Draft Financial Statements at 28 June 2023
Charity registration number 1126553
Company registration number 06488972 (England and Wales)
THE WHITSTABLE CASTLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
Draft Financial Statements at 28 June 2023 THE WHITSTABLE CASTLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Mrs J H Harrison | |
|---|---|---|
| Mrs L M Annable | ||
| Ms G Glover Cllr | ||
| Mr R E Seijo | ||
| Mrs J P Law | ||
| Mr M Northover | ||
| Debra Green | (Appointed 19 April 2022) | |
| Mr Matthew Northover | (Appointed 2 April 2022) | |
| Charity number | 1126553 | |
| Company number | 06488972 | |
| Independent examiner | MMP Limited | |
| 18/20 Canterbury Road | ||
| Whitstable | ||
| Kent | ||
| CT5 4EY |
Draft Financial Statements at 28 June 2023 THE WHITSTABLE CASTLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 14 |
Draft Financial Statements at 28 June 2023 THE WHITSTABLE CASTLE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their annual report and financial statements for the year ended 31 March 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
Objectives and activities
The charity is a charitable company limited by guarantee. It is governed by a memorandum and articles of association. Its objects are:
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to promote for the benefit of the public the renovation and preservation of Whitstable Castle and its grounds as a building of special architectural and historical interest.
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to advance the education of the public in the historical and architectural value of the castle and in its renovation and preservation.
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to promote for the benefit of the inhabitants of Whitstable and visitors to Whitstable and the surrounding areas, without distinction of sex, sexual orientation, race or of political, religious or other opinions by associating together the said residents and local authorities, voluntary and other organisation in a common effort to advance education and to provide facilities in the interest of social welfare for recreation and leisure-time occupation with the object of improving the conditions of life for the said inhabitants.
The trustees do not foresee any material change in the activities of the company.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Financial review
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mrs J H Harrison Mrs L M Annable Ms G Glover Cllr Mr R E Seijo Mrs J P Law Mr M Northover Debra Green (Appointed 19 April 2022) Mr Matthew Northover (Appointed 2 April 2022)
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Draft Financial Statements at 28 June 2023 THE WHITSTABLE CASTLE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
Supplier payment policy
The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The company's current policy concerning the payment of trade creditors is to:
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settle the terms of payment with suppliers when agreeing the terms of each transaction;
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ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
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pay in accordance with the company's contractual and other legal obligations.
The trustees' report was approved by the Board of Trustees.
Mr R E Seijo
Chairman
19 June 2023
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Draft Financial Statements at 28 June 2023 THE WHITSTABLE CASTLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE WHITSTABLE CASTLE TRUST
I report to the trustees on my examination of the financial statements of The Whitstable Castle Trust (the charity) for the year ended 31 March 2023.
Responsibilities and basis of report
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of , which is one of the listed bodies.
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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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Claire Dean FCCA MMP Limited Chartered Certified Accountants 18/20 Canterbury Road Whitstable Kent CT5 4EY
Dated: 19 June 2023
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Draft Financial Statements at 28 June 2023 THE WHITSTABLE CASTLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted Restricted funds funds 2023 2023 Notes £ £ Income and endowments from: Donations and legacies 4 13,325 - Charitable activities 3 673,736 41,300 Other trading activities 5 36,761 - Investments 6 375 - Other income 7 1,802 - Total income 725,999 41,300 Expenditure on: Charitable activities 8 731,050 41,300 Taxation 12 100 - Total expenditure 731,150 41,300 Net (expenditure)/income for the year/ Net movement in funds (5,151) - Fund balances at 1 April 2022 70,368 - Fund balances at 31 March 2023 65,217 - |
Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 13,325 12,104 - 715,036 648,417 114,738 36,761 21,181 - 375 8 - 1,802 541 - 767,299 682,251 114,738 772,350 602,974 114,738 100 - - 772,450 602,974 114,738 (5,151) 79,277 - 70,368 (8,909) - 65,217 70,368 - |
Total 2022 £ 12,104 763,155 21,181 8 541 796,989 717,712 - 717,712 79,277 (8,909) 70,368 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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Draft Financial Statements at 28 June 2023 THE WHITSTABLE CASTLE TRUST
BALANCE SHEET
AS AT 31 MARCH 2023
| 2023 Notes £ Fixed assets Tangible assets 13 Current assets Stocks 14 15,175 Debtors 15 7,643 Cash at bank and in hand 203,384 226,202 Creditors: amounts falling due within one year 16 (176,260) Net current assets Total assets less current liabilities Income funds Unrestricted funds - general |
2022 £ £ 15,275 9,958 18,605 264,379 292,942 (237,640) 49,942 65,217 65,217 65,217 |
£ 15,066 55,302 |
|---|---|---|
| 70,368 | ||
| 70,368 | ||
| 70,368 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 19 June 2023
Mr R E Seijo Chairman
Company registration number 06488972
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Draft Financial Statements at 28 June 2023 THE WHITSTABLE CASTLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
Charity information
The Whitstable Castle Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is .
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
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Draft Financial Statements at 28 June 2023 THE WHITSTABLE CASTLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
(Continued)
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment 20% on cost Computers 20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10 Taxation
The charity is exempt from corporation tax on its charitable activities.
1.11 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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Draft Financial Statements at 28 June 2023 THE WHITSTABLE CASTLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
3 Charitable activities
| Catering Venue hire and hospitality Tea gardens Plant sales CJRS grants Local authority grants Charitable rental income Standard earned income - CCC maintenance fund Analysis by fund Unrestricted funds - general Restricted funds For the year ended 31 March 2022 Unrestricted funds - general Restricted funds |
TradingGrounds upkeep and maintenance 2023 2023 £ £ 393,004 - 199,207 - 49,274 - 3,534 - - - - 9,300 28,717 - - 32,000 673,736 41,300 673,736 - - 41,300 673,736 41,300 648,417 - - 114,738 648,417 114,738 |
Total 2023 £ 393,004 199,207 49,274 3,534 - 9,300 28,717 32,000 715,036 673,736 41,300 715,036 |
Total 2022 £ 373,377 149,408 65,578 - 6,668 23,775 25,800 82,738 |
|---|---|---|---|
| 763,155 | |||
| 648,417 114,738 |
|||
| 763,155 | |||
| 648,417 114,738 |
|||
| 763,155 |
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Draft Financial Statements at 28 June 2023 THE WHITSTABLE CASTLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
3 Charitable activities
(Continued)
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Draft Financial Statements at 28 June 2023 THE WHITSTABLE CASTLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
4 Donations and legacies
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| general | general | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Donations and gifts | 3,665 | 3,679 | |
| Membership fees | 130 | 135 | |
| Tips and gratuities | 9,530 | 8,290 | |
| 5 | Other trading activities | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| general | general | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Fundraising events | 36,761 | 21,181 | |
| 6 | Investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| general | general | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Interest receivable | 375 | 8 | |
| 7 | Other income | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| general | general | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Other income | 1,802 | 541 |
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Draft Financial Statements at 28 June 2023 THE WHITSTABLE CASTLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
8 Charitable activities
| Depreciation and impairment Staff costs Catering supplies and equipment Wedding and event costs Laundry Rates and water Insurance Light and heat Telephone Printing, postage, stationery and advertising Sundries Castle and gate house expenses Computer supplies Maintenance Increase in reserves Share of support costs (see note 9) Share of governance costs (see note 9) Analysis by fund Unrestricted funds - general Restricted funds For the year ended 31 March 2022 Unrestricted funds - general Restricted funds |
TradingCastle upkeep and admin Grounds upkeep and maintenance 2023 2023 2023 £ £ £ 5,153 248 - 295,004 114,095 28,904 176,030 - - 28,032 - - 5,304 - - - 9,354 - - 12,130 - - 26,363 - - (3,941) - - 5,128 - - 25 - - 36,398 12,396 - 5,801 - - 2,490 - - - - 509,523 208,091 41,300 5,140 2,652 497 3,191 1,647 309 517,854 212,390 42,106 517,854 212,390 806 - - 41,300 517,854 212,390 42,106 377,215 225,048 711 - - 114,738 377,215 225,048 115,449 |
Total 2023 £ 5,401 438,003 176,030 28,032 5,304 9,354 12,130 26,363 (3,941) 5,128 25 48,794 5,801 2,490 - 758,914 8,289 5,147 772,350 731,050 41,300 772,350 |
Total 2022 £ 3,004 314,485 142,399 13,337 4,041 4,379 13,658 19,318 3,803 3,373 - 34,886 6,162 93,010 50,000 |
|---|---|---|---|
| 705,855 6,484 5,373 |
|||
| 717,712 | |||
| 602,974 114,738 |
|||
| 717,712 | |||
| 602,974 114,738 |
|||
| 717,712 |
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Draft Financial Statements at 28 June 2023 THE WHITSTABLE CASTLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
9 Support costs
| Support costs | ||
|---|---|---|
| Support costs Governance costs £ £ Bank charges 7,189 - Payroll costs 1,100 - Legal fees and professional fees - 2,847 Accountancy - 2,300 8,289 5,147 Analysed between Charitable activities 8,289 5,147 |
2023 Support costs Governance costs £ £ £ 7,189 5,522 - 1,100 962 - 2,847 - 3,197 2,300 - 2,176 13,436 6,484 5,373 13,436 6,484 5,373 |
2022 £ 5,522 962 3,197 2,176 |
| 11,857 | ||
| 11,857 |
10 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
11 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 | |
|---|---|---|
| Number | Number | |
| 25 | 20 | |
| Employment costs | 2023 | 2022 |
| £ | £ | |
| Wages and salaries | 405,849 | 294,029 |
| Social security costs | 24,960 | 15,408 |
| Other pension costs | 7,194 | 5,048 |
| 438,003 | 314,485 |
There were no employees whose annual remuneration was more than £60,000.
12 Taxation
| Unrestricted | Total | |
|---|---|---|
| funds | ||
| general | £ | |
| 2023 | 2022 | |
| Taxation | 100 | - |
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Draft Financial Statements at 28 June 2023 THE WHITSTABLE CASTLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
| 12 | Taxation | (Continued) | ||
|---|---|---|---|---|
| 13 | Tangible fixed assets | |||
| Plant and | Computers | Total | ||
| equipment | ||||
| £ | £ | £ | ||
| Cost | ||||
| At 1 April 2022 | 20,840 | 1,239 | 22,079 | |
| Additions | 5,609 | - | 5,609 | |
| At 31 March 2023 | 26,449 | 1,239 | 27,688 | |
| Depreciation and impairment | ||||
| At 1 April 2022 | 6,369 | 643 | 7,012 | |
| Depreciation charged in the year | 5,153 | 248 | 5,401 | |
| At 31 March 2023 | 11,522 | 891 | 12,413 | |
| Carrying amount | ||||
| At 31 March 2023 | 14,927 | 348 | 15,275 | |
| At 31 March 2022 | 14,470 | 596 | 15,066 | |
| 14 | Stocks | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Stocks | 15,175 | 9,958 | ||
| 15 | Debtors | |||
| 2023 | 2022 | |||
| Amounts falling due within one year: | £ | £ | ||
| Trade debtors | 452 | 12,123 | ||
| Prepayments and accrued income | 7,191 | 6,482 | ||
| 7,643 | 18,605 |
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Draft Financial Statements at 28 June 2023 THE WHITSTABLE CASTLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
16 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Other taxation and social security Trade creditors Other creditors Accruals and deferred income |
2023 £ 18,659 62,586 80,400 14,615 176,260 |
2022 £ 15,348 90,535 80,400 51,357 |
| 237,640 |
17 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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