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2022-12-31-accounts

Kingdom Faith South West

Annual Report and Financial Statements

For the Year Ended 31 December 2022

Charity Registered in England and Wales Number: 1107721

Kingdom Faith South West Contents For the Year Ended 31 December 2022

Page
Contents 1
Reference and Administrative Details 2
Trustees’ Annual Report 3 - 7
Independent Examiner’s Report 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11 - 18

Prepared By Albert Goodman LLP

1

Kingdom Faith South West Reference and Administrative Details For the Year Ended 31 December 2022

Trustees Rev M K Barling (resigned 19 July 2022)
M A Baker
J C Butler
T Kitchingman
S E Mathers
M B Watt
Principal Office Crescent House
3-7 The Mount
Taunton
Somerset
TA1 3NR
Registered Office Crescent House
3-7 The Mount
Taunton
Somerset
TA1 3NR
Independent Examiner Michelle Ferris BSc (Hons) FCA DChA
Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX

Prepared By Albert Goodman LLP

2

Kingdom Faith South West Trustees’ Report For the Year Ended 31 December 2022

The Trustees present their annual report together with the report on the accounts for Kingdom Faith South West (the charity) for the year ended 31 December 2022

The Charity is a trust formed under declaration of trust dated 23[rd ] December 2004 and supplemented by the Charitable Trust Deed dated 9[th ] October 2017 and approved by the Charity Commission. Trustees are appointed by the existing Trustees provided they are approved by the Spiritual Leadership of the church, and are appointed on the basis of their expertise and involvement in furthering the objects of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charities Act 2011, the Trust Deed, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Structure, governance and management

Kingdom Faith South West is governed by a Trust Deed dated 23[rd] December 2004 with a supplementary Trust Deed dated 19[th] October 2017 and operates as a charity registered in the UK.

The trustees have considered the key operational, financial and strategic risks that have a bearing on the charity. Suitable management information is available to the trustees on a regular basis to monitor these risks and allow any appropriate action be taken to address them.

The trustees who served during the year are as listed on page 2 of this report.

The church vision and directions are led by the leadership team. New Trustees are appointed by the leadership team, usually from among the church membership, and sign a document of willingness to act as a trustee. They are provided with an induction to explain the operations of the charity and their associated responsibility as trustees. The Trustees meet approximately 3 times a year to review performance, operating plans, budgets and building matters. Operational decisions are taken by the leadership team and staff.

As with previous years we have continued to build relationship and support the work of other charities and churches:

KFSW continued to provide monthly support for Taunton Foodbank (part of Trussell Trust) as a means of supporting those in hardship in the local community.

KFSW also has a global perspective and works with some individuals and groups across the world which align with the charity’s vision and objectives, including:

Prepared By Albert Goodman LLP

3

Kingdom Faith South West Trustees’ Report For the Year Ended 31 December 2022

Objectives and Activities

The objects of the charity laid down in the trust deed are, for the benefit of the public:

3.2.1 To advance the Christian faith (in accordance with the statement of beliefs) in such ways and in such parts of the United Kingdom or the world as the Trustees from time to time may think fit;

These objectives have been reviewed to ensure they continue to reflect our aims and they have remained unchanged since the last annual report of the trustees.

The Trustees have due regard to the public benefit guidance issued by the Charity Commission.

The main strategies adopted for ensuring the aims and objectives of the charity are outworked are:

Achievements and Performance

As the church and community at large has emerged from Covid-19 the Trustees have been particularly encouraged with the numerical growth of the church and its financial health. 2022 has been a year of growth and creativity, and the church has fresh vision for it’s vision and purpose.

In addition to the many existing expressions of church life, the following additions were made during 2022:

During the year the planned installation of a toilet on the middle floor of Crescent House was accomplished which has greatly facilitated the children’s ministries on Sunday mornings. Due to water ingress a replacement roof (financially anticipated) was also completed to prevent the possibly of greater damage.

The Connect Groups have had a complete ‘refresh’ during the year and now provide a more flexible system for relational growth within the growing church. This along with the re-instigation of aspects of church life that had been postponed with Covid restrictions were uniting the church in vision and purpose in a fresh way.

Prepared By Albert Goodman LLP

4

Kingdom Faith South West Trustees’ Report For the Year Ended 31 December 2022

During the year Pastor Michael Barling, who has been the Chairman of the Trustees since the formation for the Trust in 2004, resigned. KFSW will be forever indebted to him for the wisdom and grace with which he served during the past 18 years. Tony Kitchingman was appointed as the new Chairman in his place.

The Trustees are encouraged and thankful for a church that has not just endured the challenges of the past few years but has developed and grown despite them, maintaining the core values and objectives.

Staff and Volunteers

The Trustees greatly appreciate the way the Pastors and Support Staff have served the church and community in the past year.

The Trustees honour the way that staff and volunteers serve the mission and objectives of the church on a continual basis.

Four trustees are volunteers who give considerable input to enable KFSW Church to carry out its duties to what we consider to be a very high standard.

Future Developments for 2023

The following developments are anticipated during the coming year to ensure that Crescent House and its facilities continue to serve the vision of the church:

Prepared By Albert Goodman LLP

5

Kingdom Faith South West Trustees’ Report For the Year Ended 31 December 2022

Financial Review

The statement of financial activities is set out on page 9 of this report. A summary of the financial results is set out below:

Income generation

The principal source of income comprises tithes and offerings from members. Including this, total unrestricted income for the year was £222,670 (2021: £304,660) and total restricted income was £2,881 (2021: £3,598).

The deficit generated in the year was £32,018 (2021: surplus of £59,065), with total reserves being £803,745 (2021: £835,763). Of these reserves carried forward, £2,365 was restricted, leaving £801,380 unrestricted (2021: £2,083 restricted and £833,680 unrestricted).

Investment policy

The charity has adopted a low-risk investment strategy with accounts with Kingdom Bank. Investments are reviewed annually.

Fund raising

The charity relies on voluntary donations from its members for its income. The charity does not employ professional fund raising bodies.

Restricted funds

Details of the restricted funds held during the year are set out in note 9.

Reserves policy

It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which equates to approximately three months unrestricted expenditure. This provides sufficient funds to cover management, administration and supports costs.

3 months unrestricted expenditure would equate to approximately £60k. The free reserves of the charity at the end of the year were £192,946 (unrestricted funds less fixed assets, add back loans taken out to fund those assets).

The charity intends to use the excess funds for overpaying the mortgage, upgrading the toilet facilities, upgrading the AV/Streaming systems, as well as holding additional reserves for future building repairs. Costs and timings for these amounts are yet unknown.

It’s expected that adaption and flexibility will remain key in the church’s approach for the next year with the increasing costs of living and as a result we will keep all income and expenditure under review to ensure the continued well-being and appropriate financial health of KFSW.

Prepared By Albert Goodman LLP

6

Kingdom Faith South West Trustees’ Report For the Year Ended 31 December 2022

Statement of trustees responsibilities

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed/constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Signed by order of the trustees on 16/07/2023

A K Kitchingman Trustee

Prepared By Albert Goodman LLP

7

Kingdom Faith South West Independent Examiner’s Report For the Year Ended 31 December 2022

Independent examiner’s report to the Trustees of Kingdom Faith South West

I report to the trustees on my examination of the accounts for Kingdom Faith South West (“the charity”) for the year ended 31 December 2022.

Responsibilities and basis of report

As the charity trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the 2011 Act”).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

  2. the accounts do not comply with these records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

Michelle Ferris BSC (Hons) FCA DChA

Albert Goodman LLP Goodwood House Blackbrook Park Avenue Taunton TA1 2PX

Date: 20/07/2023

Prepared By Albert Goodman LLP

8

Kingdom Faith South West Statement of Financial Activities For the Year Ended 31 December 2022

----- Start of picture text -----
Unres- Res- Total Unres- Res- Total
tricted tricted 2022 tricted tricted 2021
Notes £ £ £ £ £ £
Income and endowments
Donations 2 222,126 2,881 225,007 304,643 3,598 308,241
Investment income 517 - 517 17 - 17
Total income 222,670 2,881 225,551 304,660 3,598 308,258
Expenditure
Expenditure on charitable
activities 3 239,284 18,285 257,569 226,631 22,562 249,193
Total expenditure 239,284 18,285 257,569 226,631 22,562 249,193
Net income/(expenditure) (16,614) (15,404) (32,018) 78,029 (18,964) 59,065
- -
Transfers between funds 9 (15,686) 15,686 (19,782) 19,782
Net movement in funds (32,300) 282 (32,018) 58,247 818 59,065
Reconciliation of funds
Fund balances at 1 January
2022 833,680 2,083 835,763 775,433 1,265 776,698
Fund balances at 31
December 2022 801,380 2,365 803,745 833,680 2,083 835,763
----- End of picture text -----

The results for the year derive from continuing activities and there are no gains or losses other than those shown above.

Prepared By Albert Goodman LLP

9

Kingdom Faith South West Balance sheet As at 31 December 2022

----- Start of picture text -----
Total 2022 Total 2021
Notes £ £
Fixed assets
Tangible fixed assets 5 791,189 762,623
Current assets
Debtors 6 10,527 11,122
Cash at bank and in hand 189,907 264,116
200,434 275,238
Creditors
Amounts falling due within one year 7 (20,030) (23,624)
Net current assets 180,404 251,614
Long term liabilities 8 (167,848) (178,474)
Net assets 803,745 835,763
The funds of the charity
Restricted funds 9 2,365 2,083
Unrestricted funds 9 801,380 833,680
803,745 835,763
----- End of picture text -----

Approved by the Board for issue on 16/07/2023 and signed on its behalf by:

A K Kitchingman Trustee

M Baker

Trustee

Prepared By Albert Goodman LLP

10

Kingdom Faith South West Notes to the Financial Statements For the Year Ended 31 December 2022

1 Accounting policies

1.1

General information and basis of accounting

Kingdom Faith South West is a charity, registered in England and Wales. The nature of the charity’s operations and its principal activities are set out in the Trustees report on pages 3-7.

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) (effective 1 January 2019)- (Charities SORP (FRS 102)).

The charity meets the definition of 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.

1.2

Income

Income from donations is recognised upon receipt.

Income from investments is accounted for when receivable.

1.3 Expenditure

Expenditure is accounted for on the accruals basis. Liabilities are recognised in the accounting period to which they relate.

Support costs are those functions which assist the work of the charity but do not directly undertake charitable activities. These costs have been allocated to expenditure on charitable activities.

1.4 Fixed assets

Fixed assets are valued at cost less depreciation.

Depreciation is calculated to write off the cost or valuation of fixed assets over their estimated useful lives at the following rate: -

Freehold property – 2% straight line Freehold improvements – 10% straight line Equipment – 25% straight line

1.5 Debtors

Trade and other debtors are recognised at the settlement amount due, and prepayments are valued at the amount prepaid.

1.6 Cash at bank and in hand

Cash at bank and in hand 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.

1.7 Creditors

Creditors and provisions are recognised where 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 and provisions are recognised at their settlement amount.

Prepared By Albert Goodman LLP

11

Kingdom Faith South West Notes to the Financial Statements For the Year Ended 31 December 2022

1 Accounting policies (continued)

1.8 Taxation

The company is a registered charity and is therefore not liable to corporation tax on its charitable activities to the extent that income and gains are applied to charitable purposes.

1.9 Fund accounting

General funds are unrestricted funds receivable or generated for the objects of the company without further specified purpose and are available as general funds.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets this criterion is charged to the fund, together with a fair allocation of management and support costs.

1.10 Financial Instruments

liabilities of the charity and their measurement basis are as follows:

Financial assets- trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank and in hand- is classified as a basic financial instrument and is measured at face value.

Financial liabilities- trade creditors, accruals, and other creditors are financial instruments and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

2 Donations

Tithes & offerings
Tithes & offerings tax recovered
Restricted gifts
Restricted gifts tax recovered
Mortgage donations
Miscellaneous income		 Unres-
tricted
£
181,097
38,306
-
393
1,910
420
222,126		 Res-
tricted
£
-
-
2,667
214
-
-
2,881		 Total
2022
£
181,097
38,306
2,667
607
1,910
420
225,007		 Unres-
tricted
£
252,298
37,651
10,000
1,546
1,860
1,288
304,643		 Res-
tricted
£
-
-
3,052
546
-
-
3,598		 Total
2021
£
252,298
37,651
13,052
2,092
1,860
1,288
308,241

Prepared By Albert Goodman LLP

12

Kingdom Faith South West Notes to the Financial Statements For the Year Ended 31 December 2022

3
Expenditure on charitable activities		 3
Expenditure on charitable activities
Grants
K F Gifts
Mission gifts
Israel
Benevolence
Miscellaneous
Resources
Purchases
Miscellaneous
Speakers
Gifts
Crescent House
Buildings insurance
Electricity and gas
Water rates
Cleaning
Property repairs
Ministry
Wages and salaries
Refreshments
Children and Youth
Pastoral
Sundays
Special events
Audio
Music
Faith projects
Conferences
Accomodation
Subsistence
Miscellaneous
Depreciation
Support costs
Governance costs		 Unres-
tricted
£
-
-
1,000
5,111
375
250
79
3,300
1,996
5,461
312
3,454
8
95,198
1,532
544
-
150
607
270
928
44
259
65
20
41,045
74,725
2,510
239,284		 Res-
tricted
£
-
3,468
-
10,371
-
-
-
-
-
-
-
-
4,050
-
-
-
-
-
396
-
-
-
-
-
-
-
-
-
18,285		 Total
2022
£
-
3,468
1,000
15,482
375
250
79
3,300
1,996
5,461
312
3,454
4,058
95,198
1,532
544
-
150
1,003
270
928
44
259
65
20
41,045
74,725
2,510
257,569		 Unres-
tricted
£
6,000
-
2,000
6,860
150
30
7
450
1,910
4,062
208
2,667
138
92,149
290
408
2
20
390
218
866
119
-
-
-
37,255
68,530
1,902
226,631		 Res-
tricted
£
-
6,551
-
7,936
1,500
-
-
1,000
-
-
-
-
5,436
-
-
-
-
-
-
-
-
-
-
-
-
-
139
-
22,562		 Total
2021
£
6,000
6,551
2,000
14,796
1,650
30
7
1,450
1,910
4,062
208
2,667
5,574
92,149
290
408
2
20
390
218
866
119
-
-
-
37,255
68,669
1,902
249,193

Prepared By Albert Goodman LLP

13

Kingdom Faith South West Notes to the Financial Statements For the Year Ended 31 December 2022

3 Expenditure on charitable activities (continued)

----- Start of picture text -----
Support costs
- -
Salaries and pensions 56,020 56,020 53,930 53,930
- -
Telephone and internet 2,723 2,723 3,426 3,426
Publicity and advertising 961 - 961 155 139 294
Software 1,342 - 1,342 655 - 655
Printing and stationery 449 - 449 843 - 843
Postage 40 - 40 120 - 120
Travel 292 - 292 9 - 9
Equipment repairs 274 - 274 - - -
Furniture and soft furnishings 3,134 - 3,134 772 - 772
Other expenses 247 - 247 482 - 482
Bank charges 292 - 292 584 - 584
- -
Mortgage interest and charges 8,951 8,951 7,554 7,554
74,725 - 74,725 68,530 139 68,669
Governance costs
Professional fees 540 - 540 132 - 132
- -
Accountancy fee 1,260 1,260 1,170 1,170
Independent examination fee 710 - 710 600 - 600
- -
2,510 2,510 1,902 1,902
----- End of picture text -----

4 Wages and salaries

4
Wages and salaries
Wages and salaries
Social security costs
Pension costs		 Total
2022
£
124,726
7,447
19,045
151,218		 Total
2021
£
121,927
7,530
16,622
146,079

The Church employs three full time and two part time members of staff. Two trustees are employed by the charity for ministerial and administration services, not for their roles as trustees. Remuneration for these individuals amounted to £95,469 (2021: £91,709) and those payments are permitted by the charity’s governing document. The charity paid pension contributions into a defined contribution pension scheme for the benefit of the staff, including the two Trustees employed by the charity.

No individual earned over £60,000 (2021: nil). The key management personnel of the Church is considered to be the two pastors, for which total remuneration amounted to £100,198 (2021: £96,149).

Kingdom Faith South West

Prepared By Albert Goodman LLP

14

Notes to the Financial Statements For the Year Ended 31 December 2022

5 Tangible Assets

----- Start of picture text -----
Freehold Freehold
Property Improvements Equipment Total
£ £ £ £
Cost
At 1 January 2022 603,452 220,711 109,054 933,217
Additions - 69,611 - 69,611
At 31 December 2022 603,452 290,322 109,054 1,002,828
Depreciation
At 1 January 2022 24,138 44,142 102,314 170,594
Charge for the year 12,069 25,868 3,108 41,045
At 31 December 2022 36,207 70,010 105,422 211,639
Net book value
At 31 December 2022 567,245 220,312 3,632 791,189
At 1 January 2022 579,314 176,569 6,740 762,623
6 Debtors
Total Total
2022 2021
£ £
Gift aid tax recoverable 8,293 8,727
Prepayments 1,696 1,622
Other debtors 538 773
10,527 11,122
----- End of picture text -----

Kingdom Faith South West

Prepared By Albert Goodman LLP

15

Notes to the Financial Statements For the Year Ended 31 December 2022

7 Creditors: amounts falling due within one year

Other creditors
Accruals
Mortgage due < 1 year
8
Creditors: amounts falling
Mortgage
9
Statement of funds		 due after one year Total
2022
£
2,756
2,367
14,907
20,030
Total
2022
£
167,848
167,848		 Total
2022
£
2,756
2,367
14,907
20,030
Total
2022
£
167,848
167,848		 Total
2021
£
2,316
2,120
19,188
23,624
Total
2021
£
178,474
178,474		 Total
2021
£
2,316
2,120
19,188
23,624
Total
2021
£
178,474
178,474
Restricted funds
Mission
Mongolia
Help
CH
Baby Bank
Meet for BBQ
Move of God
Total restricted funds
Unrestricted funds
General fund
Designated funds
Property
Total funds		 Opening
Balance
01/01/22
£
-
-
1,738
-
345
-
-
2,083
275,459
558,221
835,763		 Incoming
Resources
£
670
281
627
613
578
100
12
2,881
220,416
2,254
225,551		 Outgoing
Resources
£
(3,468)
(9,000)
-
(4,050)
(1,371)
(356)
(40)
(18,285)
(215,258)
(24,026)
(257,569)		 Transfers
£
2,798
8,719
-
3,437
448
256
28
15,686
(84,039)
68,353
-		 Closing
Balance
31/12/22
£
-
-
2,365
-
-
-
2,365
196,578
604,802
803,745

Kingdom Faith South West

Notes to the Financial Statements For the Year Ended 31 December 2022

Prepared By Albert Goodman LLP

16

Statement of funds- 2021

----- Start of picture text -----
Opening Incoming Outgoing Transfers Closing
Balance Resources Resources Balance
01/01/21 31/12/21
£ £ £ £ £
Restricted funds
Mission - 650 (9,153) 8,503 -
Mongolia - 70 (5,000) 4,930 -
Help 1,265 473 - - 1,738
CH - 688 (5,436) 4,749 -
Baby Bank - 1,618 (1,273) - 345
Food Bank - 100 (1,700) 1,600 -
Total restricted funds 1,265 3,598 (22,562) 19,782 2,083
Unrestricted funds
General fund 218,826 294,371 (217,956) (19,782) 275,459
Designated funds
-
Property 556,607 10,289 (8,675) 558,221
Total funds 776,698 308,258 (249,193) - 835,763
----- End of picture text -----

The property restricted fund was holding the church which was purchased some years ago. There is no requirement for this to be held in a restricted fund and therefore in 2019 the trustees elected to transfer this out in accordance with paragraph 2.12 of the 2019 SORP. The book value of the church, less the mortgage secured on it, is now held within a designated fund.

The mission restricted fund is income received for mission work which has been fully spent and the overspend transferred in from unrestricted funds.

The Mongolia restricted fund is money received from offerings specified for this purpose. It has been fully spent on outreach projects in Mongolia and the overspend transferred in from unrestricted funds.

The church fund is money received for the upkeep of the church. Where amounts were fully spent on capital items which have been capitalised in the balance sheet, the purchase of these has been taken to discharge the restriction, with the amount being transferred out to general funds.

The Help fund is money received from church members during the pandemic for the purpose of helping people (primarily within the church) who face financial hardship. Money will not necessarily be used within the financial year given but as genuine need arises.

The CH fund comprises gifts that have been given for the upkeep or development of Crescent House and are spent as such.

Kingdom Faith South West

Notes to the Financial Statements For the Year Ended 31 December 2022

The baby bank fund relates to money received and spent to provide baby supplies to families in need.

Prepared By Albert Goodman LLP

17

The food bank fund is donations received and expenditure relating to providing food and supplies to families requiring support.

The designated fund is the book value of the church, less the mortgage secured on it.

10 Analysis of net assets between funds

----- Start of picture text -----
Unres- Res- Total Unres- Res- Total
tricted tricted 2022 tricted tricted 2021
£ £ £ £ £ £
- -
Tangible assets 791,189 791,189 762,623 762,623
Net current assets 178,039 2,365 180,404 249,531 2,083 251,614
- -
Long term liabilities (167,848) (167,848) (178,474) (178,474)
801,380 2,365 803,745 833,680 2,083 835,763
----- End of picture text -----

11 Related party transactions

Two Trustees are employed by the charity for roles unconnected with their position as Trustees as disclosed in note 4.

Trustees and related parties provided donations to the charity amounting to £26,836 without condition (2021: £93,384). There are no outstanding balances with any related party as at the year end (2021: £nil).

Prepared By Albert Goodman LLP

18