CHARITY REGISTRATION NUMBER 1131906 COMPANY REGISTIL4TION NUMBER 02741421 MAIYOR DEVELOPMENT COMPANY LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 UHY
MANOR DEVELOPMENT COMPANY LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees CMDean R S Foster C A Jenkinson N Jowitt Secretary R Dowling Chief Executive Officer R Dowling Charity uumber 1131906 Company number 02741421 Registered offiee Alison Business Centre 40 Alison Crescent Manor Sheffield South Yorkshire S2 IAS Auditor UHY Hacker Young 6 Broadfield Court Broadfield Way Sheffield S8 OXF Bankers Co-operative Bank plc PO Box 250 Skelm¢rsdal¢ WN8 6WT
MANOR DEVELOPMENT COMPANY LIMITED CONTENTS Page Trust¢es' report Statement of trustees, Tesponsibilities Independent auditor's report 8-11 Statement of financial activities 12 Balance sheet 13 Notes to the financial statements 15-27
MANOR DEVELOPMENT COMPAIYY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual report and financial statements for the year ended 31 March 2025. The fjnancial st&tements have b¢eD pr¢par¢d iii accordancc with the accounting policies set out in note I to the fmancial staten)ents and comply with the charity's Memorandum and Articl¢s of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to chariti¢s preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019)" Objeetlves and activities The charity's objects, as set out in the constttution, ar¢ the promotion for the publi¢ b¢nefit of urban or rnral regeneration in areas of Social and economic deprivation, and in particular the Manor Estate in the City of Sheffjeld ai¢a by the following means: the relief of poverty - the advancement of education - the relief of un¢mploym¢nt the provision of recreational facilities for the public at large or those who by reason of their youth, age, infirniity or disability, poverty or social and economic circumstances, have need of such facilities. Th¢ trust¢¢s hav¢ paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake and have paid due regard to the Charity Conllnlssion guidance on public b¢n¢fit, and our achievements over this year are broadly as follows: Completing the nlnth full y¢ar of operations within th¢ Manor Works, achieving ov¢rall lettings of around 950/. for th¢ gt¢ater part of the year. Sustaining our support for local businesses especially start up companies both ihrough the availability of top-quality units in a locality where they are not readily available, and in advice gularly otyered to such businesses by the CEO and other staff. Maintaining the use of our high-quality meeting and conference space, and thereby providing support for trainingy r¢creational and other activities on a commercial basis, as well as hosting activities for local people as a key part of our "good iieighbour" policy with r¢sp¢ct to the Manor Estate. Effectively and safely managing a small but dynamic staff team, An a period which remained challenging, and continuing to do so profitably and in a way that will guarantee long-terni sustainability for the community, the business and th¢ staff Using a flexible approach to new and start up businesses, with an emphasis on supporting peopl¢ planniiig to become self-employed, and in general increasing employment and training opportunities availabl¢ in OUT aT¢a of inter¢st. Incr¢asing our range of servic¢s to n¢w business that does not T¢qUiT¢ a slatic base, but an ever changing and highly professional approach, through a rnnge of business services that help in sma]I business administration. Where appropriate, representing the interests of the local community, and seeking to give them an ¢fY¢ctive voice across a range of issues wherever possible actlng as a "good neighbour" to the people of the Manor - and providing advi¢¢ to ¢xt¢rnal bodies as requir¢d, ¢sp¢cially in r¢sp¢ct of anti-social behaviour affecting the public green space adjacent to which our buildings are located.
MANOR DEVELOPMENT COMPANY LIIWTED TRUSTEES, REPORT (CONTINUED){INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2025 Aehievements and performance Manor Works Our landmark building has enjoyed another successful year of commercial op¢rdtion, with steady demand for high-quality letting5. making a major contribution to the success of the wider business... .and is increasingly wcll cstablished as an ¢ngin¢ for increased business and community activities within the Manor area, and because of its high quality, configuration and facilities has greatly broadened the range of businesses choosing to operate from Manor Development Companics, with a steadily incrcasing number of forward-looking and tech-based businesses. Alison Business Centre Phase1&2 Overall, our operating arni, Alison Business Centre, njns 33,500 squat¢ feet of con]mcrcial space, comprising seventy workshops and forty-four offices and split across thr¢¢ adjacent sites...and has routincly maintained close to full occupancy...with some periods when every single unit was let...and this gives us a very strong and robust con]mercial bas¢ from which to support our wider community ambitions and objectives. All lenants benefit from full reception, post and ancillary services provided by the Company, and the training, meeting and atrium spaces are all available, and continuing to be used by the local community for a range of activities. MATREC In the Course of this year, we have deepened our partnership with the Manor Training and Resource Centre (MATREC)...with well established links at Board Level, cemented by our purchase from them of 29618 Prince of Wales Road, a shop-fronLl¢ommercial unit close to their main building...which was surplus to any likely future requirements they might have. We are now planning the 1] refurbishment of this building> provide additional lettable space on the upper stories, and potential community or social activities on the ground floor, with shop-front access to the retail crcsccnt on which it is located. This has r¢duc¢d management pressure on them, and strengthened their overall financial position...but will give us the opportunity to diversify our ¢ommer¢ial offer (possibly by accommodating small-scalc busin¢ss services needing a walk-in facility)... and will gr¢atly assist in development our own community-facing partnership working by offering that same walk-in facility much more easily than is f¢asibl¢ from our cuent premises. It Provides a very exciting new opportunity to pursue our charitable objectives, but und¢[pinn, as all our work is, by a rigorous delerniination to increas¢ the value and income of the assets we hold and manage on behalf of the Manor Community. Shine Academy? 300 Prince-of-wales Road We have now reached an agre¢m¢nt with the Shinc Academy to take ovcr thcir building at no cost.. this is located between 29618 and MATREC... and are in addition taking on the "accountable body" role with th¢ NHS in respect of the Shine Academy. This will maintain a much needed local service and given us a series of linked shop-fronts to serve as a public-facing hub for community activity, undelpinned by our adjacent and thriving commercial offer. Angleton Meeting Rooms Through the support of a local housing provider {Place5 for People) Angleton Meeting Rooms is partly finan¢¢d and largely managed by Manor Development Company Ltd, with a view to facilitating positive activities in the neighbourhood. Having achieved a strong commercial position through the success of Alison Business Ccntrc, the Manor Dev¢lopm¢nt Company Charity now increasingly s¢e5 Anglelon as a community development opportunity io b¢ tsken up in the medium terni- if it is possible to positively engage Places for People in this task.
MANOR DEVELOPMENT COMPANY LIMITED TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2025 Other'good neighbour" activities Manor Development Company can and docs continue to act as the voice for those living close to the facility, and for other key community organisalions...in area5 such as crime and vandalism and stands rcady to WOTk in panncrship with other projects to support a range of indoor and outdoor social, educational and other activitics whenev¢r r¢quircd, increasingly working from the new facililics at Manor Works. As an employer MDC continues to welcome applications from the local community. As one of thc oldt community-owned third sector organisations on th¢ Manor Estate the Company constantly strives to maintain links and work in cooperation with a n¢twork of local organisations - and has given tangible effect to these ambitions in ibis current year by the investment and initialives described mor¢ Ily in above. In addition we also engage with the Manor and Ca*tIe Developm¢nt Trust, MASKK and the Manor Community Childcare C¢ntre' to support key projects, especially those targeting local young people and to maintain links with service provide including Places for People, ACIS (the local RSL'S), local government and local emergency services as well as the Community Youth Team...who are long standing local licensees, with a base on site. The company would as always like to fornially thank those who have pFovid¢d funding and continuing support, especially Sheffield City Council, as well as those who give freely throughout the year of their time and donations for the benefit of the area and the p¢opl¢ who live and work in it. It sends its thanks to all those who have supported its activities during the past year and special thanks to the partners, r¢sidcnts and volunteers who have played a vital role in developing its involvcmcnt locally and to iocal businesses who support and use the services on offer. Finantial review The Stalcmcnl of Financial Activities shows a net increase in funds of £273,038 (2024: £55,416). The charity has general unrestricted reserves of £3,491,746 compared to £3,218,708 the prevlous year. Reserves Policy Introduetion This reserves policy has been developed as a part of the Trustees risk identification approach and is bas¢d on inconie streams for both MDC the Charity and its subsidiaries. Where this policy states MDC this tenn includes its sub5idiari¢s.
MANOR DEVELOPMENT COMPANY LIMITED TRUSTEES, REPORT {CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2025 Definltlon The terni reserves is that part of MDC'S income that is freely available for its general purposes once it has met its commitments and covered ils other planned expenditure. This is g¢nwally monies that have been generated through the sale of services etc through the charity's trading subsidiary. This excludes any monies r¢c¢iv¢d as r¢sttict¢d funds (e.g. where a funder has specified what the money must be spent on and therefoTe the TTUSte¢s do not have the power to spend the mon¢y on anything else). Policy Poli¢y - UDrestrfi¢ted Funds Reserves are built up and then maintained at a level that eDsur¢s that 6-9 months of th¢ organisations. currenl activity couEd continue during a period of unforeseen difficulty. At present this is estimated at or around £300k-£400k. The amount above include:. Working capital to ensure its business ¢¢ntre can continue to operate for a d¢signated period of reducc(V]ost income. To meet costs of securing and maintaining properties held by the charity in the event of closure Redundancy Costs Legal and Accountancy Costs Expiry of leases on certain property, plant and office equipment. Buildings and Statutory Compliance. Policy- Designated Funds The following areas cover the amounts of designated funds that MDC will use for particular Purposes Buklding Renewals MDC r¢s¢rv¢s th¢ right to re-assign designated funds within its unrestricted funds. Policy - Pursuing our Charity Objectives The tNstees will ensure that it can support Its commitment to its core aims by designating an amount annually to b¢ used to support its community activity from any unrestricted funds held at that time. This amount will be agreed on at year-end, after a full rcvi¢w of the company's financial position. Review of Policy This policy will be rcviewed annually in line with the company's financ?al status and will take account of any changes in circumstances of its¢lf and its trading subsidiaries at this time. The trustees has assessed the major risks to whtch the charity is exposed, including operational and business risks, and are satisfied that systems are in place to mitigate exposur¢ to th¢ D]ajor risks. It regularly reviews all its policics in order to ensure that they are relevant and effective.
MANOR DEVELOPMENT COMPANY LIMITED TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THK YEAR ENDED 31 MARCH 2025 Plans for future periods In furtherance of its support to local employment and community participation, Manor Development Company Limit has now completed its strategic plan lo build a new business and communily resource centre, which has now achieved very considerable commercial succ¢ss...which supports a thriving community of licenscc and theiT busin¢sses- whicb have survived the vicissitudcs of the last couple of years, and both grown and thrived. Overall, thc dctnand for th¢ spaces and setvices we offer has grown month-on-month...at least in part because work-styles have evolvcd in the last few y¢ars- with many smaller busincsscs preferring to have their front door, ample car-parking, and secure but compact spaces suited to the shift to hybrid working which is incieasingly embedded in the economic and social lif¢ of the UK. ..thus, in the corning period, we will build on this experience commercially, and develop our new and planned investments at 29618 Prince of Wales Road and the adjacent Shin¢ Academy building and our increasingly strong Telationship with MATREC, thereby contributing very significantly to th¢ prosperity and social stability of the Manor Community...as well &$ doing what we can to support the local community and our tenant businesses to handle the economic and political tUTbulence which the United Kingdom is experiencing at home. and which we are facing across the world. .finally, as always, we would like to thank all staff and partners for their commitment towards making Manor a better pla¢¢ to live and work. Manor Development Company relies on the support it gets both from its staff and volunteers and from its partners in order to achieve its objectives. Structure? governance and management Manor Development Company was registered as a cornpany limited by guarantee in 1992 and gained charitable status as of September 2009. The Constitution is set out in its Memorandum and Articles of Association, which was amended in Febrnary 2009. The trustees, who are also thc directors foT the piirpose of company law, and who served during the year and up to th¢ datc of signaMr¢ of the financial statements w¢r¢: CMDean R S Foster C A Jenkinson N Jowitt Th¢ charity is regist¢red with the Registrar of Charities, number 1131906. The constitution provides for a minimum of 3 nominated member truste¢s to be people who liv¢ or work in the geographical area of bencfit, i.e. the Manor Estate, Shcffield. None of the trustees has any beneficial interest in the company. All of the trnstees ar¢ rnembers of the Company and guarante¢ to contribute £1 in the event of a winding up. Our trading subsidiary Alison Business C¢ntr¢ has continued to build momentum, and we have been fortunate in that our centre is designed to ensure that each business can work independently on sit¢...which is ideal for models of work and business that ar¢ now increasingly ¢mbcdded in the UK. The company is the sole member of Manor Development Company (Alison Centre) Limited which is also limited by guarantee.
MANOR DEVELOPMENT COMPANY LIMITED TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2025 Asset Cover for funds It is a Condition of the funding for Phase III that th¢ Phase 11 buildings (currently included in the balance sheet of the company's wholly owned subsidiary Manor D¢velopment Company (Alison Centre) Limited are transferred to this Charity. The transfer bas been subject to the delays caused by issues and land leases. MDC is working with its partners to complete this process. Diselosure of infomatlon to audltor Each of th¢ trustees has confirmed that thcrc is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. Tbcy have further confirn)¢d that they have taken appropriate steps to identify such relevant inforn]ation and to establish that the auditor is awar¢ of such inforniation. The trustees, report wa pproved by the B ard of Truste¢s. R S Foster Trustee Dated: 10 D¢ccmb¢r 2025
MANOR DEVELOPMENT COMPANY LIMITED STATEMENT OF TRUSTEESI RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 Th¢ trnstees, who are also the directors of Manor Development Company Limited for the purpose of company law, are responsible for preparing the Truste¢s' R¢port and the financial statements in accordanc¢ with applicabl¢ law and United Kingdom Accounting Standards (United Kingdom Generally Accq)tcd Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a tNe and fair vi¢w of the state of affairs of th¢ Charity and of the incoming resources and application of resources, including th¢ income and expenditure, of th¢ charitable cornpany for that year. In preparing these financial statements, the trustees are required to: select suitablc accounting policies and thcn apply them consistently. - observe the methods and principles in the Charities SORP. - make judgements and esttmates that are reasonablc and prudent. state wheth¢r applicable UK Accounting Standards have bccn followed, subj¢ct to any material departures disclosed and explained in th¢ financial statements. and prepare thc financial statements on th¢ going con¢eTn basil* unless it is inappropriate to presun)e that the charity will continue in operation. Th¢ trustees are responsible for kecping adequate accounting records that disclose wilh reasonable a¢curacy at any time the financial position of the charity and ¢nabl¢ them to ensure that the financial statements comply with the Compani¢s Act 2006. They are also responsibl¢ for safeguarding the assets of the eharity and hen¢¢ for taking reasonablc stcps for the prevention and det¢ction of fraud and other irr¢gularitics.
</UHY 6 Broadfield Court Broadfield Way Sheffield S8 OXF INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MANOR DEVELOPMENT COMPANY LIMITED Opinion We have audited the financial statements of Manor Development Company Limited (the 'charity'} for the year ¢nded 31 MaTch 2025 which comprise ihe statcment of financial activities, the balancc sheet, the statement of cash flows and notes to the financial statements, including significant accounting policics. Thc financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial R¢porting Standard 102 The Financial Reporting Slandard applicable in the UK and Republic oflreland (Unit¢d Klngdom Generally Accepted Accounting Practic¢). In our opinion, the financial statements: give a truc and fair view of the stat¢ of the ckwitable company's affairs &8 at 31 March 2025 and of its incoming resources and application of resources. including its incomc and expenditure, for th¢ y¢ar then have b¢¢n prop¢rly prepared in accordance with United Kingdom Generally Accepted Accounting Practic¢; and have been prepared in accordance with the T¢quir¢ments of the Companies A¢t 2006. Basis for opfinfion Wc conducted OUT audit in accordance with International Standards on Auditing {UK} (ISAS (UK)) and applicablc law. Our responsibilities under those standards are fillther describcd in th¢ Audilor's responsibilities for the auilil of ihefinancial statements sectioJ] of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to OUT audit of the fsnancial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordancc with th¢s¢ requirements. We believe that the audit evidence we have obtaincd is sufficient and appropyiale ¢0 provide a basis for our opinion. Material uncertainty relating to going concern We have identified a matter of conccrn in our rq)ort because we have concerns that th¢ charily may not be able to continue as a going concern. Disclosure has beell made in note 1.2 to thc accounts concerning the charity's ability to continu¢ as a going ¢onc¢rn. Whilst re-financing discussions are taking place, there is some doubt over whether the charity has sufficient working capital over the next 12 months. The ¢haTity has net curr¢nt liabilities of £209,072. These Condilions, along with the matters explained in note 1.2 to th¢ a¢¢ounts, indicate the existence of a material uncertainty which may cast significant doubt about the charity's ability to continue as a going concern. The accounts do not include the adjustments that would result if the charity was unable to continu¢ as a going con¢em.
UHY INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MANOR DEVELOPMENT COMPANY LIMITED CONTINUED Other information The other inforn)ation compris¢s th¢ infomiation included in the annual report other than the financial statements and our auditofs r¢port thereon. Thc tStC¢S are rcsponsiblc for the other infomiation contained within the annual report. Our opinion on the financial slatements does nol cover the other infornlation and, except to the ¢xt¢nt otherwise explicitly stated in our reporL we do not express any forni of assurance conclusion thereon. Our iespollsibility is to read the other InforntiOn and, in doing so, consider whether the oth¢r infornlation is materially inconsist¢nt with the financial statemcnts or our knowledge obtained in the course of the audit, or othwwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to deternline whether this gives rise to a material misstal¢n]ent in the financial statements themselves. If, based on the work we have perfornied, w¢ conclude that there is a material misstatement of this other infornlation. we ar¢ required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the ¢ourse of our audit: the infornlation given in the trust¢cs' report for the financial year for which the fjnancial statements are Prepared, which includes the directors, report prepared for the purposes of company law, is consistent with the financial statements; and the dir¢ctors' report included within the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which Ive are required to report by exeeption In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identifi¢d material misstatcmcnts in thc dircctors, report included within the trnstees, Teport. We have nothing to report in respect of th¢ following malt¢Ys in relalion to which the Companies Act 2006 requires UE> to report to you if. in our opinion.. adequate accounting records have not been kept, or r¢turns adequate foT our audit have not been received from bIanchcs not visited by us. or the financi statements ar¢ not in agreement with the accounting records and returns. or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the infoTmation and cxplanations we require for our audit; or th¢ trustees were not entitled to prepare th¢ financial statements in ac¢ordanc¢ with th¢ small companies r¢gime and take advantage of the small companies, exemptions in preparing the trustees, report and from th¢ requirement to prepare a strat¢gic report.
UHY INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MANOR DEVELOPMENT COMPANY LIMITED CONTINUED Responsibilities of trustees As explained more fully in the statement of trustees, rcsponsibilities, the trllstees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of th¢ financial statemcnts and for being satisfied that they give a true and fair view, and for such internal control as th¢ trustees determine is necessary to enable the preparation of financial statements that are fre¢ from material misstatement, whether du¢ to fraud or error. In preparing the financial statemenls, the trust¢¢s are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters rclatd to going concern and using Ihe going concern basis of accounting unless the trustees either intend to liquidat¢ th¢ charitable company OT to cease operations, or have no realistic alternative but to do so. Audfitor's responslbillties for the audit of the financial statements Our objectiv¢s are to obtain reasonable assurance about whether the fanCIaL statements as a whole are free from matcrial misstatem¢nt, whether due to fraud or eOr, and to issue an auditor's rq)ort that includes our opinion. Reasonable assurance is a high level of assuranc¢ but is not a gLwantee that an audit Conduct in accordance with ISAS (UK) will always detect a material misstatanent when it exists. Misstatements can arise from fraud or error and are considered matcrial if, individually or in the aggregate. they could reasonably b¢ expectcd to influence the economic decisions of users taken on the basis of these financial statemenls. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. 10
<3UHY INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MANOR DEVELOPMENT COMPANY LIMITED CONTINUED Based on our understanding of the charity and the sector in which it operates, we identified the principal risks of non-compliance with laws and regulations related to the acts by the charity, which were contrary to applicable laws and regulations including fraud, and we ¢onsid¢red the extent to which non-compliance might have a material effect on the financial stst¢ments. We also considered those laws and regulations that have a direct impact on th¢ preparation of the financial stat¢m¢nts such as th¢ Companies Act 2006. We evaluated management's incentives and OppornitieS for fraudulent manipulation of the financial statements (including Ihc risk of ov¢rride of controls), and deterniined that the principal risks were related to inflat¢d Tcv¢nu¢ and the charity's net income for the y¢ar. Audit procedures perfornied included: review of the financial statement disclosures to underlying supporting dorum¢ntation, review of correspondence with and reports to the regulators, including COTT¢spond¢n¢¢ with the Charity Commission, review of Correspondence with legal advisors and enquiries of manag¢m¢nt in 50 far as they related to the financial statements, and in testing of journals and evaluating whether there was evidence of bias by the tNstees that represented a risk of material misstatement due to fraud. There are inherent limitations in th¢ audit proc¢dur¢s d¢scrib¢d abov¢ and the further removed non- compliance with laws and regulations is from the events and ttansactions reflected in the financial statements, the less lik¢ly we would become aware of it. Also, the risk of not detecling a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentalions, or through collusion. A rther description of our responsibilili¢s is availabl¢ on th¢ Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibililies. This description forn)s part of our auditor's report. Use of our report This report 19 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 p¢nnitted by law, we do not accept or assum¢ r¢sponsibility to anyone other than th¢ charitabl¢ ¢ompany and lh¢ charitable company's m¢mb¢TS as a body, for our audit work, for this report, or for the opinions we have fonned. Michael Mealing (Senior Statutory Auditor) for and on behalf of UHY Hacker Young l O Dec¢mb¢r 2025 Chartered Aecountants Statutory Auditor
MANOR DEVELOPMENT COMPANY LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Total 2025 Total 2024 Notes Income from: Donations and legacies Charitable activities Investments 175,840 324,144 142,067 17,340 216,363 100,348 Total income 642,051 334,051 Ex enditure on: Charitable activitl¢S 369,013 278,635 Net in¢ome for the yearl Iyet movement in funds 273,038 55,416 Fund balances at l April 2024 3,218,708 3.163,292 Fund balance5 at 31 March 2025 3,491,746 3,218,708 The statement of financial artiviti¢s includes all gains and loss¢s OgniSed in the y¢ar. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. 12
MANOR DEVELOPMENT COMPANY LIMITED BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets 13 3,700,818 3,379,695 Current assets Debtors Investments Cash at bank and in hand 14 15 371,505 270,685 112,452 467,196 259,092 79,272 754,642 805,560 Creditors: aniounts falling due Ivithin one year 16 {963,714) {966,547) Net current liabilities (209,072) (160,987) Total assets less current liabilities 3,491,746 3,218,708 The funds of the ¢harity Unrestricted fijnds 18 3,491,746 3,218,708 3,491,746 3,218,708 The fmancial statemen ere approved by e trustees on 10 December 2025 R S Foster Trustee Company registratio 274 and Wal¢s) 13
MANOR DEVELOPMENT COMPANY LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operating activitles Cash generated from/(absorbed by) operations 23 108,022 (122,871) Investing activities Purchase of tangible fixed assets Mov¢m¢nt on fixed terni deposit acrounts Investment income received (205,316) (11,593) 142,067 (5,379) 100,348 Net ¢ash (used in)Igenerated from investing a¢tlvfities {74,842) 94.969 Net cash used in financing activltles Net increasel(decrease) in cash and cash equivalents 33,180 (27,902) Cash and cash equivalents at beginning of year 79,272 107,174 Cash and cash equivalents at end of year 112,452 79,272 14-
MANOR DEVELOPMENT COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting polficles Charity information Manor D¢velopm¢nt Company Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Alison Business Centre, 40 Alison Crescent, Manor, Shcffield, S2 IASAlison Business Centre, 40 Alison Crescent, Manor, Sheffi¢ld, South YorkshiTe, S2 IAS. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's Memorandum and Articl¢s of Association, the Companies Act 2006 and "Accounting and Reporting by Charitics: Statement of Recomm¢nd¢d Practic¢ applicable to charities preparing their accounts in accordance with the Flnancial Reporting Standard applicablc in the UK and Republic of Ireland (FRS 102) (effective l January 2019)" The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORTr for charities applying FRS 102 Update BuIl¢tin I not to pT¢pate a Statement of Cash Flows. The financial statements are prepared in sterling, which is th¢ fun¢tional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The fjnancial statements have been prepared under the historical cost convention. The principal accounting policies adopted ar¢ set out below. 1.2 Going concern The trustees consid¢r the charity lo be a going concern and the accounts are prepared on this basis. Sheffield City Council have provided a cash flow facility for the completion of Ihe Phase IIt dcvelopmcnt. This facility is repayable to Sheifield City Council and discussions are on-going in respect of additional grant funding and loan financ¢ from altwnative fund¢rs to Tcplac¢ this facility. Tbe trustees are confident that funding will bc obtaincd to rcplacc Sheffield City Council's facility and th¢y do however recognisc that it will be a challenge to ensure the Phase III development is sustainable. b¢aring in mind the deprived natUTe of the area. However, all the stakeholders in the development have continued to work togcther to giv¢ it th¢ b¢st possible chanc¢ for success. As such, th¢ trust¢¢s consider the charity is a going concern and have prepared the accounts accordingly. IJ Charitable funds Unrestri¢t¢d funds are available for use at the discretion of the trustees in filltherance of their charitable obje¢tiv¢s. 15
MANOR DEVELOPMENT COMPANY LIMITED NOTES TO THE FINANCIAL sTATEmEs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) 1.4 Incoming resources Income from donations and grants, including capital grants, is included in incoming resources when these are receivable exccpt as follows: when donors specify that donations and grants given to the charity must be used in fure accounting periods, the income is deferred until those periods. when donors impose conditions whicb have to be fulfilled before the charity becomes entitled to use such income, the income is defe¢d and not included in incoming resources until the pr¢-conditions for use have b¢¢n m¢t. when donors specify that donations and grants, including capital grants, are for particular restricted purposes, which do not amount to pr¢-¢onditions regarding entitlement, the income is included in incoming resources of restricted funds when re¢¢ivable. incoming resources from managed workspace rcprcscnts rents received and services provided to office units and workshop units net of VAT and trade discounts in the accounts of the group. in the accounts of the charitable Lompany alone the income from expenses recharged iepresents costs borne on behalf of the subsidiary and recharged to the subsidiary. Where the amount paid for the rental of the land used by the charity is below the commercial rate, donation is included in incom¢ for th¢ difference between the commercial rate and the amount actually paid by the group. 1.5 Resourees expended Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probabl¢ that a transfer of economic b¢n¢fJts will be required in settlement, and the amount of the obligation can bc measured reliably. Expenditure is classified by activity. The costs of each artivity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a singlc activity are allocated dir¢¢tly io that activity- Shared costs which contribute to more Ihan onc activity and support costs which ar¢ not attributable to a single activity are apportioned between those activities on a basis consist¢nt with the use of resources. Central staff costs ar¢ allocated on the basis of time spent, and depreciation charges ar¢ allocated on the portion of ihe asset's use. R¢sourccs ¢xpcnd¢d ar¢ included in the Statement of Financial Activities on an accruals basis and ar¢ recogniscd when th¢Te is a legal or constructive obligation to make a payment to a third paty. All resources expend¢d are classified under activity headings that agggate all costs related to the category. Charitable activities include activities UTJdertak¢n to further the purposes of the charity. Governanc¢ costs represent those costs of strategic manag¢mcnt and of complying wilh statutory requirements. Irrecoverable VAT is charged against th¢ category of resources expended for which it was incurred. 16
MANOR DEVELOPMENT COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting po]ieies (Continued) 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, n¢t of depreciation and any impairni¢nt losses. Depreciation is recognised so as to WTite off th¢ cost or valuation of ass¢ts l¢ss their residual values over their useful lives on tbc following bas¢s: L¢as¢hold propcrty FixtUTes and fittings lQ/o straight line 150/d330/o straight line The gain or Ios5 arising on the disposal of an ass¢t Is d¢terniined as the difference between the sale PToc¢¢ds and the caThying value of the asset, and is re¢ognis¢d in the statement of financial activities. Fixed assets costing less than £500 ar¢ not capitalised. 1.7 Impairment of fixed assets At each reporting end date, the charity reviews the carrying amounts of its langible asscts to det¢rmine whethcr th¢re is any indication that those assets have suffered an impairn]ent loss. If any such indication exists, the recoverable amount of thc asset is estimated in order to deternline the exlent of the impairnicnt loss, if any. Recoverable amount is the higher of fair value less costs to sell and value in use. Jn assessing valu¢ in us¢, the ¢stimated future cash flows are discounted to their present value using a pre-lax discount rate that r¢flects cuent market assessm¢nts of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset is estimated to be less than its CaIng amounL the carrying amount of th¢ asset is reduced to its recovernble amount. An impairn]ent loss is recognised immediately in in¢ome/(¢xpenditUTe) for the year, unless the relevant asset is carried at a revalued amounL in which Case the impainnent loss is tr¢at¢d as a revaluation decrease. Recognised itnpairn]ent losses are reversed if, and only if, the reasons for the impairnjent loss have ceased to apply. Wherc an impairnleni loss subscqucntly reverscs, th¢ carrying amount of the asset is increased to the revised estimate of Its recoverable amount, but so that the increased carying amount does not exceed the carrying amount tbal would have been determined had no impainncni loss been r¢cognis¢d for th¢ asset in prior years. A reversal of an impairnient loss is rccogniscd immediately, unless the relevant asset is carried in at a revalued amounL in which case the reversal of the impairn]ent loss is treated as a revaluation increase. 1.8 Cash and cash equivalents Cash and rash ¢quivalents include cash in hand, depositb held at call with banks, other short-t¢rn) liquid inv¢stm¢nts with original maturiti¢s of three months or less, and bank overdrafts. Bank overdrafts are shown within bom)wings in current liabilities. 17
MANOR DEVELOPMENT COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) 1.9 Financial instruments The charity has elected to apply the provisions of Section I I 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issu¢s' of FRS 102 to all of its financial instwments. Financial instruments are recognised in the charity's balance sheet when the charity b¢com¢s paty to the contractual provisions of the instrument. Financial assets and liabilities are offs¢t, with the net amounts present¢d in the fancIal statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a n¢t basis or to realis¢ the asset and settl¢ the liability simultaneously. 8asl¢ financial assets Financial ass¢ts classified as otlier financial assets are stat¢d at fair value with any gains or losses arising on remeasurement rewgnis¢d in profit or loss. The net gain or loss recognised in profil or loss includes any dividend or intcrest earned on the financial asset. Impalmient of flnanclal assets Financial assets, other ihan thos¢ held at fair value through income and expenditure, are assessed for indicalors of iftnpairnient at each reporting dat¢. Financial assets are impaired where ihw¢ is obj¢ctive ¢vid¢nc¢ that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future Cash flows have been affected. Tf an asset is impaired, the impainnent loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effectiv¢ int¢r¢st rate. The impairn]ent loss is recognised in net income/{¢xp¢nditure) for the year. If there is a decrease in the impairn]ent loss arising from an event OCCUTTing after the impainnent was recognised, the impainn¢nt is rcversed. Th¢ reversal is such that the current carrying amount does nol exceed what the carrying amounl would have be¢n, had the impaimient not previously bn r¢cognised. The impairnient reversal is recognised in net incom¢/(expenditure) for the year. Derecognltlon of Ilnanclal assets Financial assets are derecognised only when th¢ contractual rights to the cash flows from the asset expire or are settled, or when the charity transf¢rs the financial asset and substantially all th¢ risks and rewards of ownership to another entity, or if some significant risks and rewards of owncrship are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. 18
MANOR DEVELOPMENT COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Aecounting policies (Continued) Basic financial liabilities Basic financial liabiliti¢s, including cr¢ditots and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the tllre payments discounted at a market rate of interest. Financial liabiliti¢s Classifi as payable within one year are not amortised. Debt instruments are subsequently caTried at amortised cost, using the effective interest rate method. Trad¢ cr¢ditors ar¢ obligations to pay for goods or s¢rvic¢s that havc bc¢n acquircd in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If nol, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction pri¢e and subsequently measured at amortised cost using the effective interest tnethod. Derecognition of financial liabilifies Financial liabilities are d¢recognis¢d when the charity's ¢ontra¢tual obligations ¢xpire or are discharged or eancelled. 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Terniination benefits are recognised immediately as an expense when the charity is demonstrably mmittcd to t¢rn]inat¢ the cmployment of an ¢mploye¢ or to PTovide tennination b¢ncfits, 1.11 Retirement benefits Payments to defined contribution retirement benefit s¢h¢m¢s ar¢ charged as an expense as they fall due. Criti¢al Accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judg¢mcnts, estimates and assumptions about the canying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other faclors that are considered to be relevant. ACal results may differ from these estimates. Thc estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to a¢counting estimates are recognised in the period in which the estimale is revis¢d where the revision affects only that period, or in the period of the revision and future periods where the revision affects both CULTent and future periods. 19-
MANOR DEVELOPMENT COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Critical accounting estimates and judgements (Continued) Donation of land The charity and its trading subsidiary company receive a donation for the land it operates from as th athal T¢ntal it pays for the land is below the commercial rate. To estimate this donation, th¢ trustees need to mak¢ an ass¢ssm¢nt of what the commercial rent would be. This involves a review of evidence as to how commercial rates for the rent of land are calculated and then using this evidence to estimate a donation. Donations and legacies 2025 2024 Donated goods and services 175,840 17,340 During the year ended 31 March 2025, the charitable company was gift¢d a property with a market value of £158.500. This amount has been included within leasehold fixed asset addilions for the year. Charitable aetivities 2025 2024 Sale of goods S¢rvic¢s provided under contract Charitable r¢ntal income 233,462 87,529 3,153 212,923 3,440 324,144 216,363 Investments 2025 2024 Gifi aid rec¢ived from subsidiary company Interest receivable 128,662 13,405 90,892 9,456 142,067 100,348 -20-
MANOR DEVELOPMENT COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Charitable actii'itie5 Total 2025 Total 2024 Staff costs D¢pr¢ciatRon and impainnent Community events Angleton rooms Rent and rates R¢pairs and ¢quipm¢nt Legal, professional and consultancy fees Bank Charges General expenses 226,200 42,693 53,397 2,370 28,766 6,691 4,145 154 937 206,290 40,018 3,651 J7,340 2,535 143 2.935 365,353 272,912 Grant funding of activities (see note 7) Share of governance costs (see note 8) 1,260 2,400 3,573 2.150 369,013 278,635 21
MANOR DEVELOPMENT COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Grants payable Total 2025 Total 2024 Grants to institutions: Matrec My Life Project Manor Cornmunity Childcare 1,000 2,373 1.200 260 1,260 3,573 Support costs Support Governance Costs costs 2025 Support Governance Costs costs 2024 Audit fees 2,400 2,40G 2,150 2,150 2,400 2,400 2,150 2,150 Analysed between Chalitable activities 2,400 2,400 2,150 2,150 Gov¢rnanc¢ costs includes payments to th¢ auditor of £2,400 for audit fees (2024.. £2,150). Legal and professional f¢es include payments to the auditor of £2,700 (2024: £2,500) for other scrvices. Net movement in funds 2025 2024 The net movement in funds is Stat aft¢r chargingl(crediting}: Fces payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets 2,400 42,693 2,150 40,018 10 Trustees None of th¢ trust¢cs (or any persons connected with them} rcccivcd any remuneralion or any oth¢r benefits from employment with the charitable company or any other related entity during the year. Two Irust¢cs wer¢ r¢imbun%ed foT travcl rclated expenses amounting to £569 during th¢ year (2024: £nil). 22-
MANOR DEVELOPMENT COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11 Employees The average monthly numbcr of employees during the year was: 2025 Number 2024 Number TTUSteesldirectors Managementladministrationlfinance 12 Total 16 15 Employment Costs 2025 2024 Wages and salaries Social security costs Other pension costs 208,168 8,771 9,261 189,918 7,475 8,897 226,200 206,290 There were no employees whose annual remuneration was more than £60,000. Remuneration of key management personnel The remuneration of key n)anagement personnel was as follows: 2025 2024 Agggate compensation 62,120 59,556 12 Taxatlon Thc charity is excmpl from taxation on its activities because all its income is applied for charitablc puo)oses. -23-
MANOR DEVELOPMENT COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 I[ARCH 2025 13 Tangible fixed assets Leosehold Flxtures and nd buildings rittings T•t#l Cost At l April 2024 Additions 3,934,505 363,816 82,455 4,016,960 363,816 At 31 March 2025 4,298,321 82,455 4,380,776 Depreciation and impairnient At I April 2024 Depreciation charged in the year 558,181 41,997 79,084 696 637.265 42,693 At 31 March 2025 600,178 79,780 679,958 Carrying amount At 31 March 2025 3,698,143 2,675 3,700,818 At 31 March 2024 3,376,324 3,371 3,379,695 The three phases of the Alison Centre are the d¢v¢lopment included within land and buildings. It is located in an area of significant deprivation, an area where the market has failed and an area that needs to be ¢conomically T¢gcn¢Tated. The Alison Centre is part of the plan for economic regeneration. The buildings have been Professionally valued at a total of £1.8m during 2015. This is below the carrying value in the accounts of £3,698,143. "rh¢ difference will be generated through th¢ long terni imp<iCts of the development i.e. local job creation, as businesses move in and acting as a beacon for business development. It has changed the image of the area, making it mor¢ attractive for peoplc to rnovc in. Indccd this was the Purpose of the public investment in the first placc. There is no fornial lease in place between Sheffield City Council and Manor Development Company Limited in r¢sp¢ct of two phases of the Alison Centre. The matter is under negotiation and the trustees are under the opinion that a l¢as¢ will be signed and therefore consider it appropriale lo treat ¢xp¢nditure on the two phases as capital expenditure. If a lease is J)oi granted by Sheffield City Council then the capital expenditure on leasehold property may need to be written off. 24-
MANOR DEVELOPMENT COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Debtors 2025 2024 Amounts falliDg due within one year: Trade debtors Amounts owed by subsidiary undertakings Other debtors Prepaymcnts and accrucd incomc 2,463 340,421 19,159 9,462 2,797 303,939 20,322 140,138 371,505 467,196 15 Current asset investments 2025 2024 Fixed tcnn deposit accounts 270,685 259,092 16 Creditors: amounts falling due Thrythin one year 2025 2024 Other taxation and social security Trade cr¢ditors Other creditors Accruals and d¢f¢tr¢d inwm¢ 3,184 522 952.048 7,960 2,532 953,505 10,510 963,714 966,547 17 Retirement benefit schemes 2025 2024 Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes 9,261 8,897 The charity op¢rat¢s a defined Contribution pension scheme for all qualifying employees. The assets of th¢ sch¢m¢ are held s¢parat¢ly from thos¢ of th¢ charity in an independenÉly administered fund. 25-
MANOR DEVELOPMENT COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and granls which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specifi¢ purposes. At l April 2024 Incoming resources Resources At 31 March expended 2025 General fuiids 3,218.708 642,051 (369,013) 3,491,746 Previous year: At l April 2023 Incoming resources Resources Af 31 March expended 2024 General funds 3,163,292 334,051 (278,635) 3,218,708 19 Financial commitmenlsg guarantees and contingent liabilities The Phase I development which is included in land and buildings of the charitable company at a cost of £720,575 was fully funded by Capital Grants received. Similarly the Phase 111 developrnenl which is included in land and buildings of Ihe charitable company at a cost of £3,213,930 was also fully funded by Capital Grants received. The grants become repayable in the event that services provided fail to comply with the ternis of the Capital Grant funding agreements. The trustees consider that the risk of repayment is remote. 20 Capital Commitments Amounts conttacted for but not provided in the financial statements: 2025 2024 Acquisition of property, plant and equipment 132,210 The capital commitments for 2024 related to a property, 296-298 Prince of Wales Road, which was exchanged and completed in April 2024. -26-
MANOR DEVELOPMENT COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 21 Related party transactions During the year th¢ charitable Lumpany operated a loan account with its trading subsidiary company, Manor Development Company (Alison C¢ntr¢) Limited. At l April 2024 the amount owed lo the charitable company from Manor Development Company (Alison Centre) Limited was £303,938. During the yeaT wages recharges of £215,462 and licencc fees of £18,000 W¢TC charged by Manor Development Company Limited to its subsidiary. The subsidiary also made a gift aid donation of £128,662 to Manor Development Company Limited. At 31 March 2025 the amount due to Manor Development Company Limited from its trdding subsidiary was £340,421. 22 Subsidiaries These financial statements are separate charity financial statements for Manor Development Company Limited. The financial staternents present information about the charitable company as an individual undertaking and not as a group. The charitable company has control of l OOO/o of the assets and trade of Manor Development Company (Alison Centre) Limited (company number 03581273), a company limited by guarantee. Manor Development Company Limited are able to appoint and remove directors in this company and in 2009 it was resolved that Manor Development Company Limited was to be its only member. The cost of the investment in the subsidiary is £nil (2024: £nil). The subsidiary's activity is social enterprise. Its incoming resources for the year were £631,163 (2024: £631,392) and its total resources expended were £507,476 (2024.. £498,917), leaving a profit for the year of £123,687 (2024.. £132,475). The company made a gift aid donation to Manor Development Company Limited of £128.662 (2024.. £90,892) during the year. At 31 March 2025 the capital and reserves of Manor Development Company (Alison Centre) Limited were £220,492 (2024.. £225,467). The charitable company does not have a stalutory obligation to prepare group accounts and so consolidated accounts have not been prepared. 23 Cash generated from operations 2025 2024 sUlUs for the y¢ar 273,038 55,416 Adjustments for: Investment income recognised in statement of financial activittes Fixed assets acquired by donation Depreciation and impairnient of tangible fixed assets (142,067) (100,348) (158,500) 42,693 40,018 Movements in working capital: Decreasel(increase) in debtors (Decrease)lincre&se in creditors 95,691 (2,833) (118,010) 53 Cash generated froml(absorbed by) operations 108,022 (122,871) -27-