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2022-12-31-accounts

REGISTERED COMPANY NUMBER: 06642112 (England and Wales) REGISTERED CHARITY NUMBER: 1127014

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

SKY BLUES IN THE COMMUNITY (A COMPANY LIMITED BY GUARANTEE)

Flint & Thompson Statutory Auditors 2 Manor Square Solihull West Midlands B91 3PX

SKY BLUES IN THE COMMUNITY

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

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SKY BLUES IN THE COMMUNITY

REPORT OF THE TRUSTEES . FOR THE YEAR ENDED 31 DECEMBER 2022

i

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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

Objectives and activities

The principal object of the charity, in accordance with its memorandum of association, is to promote community participation in healthy recreation through football and other sports for the benefit of the public across Coventry and Warwickshire. In the furtherance of this object the directors, as the charity trustees, have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the Charity Commission's published general and relevant sub-sector guidance concerning the operation of the Public Benefit requirement under the act.

  1. Increasing our levels of unrestricted income through services we provide, fundraising and sponsorship 2. Expanding our commissioned and consortium income portfolio, cementing our position as a 'go to' organisation for community engagement and delivery

Strategic Plan 2020 - 2023

  1. Providing pathways for our beneficiaries that maximises their 'journey' opportunities with us and to focus our offer, understanding what we are good at and not trying to be all things to everyone

  2. Maximising our unique selling points to increase our market appeal to customers, partners, funders and wider stakeholders

  3. Ensuring all of our programmes and activities are financially self-sufficient

The work of Sky Blues in the Community is underpinned by several company values. These company values inform how we operate, communicate and conduct ourselves daily. Our values are to:

Activities for achieving objectives

The significant activities for achieving the objectives are:

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SKY BLUES IN THE COMMUNITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

OBJECTIVES AND ACTIVITIES Achievements and performance DAVID BUSST, HEAD OF COMMUNITY

Our team continue to be enthusiastic, passionate and dedicated working above and beyond to make a difference in our community and through the use of sport we hope to succeed in changing the lives of people who deserve it most.

HAF - (Holiday Activities Food)

Our holiday activities and food programme has continued to provide support to children/families in receipt of free school meal vouchers through-out Coventry Area during set School holiday periods.

Research has shown that the school holidays can be pressure points for some families. For some children this can lead to a holiday experience gap, with children from low-income households being:

Our HAF programme is a response to this issue, with evidence showing that free holiday clubs can have a positive impact on children and young people, and that they work best when they:

As a result of this programme, we want children who attend this provision to:

We also want to ensure that the families who participate in this programme:

* develop their understanding of nutrition and food budgeting

Working in partnership remains our key focus which enabled us to impact on the needs of our community and be a key service provider for the delivery of HAF with key stakeholders CCC-Department of Education. On the back of the success of the summer cohorts and particularly the delivery, SBITC secured further funding for Dec 2022.

PL Sport and Core Activities Premier League Primary Stars (PLPS) - In 2022, the PLPS project continued to develop the Social Action element of the programmed within schools, seeing many young people volunteering within their school for the local community.

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SKY BLUES IN THE COMMUNITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

OBJECTIVES AND ACTIVITIES

Joy of Moving

Health

At Sky Blues in the Community, one of our main aims is to improve the health and wellbeing of our participants. This includes improving the quality of life for individuals with mental and physical difficulties, increasing life expectancy of the older generation through sport and reducing the use of health and social services. We offer a range of programmes which target the entire population and improve the lifestyles of all members of the community.

MEN talk

"I'm not exaggerating when ] say MENtalk has been a lifesaver as I was really struggling and running out of options about how I was going to keep going before being introduced to this course."

"I've gone from Zero to Hero. I can control my anxiety attacks to an extent now using the methods we were shown in the sessions on MENtalk. I've stopped taking medication because of the training I've received."

"You've helped in so many ways. I'm not sure you realise how awesome this project is from a person to have lived with this illness for so long. Talking with you has helped to calm me down and get to a better place. This group is awesome for me. My wife wants to thank you as well as she's seen a change."

DEMENTIA Active

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SKY BLUES IN THE COMMUNITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

OBJECTIVES AND ACTIVITIES

"My son is 20 and he has dementia as a result of a neurological condition, and what we've found is that there are no services in the community for him. It was so lovely to hear about DEMENTIA Active group that he could come along, where he can have a look and engage in the bits (activities) that he likes. It's amazing, he's currently playing badminton, he loves the archery. People are so supportive and engaging with him 1:1, I would really recommend anyone gives it a try."

"We found it invaluable attending the session, it's been really positive for the people with dementia to attend, we've seen how it's uplifted their mood and their general wellbeing. There has clearly been a need for this service for a very long time."

"We have been coming for a few months now, it's really nice - he gets up on Monday and it's somewhere he can go, enjoy himself, relax. He really enjoys the badminton and people giving him 1:1 support. It's something that he really enjoys doing."

“Keeps me occupied. I enjoy it because everybody is polite, my wife gets to go shopping while I'm here enjoying darts and archery. I look forward to coming every week and my wife does. I've made friends and I would recommend the session to anyone."

EDUCATION- Kick Start

Jamal's Story -

Jamal was unemployed for 2 months before applying for the role as the Assistant Community Coach with SBITC. Prior to taking part in the Kickstart scheme, Jamal struggled to find work and worried whether he could fill a role like this or not, in an area of work that he is very passionate about. When starting his role with Sky Blues in the Community, Jamal commented:

"Iam most looking forward to supporting young people across Coventry to progress in every aspect of life and the skills they need to be the best they can."

INCLUSION

PREMIER LEAGUE KICKS AND PREMIER LEAGUE INSPIRES

The Premier League Kicks and Premier League Kicks is the Premier League's flagship programme which provides opportunities for underprivileged and disadvantaged children using the power of football and sport. The project inspires young people in some of the most high-need areas of Coventry and Warwickshire. We engage youngsters in constructive activities, including a wide variety of sports, coaching, music and educational and personal development sessions, Volunteering, and job opportunities.

Over the last year, the programme has continued deliver a successful programme, since the return from the pandemic, it was important for us to make sure we provided opportunities to continue to exercise the mind, not just the body and to encourage young people and families to continue to stay positive despite the challenges that come our way. The programme has continued to work with its existing partner Moat House Community Trust to help provide delivery of food packages within the local community, over 100 packages are delivered weekly still. Over the year we have engaged with over ??? young people aged between 8-18 years old, meaning the project participants has risen with a 9.5% increase on the previous year. 141 participants ages 18+ have been engaged through the offering of volunteering, training and being involved in a variety of social action activities supporting the PL Kicks project.

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SKY BLUES IN THE COMMUNITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

STRATEGIC REPORT

Financial review

The charity generated a surplus of £168,257 (2021 - £55,323) in the financial year. At the year end, the charity has restricted reserves of £244,500 and unrestricted reserves of £617,977. The cash at bank balance has increased from £796,134 in 2021 to £932,214 in 2022.

Principal funding

As always, the charity is extremely grateful for the funding we receive from several organisations that allow us to deliver our work. During 2022, those funders included:

Once again, grant funding and commissioning has supported the range and diversity of our charitable activities taking place across Coventry and Warwickshire and is having a significant impact on the lives of many residents of all ages.

Reserves policy

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 six months staff costs and when achieved lead on to a six-month full cost recovery model.

The trustees consider that reserves at this level will ensure that, in the event of a significant drop income, they will be able to continue the charity's current activities whilst consideration is given to ways in which additional funds may be raised.

Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operation existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Principal risks and uncertainties

The principal risk faced by the charity is the potential loss of funding and decrease in numbers for paid for activities. However, continued partnership working has seen us cement 17 new funding opportunities alongside the increased participation in 2019 for our paid for services.

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SKY BLUES IN THE COMMUNITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

STRATEGIC REPORT

Organisational Changes

The financial implications for the charity with grants coming to an end has been minimised, primarily through the Trustees/Head of Community maintaining a financial risk register and subsequently identifying and accessing new funds to continue the breadth of work undertaken by the charity.

A. Financial Risks

Every year, the organisation will undertake a financial risk review which considers the following:

The financial risk review forms part of the wider charity risk management process, which is monitored through an Organisational Risk Register. This document is designed around the Charity Commission best practice guidance on managing risk within charities and is managed, monitored and reviewed by the Directors, with Risk being a standard agenda item at each trustee meeting.

B. Governance and Leadership

The Head of Community is accountable to the Board of Trustees that meets as a minimum on a quarterly basis (minimum total of four meetings plus AGM each year). Trustees come from a variety of sport, business, marketing, and community backgrounds, providing a varied skill set to assist the organisations management. As well as accountability to the Board of Trustees, every year we go through an assessment by the English Football League Trust and Premier League Charitable Fund called 'CCOP-Capability Code of Practice’. This specification sets out the required standards across 14 key areas.

The process identifies where our organisation is meeting minimum standards and where we are working towards achieving excellence. The minimum standards have been drawn from existing government guidance, the Charity Commission, industry best practice and Premier League requirements. In some cases, existing guidance has been tailored to the specific context of football club community organisations.

C. Quality and Impact

We have a strong commitment to quality across all areas of our organization - including in the way that we are run and in our project delivery. We are often asked to be part of working groups to support the ongoing development of projects - particularly those within the Club Community Organisation (CCO) network.

We have clear hard and soft outcomes identified for each of our projects and activities, as well as a range of tools and resources that allow us to demonstrate the benefit of our work. These tools are a combination of those that we developed internally, adopted academic methodologies, or established health and education industry frame works. (See 2018 Impact Report)

D. Public Benefit

The Trustees have each received the Charity Commissions guidelines on public benefit and this forms part of the induction pack for new Trustees.

The charity uses the brand of Coventry City Football Club to help achieve its mission of helping people to take part in a physically active, healthy and informed lifestyle, whilst providing an environment that encourages learning, personal development and personal achievement.

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SKY BLUES IN THE COMMUNITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

STRATEGIC REPORT

Plans for future periods Future Developments

Background The start of 2020 saw us produce a new Business Plan and Executive Summary for 2020-23. following 2 years of pre and post Covid the strategy, was reviewed July 2022 to look at our objectives and significant changes in direction of travel regarding new opportunities and outcomes for the charity.

2021 saw Sky Blues in the Community project funded by the Premier League & The FA Facilities Fund, The Futures Trust and Coventry City Council which focused on supporting the development of new or refurbished local football facilities in partnership with President Kennedy Secondary School, improving the experience of playing the national game at the lowest levels, and helping to increase participation in football across the country.

The grant fund offer was made in October 2020 and dual lease agreement in place the project commenced in Aug 2021 for the 4g pitch completion in November 2021. The Pavilion work was started in Nov 2021 with the grand opening in May 2022 where former pupil and Ex Coventry, Bournemouth and current Newcastle and England forward Callum Wilson was there to cut the ribbon.

2022 saw the appointment of a new Operations Manager and Business Development Manager.

Future

The 3-5 year plan will be reviewed in 2023. In 2022, an additional £90,000 of surplus reserves was transferred to the facilities fund, giving a total of £140,000 with the vision of new facilities being developed in the south of the city.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

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.

Charity constitution

The charity is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 9 July 2008. The charity is registered under the charity number 1127014.

The principal object of the charity is to benefit the inhabitants of Coventry and the surrounding area by promoting community participation in healthy recreation by providing facilities in for the playing of association football and other sports capable of improving health and education.

Method of appointment or election of new trustees

The management of the charity is the responsibility of the trustees who are elected and co-opted under the terms of the Articles of Association.

New Trustees our recruitment at the invitation of the current trustees and are appointed as trustees when such appointment t has been approved by all the existing Trustees. The number of Trustees shall be not less than Five and Maximum of 12 as per a resolution approved by the trustees and Charity Commission in Nov 2018. Organisational structure and decision making The Board of Trustees are the ultimate control in the party of the charity, but they have delegated responsibility for the day-to-day management of the charity to the Head of Community supported by BDM and 4 theme managers. In 2022, after the introduction of the organisational risk register in 2016, the risk registers outlines: several areas of risk, how these will be mitigated and managed, as well as the staff and trustees’ responsibilities. The subject of risk is now a standard agenda item at trustee meetings with the risk register, including financial risk, being reviewed, and updated every six months.

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SKY BLUES IN THE COMMUNITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, which again are reviewed every six months, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

In order to meet our obligations under the Charities Act 2011, we must submit full accounts the Charity Commission within ten months of the end of our financial year. This deadline has been met for each of our annual submission to the commission.

Our Financial Regulations Manual identifies the role all staff have in effectively managing day to day finances, as well as outlining process such as cash handling, monthly banking, invoice processes, online banking etc. This ensures a consistent approach to our physical dealings with money and clear financial procedure.

In terms of budgetary management, we have an overall organisational budget completed on an annual basis. Each of our senior management team are given a budget for their area of work, with financial targets included in the relevant staff personal objectives.

We have external accountants (Askews) who produce monthly management reports to assess the financial risk of the charity which allows Theme managers to report on any variances between budget and actuals.

We have appointed part-time finance co-ordinator that oversees the inputting of all information into SAGE software accounting, allowing us to accurately monitor our income and expenditure, and performance against budgets for our different areas of work. Responsibility and accountability for monitoring and managing budgets sits with our senior management team and financial targets and reporting on budgets forms part of our appraisal, 1:1 supervision Framework and quarterly reporting mechanisms.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number 06642112 (England and Wales)

Registered Charity number 1127014

Registered office Coventry Building Society Arena Judds Lane Coventry West Midlands CV6 6GE

Trustees D Boddy TS Gill M Hornby NE Newbold Ms T V Owatemi C Salter P W Sullivan Mrs L W Tebbutt

Company Secretary D J Busst

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SKY BLUES IN THE COMMUNITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

REFERENCE AND ADMINISTRATIVE DETAILS

Auditors Flint & Thompson Statutory Auditors 2 Manor Square Solihull West Midlands B91 3PX

Bankers The Co-operative Bank 1 Balloon Street Manchester M60 1GP Ulster Bank Ltd 5 Nutley Grove Carlow Co. Kilkenny

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Sky Blues in the Community for the purposes of company law) are responsible for preparing the Report of the Trustees 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 year which 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 those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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.

AUDITORS

The auditors, Flint & Thompson, will be proposed for re-appointment at the forthcoming Annual General Meeting.

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SKY BLUES IN THE COMMUNITY

REPORT OF THE TRUSTEES for the Year Ended 31 December 2022

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 13 4fly 2023 and signed on the board's behalf by:

NE Newbold - Trustee

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SKY BLUES IN THE COMMUNITY

Opinion

We have audited the financial statements of Sky Blues in the Community (the 'charitable company’) for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SKY BLUES IN THE COMMUNITY

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SKY BLUES IN THE COMMUNITY

ee__*"

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The auditor’s assessment of the susceptibility of the entity’s financial statements to material misstatement, including how fraud might occur Which laws and regulations the auditor identified as being of significance in the context of the entity How the auditor obtained an understanding of: The legal and regulatory framework applicable to the entity and how the entity is complying The entity’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance The entity’s policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: * Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. * Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. + Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. * Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern. * Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF SKY BLUES IN THE COMMUNITY

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

) ‘43 Peter Georgiglilor Statutory Auditor) for and onbetalf of Flint & Thompson Statutory Auditors 2 Manor Square Solihull West Midlands B91 3PX

13 July 2023

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SKY BLUES IN THE COMMUNITY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

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|||||||||| |---|---|---|---|---|---|---|---|---| |2022|2021| |Unrestricted|Restricted|Total|Total| |fund|funds|funds|funds| |Notes|£|£|£|£| |INCOME AND|ENDOWMENTS|FROM| |Donations|and|legacies|2|570,863|893,302|1,464,165|999,627| |Charitable|activities|4| |Activities|within|the|Community|2,245|-|2,245|-| |Investment|income|3|741|-|741|264| |Total|573,849|893,302|1,467,151|999,891| |EXPENDITURE|ON| |Charitable|activities|5| |Activities|within|the|Community|404,753|769,802|1,174,555|804,523| |Support|costs|on|charitable|activities|124,339|-|124,339|140,045| |Total|529,092|769,802|1,298,894|944,568| |NET INCOME|44,757|123,500|168,257|55,323| |RECONCILIATION|OF|FUNDS| |Total|funds|brought|forward|573,220|121,000|694,220|638,897| |TOTAL FUNDS CARRIED FORWARD|617,977|244,500|862,477|694,220|

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The notes form part of these financial statements

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SKY BLUES IN THE COMMUNITY

BALANCE SHEET 31 December 2022

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||||||||| |---|---|---|---|---|---|---|---| |2022|2021| |Unresiricted|Restricted|Total|Total| |fund|funds|finds|funds| |Notes|£|£|£|£| |FIXED|ASSETS| |Tangible|assets|11|26,976|-|26,976|17,686| |CURRENT ASSETS| |Stocks|12|-|-|-|4,965| |Debtors|13|101,077|-|101,077|56,290| |Prepayments|and|accrued|income|18,285|-|18,285|22,126| |Cash|at|barik|687,714|244,500|932,214|796,134| |807,076|244,500|1,051,576|879,515| |CREDITORS| |Amounts|falling|due within one year|14|(216,075)|-|(216,075)|(202,981)| |NET CURRENT ASSETS|591,001|244,500|835,501|676,534| |TOTAL ASSETS|LESS CURRENT| |LIABILITIES|617,977|244,500|862,477|694,220| |NET ASSETS|617,977|244,500|862,477|694,220| |FUNDS|16| |Unrestricted|funds|617,977|573,220| |Restricted|funds|244,500|121,000| |TOTAL FUNDS|862,477|694,220|

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The financial statements were approved by the Board of Trustees and authorised for issue on 13 July 2023 and were signed on its behalf by:

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NE Newbold - Trustee

The notes form part of these financial statements

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SKY BLUES IN THE COMMUNITY

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
Notes £ £
Cash flows from operating activities
Cash generated from operations ] 156,757 87,911
Net cash provided by operating activities 156,757 87,911
Cash flows from investing activities
Purchase oftangible fixed assets (21,418) (2,461)
Interest received 741 264
Net cashused in investing activities (20,677) (2,197)
Change in cash and cash equivalents in
the reporting period 136,080 85,714
Cash and cash equivalents at the
beginning of the reporting period 796,134 710,420
Cash and cash equivalents at the end of
thereportingperiod 932,214 796,134

The notes form part of these financial statements

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SKY BLUES IN THE COMMUNITY

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022

if RECONCILIATION OFNETINCOMETO NET CASH FLOW FROM OPERATING ACTIVITIES OPERATING ACTIVITIES
2022 2021
£ £
Net income forthe reporting period (as per the Statement ofFinancial
Activities) 168,257 555323
Adjustments for:
Depreciation charges 4,563 4,425
Loss on disposal offixed assets 7,565 -
Interest received (741) (264)
Decrease in stocks 4,965 9,236
(Increase)/decrease in debtors (40,946) 9,390
Increase in creditors 13,094 9,801
Netcashprovidedbyoperations 156,757 87,911
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1/1/22 Cash flow At 31/12/22
£ & +
Net cash
Cash at bank 796,134 136,080 932,214
796,134 136,080 932,214
Total 796,134 136,080 932,214

The notes form part of these financial statements

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SKY BLUES IN THE COMMUNITY

1; ACCOUNTING POLICIES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘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), Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The financial statements are prepared in sterling, which is the functional currency of the entity. Figures are rounded to the nearest £.

Accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Incoming resources

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: * Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. * Legacy income is recognised when receipt is probable and entitlement is established. * Income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. * Income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a_ particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: * Expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.

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I: ACCOUNTING POLICIES - continued

Resources expended

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 10% on reducing balance Computer equipment - 25% reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs and purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

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NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2022

e e

e

1. ACCOUNTING POLICIES - continued

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Going concern

There are no material uncertainties about the charity's ability to continue.

Financial instruments A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy).

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Operating leases

Lease payments are recognised as an expense over the lease term ona straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term. on a straight-line basis.

ee

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NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2022

2. DONATIONS AND LEGACIES DONATIONS AND LEGACIES
2022 2021
£ £
Donations 1,464,165 999,627
3; INVESTMENT INCOME
2022 2021
£ 3
Deposit account interest 741 264
4. INCOME FROM CHARITABLE ACTIVITIES
2022 2021
Activity £ £
Commission Activities within the Community 2,245 -
S: EXPENDITURE ON CHARITABLE ACTIVITIES
Support
Direct costs (see
Costs note 6) Totals
£ £ £
Activities within the Community 1,174,555 - 1,174,555
Support costs on charitable activities - 124,339 124,339
1,174,555 124,339 1,298,894
6. SUPPORT COSTS
Governance
Other costs Totals
£ £ £
Support costs on charitable activities 112,613 11,726 124,339
Support costs, included in the above, are as follows:
Other
2022 2021
Support
costs on
charitable Total
activities activities
£ £
Light and heat 3,518 3,518
Telephone 1,758 1,859
Rent and service charges 14,563 14,485
Repairs and maintenance 277 -
Advertising 2,872 1,916
Legal and professional fees 43,800 38,368
Carriedforward 66,788 60,146

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NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2022

6. SUPPORT COSTS - continued

Other - continued

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2022|2021| |Support| |costs|on| |charitable|Total| |activities|activities| |£|£| |Brought|forward|66,788|60,146| |Other|office|expenses|33,698|66,302| |Depreciation|of tangible|fixed|assets|4,562|4,425| |Loss|on|sale|of tangible|fixed|assets|7,565|-| |112,613|130,873| |Governance|costs| |2022|2021| |Support| |costs|on| |charitable|Total| |activities|activities| |£|£| |Accountancy|fees|8,726|6,472| |Audit|fees|3,000|2,700| |11,726|9,172| |ue|NET INCOME/(EXPENDITURE)| |Net|income/(expenditure)|is|stated|after|charging/(crediting):| |2022|2021| |£|=| |Depreciation|-|owned|assets|4,564|4,425| |Deficit|on|disposal|of fixed|assets|7,565|-|

----- End of picture text -----

  1. TRUSTEES' REMUNERATION AND BENEFITS

The remuneration for trustee and key personnel amounted to £72,511 (2021: £61,000)

Trustees’ expenses

There were no trustees’ expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.

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NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2022

9. STAFF COSTS
2022 2021
£ £
Wages and salaries 713,151 493,520
Social security costs 44,661 37,296
Other pension costs 14,733 12,479
772,545 $43,295

The average monthly number of employees during the year was as follows:

2022 2021
Salaried 25 29
Casual 34 23
59 52
The number of employeeswhose employee benefits (excluding employer pension costs) exceeded £60,000 was:
2022 2021
£60,001 - £70,000 - 1
£70,001 -£80,000 1 -
1 ]
10. COMPARATIVES FORTHE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
fund funds funds
£ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 569,501 430,126 999,627
Investment income 264 - 264
Total 569,765 430,126 999,891
EXPENDITURE ON
Charitable activities
Activities within theCommunity 442,897 361,626 804,523
Support costs on charitable activities 140,045 - 140,045
Total 582,942 361,626 944,568
NETINCOME/(EXPENDITURE) (13,177) 68,500 §5,323
RECONCILIATION OF FUNDS
Totalfundsbroughtforward 586,397 52,500 638,897

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

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NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2022

10. COMPARATIVES FORTHE STATEMENTOF FINANCIAL ACTIVITIES- continued
Unrestricted Restricted Total
fund funds funds
£ £ £
TOTALFUNDS CARRIED FORWARD 573,220 121,000 694,220
at. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£ £ ra
COST
At ] January2022 16,851 39,771 56,622
Additions 6,083 15,335 21,418
Disposals (14,784) (27,172) (41,956)
At 31 December 2022 8,150 27,934 36,084
DEPRECIATION
At January 2022 12,427 26,509
Charge for year 515 4,049 4,564
Eliminated on disposal (11,956) (22,436) (34,392)
At 31 December2022 986 8,122 9,108
NETBOOK VALUE
At 31 December2022 7,164 19,812 26,976
At 31 December2021 4,424 13,262 17,686
12; STOCKS
2022 2021
£ £
Stocks - 4,965
13. DEBTORS: AMOUNTSFALLINGDUEWITHIN ONEYEAR
2022 2021
3 £
Trade debtors 98,832 56,290
Other debtors 2,245 -
101,077 56,290

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  1. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2022

----- Start of picture text -----
||||| |---|---|---|---| |2022|2021| |£|£| |Trade|creditors|37,389|22,819| |Wages|creditor|(1,566)|(600)| |Pension|creditor|-|1,887| |Other|creditors|4,784|-| |Accruals|70,652|$4,117| |Deferred|Income|104,816|124,758| |216,075|202,981|

----- End of picture text -----

  1. OPERATING LEASE COMMITMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |2022|2021| |£|£| |Within|one|year|12,127|11,997| |Between|one|and|five|years|14,803|15,437| |26,930|27,434|

----- End of picture text -----

During 2022 a new lease to underlet part of President Kennedy School has been entered info for a period of 25 years. There will be no rent payable but it has been agreed hat they are to maintain the upkeep for the duration of he term, including covering all the costs.

  1. MOVEMENT IN FUNDS

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Net|Transfers| |movement|between|At| |At|1/1/22|in|funds|funds|31/12/22| |£|£|£|£| |Unrestricted|funds| |General|fund|573,220|44,757|-|617,977| |Restricted|funds| |Facilities|fund|50,000|-|90,000|140,000| |Sinking|fund|- PKS|3G|15,000|-|15,000|30,000| |Sinking|funs|- PKS|Pavilion|6,000|-|6,000|12,000| |Sinking|fund|-|Blue|Coats|50,000|-|12,500|62,500| |Other|restricted|funds|-|123,500|(123,500)|-| |121,000|123,500|-|244,500| |TOTAL FUNDS|694,220|168,257|~|862,477|

----- End of picture text -----

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NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2022

16. MOVEMENT IN FUNDS - continued

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Net|movement|in|funds,|included|in|the|above|are|as|follows:| |Incoming|Resources|Movement| |resources|expended|in|funds| |£|£|£| |Unrestricted|funds| |General|fund|573,849|(529,092)|44,757| |Restricted|funds| |Other|restricted|funds|893,302|(769,802)|123,500| |TOTAL|FUNDS|1,467,151|(1,298,894)|168,257| |Comparatives|for movement|in|funds| |Net| |movement|At| |At|1/1/21|in|funds|31/12/21| |£|£|£| |Unrestricted|funds| |General|fund|586,397|(13,177)|573,220| |Restricted|funds| |Facilities|fund|-|50,000|50,000| |Sinking|fund|- PKS|3G|15,000|-|15,000| |Sinking|funs|- PKS|Pavilion|-|6,000|6,000| |Sinking|fund|-|Blue|Coats|37,500|12,500|50,000| |52,500|68,500|121,000| |TOTAL FUNDS|638,897|55,323|694,220|

----- End of picture text -----

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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

16. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 569,765 (582,942) (13,177)
Restricted funds
Facilities fund - 50,000 50,000
Sinking funs -PKS Pavilion - 6,000 6,000
Sinking fund -Blue Coats - 12,500 12,500
Other restricted funds 430,126 (430,126) -
430,126 (361,626) 68,500
TOTAL FUNDS 999,891 (944,568) 55,323
A currentyear 12 months and prior year 12 months combined position is as follows:
Net Transfers
movement between At
At 1/1/21 in funds funds 31/12/22
£ £ £ £
Unrestricted funds
General fund 586,397 31,580 - 617,977
Restricted funds
Facilities fund - 50,000 90,000 140,000
Sinking fund -PKS 3G 15,000 - 15,000 30,000
Sinking funs - PKS Pavilion - 6,000 6,000 12,000
Sinking fund - Blue Coats 37,500 12,500 12,500 62,500
Other restricted funds - 123,500 (123,500) -
52,500 192,000 - 244,500
TOTALFUNDS 638,897 223,580 - 862,477

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NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2022

16. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Incoming|Resources|Movement| |resources|expended|in|funds| |£|£|a| |Unrestricted|funds| |General|fund|1,143,614|(1,112,034)|31,580| |Restricted|funds| |Facilities|fund|-|50,000|50,000| |Sinking|funs|- PKS|Pavilion|-|6,000|6,000| |Sinking|fund|-|Blue|Coats|-|12,500|12,500| |Other|restricted|funds|1,323,428|(1,199,928)|123,500| |1,323,428|(1,131,428)|192,000| |TOTAL FUNDS|2,467,042|(2,243,462)|223,580|

----- End of picture text -----

  1. EMPLOYEE BENEFIT OBLIGATIONS

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £14.733 (2021: £12,479.

  1. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2022, (2021: £500)

  1. LIMITED BY GUARANTEE

The charity is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.

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SKY BLUES IN THE COMMUNITY

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 1,464,165 999,627
Investment income
Deposit account interest 741 264
Charitable activities
Commission 2,245 -
Total incoming resources 1,467,151 999,891
EXPENDITURE
Charitable activities
Wages 713,151 493,520
Social security 44,661 37,296
Pensions 14,733 12,479
Motor vehicle expenses 30,583 20,522
Legal and professional fees 58,201 12,152
Other office costs 60,839 44,258
Hire offacilities 214,526 142,900
Equipment 21,293 37,656
Training 3,808 1,517
Match day tickets 12,760 1,973
Bad debt write off - 250
1,174,555 804,523
Support costs
Other
Light and heat 3,518 3,518
Telephone 1,758 1,859
Rent and service charges 14,563 14,485
Repairs and maintenance 277 -
Advertising 2,872 1,916
Legal and professional fees 43,800 38,368
Other office expenses 33,698 66,302
Fixtures and fittings 514 491
Computer equipment 4,048 3,934
Loss on sale oftangible fixed assets 7,565 -
112,613 130,873

This page does not form part of the statutory financial statements

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SKY BLUES IN THE COMMUNITY

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

2022 2021
£ 4
Other
Governance costs
Accountancy fees 8,726 6,472
Audit fees 3,000 2,700
11,726 O72
Total resources expended 1,298,894 944,568
Netincome 168,257 55,323

This page does not form part of the statutory financial statements

Page 31