. We help them to understand the importance of complementary therapies and the role they can play in effective holistic support for people affected by cancer. We have also continued our involvement with the SURECAN project, led by Queen Mary University of London. This project seeks to develop a new type of talking therapy to improve the quality of life and overall wellbeing of cancer patients.
Demand for our support continues to rise and over the course of the year at the Tim Pryor Centre we took 896 new self-referrals, a rise of more than 17% on the previous year. This means that over the last two years, demand for our care has risen 58% in total. Overall, we provided 6,112 hours of support to 1,526 people during the year.
Our impact is reflected in the feedback we receive from those we support:
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88% of clients who returned to work told us this was more successful thanks to our support
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81% of people we supported told us we helped them to feel more in control of their situation
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90% of clients reported a significant improvement in at least one of the specific issues they identified when they first came to us
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97% of clients said that our support had improved their overall quality of life
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100% of people we supported told us they would recommend us to their friends and family, with 97% being ‘extremely likely’ to do so.
I would like to extend my heartfelt thanks to our dedicated staff, volunteers, and trustees. Inspired by our remarkable clients, we are committed to deliver exceptional care and support.
Treasurer’s Report
As noted at the beginning of the Trustees’ Report, these financial statements (which report the results for the 12-month period to 31 January 2024) have not been the subject of audit, but instead an independent examination undertaken by Tingle Ashmore Limited. The Trustees continue to take comfort over the accuracy of these financial statements from the strong and capable finance team we have at Cavendish, supplemented by the oversight and scrutiny from members of the Trustee Board.
The Statement of Financial Activities and Income and Expenditure Account shows total incoming resources for the year ended 31st January 2024 at £780,066 (2023: £798,408). The charity’s performance in achieving income, of just over 2% behind the level in the prior year which had benefited from income derived from the Master Cutler’s Challenge, is commendable and credit is due to the fundraising team and all others involved in income generation.
It is worth reminding readers that Cavendish has relatively little in guaranteed income and relies upon the generosity of trusts and our other donors and supporters for which we are very grateful; we thank them for their ongoing support. Fundraising remains challenging due to the legacy of the Covid-19 pandemic and the financial impacts from the cost-of-living crisis and the conflict in Ukraine.
We have seen a decline in individual giving both from one-off and regular donations, continuing a trend which has been ongoing since the end of 2020. On the other hand, sponsorship of individuals undertaking challenges and events in aid of our work has returned to pre-pandemic levels, with the average donation to online fundraising pages last year matching that seen in 2019.
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CAVENDISH CANCER CARE
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST JANUARY 2024
TRUSTEES' ANNUAL REPORT
Our engagement with local businesses is good and we have had continued success in growing relationships and gaining generous sponsorship from corporate partners to offset fundraising and events costs. However, many employees and employers no longer see it as necessary to take part in out of hours networking or events and this does impact attendance at fundraising events such as social events and balls. We are seeing diminished returns from corporate partners not wishing to attend or bring clients as they would have done pre-pandemic.
In response to this challenge, we have worked hard to expand the ways in which we can partner with local businesses. As noted above, we have made significant strides in building our corporate wellbeing proposition, drawing on our extensive knowledge and experience of supporting health and wellbeing. We incorporated a new wholly owned subsidiary company, Cavendish Wellbeing Limited, on 21 June, through which our wellbeing activities will be traded.
Last year’s Annual Report noted that, following the exceptional legacies received in 2022 that placed the charity in a strong financial position with reserves surplus to our required level, we took the conscious decision to commit to a deficit budget to meet the need for our care in 2023/24.
Demand for our care and, therefore, expenditure on service delivery, has risen sharply. Expenditure in the year increased to £962,243 (2023: £853,338) and we are pleased to report that therapy provision increased by 18% over the prior year, now amounting to £771,817. We also continue to support our staff in facing the challenges of the “cost of living crisis” and management and the Trustees consider it important to reward their outstanding commitment to the charity’s activities.
We must place on record our thanks and appreciation to our suppliers, particularly the Church Burgesses Trust, who continue to be extremely supportive to the charity.
The 2023/24 accounts report net expenditure over income for the year to 31 January 2024 of £180,157 (2023 deficit £59,370) – as explained above, the deficit was budgeted for to enable the charity to deliver services at a level to meet the increased client demand. Clearly, however, the charity should not, and cannot, continue to budget for deficits and as part of our ongoing strategic review we aim to develop a financial framework to ensure that our services can continue to grow in a sustainable way.
Total funds held at 31st January 2024 were £483,711 (2023: £663,868) and whilst this level is positive, this reducing trend is not sustainable and the Trustees and management team are reviewing the charity’s income streams and activities, designed to return the charity to a surplus. These plans are unlikely to bear fruit in the short term and, with 2024/25 remaining challenging due to the issues discussed above, our budget for 2024/25 shows a deficit.
The Trustees consider that the charity’s financial position is satisfactory and continue to manage the Charity's resources with care, with the intention of ensuring a sustainable future whilst continuing to meet the growing needs of our clients.
Reserves policy
The charity needs to hold financial reserves as only a small percentage of its annual income is in the form of definite and regular funding. Reserves provide financial protection against damaging events and enable us to meet any obligations in the event that the charity ceases operations and, also, to enable the organisation to maintain the quality of the service we provide.
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CAVENDISH CANCER CARE
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST JANUARY 2024
TRUSTEES' ANNUAL REPORT
The basis of the policy remains that of maintaining funds to enable the charity to withstand significant reductions in fundraising, designed to ensure that it can meet contractual obligations during such a downturn and that no employee, supplier or other stakeholder shall be left unpaid. The policy is based, therefore, on a forward-looking view of monthly operating costs (according to type and nature). At current and planned levels of activity this would require free reserves of at least £333,000. The level of free reserves held on 31st January 2024 was £399,721, ahead of the minimum required level prescribed by the policy. Given the deficit expected in 2024/25 our reserves likely to fall below our target level.
The reserves policy is available to members on application to the Trustees.
Investments
The Investment Committee comprises David Thurkettle (Trustee), Alan Spier (Trustee) and Emma Draper (Chief Executive Officer), supported by staff from Investec Wealth & Investment.
Cavendish delegates powers of investment to professional independent fund managers who manage the charity’s investment portfolio within pre-determined parameters of asset class and risk. Our investment managers, Investec Wealth & Investment, manage the portfolio on a discretionary basis. The overall objectives are to create sufficient income and capital growth to enable the charity to carry out its purposes consistently year by year. Our investment policy is managed on a total return basis, predicated on an approach to risk that is low.
Ethical and Environmental, Social and Governance considerations
When investing in direct equities, the Trustees reserve the right to exclude companies that carry out activities which are contrary to their aims or which may damage the Charity’s reputation. In particular, this includes:
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Organisations with greater than 10% of activities directly or indirectly involved in tobacco, drugs or other activities where cancer is stated as being caused by undertaking such activities; or
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● Organisations whose activities include the manufacture of tobacco products.
In addition to any exclusions noted above, the Trustees expect Investec Wealth & Investment (IW&I) to have some consideration of ethical, social and corporate governance issues when undertaking the investment of the Charity’s funds in direct equities. In particular, companies that fail to adhere to internationally recognised standards of corporate governance, labour standards, and companies that consistently fail to meet UN guiding principles for business and human rights should also be excluded from direct investment.
When investment of Charity’s funds is undertaken via collective vehicles (unit & investment trusts) it is expected that IW&I will engage with the appointed fund managers on matters of corporate governance. The trustees accept that some indirect investments may be in areas contrary to the principles, aims and objectives of the Charity although reasonable steps should be taken by IW&I to highlight these if they are deemed to be significant in the overall context of the charity’s investment portfolio. Based on the information provided by IW&I, the trustees reserve the right to exclude any particular investment which may damage the Charity’s reputation.
We continue to keep this policy under review and intend that our portfolio meets the ethical expectations of our stakeholders as much as is practically possible.
Performance
Despite the wildly fluctuating global stock markets, careful management ensured that a small overall surplus (unrealised gains £5,520; realised losses £3,500) was achieved in the year. Given the uncertain capital market position, but with interest rates rising, the Investment Committee (with advice from our advisors) are looking to improve the returns from our investment without increasing the levels of risk.
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CAVENDISH CANCER CARE
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST JANUARY 2024
TRUSTEES' ANNUAL REPORT
Principal funding sources
The principal funding sources for the charity are through fundraising activities (including balls, sponsored events, golf day), private donations, legacies, collection boxes, Charitable Trusts, Corporate and 'Charity of the Year' partnerships. New sources of income are being developed from the charity’s corporate wellbeing activities. These fund the largest part of our core services and our children's service.
A smaller proportion of our income comes from statutory trusts, which support our client services and medical student teaching; and hospital charitable trusts which support our outreach projects.
Risk management
The Trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate the exposure to major risks.
Public benefit
We confirm that the Trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Commission.
Structure, governance and management
Governing document
Cavendish Cancer Care is a company limited by guarantee governed by its Memorandum and Articles of Association. It is registered as a charity with the Charity Commission. In the event of the charity being wound up members are required to contribute an amount not exceeding £1.
Appointment of Trustees
The directors of the company are also charity Trustees for the purpose of charity law. All Trustees must retire at each Annual General Meeting but are eligible for re-election. The Trustees have the power to co-opt any suitably qualified individual to fill a vacancy in their number or as an additional Trustee, although the total number of co-optees at any one time shall not be more than one half the elected Trustees. Training and induction are provided to reflect the needs of individual Trustees or the Board as a whole.
Key management personnel remuneration
Remuneration for the Senior Leadership Team is determined by the Board of Trustees. Levels of remuneration are set to ensure that Cavendish Cancer Care attracts people into these critical roles, with reference to market conditions and the specific skills required, and to retain their skills and experience.
Organisation
The day to day running of the Centre is the responsibility of the Chief Executive supported by the Senior Leadership Team, comprising senior staff in the organisation.
The Board meets on a bimonthly basis and receives reports from the Chief Executive on all aspects of Management, Policy and Governance. The Board will be asked to take decisions regarding strategic and policy direction, investment of reserves, significant items of expenditure and major Human Resources issues.
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CAVENDISH CANCER CARE
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST JANUARY 2024
TRUSTEES' ANNUAL REPORT
| Reference and administrative details | ||
|---|---|---|
| Charity number | 1104261 | |
| Company number | 5086868 | |
| Name and registered office | Cavendish Cancer Care | |
| 34 Wilkinson Street, Sheffield, S10 2GB | ||
| Our advisors: | ||
| Independent Examiners | Tingle Ashmore Limited | |
| Chartered Accountants | ||
| Enterprise House, Broadfield Court, Sheffield, S8 0XF | ||
| Bankers | The Co-operative Bank Plc | |
| PO Box 250, Delf House, Southway, Skelmersdale, WN8 6WT | ||
| Virgin Money plc | ||
| 110 Pinstone Street, Sheffield, S1 2HQ | ||
| HSBC Bank Plc | ||
| 49-63 Fargate, Sheffield, | S1 2HD | |
| Nationwide Building Society | ||
| PO Box 3, 5-11 St Georges Street, Douglas, Isle of Man, IM99 1AS | ||
| Investment advisers | Investec Wealth and Management | |
| Beech House, 61 Napier | Street, Sheffield, S11 8HA | |
| Directors and Trustees | Mr D Grey MBE | - Chairman |
| Mr D Thurkettle | - Treasurer | |
| Mrs S Shepley | ||
| Mr A Spier | ||
| Mrs G Coverley | ||
| Mr M J Tunbridge | ||
| Mrs A J Clarke | ||
| Company secretary | Mrs G Coverley | |
| Founder | Dr D Simons (not a director or Trustee) | |
| Chief Executive | Mrs Emma Draper |
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CAVENDISH CANCER CARE
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST JANUARY 2024
TRUSTEES' ANNUAL REPORT
Statement of Trustees' responsibilities
The Trustees (who are also directors of Cavendish Cancer Care for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial period. 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 the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:
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●select suitable accounting policies and then apply them consistently;
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●observe the methods and principles in the Charities SORP 2019 (FRS 102);
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●make judgments and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared taking advantage of the small companies exemption of section 415A of the Companies Act 2006.
The report of the Trustees was approved by the board on 25th June 2024 and signed on its behalf by
…………………………………………… Mr D Thurkettle
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CAVENDISH CANCER CARE
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST JANUARY 2024
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
CAVENDISH CANCER CARE
I report to the charity Trustees on my examination of the accounts of the company for the year ended 31st January 2024 which are set out on pages 10 to 22.
Responsibilities and basis of report
As the charity's Trustees of the company (who are also the directors of the company 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 for this year 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
The company's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of The Institute of Chartered Accountants in England and Wales.
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:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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.
…………………………………………… Brendan Ashmore ACA Tingle Ashmore Limited Chartered Accountants Enterprise House Broadfield Court Sheffield S8 0XF
Dated: 25th June 2024
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CAVENDISH CANCER CARE
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST JANUARY 2024
STATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNT
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| Notes | funds | funds | funds | funds | |
| 2024 | 2023 | ||||
| £ | £ | £ | £ | ||
| Income from: | |||||
| Donations and legacies: | |||||
| Charitable trusts | 1 | 45,666 | 58,088 | 103,754 | 145,493 |
| Statutory bodies | 35,710 | - | 35,710 | 34,867 | |
| Legacies | 15,500 | - | 15,500 | 33,016 | |
| Other | 253,804 | - | 253,804 | 262,494 | |
| Charitable activities | |||||
| Therapy fees | 106,373 | - | 106,373 | 80,350 | |
| Learning and development income | 94,077 | - | 94,077 | 51,452 | |
| Other trading activities | |||||
| Fundraising events | 159,581 | - | 159,581 | 85,558 | |
| Master Cutler's Challenge | - | - | - | 101,507 | |
| Room hire | 2,900 | - | 2,900 | 1,095 | |
| Investment income | |||||
| Interest receivable | 6,295 | - | 6,295 | 414 | |
| Dividends | 2,072 | - | 2,072 | 1,802 | |
| _ | ______ | _ | _ | ||
| Total income | 721,978 | 58,088 | 780,066 | 798,048 | |
| _ | ______ | _ | _ | ||
| Expenditure on: | |||||
| Raising funds | 187,734 | - | 187,734 | 196,983 | |
| Charitable activities | 700,964 | 73,545 | 774,509 | 656,355 | |
| _ | ______ | _ | _ | ||
| Total expenditure | 2 | 888,698 | 73,545 | 962,243 | 853,338 |
| _ | ______ | _ | _ | ||
| Gains/(losses) on investments | |||||
| Realised | (3,500) | - | (3,500) | (79) | |
| Unrealised | 5,520 | - | 5,520 | (4,001) | |
| _____ | ___ | _____ | _____ | ||
| 2,020 | - | 2,020 | (4,080) | ||
| _____ | ___ | _____ | _____ | ||
| Net expenditure for the year | 3 | (164,700) | (15,457) | (180,157) | (59,370) |
| Total funds brought forward | 641,823 | 22,045 | 663,868 | 723,238 | |
| _ | _ | _ | _ | ||
| Total funds carried forward | £477,123 | £6,588 | £483,711 | £663,868 | |
| _ _ |
_ _ |
_ _ |
_ _ |
The Statement of Financial Activities includes all gains and losses recognised in the period. All income and expenditure derive from continuing activities.
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CAVENDISH CANCER CARE
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST JANUARY 2024
BALANCE SHEET
| 2024 | 2023 | |||
|---|---|---|---|---|
| Notes | £ | £ | £ | |
| Fixed assets | ||||
| Tangible assets | 6 | 77,402 | 96,710 | |
| Investments | 7 | 241,876 | 196,334 | |
| _ | _ | |||
| 319,278 | 293,044 | |||
| _ | ||||
| Current assets | ||||
| Debtors | 8 | 90,963 | 53,324 | |
| Cash at bank and on hand | 109,785 | 367,192 | ||
| _ | _ | |||
| 200,748 | 420,516 | |||
| Creditors - amounts falling due within | ||||
| one year | 9 | (36,315) | (49,692) | |
| _ | _ | |||
| Net current assets | 164,433 | 370,824 | ||
| _ | _ | |||
| Net assets | £483,711 | £663,868 | ||
| _ | _ | |||
| _ | _ | |||
| The funds of the charity | ||||
| Unrestricted income funds: | ||||
| General | 11 | 399,721 | 545,113 | |
| Designated | 11 | 77,402 | 96,710 | |
| _ | _ | |||
| Total unrestricted funds | 477,123 | 641,823 | ||
| Restricted income funds | 11 | 6,588 | 22,045 | |
| _ | _ | |||
| Total funds | 12 | £483,711 | £663,868 | |
| _ _ |
_ _ |
For the year ending 31st March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Trustees' responsibilities:
-
The members have not required the charity to obtain an audit of its accounts for the period in question in accordance with section 476;
-
The Trustees 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 provisions applicable to companies subject to the small companies' regime.
Approved by the board on 25th June 2024 and signed on its behalf by
………………………………. Mr D Thurkettle
Treasurer
Company number : 5086868
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CAVENDISH CANCER CARE
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST JANUARY 2024
STATEMENT OF CASH FLOWS
| Total | Total | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Cash flows from operating activities: | ||
| Net cash (used in)/provided by operating activities | (220,957) | 255,600 |
| _ | _ | |
| Cash flows from investing activities: | ||
| Interest received | 6,295 | 414 |
| Dividends received | 2,072 | 1,802 |
| Purchase of tangible fixed assets | (1,295) | (25,771) |
| Purchase of investments | (159,439) | (157,886) |
| Proceeds from sale of investments | 136,065 | 13,554 |
| _ | _ | |
| Net cash used in investing activities | (16,302) | (167,887) |
| _ | _ | |
| Change in cash and cash equivalents in the year | (237,259) | 87,713 |
| Cash and cash equivalents at the beginning of the year | 401,493 | 313,780 |
| _ | _ | |
| Cash and cash equivalents at the end of the year | £164,234 | £401,493 |
| _ | _ | |
| _ | _ | |
| Cash and cash equivalents consists of: | ||
| Cash at bank and on hand | 109,785 | 367,192 |
| Cash held as investments | 54,449 | 34,301 |
| _ | _ | |
| £164,234 | £401,493 | |
| _ _ |
_ _ |
Reconciliation of net income/(expenditure) to net cash flow from operating activities:
| Net income for the year | (180,157) | (59,370) |
|---|---|---|
| Adjustments for: | ||
| Depreciation charges | 20,603 | 21,251 |
| Interest receivable | (6,295) | (414) |
| Dividends receivable | (2,072) | (1,802) |
| (Gains)/losses on investments | (2,020) | 4,080 |
| (Increase)/decrease in debtors | (37,639) | 278,382 |
| (Decrease)/increase in creditors | (13,377) | 13,473 |
| _ | _ | |
| Net cash (used in)/provided by operating activities | £(220,957) | £255,600 |
| _ _ |
_ _ |
Page 12
CAVENDISH CANCER CARE
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST JANUARY 2024
PRINCIPAL ACCOUNTING POLICIES
Cavendish Cancer Care is a company limited by guarantee registered in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 7 of these financial statements.
These financial statements have been prepared under the historical cost convention and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.
Cavendish Cancer Care meets the definition of a public benefit entity under FRS 102.
The following is a summary of the more important accounting policies used by the charity.
Going concern
The financial statements have been prepared on the going concern basis as the Trustees believe that there are no material uncertainties in this regard.
Income
All income is accounted for as soon as the charity has entitlement to the income, there is certainty of receipt and the amount can be measured.
Income is only deferred when:
-
●The donor specifies that the grant or donation must only be used in future accounting periods; or
-
The donor has imposed conditions which must be met before the charity has unconditional entitlement.
Legacies
Legacies are treated as income when they are received, or on a receivable basis if notification has been received prior to the period end date and it becomes capable of financial measurement prior to the authorisation for issue of the accounts.
Expenditure
Expenditure is recognised when a liability is incurred.
-
●Raising funds are those costs incurred in fundraising activities
-
Charitable activities includes those costs incurred by the charity in the delivery of its activities and services for its beneficiaries.
-
Governance costs include those costs incurred in meeting the constitutional and statutory requirements of the charity.
Page 13
CAVENDISH CANCER CARE
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST JANUARY 2024
PRINCIPAL ACCOUNTING POLICIES
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes all costs directly attributable to making the asset capable of operating as intended. Individual items costing less than £1,000 are excluded.
Depreciation is calculated to write down the cost of fixed assets over their expected useful lives on the following bases:
Charity furniture and equipment
Electronic equipment, including phones, computer hardware and software Improvements to landlord's property
straight line basis over between 4 and 8 years depending on the type of asset
straight line basis over 5 years straight line over the term of the lease
Operating leases
All leases are considered to be 'operating leases' and the relevant annual rentals are charged wholly to the Statement of Financial Activities.
Employee benefits
When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The charity operates a defined contribution scheme for the benefit of its employees. The costs of contributions are written off to the Statement of Financial Activities in the period in which they are payable.
Termination Benefits
Termination benefits are payable when employment is terminated before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The charity recognises termination benefits when it is demonstrably committed to either (i) terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or (ii) providing termination benefits as a result of an offer made to encourage voluntary redundancy.
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently they are measured at fair value with changes recognised in 'net gains/(losses) on investments in the Statement of Financial Activities.
Debtors
Trade and other debtors are recognised at the settlement amount due after any discount offered.
Page 14
CAVENDISH CANCER CARE
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST JANUARY 2024
PRINCIPAL ACCOUNTING POLICIES
Creditors
Creditors are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. These are initially recognised at transaction value and are subsequently measured at their settlement value.
Value added tax
The charity is not registered for VAT. In these financial statements, expenditure is shown inclusive of VAT, where appropriate
Fund accounting
Funds held by the charity are either:-
-
Unrestricted funds - these are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.
-
Designated funds - these have been set up to identify those unrestricted funds that are not free funds in that they represent the net book value of capital assets attributable to the charity's own reserves.
-
Restricted funds - these are funds that can only be used for particular restricted purposes, imposed by the donor or through the terms of an appeal.
Page 15
CAVENDISH CANCER CARE
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST JANUARY 2024
NOTES TO THE FINANCIAL STATEMENTS
1 Charitable trusts
Larger grants and donations were received from the following in the year: Church Burgesses Trust Evan Cornish Foundation Irwin Mitchell Charities Foundation Marjorie Coote Old People's Charity Fund Pink Ribbon Foundation The Openwork foundation
The analysis of this income between funds is as follows:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Unrestricted funds | 45,666 | 91,573 |
| Restricted funds | 58,088 | 53,920 |
| _ | _ | |
| Total | £103,754 | £145,493 |
| _ _ |
_ _ |
| Staff costs | Premises | Other | Total | Total | ||
|---|---|---|---|---|---|---|
| and therapists' | and office | costs | ||||
| fees | costs | 2024 | 2023 | |||
| £ | £ | £ | £ | £ | ||
| 2 | Total expenditure | |||||
| Raising funds: | ||||||
| Fundraising costs | 126,851 | - | 60,883 | 187,734 | 146,245 | |
| Master Cutler's Challenge | - | - | - | - | 50,738 | |
| Charitable activities: | ||||||
| Therapy provision | 656,377 | 67,345 | 48,095 | 771,817 | 653,728 | |
| Governance costs: | ||||||
| Staff costs | 567 | - | - | 567 | 556 | |
| Other | - | - | 2,125 | 2,125 | 2,071 | |
| _ | ______ | _ | _ | _ | ||
| £783,795 | £67,345 | £111,103 | £962,243 | £853,338 | ||
| _ _ |
__ ____ |
_ _ |
_ _ |
_ _ |
Page 16
CAVENDISH CANCER CARE
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST JANUARY 2024
NOTES TO THE FINANCIAL STATEMENTS
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| 3 | Net expenditure for the year | ||
| This is stated after charging: | |||
| Depreciation | 20,603 | 21,251 | |
| Independent examiner's remuneration | 1,560 | 1,560 | |
| ______ | ______ | ||
| ______ | ______ | ||
| 4 | Analysis of staff costs, Trustee remuneration and expenses, and the cost | ||
| of key management personnel | |||
| Therapists' fees and staff costs comprise: | |||
| Wages and salaries | 517,029 | 455,362 | |
| Employer's national insurance | 36,864 | 32,459 | |
| Employer's pension contributions | 12,786 | 11,265 | |
| Redundancy and compensation | 8,005 | - | |
| Therapists' fees | 189,331 | 164,725 | |
| Recruitment, consultancy, travel, training and other costs | 19,780 | 22,766 | |
| _ | _ | ||
| £783,795 | £686,577 | ||
| _ _ |
_ _ |
The number of employees who received total employee benefits (excluding employer pension costs) of more than £60,000 is as follows:
| 2024 | 2023 | ||
|---|---|---|---|
| £60,001 | - £70,000 | - | 1 |
| £70,001 | - £80,000 | 1 | - |
The Trustees were not paid nor received any other benefits from employment with the charity in either year. No expenses were reimbursed to Trustees in the either year.
The key management personnel of the charity comprise the Trustees, the Chief Executive and the Heads of Service, Fundraising and Grants & Evaluation. The total employee benefits of the key management personnel were £203,819 (2023: £186,422).
| 2024 | 2023 | |
|---|---|---|
| The average number of employees in the year was: | 24 | 26 |
5 Related party transactions
The aggregate total of donations received without conditions from Trustees and related parties in the year was £9,414 (2023 - £11,609).
There were no other related party transactions requiring disclosure in either year.
Page 17
CAVENDISH CANCER CARE
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST JANUARY 2024
NOTES TO THE FINANCIAL STATEMENTS
| 6 | Tangible assets | Improvements | Furniture | |
|---|---|---|---|---|
| to landlord's | and | |||
| property | equipment | Total | ||
| £ | £ | £ | ||
| Cost | ||||
| As at 1st February 2023 | 133,682 | 89,745 | 223,427 | |
| Additions | - | 1,295 | 1,295 | |
| _ | ______ | _ | ||
| As at 31st January 2024 | 133,682 | 91,040 | 224,722 | |
| _ | ______ | _ | ||
| Depreciation | ||||
| As at 1st February 2023 | 64,731 | 61,986 | 126,717 | |
| Charge for the year | 13,458 | 7,145 | 20,603 | |
| ______ | ______ | _ | ||
| As at 31st January 2024 | 78,189 | 69,131 | 147,320 | |
| ______ | ______ | _ | ||
| Net book value | ||||
| As at 31st January 2024 | £55,493 | £21,909 | £77,402 | |
| ______ | ______ | ______ | ||
| ______ | ______ | ______ | ||
| 2024 | 2023 | |||
| £ | £ | |||
| 7 | Fixed asset investments | |||
| Listed investments: | ||||
| Market value at 1st February 2023 | 162,033 | 21,781 | ||
| Additions | 159,439 | 157,886 | ||
| Disposals | (139,565) | (13,633) | ||
| Net investment gains/(losses) | 5,520 | (4,001) | ||
| _ | _ | |||
| Market value at 31st January 2024 | 187,427 | 162,033 | ||
| Investment cash | 54,449 | 34,301 | ||
| _ | _ | |||
| As at 31st January 2024 | £241,876 | £196,334 | ||
| _ | _ | |||
| _ | _ | |||
| Historical cost of listed investments | £185,942 | £166,034 | ||
| _ _ |
_ _ |
Page 18
CAVENDISH CANCER CARE
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST JANUARY 2024
NOTES TO THE FINANCIAL STATEMENTS
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| 8 | Debtors | ||
| Trade debtors | 26,204 | 28,889 | |
| Legacies receivable | 14,000 | - | |
| Other debtors and prepayments | 50,759 | 24,435 | |
| ______ | ______ | ||
| £90,963 | £53,324 | ||
| ______ | ______ | ||
| ______ | ______ | ||
| 9 | Creditors - amounts falling due within one year | ||
| Trade creditors | 4,325 | 6,312 | |
| Taxation and social security | 10,373 | 8,443 | |
| Other creditors, accruals and deferred income | 21,617 | 34,937 | |
| ______ | ______ | ||
| £36,315 | £49,692 | ||
| ______ | ______ | ||
| ______ | ______ | ||
| 10 | Operating lease commitments | ||
| The charity had operating leases at the year end with total future minimum | |||
| lease payments as follows: | |||
| Amount falling due: | |||
| Within 1 year | 28,370 | 28,370 | |
| Within 2 to 5 years | 82,980 | 111,456 | |
| __ ____ |
_ _ |
Page 19
CAVENDISH CANCER CARE
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST JANUARY 2024
NOTES TO THE FINANCIAL STATEMENTS
| 11 | Total funds | |||||
|---|---|---|---|---|---|---|
| Balance at | Movement in resources | Transfers | Balance at | |||
| 1st Feb | Incoming | Outgoing | 31st Jan | |||
| 2023 | 2024 | |||||
| £ | £ | £ | £ | £ | ||
| Unrestricted funds | ||||||
| General funds | 545,113 | 721,978 | (866,075) | (1,295) | 399,721 | |
| Designated funds - fixed assets | 96,710 | - | (20,603) | 1,295 | 77,402 | |
| _ | _ | _ | _____ | _ | ||
| 641,823 | 721,978 | (886,678) | - | 477,123 | ||
| _ | _ | _ | _____ | _ | ||
| Restricted funds | ||||||
| Westfield Health Charitable Trust | 17,776 | - | (17,776) | - | - | |
| Marjorie Coote Old People's | ||||||
| Charity Fund | - | 17,000 | (17,000) | - | - | |
| Will Charitable Trust | 1,091 | - | (314) | - | 777 | |
| BBC Children In Need | 2,120 | - | (2,120) | - | - | |
| Buddy Scheme | - | 11,802 | (9,262) | - | 2,540 | |
| Pink Ribbon Foundation | - | 5,512 | (5,512) | - | - | |
| Guiding Light Foundation | 1,058 | - | (824) | - | 234 | |
| Children and Young People's | ||||||
| Service | - | 20,799 | (18,737) | - | 2,062 | |
| JG Graves | - | 2,000 | (2,000) | - | - | |
| Co-op Bank Customer | ||||||
| Donation Fund | - | 975 | - | - | 975 | |
| ______ | ______ | ______ | ___ | _____ | ||
| 22,045 | 58,088 | (73,545) | - | 6,588 | ||
| ______ | ______ | ______ | ___ | _____ | ||
| Total funds | £663,868 | £780,066 | £(960,223) | £- | £483,711 | |
| _ _ |
_ _ |
_ _ |
_ _ |
Purpose of restricted funds
Westfield Health Charitable Trust - To fund the costs of Young People's Services.
Marjorie Coote Old People's Charity Fund - To fund the running costs for the treatment of older people. Will Charitable Trust - To fund the Prostate Research Project and costs of the Young People's Service. BBC Children in Need - To support children and young people who are affected by a parent or sibling undergoing cancer treatment or who have died from cancer.
Buddy Scheme - Various grants towards the costs of the buddying scheme.
Pink Ribbon Foundation - To support families affected by breast cancer.
Guiding Light Foundation - To fund the purchase of art and play therapy supplies and equipment for use within the Young People's Service.
Children and Young People's Service - Various grants to support the costs of the Children and Young People's Service.
JG Graves Charitable Trust – to cover core costs at the Tim Pryor Centre to provide vital support for families around Sheffield
Co-op Bank Customer Donation Fund - Towards staff training and development costs of the Children and Young People’s Service.
Purpose of designated fund
The designated fund has been set up to identify unrestricted funds that are not free funds and represents the net book value of expenditure on capital assets from the charity's own reserves.
Page 20
CAVENDISH CANCER CARE
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST JANUARY 2024
NOTES TO THE FINANCIAL STATEMENTS
| 11 | Total funds (continued) | |||||
|---|---|---|---|---|---|---|
| Prior year comparison: | Balance at | Movement in resources | Transfers | Balance at | ||
| 1st Feb | Incoming | Outgoing | 31st Jan | |||
| 2022 | 2023 | |||||
| £ | £ | £ | £ | £ | ||
| Unrestricted funds | ||||||
| General funds | 581,782 | 744,128 | (765,026) | (15,771) | 545,113 | |
| Designated funds - fixed assets | 15,321 | - | (21,251) | 102,640 | 96,710 | |
| _ | _ | _ | _ | _ | ||
| 597,103 | 744,128 | (786,277) | 86,869 | 641,823 | ||
| _ | _ | _ | _ | _ | ||
| Restricted funds | ||||||
| Westfield Health Charitable Trust | 42,822 | - | (25,046) | - | 17,776 | |
| Marjorie Coote Old People's | ||||||
| Charity Fund | - | 15,000 | (15,000) | - | - | |
| Will Charitable Trust | 1,091 | 14,000 | (14,000) | - | 1,091 | |
| BBC Children In Need | - | 9,720 | (7,600) | - | 2,120 | |
| Duke of Devonshire's Charitable | ||||||
| Trust | 353 | - | (353) | - | - | |
| Buddy Scheme | - | 4,000 | (4,000) | - | - | |
| Pink Ribbon Foundation | - | 5,000 | (5,000) | - | - | |
| Aviva Broker Community Fund | 5,000 | - | - | (5,000) | - | |
| Guiding Light Foundation | - | 1,200 | (142) | - | 1,058 | |
| West Riding Masonic Charities | ||||||
| Limited | - | 5,000 | - | (5,000) | - | |
| Fixed Assets Fund | 76,869 | - | - | (76,869) | - | |
| _ | ______ | ______ | ______ | ______ | ||
| 126,135 | 53,920 | (71,141) | (86,869) | 22,045 | ||
| _ | ______ | ______ | ______ | ______ | ||
| Total funds | £723,238 | £798,048 | £(857,418) | £- | £663,868 | |
| _ | _ | _ | ___ | _ | ||
| _ | _ | _ | ___ | _ | ||
| 12 | Analysis of net assets between funds | |||||
| Fund balances at 31st January 2024 are represented by: |
| General | Designated | Restricted | Total | |
|---|---|---|---|---|
| funds | funds | funds | funds | |
| £ | £ | £ | £ | |
| Tangible fixed assets | - | 77,402 | - | 77,402 |
| Investments | 241,876 | - | - | 241,876 |
| Net current assets | 157,845 | - | 6,588 | 164,433 |
| _ | ______ | _____ | _ | |
| Net assets | £399,721 | £77,402 | £6,588 | £483,711 |
| _ | ______ | _____ | _ | |
| _ | ______ | _____ | _ | |
| Prior year comparison | ||||
| Fund balances at 31st January 2023 were | represented by: | |||
| Tangible fixed assets | - | 96,710 | - | 96,710 |
| Net current assets | 196,334 | - | - | 196,334 |
| Creditors due after more than one year | 348,779 | - | 22,045 | 370,824 |
| _ | ______ | ______ | _ | |
| Net assets | £545,113 | £96,710 | £22,045 | £663,868 |
| _ _ |
__ ____ |
__ ____ |
_ _ |
Page 21
CAVENDISH CANCER CARE
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31ST JANUARY 2024
NOTES TO THE FINANCIAL STATEMENTS
13 Prior year comparatives
A detailed breakdown of the statement of financial activities between unrestricted and restricted funds for the year ended 31st January 2023 is as follows:
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2023 | |||
| £ | £ | £ | |
| Income from: | |||
| Donations and legacies: | |||
| Charitable trusts | 91,573 | 53,920 | 145,493 |
| Statutory bodies | 34,867 | - | 34,867 |
| Legacies | 33,016 | - | 33,016 |
| Others | 262,494 | - | 262,494 |
| Charitable activities | |||
| Therapy fees | 80,350 | - | 80,350 |
| Learning and development income | 51,452 | - | 51,452 |
| Other trading activities | |||
| Fundraising events | 85,558 | - | 85,558 |
| Master Cutler's Challenge | 101,507 | - | 101,507 |
| Room hire | 1,095 | - | 1,095 |
| Investment income | |||
| Bank interest receivable | 414 | - | 414 |
| Dividends and interest | 1,802 | - | 1,802 |
| _ | ______ | _ | |
| Total income | 744,128 | 53,920 | 798,048 |
| _ | ______ | _ | |
| Expenditure on: | |||
| Raising funds | 196,983 | - | 196,983 |
| Charitable activities | 585,214 | 71,141 | 656,355 |
| _ | ______ | _ | |
| Total expenditure | 782,197 | 71,141 | 853,338 |
| _ | ______ | _ | |
| Losses on investments | |||
| Realised | (79) | - | (79) |
| Unrealised | (4,001) | - | (4,001) |
| _____ | ___ | _____ | |
| (4,080) | - | (4,080) | |
| _____ | ___ | _____ | |
| Net expenditure for the year | (42,149) | (17,221) | (59,370) |
| Transfers between funds | 86,869 | (86,869) | - |
| ______ | _ | ______ | |
| Net movement in funds | £44,720 | £(104,090) | £(59,370) |
| __ ____ |
_ _ |
__ ____ |
Page 22