REGISTERED COMPANY NUMBER.. 07011983 (England and Wales) REGISTERED CHARITY NUMBER: 1132633 Henleaze Swimming Club Annual Trustees, Report and Unaudited Financial Statements for the Year Ended 30 September 2020
Henleaze Swlmmlng Club Contents of the Flnancial Statements forthe Year Ended 30 September 2020 Page Report of the Trustees Ito6 Independent Examiner's Report Statement of Financial Activities Balance Sheet 9tolO Notes to the Financial Statements Ilto18
Henleaze Swlmmlng aub Report of the Trustees for the Year Ended 30 September 2020 The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 September 2020. The trustees have adopted the provisions of the Accountlng and Reporting by Charities.. Statement of Recommended Practlce ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland IFRS 1021. Henleaze Swimming Club 15 a charitable company limited by guarantee, incorporated on 8th September 2009 and registered as a charity on 10th November 2009. Through a Transfer of Undertaking, the affairs of the unincorporated association known as Henleaze Swimming Club were transferred to the charitable company in March 2010. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 07011983 (England and Wales) Registered Charity number 1132633 Reglstered offlce Henleaze Lake Lake Road Bristol BSIO 5HG Trustees Andrew Asplin Charles Booth David Bruce Scott Fisher Alan Giles Ross Harlev Ros Miller Richard Spence Andrew Stewart Sophie Summer5 MarkThompson Treasurer Resigned 19 May 2020 Chair Resigned 2 December 2019 Executive Team Alison Laity Josephine Evans General Manager Deputy General Manager
Henleaze Swimming Club Report of the Trustees for the Year Ended 30 September 2020 REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Corrigan Accountants Limited The Tramshed 25 Lower Park Row Bristol BS15BN STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document It is governed by its Memorandum and Articles of Associatlon dated 24th August 2009. Recrultment and appolntment of new trustees Under the requirements of Henleaze Swimming Club's Memoranijum and Articles of A55OClation there shall be no fewer than 9 Trustees. Induction and training of new trustees Trustees are invited to meet the executive team and familiarise themselves with the aim5 of the organisation. They are given an induction pack which includes the Memorandum & Articles of Association Iwhich includes the objects of the Charity),. Charities Commi55ion guidelines on becoming a Trustee,. and forms for signature. Rlsk management The major risks to which the organisation is exposed. as identified by the Trustees, have been reviewed and systems or procedures have been established to manage those risks. OBJECTIVES AND ACTIVITIES Objectives and aim5 The objects of the Charity are: 111 To promote the health of the inhabitants of Bristol and the surrounding area by providing facilities for open water swimmin8 and such other facilities for healthy exercise as the Executive Committee shall from time to time determine. 121 To provide or assist in the provision of open water swimming and other facilities in the interests of social welfare for recreation or other leisure time occupation, such facilities being provided at Henleaze Lake for the benefit of the inhabitants of Bristol and the surrounding area with the object of improvlng their conditions of life.
Henleaze Swimming Club Report of the Trustees forthe Year Ended 30 September2020 Significant activities The principal activity is open-water swimming at Henleaze Lake. Covid-19 The year has been domlnated by the national emergency of Covid-19. Club activities and operations were c105ed during the lockdown from late-march 2020 to early June. When we re-opened, it was in a carefully planned Covid-secure manner to protect the health of staff and users. This included a strict limit on numbers of people using the site. We were able to then provide more limited than usual facilities for usage to the end of the main summer season. An unannounced visit was made by Bristol City Council in June to check that our revised operation5 were compatible with government guidance, they were very satisfied and informally confirmed that we had 'passed with flying colours,. Post year-end, operations were again closed down in the lockdown from early January 2021. 08JECTIVES AND ACTIVITIES Public benefit Statement The trustees have had regard to Charity Commission guidance on public benefit and report on these activities below.. Membership is limited in numbers because of the need for a limlt on the number of individuals on site at any one time for health and safety reasons. The Trustees seek to maximise the usage of the site by non- members for activities relevant to the club objectives, under a wider-usage programme. We have increased the opportunities for non-members to use the site and it5 facilities over recent years. Whilst the Covid-19 lockdown severely impacted the year as a whole, the Club was still able to provide wider usage to non- member5. The Community Access ICAI scheme, started 2 years ago, is a system whereby registered users who are not Club members can swim as visitors when the site is not busy. CA numbers increased to 715 registered users, and CA places were offered from soon after post-lockdown re-opening in June. The Bristol & District Triathletes Club IBADTril trained in the lake on Sunday mornings from soon after the post-lockdown re-opening. We were unable this year to provide access to Charity and event swimmers Inon-membersl with sessions on Saturday morninE and Monday evening due to lockdown and operational constraints. We hope these sessions will re-start next season. We were pleased to be able to continue with the relatively new Social Prescribing project described in last yearfs Trustees Report. This is an initiative which has been trialled in a few doctors, surgeries where a patient may present with concerns over their mental or physical health and their GP feels they may benefit from attending the Lake for therapeutic swimming or simply by bein8 in its beautiful and relaxing surroundings. This provided added benefit to users in such a stressful year.
Henleaze Swlmming Club Report of the Trustees for the Year Ended 30 September 2020 ACHIEVEMENT AND PERFORMANCE Charltable actlvitles This year the Club had a total of 2,588 members, comprising 2,113 adult members and 475 junior members lunder 18-yearsl. Winter swimming has continued to Erow in popularity. It operated successfully from October 2019 through to March 2020 la slightly earlier finish than planned due to Covid-19 lockdownl, with 381 members signing up for this activity1320 the previous yearl. We created a new role of Grounds Manager and recruited a part-time employee Jodi Peacham for this job. This development is in line with our wider plan to ensure an increasingly professional and resilient management and operation of the Club facilities. Despite the operational challenges of lockdown, Jodi has already achieved a great deal. We developed an online booking system from scratch to enable a more easily managed way to limit user numbers and to have a record of users for contact tracing as required. This was completed by July and is a most worthwhile new tool for the operational team. It is likely that we will continue with this System, in part at least, even after all Covid-19 restrictions are lifted. The Club own5 the Henleaze Lake site, Land Registry title number BL60682. We are active in a55erting ownership of all cliff-top land which backs on to our neighbours on Lakewood Road and Lake Road. We rely on a wealth of archive records and on annual licences which permit use by neighbours of club land with certain restrictions. We continue to invest in staff training. All our superintendents hold the Royal Life Saving Society IRLSSI open-water supervisory qualification, and some also have the level 2 pool lifeguard qualification. On top of this we continue to provide monthly training which is designed to the Lake requirements. Water quality remains an important focus. We have been very pleased to learn post year-end that the 'Good' classificatlon under the EU bathing water directive ha5 been maintained. The Trustees continued on a review of the Club constitution lit is 10 years since it was created in it5 current forml and club management arrangements. Outcomes are expected to be reported next year. Performance The total income for the period was £259,76312019.' £246,530). This included interest of £6912019: £5911, £1,00012019.' £1,000) from trust funds managed by Barcan & Kirby Solicitor5, and the remaining £300 from the family of a past member. Total expenditure for the year was £251,18012019'. £228,093). This 8ives a Surplus for the year of £8,58312019'. £18,437). The company owns land and building5 which were initially gifted to the company on formation at nil cost, and subsequently included in the financial statements at £250,000. Fixed assets included in the Balance Sheet have an estimated value for insurance purposes of £410,544.
Henleaze Swlmmlng Club Report of the Trustee5 for the Year Ended 30 September 2020 RESTRICTED FUNDS There are no restricted funds. UNRESTRicfED FUNDS Unrestricted funds are avallable to spend on activities that further any of the purposes of the charitv. DESIGNATED FUNDS Designated funds are unrestricted funds of the charity which the trustees have declded at their discretion to set aside to use for a Specific purpose. FINANCIAL REVIEW Reserves policy In order to provide on-going financial stsbility, the organisation aims to hold reserves at a level to cater for a period of up to two years of severely curtailed income coupled with the cost of remedial work. This sort of situation could arise if water quality were to be badly compromised. A reserve of £75,000 is considered adequate for this purpose. Total reserves stand at £547,41412019.. £538,831). The decision to dis-affiliate from the ASA with effect from April 2013 and make our own arrangements for civil liability insurance means that we expect to generate a Surplus for some years to come. As referred to in the separate comments on charitable activitie5, the review of the built environment Seeks to ensure that the infrastructure at Henleaze Lake is appropriate to achieve our charitable objectives. Subject to on-going discussions it is anticipated that the current excess reserve5 together with the surplus income over the next five year5 will meet the relevant expenditure. Investment pollcy and objectives The organisation does not currently have a formal investment policy. The reserve of £75,C4JO continues to be held in a Charity Savings Account. FiITURE DEVELOPMENTS Henleaze Swimming Club strives to create an environment where people of all ages and backgrounds can enjoy open-water swimming. Facilities for inland open-water swimming and diving are extremely rare, and we wish to use our site to promote these healthy and enjoyable activities. Open-water swimming was recognised in 2008 as an official Olympic sport,. at the 2012 London Olympic Games the events were held in the Serpentine Lake in Hyde Park. Our strategic objectives are.. To seNe and support our membership and to champion their activities To be financially secure To manage the property, and especially the lake water To be a responsible employer Our specific priorities for the coming year are.. To undertake a review of the Club's constitution and its executive management. To continue work on improvement of the built environment. To develop our communications with members. To develop and implement an online membership renewal and booking 5VStem.
Henleaze Swimming Club Report of the Trustees for the Year Ended 30 September 2020 STATEMENT OF TRUSTEES RESPONSIBILITIES The trustees Iwho are also the directors of the company for the purp05e5 of company lawl are respoftsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards IGenerally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affalrs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements. the trustees are required to select suitable accounting policies and then apply them consistently observe the methods and principles in the Charity SORP make judgements and estimates that are reasonable and prudent state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements prepare the financial statements on the going concern basis unless It Is Inapproprlate to presume that the charitable company will continue in business The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Small Company Exemptions This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. ON BEHALF OF THE BOARD.. Ros Mlller-Trustee Dated:
Independent Examiner's Report to the Trustees of Henleaze Swimming Club Independent examinerfs report to the trustee5 of Henleaze Swlmmlng Club {'the Companv") I report to the charity trustee5 on my examination of the accounts of the Company for the year ended 30 September 2020 which are set out on pages 8 to 18. Responsibilities and basls of report As the charitws trustees of the Company land also its directors for the PL¢rposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2CK)6 Act'l. Having satisfied myself that the account5 of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 20111'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145151 Ibl of the 2011 Act. Independent examlnerfs statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: iii accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act,. or the accounts do not accord with those record5; or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair Vie which is not a matter considered 35 part of an independent examination,. or the accounts have not been prepared in accordance with the methods and principle5 Of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. 121 131 I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Stuart Crisp Bsc FCA Corrigan Accountants Limited The Tramshed 25 Lower Park Row Bristol BSI 5BN
Henleaze Swlmming Club Statement of Flnancial Artivities (Incorporating an Income and Expendlture Account) forthe Year Ended 30 September 2020 2020 2019 INCOMING RESOURCES Donatlons and legacles 1,300 1,000 Intomlng resources from charitable activities Swimming subscriptions Winter dipper subscriptions Swimming visitors Fishing subscriptions Income from trading activities Other incoming resources Bank interest received 217,070 20,470 18,700 186,207 16,711 32,089 12811 10,213 2,154 69 591 Total Incomlng resources RESOURCES EXPENDED Charitable activities Wages 259,763 246,530 142,190 7,161 15,932 117,696 9,012 11,307 Insurance r li Cost of stock Sundries Affiliation fees Repairs and maintenance Water quality Cardnet services Depreciation 3,812 13,961 199 31,912 14,876 759 10,832 7,748 14,484 189 24,793 17,262 1,195 7,738 241,634 211,424 Governance cost5 Administration Professional fees 6,040 3,506 10,294 6,375 9,546 16,669 Total resources expended 251,180 228,093 NET INCOMING RESOURCES 8,583 18,437 RECONCILIATION OF FUNDS Total funds brought forward 538,831 520,394 TOTAL FUNDS CARRIED FORWARD 547,414 538,831 The notes form part of these financial statements
Henleaze Swimming Club (Company Number: 070119831 (Charity Number: 11326331 Balance Sheet At 30 September 2020 2020 2019 Notes FIXED ASSETS Tangible assets 336,122 325,461 CURRENT ASSETS Cash at bank Debtors Stock 205,502 2,213 203,352 216,480 215,761 CREDITORS Amounts falling due within one year 15,1881 12,391 NET CURRENT ASSETS 211,292 213,370 TOTAL ASSETS LESS CURRENT LIABILITIES 547,414 538,831 NET ASSETS 547,414 538,831 FUNDS Unrestricted funds 9&10 547,414 538,831 TOTAL FUNDS 547,414 538,831 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020. The members have not required the charitable company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for lal ensuring that the charitable company keep5 accounting records that comply with Section5 386 and 387 of the Companies Act 2006, and Ibl preparing financial statements which glve a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable companv. The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. The notes form part of these financial statements
Henleaze Swimmlng Club (Company Number.. 07011983) {Charlty Number: 11326331 Balance Sheet At 30 September 2020 The financial statement5 were approved by the Board of Trustees on signed on its behalf bv.. and were Ros Miller- Trustee And w Asplirt - Trustee The notes form part of these financial statements io
Henleaze Swimmlng Club Notes to the Flnanclal Statements for the Year Ended 30 September 2020 STATUTORY INFORMATION The company is a private company limited by guarantee without share capital incorporated in England and Wales. The address of its registered office is.. Henleaze Lake Lake Road Bristol BSIO 5HG ACCOUNTING POUCIES Accounting convention The financial statements have been prepared under the historical cost convention and 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 IFRS 1021- (Charities SORP IFRS 10211 and in compliance with the provisions of Section IA "Small Entities of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. Henleaze Swimming Club meets the definition of a public benefit entity under FRS 102. The financial statements are prepared in pound5 Sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. Preparation of the accounts on a going concern basis The Trustees consider it appropriate to prepare the Financial Statements on a going concern basis, which means that, based on reasonable forecasts and expectations, the Charity will be able to meet its liabilities as they fall due over the next 12 months. In reaching this conclusion, the Trustees have taken into account their best estimate of the financial impact of the Covid-19 pandemic. The situation continues to evolve, and there remains some uncertainty regarding future restrictions, the timing of the Lake's re-opening, and the ability of the Lake to open normally throuEhout the coming year. Therefore the future impact of the pandemic on the Lake's resources cannot be forecast accurately at this time. However, based on the level of reserves held and the budget for the coming year, the going concern basis remains appropriate. Incoming resources All incoming resources are incluijed on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracv. Resources expended Expenditure is accounted for on an accrua15 basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a ba515 consistent with the use of resource5. Governance costs are those costs incurred in connection with compllance with constitutional and statutory requirements. li
Henleaze Swimming Club Notes to the Financial Statements forthe Year Ended 305epternber 2020 ACCOUNTING POLICIES (Continued) Tanglble flxed assets Depreciation is provided on all fixed assets, except land, at the following annual rates in order to write off each asset over its estimated useful life., Fixtures and fittings Buildings Straight line basi5 over 8 years Straight line basis over 10 years Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits. Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out IFIFOI method. The cost of finished goods comprises direct materials and, where applicable, those costs that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or Ios5. Creditors and provisions Creditors and provisions are recognised where the Charity has a present obligation resulting from past event that will probably result in the transfer of fund5 to a third party the amount dije to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount. Taxatlon The charity is exempt from corporation tax on its charitsbSe activities. Fund actountlng Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. There are no restricted fund5. Further explanatlon of the nature and purpose of each fund is included in the notes to the financial ststements. 12
Henleaze Swlmming Club Notes to the Flnancial Statements for the Year Ended 30 September 2020 NET INCOMING RESOURCES Net incoming resources are stated after charging the following amounts payable to the independent examiner.'_ 2020 2019 Independent examination Accounting seryices 1,250 500 1,250 500 1,750 1,750 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, or directors, remuneration or other benefits for the year ended 30 September 2020 nor for the year ended 30 September 2019. Trustees, Expenses There were no trustees, or director5, expenses paid for the year ended 30 September 2020 nor for the year ended 30 September 2019. STAFF COSTS 2020 2019 Wages and salaries Social security costs Pension costs, defined contribution scheme 127,500 12,686 100,934 15,357 1,405 Wages and salaries 142,190 117,696 No employees had employee benefits in excess of £60,00012019- none). Pension cost5 are wholly charged to unrestricted funds. Employees are used to cover the lake's facilitie5 as required. The following were employed during the year: 2020 No. 2019 No. Executive team Grounds staff Superintendents (Part-time, all yearl (Part-time, all yearl (Part-time, primarily S months May to September) 24 27 28 30 13
Henleaze Swimming Club Notes to the Financial Statements for the Year Ended 30 September 2020 TANGIBLE FIXED ASSETS Land & Buildings Flxtures & Flttlngs Total COST At l October 2019 Additions 297,167 15,773 40,914 5,720 338,081 21,493 At 30 September 2020 312.940 46,634 359,574 DEPRECIATION At l October 2019 Charge for year 7,591 5,289 5,029 5,543 12,620 10,832 At 30 September 2020 12,880 10,572 23,452 NET BOOK VALUE At 30 September 2020 300.060 36,062 336,122 At 30September 2019 289,576 35,885 325,461 DEBTORS 2020 2019 Accrued income Other income 1,830 383 2,213 14
Henleaze Swlmmlng Club Notes to the Financial Statements forthe Year Ended 305eptember2020 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2020 2019 Accrued expenses Deferred income 5,188 2,391 5.188 2,391 Where it arises, deferred incoffle comprises advanced Winter Dipper subscriptions, for which the sessions commence in October. 2020 Balance as at l October 2019 Amount released in year Amount deferred in year Balance as at 30 September 2020 2019 Balance as at l October 2018 Amount released in the year Amount deferred in year Balance as at 30 September 2019 1,340 11,3401 15
Henleaze Swlmming Club Notes to the Flnanclal Statements for the Year Ended 30 September 2020 MOVEMENT IN FUNDS 2020 Atl October 2019 Net movement in funds Transfer At30 between September funds 2020 Unrestricted funds General fund Designated fund5 75,000 463,831 8,583 18,5831 8,583 75,000 472,414 TOTAL FUNDS 538,831 8,583 547,414 2019 Atl October 2018 Net movement in funds Transfer At30 between September funds 2019 Unrestrlcted funds General fund Designated funds 75,000 445,394 18,437 118,4371 18,437 75,CXJO 463,831 TOTAL FUNDS 520,394 18,437 538,831 Net movement in funds, included in the above are as follows: 2020 Incoming resources Resources expended Movement in fund5 Unrestrlcted funds General fund Designated funds 259,763 1251,1801 8,583 TOTAL FUNOS 259,763 1251,1801 8,583 2019 Incoming resources Resources expended Movement in funds Unrestrlrted funds General fund Designated funds 246,530 1228,0931 18,437 TOTAL FUNDS 246,530 1228,0931 18,437 16
Henleaze Swimmlng Club Notes to the Financial Statements for the Year Ended 30 September 2020 MOVEMENT IN FUNDS (CONTINUED) Informatlon regarding fund balances un$tritte funds: The funds of the charity include unrestricted fund5 comprising of the following balances of Income received in the general furtherance of the charity's object.. Generulfund.. General fund represents 'free reserves, available for spending on the furtherance of the charity's objects. De5ignotedfund.. The Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside for future development. Transfer between fund5 The transfer between funds is effected to demonstrate to stakeholders the level of reserves held which is over and above that specified within the reserves policy. 10. ANALYSIS OF NET ASSETS BEni4lEEN FUNDS 2020 General Designated Fund funds Total Tangib5e fixed assets Cash at bank Debtors Stock Creditors 336,122 127,527 336,122 205,502 2,213 8,765 15,1881 77,975 2,213 8.765 15,1881 TOTAL 75,000 472,414 547,414 2019 General Designated Fund funds Total Tangible fixed assets Cash atbank Stock Creditors 325,461 125,961 12,409 325,461 203,352 12,409 12,3911 77,391 12,3911 TOTAL 75,0(K) 463,831 538,831 17
Henleaze Swimming Club Notes to the Finantial Statements forthe Year Ended 30 September 2020 11. RELATED PARTY TRANSACTIONS During the year ended 30 September 2019, the charity purchased a membership system from Mark Thompson. a trustee of the board. The amount spent in the year totalled £6,000, and there were no amounts Outstanding at year end. During the year ended 30 September 2020, further payments of £1,500 were made for software maintenance of the membershlp system. See note 4 for details of transactions with trustees. There were no other related party transactlons which required disclosure for year ended 30 September 2020. 12. CAPITAL COMMITMENTS At 30 September 2020, the charity had capital commitments agreed for but not provided for in these financial statements of approximately £40,00012019 - £01. 18