| Page | ||||||
|---|---|---|---|---|---|---|
| Reference and Administrative | Details ofthe Charity, | its Trustees | and Advisers | |||
| Trustees' Report |
||||||
| Independent | Auditors' | Report | on the Financial Statements | 12-15 | ||
| Consolidated | Statement of Financial Activities | 16 | ||||
| Consolidated | Balance | Sheet | 17 | |||
| Charity Balance Sheet | 18 | |||||
| Consolidated | Statement ofCash Flows | 19 | ||||
| Notes to the | Financial | Statements | 20-39 |
| Trustees | Rear Admiral Michael George Wood CBE, DL, JP, Chairman |
Rear Admiral Michael George Wood CBE, DL, JP, Chairman |
||
|---|---|---|---|---|
| Mrs Sarah Adkins | ||||
| Mr Robert Alan | Seabrook Baldry | |||
| Mr Alastair Keith Camp |
||||
| Mr lan Robert Douglas | ||||
| Lt Cdr Rebecca | French RN | |||
| Lt Cdr Claire Marie Frances Lees MBE RN | ||||
| Michael James Dukes | ||||
| Warrant Officer |
First Class Paul Todd | |||
| Major Steve Cox RM | ||||
| Company | registered | |||
| number | 07100967 | |||
| Charity registered | ||||
| number | 1135918 | |||
| Chief executive officer | Mr G C Hannah | |||
| Independent | auditors | Bishop Fleming | LLP | |
| Chartered Accountants |
||||
| Salt Quay House | ||||
| 4 North East Quay | ||||
| Sutton Harbour | ||||
| Plymouth | ||||
| PL4 OBN | ||||
| Bankers | HSBC | |||
| Forder House | ||||
| 20 William Prance Road | ||||
| Plymouth | ||||
| Devon | ||||
| PL6 5WR | ||||
| Solicitors | Womble Bond Dickinson | |||
| Ballard House | ||||
| West Hoe Road | ||||
| Plymouth | ||||
| Devon | ||||
| PL1 3AE |
| Unrestricted | Restricted | Total | Total | |||||
|---|---|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||||
| Note | 2022 | 2022f | 2022 | 2021 E |
||||
| Income from: | ||||||||
| Donations and legacies |
160,458 | 154,458 | 314,916 | 50,125 | ||||
| Charitable activities |
735,020 | 4,689 | 739,709 | 1,205,236 | ||||
| Other trading activities |
5,113,879 | 5,113,879 | 2,003,677 | |||||
| Investments | 45,366 | 45,366 | 50,271 | |||||
| Total income | 6,054,723 | 159,147 | 6,213,870 | 3,309,309 | ||||
| Expenditure on: |
||||||||
| Raising funds | 4,372,872 | 4,372,872 | 3,160,933 | |||||
| Charitable activities |
1,137,179 | 23,435 | 1,160,614 | 819,882 | ||||
| Total expenditure | 5,510,051 | 23,435 | 5,533,486 | 3,980,815 | ||||
| Net income/(expenditure) | before net | |||||||
| (losses)/gains on |
investments | 544,672 | 135,712 | 680,384 | (671,506) | |||
| Net (losses)/gains | on investments | (42,236) | (42,236) | 110,877 | ||||
| Net movement in |
funds before other | |||||||
| recognised gains |
502,436 | 135,712 | 638,148 | (560,629) | ||||
| Net movement in |
funds | 502,436 | 135,712 | 638,148 | (560,629) | |||
| Reconciliation of |
funds: | |||||||
| Total funds brought | forward | 8,395,354 | 200,119 | 8,595,473 | 9,156,102 | |||
| Net movement in funds |
502,436 | 135,712 | 638,148 | (560,629) | ||||
| Total funds carried | forward | 8,897,790 | 335,831 | 9,233,621 | 8,595,473 |
| 2022 | 2021 | ||||||
|---|---|---|---|---|---|---|---|
| Note | F | ||||||
| Fixed assets | |||||||
| Tangible assets | 12 | 8,848,589 | 8,963,347 | ||||
| Investments | 13 | 953,316 | 827,594 | ||||
| 9,801,905 | 9,790,941 | ||||||
| Current assets | |||||||
| Stocks | 14 | 116,770 | 94,198 | ||||
| Debtors | 15 | 229,730 | 96,662 | ||||
| Cash at bank and | in hand | 1,113,679 | 662,937 | ||||
| 1,460,179 | 853,797 | ||||||
| Creditors: amounts | falling | due within one | |||||
| year | 16 | (1,382,005) | (1,170,841) | ||||
| Net current assets/(liabilities) | 78,174 | (317,044) | |||||
| Total assets less | current | liabilities | 9,880,079 | 9,473,897 | |||
| Creditors: amounts | falling | due after more | |||||
| than one year | 17 | (646,458) | (878,424) | ||||
| Total net assets | 9,233,621 | 8,595,473 | |||||
| Charity funds | |||||||
| Restricted funds | 18 | 335,831 | 200,119 | ||||
| Unrestricted funds |
18 | 8,897,790 | 8,395,354 | ||||
| Total funds | 9,233,621 | 8,595,473 |
| Note | 2022f | 2021 | |||||
|---|---|---|---|---|---|---|---|
| Fixed assets | |||||||
| Tangible assets | 12 | 8,825,279 | 8,963,347 | ||||
| Investments | 13 | 954,316 | 828,594 | ||||
| 9,779,595 | 9,791,941 | ||||||
| Current assets | |||||||
| Debtors | 15 | 525,989 | 17,881 | ||||
| Cash at bank and | in hand | 233,008 | 358,329 | ||||
| 758,997 | 376,210 | ||||||
| Creditors: amounts | falling | due within one | |||||
| year | 16 | (952,660) | (776,532) | ||||
| Net current (liabilities) | (193,663) | (400,322) | |||||
| Total assets less | current | liabilities | 9,585,932 | 9,391,619 | |||
| Creditors: amounts | falling | due after more | |||||
| than one year | 17 | (388,674) | (463,525) | ||||
| Total net assets | 9,197,258 | 8,928,094 | |||||
| Charity funds | |||||||
| Restricted funds |
18 | 335,831 | 200,119 | ||||
| Unrestricted funds |
18 | 8,861,427 | 8,727,975 | ||||
| Total funds | 9,197,258 | 8,928,094 |
| 2022 | 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| Note | E | |||||||
| Cash flows from operating | activities | |||||||
| Net cash used in operating |
activities | 21 | 1,007,833 | (238,337) | ||||
| Cash flows from investing | activities | |||||||
| Purchase oftangible fixed assets |
(180,588) | (167,845) | ||||||
| Proceeds from sale of investments | 14 | 400,094 | ||||||
| Purchase of investments | (167,970) | (36,422) | ||||||
| Investment Income received |
45,366 | 50,271 | ||||||
| Net cash (used in)/provided | by investing | activities | (303,178) | 246,098 | ||||
| Cash flows from financing | activities | |||||||
| Repayments of borrowing |
(253,913) | (37,432) | ||||||
| Net cash used in financing | activities | (253,913) | (37,432) | |||||
| Change in cash and cash |
equivalents | in | the year | 450,742 | (29,671) | |||
| Cash and cash equivalents | at the beginning | ofthe year | 662,937 | 692,608 | ||||
| Cash and cash equivalents | at the end | of | the year | 22 | 1,113,679 | 662,937 | ||
| The notes on pages 20 to 39form part ofthese financial | statements |
| Freehold | property | - Building element: 4% straight | - Building element: 4% straight | - Building element: 4% straight | line, land not |
|---|---|---|---|---|---|
| depreciated | |||||
| Plant and | machinery | - 16%straight | line | ||
| Motor vehicles, tractors 8 | - 20% straight | line | |||
| mowers | |||||
| Fixtures, | fittings and equipment | - 15%-33%straight | line | ||
| Timeshares | - 2% straight | line/over | the term | ofthe ownership |
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2022 | 2022 | 2022 | |
| Grants | 160,458 | 154,458 | 314,916 |
| Unrestricted | Total | ||
| funds | funds | ||
| 2021 | 2021 | ||
| E | |||
| Grants | 50,125 | 50,125 |
| Unrestricted | Restricted | Total | ||
|---|---|---|---|---|
| funds | funds | funds | ||
| 2022 | 2022 | 2022 | ||
| f | ||||
| Direct charitable | income from beneficiaries | 735,020 | 735,020 | |
| COVID Relief grants | 4,689 | 4,689 | ||
| TOTAL 2022 | 735,020 | 4,689 | 739,709 | |
| Unrestricted | Restricted | Total | ||
| funds | funds | funds | ||
| 2021 | 2021 | 2021 | ||
| Direct charitable | income from beneficiaries | 424,866 | 424,866 | |
| COVID Relief grants | 780,370 | 780,370 | ||
| TOTAL 2021 | 424,866 | 780,370 | 1,205,236 |
| Unrestricted | Total | ||
|---|---|---|---|
| funds | funds | ||
| 2022 | 2022 | ||
| F | |||
| Investment | income | 45,366 | 45,366 |
| Unrestricted | Total | ||
| funds | funds | ||
| 2021 | 2021 | ||
| F | E | ||
| Investment | income | 50,271 | 50,271 |
| Unrestricted | Restricted | ||||||
|---|---|---|---|---|---|---|---|
| funds | funds | Total | |||||
| 2022 | 2022 | 2022 | |||||
| F. | |||||||
| Direct | charitable | cost | for | beneficiaries | 1,137,179 | 23,435 | 1,160,614 |
| Unrestricted | Restricted | ||||||
| funds | funds | Total | |||||
| 2021 | 2021 | 2021 | |||||
| F | F | E | |||||
| Direct | charitable | cost | for | beneficiaries | 29,720 | 790,162 | 819,882 |
| Activities | |
|---|---|
| undertaken | Total |
| directly | funds |
| 2022 | 2022f |
| 1,160,614 | 1,160,614 |
| Activities | |
|---|---|
| undertaken | Total |
| directly | funds |
| 2021 | 2021 |
| F | F |
| 819,882 | 819,882 |
| Direct | ||||
|---|---|---|---|---|
| charitable | Total | |||
| income | funds | |||
| 2022 | 2022 | |||
| Staff costs | 523,912 | 523,912 | ||
| Depreciation | 177,823 | 177,823 | ||
| Other operating | charges | 457,519 | 457,519 | |
| Governance | costs | 1,360 | 1,360 | |
| 1,160,614 | 1,160,614 |
| Direct | |||||||
|---|---|---|---|---|---|---|---|
| charitable | Total | ||||||
| income | funds | ||||||
| 2021 | 2021 | ||||||
| E | E | ||||||
| Staff costs | 284,521 | 284,521 | |||||
| Depreciation | 268,256 | 268,256 | |||||
| Other operating | charges | 261,337 | 261,337 | ||||
| Governance | costs | 5,768 | 5,768 | ||||
| 819,882 | 819,882 | ||||||
| NET INCOME/(EXPENDITURE) | |||||||
| 2022 | 2021 | ||||||
| F | |||||||
| Depreciation | of | tangible | fixed assets - owned | 280,426 | 268,256 | ||
| Auditor's | remuneration | - | audit | 3,875 | 5,100 | ||
| Auditors' | remuneration | - | other services | 9,825 | 7,475 | ||
| Operating | lease | rentals | 268,999 | 141,787 | |||
| 563,125 | 422,618 |
| Group | Group | Charity | Charity | |
|---|---|---|---|---|
| 2022f | 2021 | 2022 | 2021 E |
|
| Wages and salaries | 2,372,846 | 2,081,763 | 357,480 | 260,087 |
| Social security costs | 268,920 | 137,678 | 123,805 | 18,347 |
| Other pension costs | 91,128 | 42,169 | 42,626 | 6,087 |
| 2,732,894 | 2,261,610 | 523,911 | 284,521 |
| Group | Group | Charity | Charity | |
|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |
| No. | No. | No. | No. | |
| Total | 115 | 88 |
| Group | Group |
|---|---|
| 2022 | 2021 |
| No. | No. |
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| Listed | |||
|---|---|---|---|
| investments | |||
| GROUP | f. | ||
| COST OR VALUATION | |||
| At 1 June 2021 | 827,592 | ||
| Additions | 167,970 | ||
| Disposals | (14) | ||
| Revaluations | (42,232) | ||
| AT 31 MAY 2022 | 953,316 | ||
| NET BOOK VALUE | |||
| AT 31 MAY 2022 | 953,316 | ||
| AT 31 MAY 2021 | 827,592 | ||
| Investments | |||
| in | |||
| subsidiary | Listed | ||
| companies | investments | Total | |
| CHARITY | |||
| COST OR VALUATION | |||
| At 1 June 2021 | 1,000 | 827,592 | 828,592 |
| Additions | 167,970 | 167,970 | |
| Disposals | (14) | (14) | |
| Revaluations | (42,232) | (42,232) | |
| AT 31 MAY 2022 | 1,000 | 953,316 | 954,316 |
| NET BOOK VALUE | |||
| AT 31 MAY 2022 | 1,000 | 953,316 | 954,316 |
| AT 31 MAY 2021 | 1,000 | 827,592 | 828,592 |
| Group | Group | ||
|---|---|---|---|
| 2022 | 2021 | ||
| E | |||
| Raw materials | and consumables | 12,066 | 8,745 |
| Finished goods | and goods for resale | 104,704 | 85,453 |
| 116,770 | 94,198 |
| Group | Group | Charity | Charity | ||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | ||||
| F | E | ||||||
| DUE | WITHIN | ONE | YEAR | ||||
| Trade | debtors | 17,751 | 9,511 | ||||
| Other | debtors | 211,979 | 87,151 | 525,989 | 17,881 | ||
| 229,730 | 96,662 | 525,989 | 17,881 |
| Group | Group | Charity | Charity | |||||
|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |||||
| Bank loans | 158,129 | 180,076 | 70,525 | 70,525 | ||||
| Trade creditors | 293,582 | 201,822 | 388 | 1,476 | ||||
| Amounts | owed | to group undertakings | 877,157 | 700,528 | ||||
| Other taxation | and | social security | 116,355 | 103,558 | ||||
| Other creditors | 66,228 | 39,692 | ||||||
| Accruals | and deferred income |
747,711 | 645,693 | 4,590 | 4,003 | |||
| 1,382,005 | 1,170,841 | 952,660 | 776,532 | |||||
| Group | Group | |||||||
| 2022 | 2021 | |||||||
| E | ||||||||
| Deferred | income at 1 June 2021 | 477,323 | 326,694 | |||||
| Resources deferred | during the year | 538,476 | 477,323 | |||||
| Amounts | released | from previous | periods | (477,323) | (326,694) | |||
| Deferred | income at 31 May 2021 | 538,476 | 477,323 |
| Group | Group | Charity | Charity | ||
|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | ||
| F | |||||
| Bank | loans | 646,458 | 878,424 | 388,674 | 463,525 |
| Balance at 1 | Transfers | Gains/ | Balance at | ||||
|---|---|---|---|---|---|---|---|
| June 2021 | Income | Expenditure | in/out | (Losses) | 31 May 2022 | ||
| UNRESTRICTED | |||||||
| FUNDS | |||||||
| DESIGNATED | |||||||
| FUNDS | |||||||
| Designated Funds |
767,023 | 25,769 | 205,179 | (42,236) | 955,735 | ||
| Freehold | Property | 7,628,331 | (142,937) | 336,661 | 7,822,055 | ||
| 8,395,354 | 25,769 | (142,937) | 541,840 | (42,236) | 8,777,790 | ||
| GENERAL FUNDS | |||||||
| General | Funds | 6,028,954 | (5,367,114) | (541,840) | 120,000 | ||
| TOTAL | |||||||
| UNRESTRICTED | |||||||
| FUNDS | 8,395,354 | 6,054,723 | (5,510,051) | (42,236) | 8,897,790 | ||
| RESTRICTED | |||||||
| FUNDS | |||||||
| LIBOR Grant- | |||||||
| Capital | 37,592 | (3,048) | 34,544 | ||||
| RNRMC | Grant- | ||||||
| Capital | 162,527 | 154,458 | (15,698) | 301,287 | |||
| COVID | Relief | ||||||
| Grants | 4,689 | (4,689) | |||||
| 200,119 | 159,147 | (23,435) | 335,831 | ||||
| TOTAL | OF FUNDS | 8,595,473 | 6,213,870 | (5,533,486) | (42,236) | 9,233,621 |
| Balance at | Transfers | Gains/ | Balance at | |||
|---|---|---|---|---|---|---|
| 1 June 2020 | Income | Expenditure | in/out | (Losses) | 31 May 2021 | |
| E | E | |||||
| UNRESTRICTED | ||||||
| FUNDS | ||||||
| DESIGNATED | ||||||
| FUNDS | ||||||
| Designated Funds |
1,364,134 | 30,057 | (738,045) | 110,877 | 767,023 | |
| Freehold Property |
7,582,057 | (117,584) | 163,858 | 7,628,331 | ||
| 8,946,191 | 30,057 | (117,584) | (574,187) | 110,877 | 8,395,354 | |
| GENERAL FUNDS | ||||||
| General Funds |
2,498,882 | (3,073,069) | 574,187 | |||
| TOTAL | ||||||
| UNRESTRICTED | ||||||
| FUNDS | 8,946,191 | 2,528,939 | (3,190,653) | 110,877 | 8,395,354 | |
| RESTRICTED | ||||||
| FUNDS | ||||||
| LIBOR Grant- | ||||||
| Capital | 40,640 | (3,048) | 37,592 | |||
| RNRMC Grant- | ||||||
| Capital | 169,271 | (6,744) | 162,527 | |||
| COVID Relief | ||||||
| Grants | 780,370 | (780,370) | ||||
| 209,911 | 780,370 | (790,162) | 200,119 | |||
| TOTAL OF FUNDS | 9,156,102 | 3,309,309 | (3,980,815) | 110,877 | 8,595,473 |
| Balance at 1 | Transfers | Gains/ | Balance at | |||||
|---|---|---|---|---|---|---|---|---|
| June 2021 | Income | Expenditure | in/out | (Losses) | 31 May 2022 | |||
| f. | ||||||||
| Designated | ||||||||
| funds | 8,395,354 | 25,769 | (142,937) | 541,840 | (42,236) | 8,777,790 | ||
| General | funds | 6,028,954 | (5,367,114) | (541,840) | 120,000 | |||
| Restricted | funds | 200,119 | 159,147 | (23,435) | 335,831 | |||
| 8,595,473 | 6,213,870 | (5,533,486) | (42,236) | 9,233,621 | ||||
| SUMMARY OF | FUNDS - PRIOR | YEAR | ||||||
| Balance at | Transfers | Gains/ | Balance at | |||||
| 1 June 2020 | Income | Expenditure | in/out | (Losses) | 31 May 2021 | |||
| E | ||||||||
| Designated | ||||||||
| funds | 8,946,191 | 30,057 | (117,584) | (574,187) | 110,877 | 8,395,354 | ||
| General | funds | 2,498,882 | (3,073,069) | 574,187 | ||||
| Restricted | funds | 209,911 | 780,370 | (790,162) | 200,119 | |||
| 9,156,102 | 3,309,309 | (3,980,815) | 110,877 | 8,595,473 |
| ANALYSIS OF NET ASSETS BETWEEN FUNDS | - CURRENT YEAR | ||
|---|---|---|---|
| Unrestricted | Restricted | Total | |
| funds | funds | funds | |
| 2022 | 2022 | 2022 | |
| Tangible fixed assets | 8,512,758 | 335,831 | 8,848,589 |
| Fixed asset investments | 953,316 | 953,316 | |
| Current assets | 1,460,179 | 1,460,179 | |
| Creditors due within one year | (1,382,005) | (1,382,005) | |
| Creditors due in more than one year | (646,458) | (646,458) | |
| TOTAL | 8,897,790 | 335,831 | 9,233,621 |
| ANALYSIS OF NET ASSETS BETWEEN FUNDS | - PRIOR YEAR | ||
|---|---|---|---|
| Unrestricted | Restricted | Total | |
| funds | funds | funds | |
| 2021 | 2021 | 2021 | |
| E | E | E | |
| Tangible fixed assets | 8,763,228 | 200,119 | 8,963,347 |
| Fixed asset investments | 827,594 | 827,594 | |
| Current assets | 853,797 | 853,797 | |
| Creditors due within one year | (1,170,841) | (1,170,841) | |
| Creditors due in more than one year | (878,424) | (878,424) | |
| 8,395,354 | 200,119 | 8,595,473 |
| Group | Group | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||||||
| E | ||||||||||
| Net income/expenditure |
for | the | year | (as | per | Statement | of Financial | |||
| Activities) | 638,148 | (560,629) | ||||||||
| ADJUSTMENTS FOR: | ||||||||||
| Depreciation charges |
280,426 | 268,257 | ||||||||
| Gains/(losses) on investments |
42,232 | (107,939) | ||||||||
| Investment income |
(45,366) | (50,271) | ||||||||
| Profit on the sale offixed assets | 14,920 | 212 | ||||||||
| (Increase)/decrease | in stocks | (22,572) | 3,454 | |||||||
| (Increase) in debtors |
{133,068) | (13,610) | ||||||||
| Increase in creditors |
233,113 | 222,189 | ||||||||
| NET CASH PROVIDED | BY/{USED | IN) OPERATING ACTIVITIES | 1,007,833 | (238,337) |
| Group | Group | ||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| F | F | ||||||
| Cash | in | hand | 1,113,679 | 662,937 | |||
| TOTAL | CASH | AND | CASH | EQUIVALENTS | 1,113,679 | 662,937 |
| At 1 June | At 31 May | ||||
|---|---|---|---|---|---|
| 2021 | Cash flows | 2022 | |||
| Cash | at bank and | in hand | 662,937 | 450,742 | 1,113,679 |
| Debt | due within 1 |
year | (180,076) | 21,947 | (158,129) |
| Debt | due after 1 year | (878,424) | 231,966 | (646,458) | |
| (395,563) | 704,655 | 309,092 |
| Group | Group | |||
|---|---|---|---|---|
| 2022 | 2021 | |||
| E | ||||
| Not later than | 1 year | 189,889 | 141,787 | |
| Later than | 1 year and not later than 5years | 533,264 | 261,708 | |
| 723,153 | 403,495 |
| The following | was a | subsidiary undert |
aking ofthe Charity: |
|||
|---|---|---|---|---|---|---|
| Name | Company | Registered office |
or principal | Holding | ||
| number | place ofbusiness | |||||
| China Fleet | Country | Club Limited | 02527923 | Saltash, Plymouth, |
PL12 6LJ | 100'/o |
| The financial | results | ofthe subsidiary | for the year were: | |||
| Name | Income | Expenditure | Profit for | Net assets | ||
| the year | ||||||
| f. | ||||||
| China Fleet | Country | Club Limited | 5,127,472 | (4,366,872) | 760,600 | 37,363 |