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(A THE BISWAS FOUNDATION REPORTcompany AND FINANCIAL limited by STATEMENTS guarantee) Year ended: 30 September 2021 Charity no: 1127095 Company no: 06687075
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THE BISWAS FOUNDATION (A Company Limited by Guarantee)
DIRECTORS’ REPORT 30 September 2021
The directors are pleased to present their annual directors’ report together with the financial statements of the charity for the year ending 30 September 2021 which are also prapared to meet the requirements for a directors’ report and accounts for Companies Act purposes.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, 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 January 2015).
OUR PURPOSES AND ACTIVITIES Purposes and Alms The purposes of the charity are:
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The provision of education (including social and physical training) for children, young persons and adults resident anywhere in the world, but in particular, In India, who are in need by reason of thelr poverty, destitution or distress.
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To relieve persons who are in conditions of need, hardship or distress anywhere In the world, but in particular, in India.
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To relieve persons who are sick, convalescent, disabled, handicapped or infirm anywhere in the 4. word, but in particular, in India. To promote research into the causes and treatment of diseases and ill health on terms that the useful results of such research are published.
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To promote for the public benefit the study of and research into the environment, housing, science, literature, culture and music provided that the useful results of such research are published,
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To provide accommodation and social housing at an economic cost to those in need of relief by reason of youth, age, Ill health, disability, financial hardship and other disadvantages anywhere in the world, including England.
The company currently owns 40 properties. Income generated from the letting of these properties, after _ expenditure, is used to make donations to our sister Charity, The Biswas Educational Foundation, in South Calcutta, as well as making donations to deserving charities in this country as well as abroad.
How our Activities deliver Public Benefit
In planning our activities for the year we kept in mind the Charity Commission's guidance on public benefit at our directors’ meetings.
The prime purpose of the charity is an effort to alleviate the problems faced by the most deprived children tn Kolkata, India.
To achieve this aim the charitable company makes donations to the Biswas Educational Foundation in India to fund the running of an orphanage and a school in Kolkata for destitute orphans, abandoned children, children of poor widowed mothers and children of sex workers, many of whom are street children.
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DIRECTORS’ REPORT 30 September 2021
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THE BISWAS FOUNDATION (A Company Limited by Guarantee)
ACHIEVEMENTS AND PERFORMANCE.
On 30 September 2021 The Biswas Foundation's portfolio comprised 40 properties having 319 bedspaces. Overall performance has not been hindered by the Covid-19. During the year under review the charity operated at around a 75% occupancy level with rental income being £1,101,374. As in the previous years we continue to renovate to a high standard when the properties become vacant. This entails upgrading the kitchens, bath/shower-rooms, repair and replacing of furniture, upgrading of fire/intruder alarm systems, removal of magnolla on wallpapers, skimming of exposed wall surface with gypsum plaster, painting of smooth plastered surface with brilliant white vinyl silk, rubbing down all woodwork, undercoating the woodwork and the doors. The finished colour of woodwork painted wlth gloss paint was grey. All fitted furniture in the bedrooms is painted white and the furniture handles replaced with modern and attractive handles — usually of brass. All curtains are replaced with ivory/white vertical blinds, and existing carpets replaced with quality grey carpets to give the space fresh modern look. This Is the kind of ambience demanded by our tenants who are young people, their age ranging from 18 — 30 years of age.
Following the sale of three properties during the period under review the entire proceeds of £1,367,804 plus a further £110,183 were invested in stocks and shares in the UK and the US stock markets. To achieve our charitable aim The Biswas Foundation makes donations to Its sister charity The Biswas Educational Foundation (TBEF) based in India. Donations are made as a need arises at the orphanage and also to fund agreed construction works to complete the school buliding. During the year £200,100 was donated to TBEF.
During the year we were approached by The Hope Foundation who are active in welfare of destitute, street children in Kolkata and we donated £14,082 for the treatment and welfare of Covid-19 patients in their hospital in Kolkata. In addition, £10,000 was donated to Leeds Care charity based at St. James Hospital, Leeds, £8,000 to Alzheimer’s Research UK for research in causes of Alzheimer’s disease at Universlty of York, £6,000 to St. Gamma’s Hospice and £680 to Leads University Footsteps Fund. . The Blswas Educational Foundation (TBEF) The main beneficiary of our donations, our sister charity The Biswas Educational Foundation (TBEF) opened an orphanage, the Ananda Bhavan in 2012.
The TBEF also delivers affordable quality education to the economical weaker section of the society. To achieve this a school, the South Calcutta Public School (SCPS), was started in 2016 in one of our orphanage premises. All the lessons are offered in English language except of course, when they are taught the regional language Bengali and the national language, Hindi. A new5 story building is under construction to house the school. Building continues and once completed it will have 67,000 sq ft of floor area; it is hoped construction will be completed within the next couple of years. Once, the school has moved from the temporary home in Shanti Bhavan to new school building, generous space in the new school bullding will be sufficient to offer education of up to 800 students.
During the pandemic, education of the students contlnued but as face to face teaching was not possible online classes were initiated and continue. In addition to educating the orphan children of Ananda Bhaban, children of local agriculture farmers and daily wage eamers are also educated at an affordable cost. The school charges minimal fees in comparison with other English medium schools so that It may meet establishment expenses including teachers’ salaries. Any surpluses are used to meet the expenses of the orphans. This pandemic situation affacted admissions but discounts to fees were offered and this has helped enrolment. The school received 38 new admissions and the total student strength was 264 including 27 children from our orphanage who are studying from nursery to class 9.
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THE BISWAS FOUNDATION (A Company LImited by Guarantee)
DIRECTORS’ REPORT 30 September 2021
In addition to its orphanage and educational work TBEF involves Itself in social welfare. The free weekly medical check-up centre continued its operation with a qualified medical practitioner supported by a trained nurse. About 120 patients had benefitted every month with free check-up and free medicine.
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During the pandemic the TBEF and local volunteers visited local villages and distributed 6,600 masks and
2,000 pieces of 100ml sanitizers for free. The team demonstrated to the villagers simple precautions such as
washing hands frequently, maintaining safe social distance and wearing masks. Oximeters (for measuring
oxygen content in blood) were also distributed to each village so level of oxygen in blood can be checked
from time to time. Oxygen cylinders were supplied, when necessary, which saved many lives. Our team also
distributed dry ration (dry food) as many families were out of work and facing financial crisis.
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THE BISWAS FOUNDATION {A Company Limited by Guarantee)
DIRECTORS' REPORT 30 September 2021
When the severe cyclone ‘Yaas’ from Bay of Bengal struck on 26 May 2021 a team from our Foundation visited the affected areas to help out 400 families with relief ~ dry food and medicine. They also distributed relief to 115 families affected by the cyclone in areas surrounding the village of Prashadpur.
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THE BISWAS FOUNDATION
(A Company Limited by Guarantee)
DIRECTORS’ REPORT 30 September 2021
FINANCIAL REVIEW
During the accounting year ending 30 September 2021 rental income generated by the properties of The Biswas Foundation portfolio was £1,101,374. We estimate that we were operating at a 75% occupancy level.
Following the sale of three properties in the year a further £1,477,987 was invested In equities in the London and the New York stock exchanges.
The net surplus for the year was £2,297,540 of which £1,717,804 related to gains from fair value adjustments to the charity’s freehold investment properties and £295,266 from fair value adjustments to the company's stock market investments.
Donations made In the Year
During the year The Biswas Foundation made donations totaling £248,992 as detailed under our “Achievaments And Performance” of which £200,100 was to our sister Charity, The Biswas Educational Foundation in India.
Principal
Funding Sources
Rental income from the company's investment properties is the principal source of funding. In addition investments are held in stocks and shares with a fair value of £2,584,966 at 30 September 2021.
Investment Powers and Pollcy
Under investmentthe whichMemorandumthe trusteesand seeArticlesfit. of Association, the charitable company has the power to make any Following the sale of three properties during the period under review the entire proceeds of £1,367,804 plus a further £110,183 wera invested in stocks and shares in the UK and the US stock markets. The diversified investment portfolio is regularly reviewed with a view to achieving capital growth so that funds may be remitted annually to our sister charity, The Business Educational Foundation, in India. In the year under raview the portfolio achieved fair value gains of £295,266 in the year and the portfolio had a value of £2,584,966 at 30 September 2021.
Reserves Policy and going concern
The directors have reviewed the charitable company's needs for reserves in line with the guidance issued by the Charity Commission, Aside from retaining a prudent amount in cash reserves each year, approximating 3 to 6 months running costs, the Intention is that most of the charitable company's cash funds are donated to the Indian Charity, The Biswas Educational Foundation, and also to other deserving causes In the UK and throughout the world, particularly in the field of medical research and in the field of education through scholarships, bursaries etc.
At 30 September 2021 the company held cash funds of £271,826.
The Directors consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. The Covid-19 pandemic has had some effect on the income generated from The Foundation’s property portfolio but not to a significant extent.
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THE BISWAS FOUNDATION (A Company Limited by Guarantee)
DIRECTORS’ REPORT 30 September 2021
PLANS FOR FUTURE PERIODS
We plan to continue to renovate our properties on an ongoing basis to ensure a good rental income is received so that donations can continue to be made to our sister charity in India, The Biswas Educational outFoundation.similar workIn additionin the fieidto itsof workHealth.in education The Biswas Educational Foundation is investigating carrying We plan to maintain our portfolio of stocks and shares portfolio. To ensure the continued success of The Biswas Foundation the two London based directors, Mr P Biswas and Mrs A Biswas, have Indicated their intention to relocate to Leads should anything happen to the Leeds based Director, Dr N Biswas. Looking ahead, for the purposes of succession and the smooth operation of the Foundation’s activities, we have decided that the Bankers of the Foundation will be advised that the mandate for the accounts held at the 2 banks, namely Lloyds Bank, Leeds and Clydesdale Bank (Virgin Money), Glasgow will be notified that the 2 other London based Trustees/Directors will, with immediate effect, be Included in the respective Bank's mandate with revised operational Instruction so that in the event of need the Bank accounts can be operated by the 2 London based Directors, namely Mr P S Biswas and Mrs A Biswas. Clydesdale Bank's ‘Change in Mandate’ form has been requested and this Form will be signed by the London based Directors/Trustees and sent to Leeds based Director, Dr N Biswas, who presently is the sole signatory of the Foundation’s accounts, for his signature and onward transmission to the bank. The same exercise will be carried out for the accounts at Lloyds Bank, Leeds.
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Likewise, we have decided that The Foundation's Investment Advisors, Hargreaves Lansdown, where The Foundation maintains its Investment Account, will be notified that the 2 other London based Trustees/Directors will, with immediate effect, be added to the mandate with revised operational instructions so that, in the event of need, instructions and decisions may be given by the 2 London based Directors, namely Mr P S Biswas and Mrs A Biswas. Appropriate change in mandate forms will be requested from Hargreaves Lansdown.
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THE BISWAS FOUNDATION (A Company LImited by Guarantee)
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DIRECTORS’ REPORT 30 September 2021
REFERENCE AND ADMINISTRATIVE INFORMATION
Charity name: The Biswas Foundation Charity Registratlon Number: 1127095 Company Registration Number: 06687075 Registered Office and Operational address: ‘Rathdowne' 20Leeds, Sandmoor Drive West Yorkshire, LS17 7DG
Directors The directors who have served during the year are: Dr N Biswas MrsMr PA BiswasBiswas
Company Secretary
Mrs A Biswas
O’BrienAuditors& Co, Chartered Accountants 31A Finkle Street Selby YO8 4DT
Bankers Lloyds Bank Plc PO Box 1000 BX1 1LT
Clydesdale Bank 30 Vincent Place Glasgow G1 2HL
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THE BISWAS FOUNDATION (A Company Limited by Guarantee)
DIRECTORS’ REPORT
30 September 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Document
The organisation Is charitable company limited by guarantee, incorporated on 2 September 2008 and registered as a charity on 9 December 2008. The company was established under a Memorandum of Association, which established the objects and powers of the charitable company and is governed under Its Articles of Association. in the event of the company being wound up members are required to contribute an amount not exceeding £10.
Recrultment and Appointment of Directors
The Directors of the company are also charity trustees for the purposes of the charity law.
The charity was founded by Dr N. Biswas and he together with his brother and sister-in-law are the first directors of the charltable company. New directors may be appointed by existing directors. Directors’ Induction and Training All new directors receive a thorough induction by Dr N. Biswas into the core principles and ethos of the charitable company.
Organisational Structure
The company has 3 directors who interact regularly. One of the directors, Dr N. Biswas, is responsible for the day-to-day running of the charitable company.
Related Parties A charity, ‘The Biswas Educational Foundation’, has been formed in Kolkata, India. The Biswas Foundation makes grants to the indian charity to enable the provision of accommodation, food, clothing, education, health care and recreational facllities to deprived orphan children and children of single parent in Kolkata.
Pay Policy for Senior Staff The directors consider the board of directors, who are the Trust’s trustees, as the key management personnel of the charity in charge of directing and controlling, running and operating the Foundation on a day to day basis, All directors give of their time freely and no director received remuneration in the year. No staff are employed by the charity.
Risk Management
During the year the company has continued to identify and assess the major risks facing the business.
The Board of Directors regularly review the performance of the property portfolio to ensure occupancy rates meet the required targets. Any poorly producing properties are identifled and disposed of.
The charity's investment portfolio in stocks and shares is regularly monitored,
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THE BISWAS FOUNDATION (A Company Limited by Guarantee)
DIRECTORS’ REPORT 30 September 2021
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
The directors (who are directors for the purpose of Company Law and trustees for the purpose of Charity Law) are responsible for preparing the Directors' Annual Report (comprising the Strategic Report and Director’s Report) and the financial statements in accordance with applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). andCompany Lawfair view requires thof the stat e directorsof the affairs to prepareof the financialcharitable statementscompany for eachand of financialthe incoming year whichresources give a trueand applicationstatements ofthe resources,directors areincludingrequiredtheto:income and expenditure, for that period. In preparing these financial e select suitable accounting policies and then apply them consistently; * observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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¢ state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charltable company will continue in business.
The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financla! 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
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STATEMENT OF DISCLOSURE OF INFORMATION TO AUDITORS
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The directors of the company who held office at the date of approval of this Annual Report as set out above each confirm that: « So far as they are aware, there is no relevant audit information (information needed by the company’s auditors in connection with preparing their report) of which the company’s auditors are unaware; and
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e they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company’s auditors are aware of that information,
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AUDITORS
O’Brien & Co, Chartered Accountants, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the forthcoming Annual General Meeting.
a. by the board of directors on 27June 2022 and signed on its behalf by: DR N BISWAS Director ,
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THE BISWAS FOUNDATION
(A Company Limited by Guarantee)
30 September 2021
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE BISWAS FOUNDATION
Opinion
We have audited the financial statements of The Biswas Foundation (the charitable company) for the year ended 30 September 2021 which comprise the Statement of Financial Activitles (Including an Income and Expenditure Account), the Balance Sheet, the Statement of Cash Flow and notes to the financial statements, Including significant accounting policies. The financial reporting framework that has been applied tn their preparation Is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accountlng Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the Charlty’s affalrs as at 30 September 2021 and of Its Incoming resources and application of resources for the year then ended;
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- have been properly prepared In accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 belleve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to golng concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basls 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 golng concem for a period of at least 12 months from when the financial statements are authorised for issue.
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Our responsibilities and the responsibilities of the directors with respect to golng concer are described in the relevant sections of this report.
Other Information
The other information comprises the information included In the annual report, including the directors’ report, other than the flnancial statements and our auditor's report thereon. The directors are responsible for the other Information contained within the annual report. 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.
Our responslbility Is to read the other information and, in doing so, consider whether the other information Is materially Inconsistent with the financtal statements or our knowledge obtained in the course of 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.
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THE BISWAS FOUNDATION
(A Company Limited by Guarantee)
30 September 2021
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BISWAS FOUNDATION (continued) Opinions on othermatters prescribed by the Companies Act2006 In our opinion, based on the work undertaken in the course of the audit: « — the information given In the trustees’ report for the financlal year for which the financial statements are prepared fs consistent with the financial statements; and
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« — the directors’ report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by excaption
In the light of the knowledge and understanding of the charitable company and its environment obtalned in the course of the audit, we have not identified material misstatements in the Directors’ Annual Report. Werequires haveus nothingto reportto toreport you I f,n inrespectour opinion: of the following matters in relation to which the Companies Act 2006 e adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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¢ the financial statements are not in agreement with the accounting records and returns; or
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¢ certain disclosures of diractors’ remuneration specified by law are not made: or * we have not obtained all the information and explanations necessary for the purposes of our auditior
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¢ the directors were not entitled to prepare the financial statements In accordance with the small companies’ regime and take advantage of the small companies’ exemption in preparing the trustees’ report and from the requirement to prepare a strategic report.
Responslbilities of the directors
Asresponsibleexplainedfor morethe preparationfully in the ofdirectors’the financialresponsibilitiesstatementsstatementand for being[set outsatisfiedon pagethat they9], thegivedirectorsa true andare 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.
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In preparing the financial statements, the directors are responsible for assessing the charitable company’s ability to continue as a golng concern, disclosing, as applicable, matters ralated 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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THE BISWAS FOUNDATION (A Company Limited by Guarantee)
30 September 2021
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BISWAS FOUNDATION (continued)
Auditor’s responslbilitles 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 materlal misstatement, whether due to fraud or error, and to issue an auditor's report 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 they could reasonablycan arisebe from expectedfraudtoorinfluence error andtheareeconomic considereddecisionsmaterialofif,usersindividuallytaken onorthein the aggregate,basis of these financial statements. Irregularities, Including fraud, are instances of non-compliance with laws and regulations. We design procedures In line with our responsibilltles, 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 detaited below:
- Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulatlons, was as follows: « the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we Identified the laws and regulations appilcable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the computer component manufacturing and supply sector;
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e we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, the Charities Act 2011, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety tegislation;
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- wemakingassessedenquiriestheofextent managementof complianceand inspectingwith thelegallawscorrespondence;and regulationsandIdentifled above through e identifled laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
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We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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e making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
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¢ considering the intemal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
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understanding the design of the charitable company's remuneration policies.
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To address the risk of fraud through management blas and override of controls, we:
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« performed analytical procedures to Identify any unusual or unexpected relationships;
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¢ tested journal entries to identify unusual transactions;
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« assessed whether Judgements and assumptions made in determining the accounting estimates were Indicative of potential blas; and
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Investigated the rationale behind significant or unusual transactions: and
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THE BISWAS FOUNDATION (A Company Limited by Guarantee)
30 September 2021
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE BISWAS FOUNDATION (continued)
In response to the risk of Irregularities and non-compliance with laws and regulations, we designed procedures which Included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation:
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reading the minutes of meetings of those charged with governance;
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¢ — enquiring of management as to actual and potential iltigation and claims: and
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reviewing correspondence with HMRC, relevant regulators and the charltable company's legal There advisors. are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financlal transactlons, the less likely It Is that we would become aware of noncompliance. Auditing standards also IImit the audit procedures required to identify non-compliance with laws and ragulatlons to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, If any,
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may Involve dellberate concealment or collusion. A further description of our responsibilities Is avallable on the Financial Reporting Council’s website at: www. frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. 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 auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsiblity to anyone other than the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Stephen O'Brien FCA Senior Statutory Auditor for and on behalf of O’Brien & Co Statutory Auditor Chartered Accountants 31A Finkle Street SELBY YO8 4DT
27 June 2022
THE BISWAS FOUNDATION
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(A Company Limlted by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES
(Including Income and expenditure account) for the year ended 30 September 2021
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|Note|2021£|2020£|
|INCOME|
|Donations|3|8,079|9,000|
|Income|from|Charitable|Activities|
|Investment|Income|4|1,113,327|1,117,267|
|Total|Income|1,121,406|1,126,267|
|EXPENDITURE|
|Expenditure on Charitable Activities|5|836,936|894,650|
|Total|Expenditure|836,936|894,650|
|Net|income|284,470|231,617|
|Value|Adjustments|on|Freehold|
|Investment|Property and on|Investments|8|2,013,070|1,085,544|
|Net|Income|and|net|movement|
|in funds for the year|9|2,297,540|1,317,161|
|Reconclllation|of|Funds|
|Total|Funds|brought forward|16,778,958|15,461,797|
|Total|Funds|carried forward|18|19,076,498|16,778,958|
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The statement of financlal activities includes all gains and losses recognised in the year.
All incoming resources and resources expended derive from continuing activities.
The notes on pages 17 to 22 form part of these financial statements.
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THE BISWAS FOUNDATION
(A Company Limited by Guarantee)
BALANCE SHEET
30 September 2021
| 2021 | 2020 | |||||
|---|---|---|---|---|---|---|
| note | £ | £ | £ | £ | ||
| FIXED ASSETS | ||||||
| Freehold Investment Property Investments Total Fixed Assets |
13 14 |
19,730,000 2,584,966 22,314,966 |
19,380,000 799,843 20,179,843 |
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| CURRENT ASSETS Debtors Cash at Bank & in Hand |
15 | 47,989 271,826 319,815 |
56,416 303,625 360,041 |
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| CREDITORS: amounts falling due | ||||||
| within one year | 16 | 229,193 | 228,008 | |||
| NETCURRENT ASSETS | 90,622 | 132,033 | ||||
| 22,405,588 | 20,311,876 | |||||
| CREDITORS: amountsfallingdue after more thanoneyear |
17 | 3,329,090 | 3,532,918 | |||
| TOTALASSETSLESS CURRENT LIABILITIES | 19,076,498 | 16,778,958 | ||||
| FUNDS | ||||||
| UnrestrictedFunds | 18 | 19,076,498 | 16,778,958 |
The accounts are prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
These financial statements were approved by the Board of Directors on 27 June 2022 and signed on its behalf by:
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DR N BISWAS 1
Director
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Company no: 06687075
THE BISWAS FOUNDATION
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(A Company Limlted by Guarantee)
CASH FLOW STATEMENT For the year ended 30 September 2021
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|---|---|---|---|---|---|---|---|---|---|
|2021|2020|
|note|£|£|£|£|
|Cash|generated|by operating|activities|19|284,434|220,893|
|Cash|flows|from|investing|activitles|
|Receipts|from|sales|of freehold|Investment|properties|1,367,804|0|
|Sales|of Investments|1,855,272|0|
|Purchase|of Investments|(3,345,129)|(761,299)|
|Cash|(outflow)|/|inflow from|InvestIng|activities|(122,053|)|(761,299|)|
|Cash|flows|from|financing|activities|
|Repayment|of borrowings|(194,180)|(183,113)|
|Cash|used|In financing|activities|(194,180)|(183,113)|
|(Decrease)|/ Increase|In cash and cash|
|equivalents|In the year|(31,799)|(723,519)|
|Cash|and|cash|equivalents|at|the|
|beginning|of the|year|303,625|1,027,144|
|Total|cash|and|cash|equivalents|at|the|
|end|of the|year|271,826|303,625|
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THE BISWAS FOUNDATION (A Company LImited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS 30 September 2021
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1 ACCOUNTING POLICIES
The principal accounting policles are summarised below. The accounting policies have been applied consistently throughout the year and In the preceding year.
Basis of preparation
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 2015) - (Charities SORP (FRS 102)), the Financlal Reporting Standard applicable In the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Biswas Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are Initially recognised at historical cost or transaction value unless otherwise stated In the relevant accounting policy notes.
Going Concern
The directors consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
Income Recognition Policies Items of Income are recognised and included in the accounts when all of the following criteria are met:
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e The charity has entitlement to the funds; ® any performance conditions attached to the item(s) of income have been met or are fully e within the control of the charity; there is sufficient certainty that receipt of the income is considered probable; and
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e the amount can be measured reliably.
Donated Services and Faclllties
Donated services or facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item Is probable and that economic benefit can be measured reliably. On receipt, donated services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount Is then recognised in expenditure in the period of receipt.
Interest Receivable
Interest on funds held on deposit is Included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank,
Fund Accounting
Funds held by the charity are unrestricted general funds. These are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
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THE BISWAS FOUNDATION (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS (continued) 30 September 2021
ACCOUNTING POLICIES (continued)
Expenditure and Irrecoverable VAT
Expenditure Is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure on charitable activities Includes the costs of providing staff who carry out the work of the charity and thelr associated support costs. Irrecoverable VAT Is charged as a cost against the activity for which the expenditure was incurred.
Allocatlon of Support Costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the company's activitles. The bases on which support costs have been allocated are set out in note 6.
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Freehold Investment Property
The investment properties held as fixed assets are valued at their fair value at the balance sheet date and any unrealised gains or losses are recognised in the Income and Expenditure Account. Investments Investments are shown at fair value at the balance sheet date. Realised and unrealised gains on investments are recognised in the Income and Expenditure Account. Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.
Cash at Bank and In Hand Cash at bank and cash in hand is in respect of bank balances.
Creditors and Provisions
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 obligatlon can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
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Financial Instruments
The charity only has financlal assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are Initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments.
Significant Judgements and Estimates
In applying Its accounting policies the company did not have to make any significant judgements. or estimates
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THE BISWAS FOUNDATION
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(A Company LImited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (contlnued) 30 September 2021
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LEGAL STATUS OF THE FOUNDATION
The Foundation Is a company limited by guarantee and has no share capital. 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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| 2021 | 2020 | |
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| DONATIONS RECEIVED | £ | £ |
| DrN Biswas: gifts in kind | 8,079 | 9,000 |
| Dr N Biswas personally incurred expenditure of£8,079 on behalfofthe charity. | ||
| 2021 | 2020 | |
| INVESTMENT INCOME | £ | £ |
| Rental Income | 1,101,374 | 1,117,267 |
| Dividend Income | 11,953 | 0 |
| 1,113,327 | 1,117,267 |
5 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
| Investment | Donations | Total | Total | |
|---|---|---|---|---|
| Properties | Made | |||
| Costs | ||||
| 2021 | 2021 | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Donations Made (see note 7) | 0 | 248,992 | 248,992 | 235,208 |
| Agents' Commission | 85,943 | 0 | 85,943 | 88,607 |
| PropertyMaintenance | 186,976 | 0 | 186,976 | 197,369 |
| PropertyCleaning & Gardening | 25,906 | 0 | 25,906 | 25,630 |
| Insurance | 18,157 | 0 | 18,157 | 16,095 |
| Licences | 2,500 | 0 | 2,500 | 1,000 |
| CouncilTax&Water | 12,740 | 0 | 12,740 | 18,051 |
| Light & Heat | 26,507 | 0 | 26,507 | 50,299 |
| Motor Expenses Advertising |
5,000 83 |
0 0 |
5,000 83 |
4,500 97 |
| Telephone, Print, Postage & Stationery | 7,391 | 0 | 7,391 | 14,054 |
| Loan Interest | 176,245 | 0 | 176,245 | 188,886 |
| BankCharges | 125 | 0 | 125 | 25 |
| Deposit Fees -"My Deposits" | 673 | 0 | 673 | 2,500 |
| Miscellaneous | 620 | 0 | 620 | 1,516 |
| Legal & Professional | 10,323 | 0 | 10,323 | 3,236 |
| Governance Costs (see note 6) | 6,300 | 0 | 6,300 | 6,000 |
| Support Costs (see note 6) | 22,455 | 0 | 22,455 | 41,577 |
| TotalExpenditure | 587,944 | 248,992 | 836,936 | 894,650 |
Costs are directly allocated to activities.
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NOTES TO THE FINANCIAL STATEMENTS (contInued) 30 September 2021
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THE BISWAS FOUNDATION (A Company Limited by Guarantee)
6 ANALYSIS OF GOVERNANCE AND SUPPORT COSTS
The company initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. The table below sets out the basis for apportionment and the analysis of support and governance costs.
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|Governance|General|Total|Basls|of|
|Function|Support|Apportionment|
|£|£|£|
|Audit|6,300|0|6,300|actual|costs|
|Secretarial|0|22,455|22,455|actual costs|
|6,300|22,455|28,755|
|2021|2020|
|ANALYSIS|OF DONATIONS|MADE|£|£|
|The|Biswas|Educational|Foundation|200,100|219,078|
|Barnados|130|130|
|St Gemma's|Hospice|6,000|6,000|
|Hope|Foundation|14,082|0|
|Alzheimer's|Research|8,000|0|
|Leeds.Cares|10,000|0|
|Institute|of|Cancer|Research|10,000|0|
|Leeds|Uni|FootSteps|Fund|680|0|
|St James|Liver|Research|0|5,000|
|University of Western|Australia|0|5,000|
|248,992|235,208|
|2021|2020|
|VALUE ADJUSTMENTS|ON|REVALUATION|£|£|
|Value|Adjustments|on|Freehold|Investment|Property (note|13)|1,717,804|1,047,000|
|Value|Adjustments|on|Investments|(note|14)|295,266|38,544|
|2,013,070|1,085,544|
|2021|2020|
|NET|INCOME|FOR THE YEAR|£|£|
|is|stated|after|charging|/|(crediting):|
|'|Value AdjustmentsAudit|on|revaluation|(2,013,070)6,300|(1,085,544)6,000|
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No staff were employed during the year (2020: nil)
10 STAFF COSTS & NUMBERS
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(A Company LImited by Guarantee)
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THE BISWAS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (continued) 30 September 2021
11 TRUSTEE REMUNERATION & RELATED PARTY TRANSACTIONS
The key management personne! comprise the trustees
No remuneration was paid to any director (2020: £nil). No directors recelved any expenses (2020: Enlil).
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TAXATION
As a charity The Biswas Foundation is exempt from tax on income and gains falling within section these505 of are the Taxesapplied Actto its 1988charitable or 8256objects. of the TaxationNo tax charges of Chargeable Gainshave arisen in Actthe 1992charitable to the extentcompany. that
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| 2021 | 2020 | |
|---|---|---|
| FREEHOLD INVESTMENTPROPERTY | £ | £ |
| Fair Value at 1 October2020 | 19,380,000 | 18,333,000 |
| Improvements at cost | 0 | 0 |
| Disposal proceeds Add net gains from fairvalue adjustments |
(1,367,804) 1,717,804 |
0 4,047,000 |
| FairValue at 30September2021 | 19,730,000 | 19,380,000 |
| Thecompany’sfreeholdpropertiesaresubjecttoamortgagecharge. | ||
| The freehold propertieswere revalued bythe directors on 30September2021 | 2021 on the basis ofexisting use. | |
| Thefreehold properties were last valued by external valuers in 2014. | ||
| 2021 | 2020 | |
| INVESTMENTS | £ | £ |
| FairValue at 1 October2020 Additlons at cost |
799,843 3,345,129 |
0 761,299 |
| Disposal proceeds | (1,855,272) | 0 |
| Add net gains from fairvalue adjustments | 295,266 | 38,544 |
| FairValue at 30September 2021 | 2,584,966 | 799,843 |
| Listed on UK Stock Market | 212,888 | 343,950 |
| Listed on US Stock Market | 2,371,506 | 403,089 |
| Listed Overseas Equities | 0 | 45,187 |
| Cash heldwithin the Investment Portfolio | 572 2,584,966 |
7,617 799,843 |
| 2021 | 2020 | |
| DEBTORS | £ | £ |
| TradeDebtors | 47,989 | 38,501 |
| OtherDebtors | 0 | 17,915 |
| 47,989 | 56,416 |
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THE BISWAS FOUNDATION
(A Company LImited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS (continued)
30 September 2021
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|2021|2020|
|16|CREDITORS:|amounts|falling|due within|one|year:|£|£|
|Trade|Creditors|28,256|36,719|
|Bank|Loans|200,937|191,289|
|229,193|228,008|
|The bank loans are secured by a charge over the company’s fixed asset investments.|
|The company|has|taken|out 4|bank|loans.|At|30|September 2020|the|loan|details|were:|
|£2,784,750|with|interest|at|a|fixed|rate|of 5.52%|
|£355,369|with a|variable|interest|rate,|currently 3.25%|
|£189,323 with a variable interest|rate,|currently 3.25%|
|£394,765 with a variable interest rate,|currently 3.25%|
|2021|2020|
|17|CREDITORS:|amounts falling|after more than one year:|£|£|
|Bank|Loans|(for|interest|terms|see|note|16)|3,329,090|3,532,918|
|The bank loans are secured by a charge over the company’s fixed asset investments.|
|Analysis|of|bank|loan|repayments|
|instalments|£|£|
|which|fall|due|for payment|after more|than|5|years|2,432,564|2,674,982|
|18|UNRESTRICTED FUNDS|£|
|At|1 October 2020|16,778,958|
|Incoming|Resources|3,134,476|
|Resources|Expended|(836,936)|
|At|30 September 2021|19,076,498|
|19|RECONCILIATION|OF|NET|MOVEMENT|IN|FUNDS TO|NET CASH|FLOW|FROM|OPERATING|
|ACTIVITIES|
|Reconciliation|of|Operating|Profit|to|Net|
|Cash|Inflow|from|Operating|Activities|2021|2020|
|£|£|
|Net|movement|in|funds|2,297,540|1,317,161|
|Fair Value Adjustments|(2,013,070)|(1,085,544)|
|Decrease|/|(increase)|in|debtors|8,427|17,433|
|(Decrease)/ increase|In|creditors|(8,463)|(28,157)|
|Net cash|used|In|operating|activities|284,434|220,893|
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