**The Kingfisher Settlement (Charity Registration Number: 1138738)**
**Accounts for the year ended 5th April 2023**
_Rathbone Trust Company Limited_
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## **The Kingfisher Settlement**
## **Accounts for the year ended 5th April 2023**
## **Index**
## **Page**
|1-4|Trustees' Annual Report|
|---|---|
|5|Independent Examiners Report|
|6|Statement of Financial Activities|
|7|Balance Sheet|
|8-15|Notes to the Accounts|
**The Kingfisher Settlement**
## **Accounts for the year ended 5th April 2023**
## **Trustees' Annual Report**
The Trustees of the Kingfisher Settlement have pleasure in submitting their Annual Report and Financial Statements for the year ended 5th April 2023.
## **Objectives and Activities of the Charity**
In accordance with the charity's deed, the Trust's objectives are to provide help for exclusively charitable purposes as the Trustees in their total discretion determine. To fulfil these objectives for the public benefit the Trustees make grants from Unrestricted Funds, which are mainly generated by the charity's investments. Fund raising activities are not normally carried out.
The Trustees have complied with s17(5) of Charities Act 2011 and have had due regard to the guidance issued on Public Benefit by the Charity Commission when exercising relevant powers or duties.
## **Achievements and Performance**
During the year the Trustees resolved to make donations to 7 organisations (0 in 2022), and have carried forward the remaining income to distribute in future. Donations made are detailed in note 7 to the Accounts.
## **Financial Review**
## Review of the Activities of the Charity:
A generous donation of an investment was received during the year with a value of £19,504 and income generated by the charity's investments and interest totalled £19,896 (£16,731 in 2022). Costs of £4,366 (£4,656 in 2022) were incurred to raise the funds. Funds applied directly towards charitable purposes totalled £55,000 (£0 in 2022) and £4,862 (£2,536 in 2022) was spent on support and governance costs.
The SOFA includes net gains and losses arising on revaluations and disposals of investments during the year. Net losses were recognised of £70,021 (net gains of £21,762 in 2022).
There was an decrease in funds for the year ended 5th April 2023 of £94,849 (increase of £34,675 in 2022) resulting in the Trustees holding £675,201 of Unrestricted funds as at the balance sheet date (£770,050 of Unrestricted Funds held as at 5th April 2022).
## Reserves:
The charity's investments provide a relatively secure and predictable stream of income from which grants are made. The Trustees aim to distribute a large percentage of net investment income received each financial year and as the charity does not generally have multi-year commitments at the balance sheet date, a set amount is not maintained as reserves. The position continues to be reviewed by the Trustees annually and all funds are considered to be held as free reserves.
**Page 1**
**The Kingfisher Settlement**
## **Accounts for the year ended 5th April 2023**
## **Trustees' Annual Report**
## Investment Policies:
As there are no specific restrictions of investment powers under the governing deed, the Trustees have full discretion over the investments. The Trustees have delegated their investments powers to Rathbones Investment Management, who have full discretionary control of the investments. As this duty has been delegated, in accordance with the Trustee Act 2000, the Trustees have established a Policy Statement with the investment manager, which will be regularly reviewed.
## Investments:
Most of the Trustees' capital is invested on the stock market. The value of the Trust's portfolio as at 5th April 2023 totalled £653,380, an increase from £731,919 as at 5th April 2022.
Assets have been acquired and disposed of in accordance with the powers available to the Trustees.
## **Structure, governance and management**
The Kingfisher Settlement is a registered charity. Its governing body are the Trustees appointed
by original settlement deed dated 28th September 2010.
There are to be no less than 2 Trustees and New Trustees shall be appointed by Trustees' Resolution passed at a special meeting called under Clause 15 of the original Settlement Deed. New Trustees shall be selected with regard to the skills, knowledge and experience needed for the effective administration of the Charity. If a vacancy occurs this shall be noted in the Trustees' Minutes at their next meeting.
Procedures have not been adopted for the induction and training of Trustees but all ensure they continue to operate within current guidelines by discussing all issues arising as advised by the Charity Commission and Rathbones Trust Company Limited during their meetings.
The Trustees must hold at least two ordinary meetings each year. One such meeting must be in person and the other may take such form as video link, providing the Trustees are able to see and hear each other.
All Trustees are expected to play an active role in the administration of the Charity, including researching possible donees and visiting charities and attending events where applicable. Requests for funding must be in writing. The Trustees consider the applications when received and successful applicants are decided by consensus.
**Page 2**
**The Kingfisher Settlement**
## **Accounts for the year ended 5th April 2023**
## **Trustees' Annual Report**
## Risks
The Charity Trustees have given consideration to the major risks to which the charity is exposed and satisfied themselves that systems or procedures are established in order to manage those risks (Charities Accounts and Reports) Regulations 2008). After considering the areas of governance, operational, financial, environmental and compliance, the Trustees have identified that major negative fluctuations in the value of the charity's investment assets pose a major risk to the Charity's funds. In order to mitigate this risk and in accordance with s15 Trustee Act 2000 the Trustees have established a Policy Statement to be adhered to by the Investment Manager, which is reviewed at least once a year in line with investment performance.
## **Reference and administrative details of the Charity, its Trustees and Advisors**
Registered No: 1138738 Principal office: C/o Port of Liverpool Building, Pier Head, Liverpool, L3 1NW
Trustees serving during the year and Catherine F Paul in post when Rathbones Trusts Company Limited report approved: Kevin J Custis
The individuals who are directors of Rathbones Trust Company Limited:
Linda Joyce Cousins Timothy Francis Smith Robert Paul Stockton Stephen Bilbao - resigned 05/04/2023 Alexander Richmond James Stephen Hurrell Bruce Robert Newbigging Karen Jane Toth - resigned 01/01/2023 Trevor Harris - appointed 06/06/2023 Kerry Roberts - appointed 01/01/2023
Accounts and Tax: Rathbones Trust Company, Port of Liverpool Building, Liverpool, L3 1NW
Investments: Rathbones Investment Management Ltd, 8 Finsbury Circus, London, EC2M 7AZ
Bankers: Rathbones Investment Management Ltd, 8 Finsbury Circus, London, EC2M 7AZ CAF, 30 Old Broad Street, London EC4A 4AD
## **Plans for the future**
The Trustees are satisfied that their current policies are sufficient to meet their current objectives and will continue to review the position with their investment manager.
**Page 3**
## **The Kingfisher Settlement**
## **Accounts for the year ended 5th April 2023**
## **Trustees' Annual Report**
## **Trustees' Responsibilities**
The Trustees are responsible for preparing the Trustees' Annual Report Accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these accounts, the Trustees are required to:
- select suitable accounting polices and then apply them consistently;
- observe the methods and principles in the Charities SORP (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK accounting standards (FRS102) have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping sufficient account records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Declaration**
The Trustees declare that they have approved the Trustees' Annual Report above.
## **Signed on behalf of the Board of Charity Trustees on ____4 February 2024____________**
Kerry Roberts on behalf of
## _**Rathbones Trust Company Limited**_
**Page 4**
Page 5
Page 6
Page 7
Page 8
## **The Kingfisher Settlement**
## **Accounts for the year ended 5th April 2023**
## **Accountancy Report**
## **Independent Examiner's report to the Trustees of the Kingfisher Settlement**
I report on the accounts of the Kingfisher Settlement (charity no: 1138738) for the year ended 5th April 2023.
## **Respective responsibilities of Trustees and the Examiner**
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the Charities Act;
- to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act; and
- to state whether particular matters have come to my attention.
## **Basis of independent examiner's statement**
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
- 1 which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 130 of the Charities Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met or
2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
_**Sarah Spencely BSc CTA C/o Lime Tree Cottage, Outlands Lane, Curdridge Southampton, SO30 2HD**_
_**Date**_
Page 5
**The Kingfisher Settlement**
## **Accounts for the year ended 5th April 2023**
## **Statement of financial activities**
|**Notes**
**Income from:**
Donations and legacies
**4**
Investments
**5**
Other Income
**6**
**Total Income**
**Expenditure on:**
Raising funds
**7**
Charitable activities
**8**
**Total Expenditure**
Net recognised gains and (losses) on investments
**11**
**Net movement in funds for the year**
**Reconciliation of funds:**
Total Unrestricted Funds as at 6th April 2022
**Total Unrestricted funds as at 5th April 2023**|**Total**
**Unrestricted**
**Total**
**Funds**
**Funds**
**2023**
**2022**
**£**
**£**
19,504
3,375
19,596
16,708
300
23|
|---|---|
||**39,400**
**20,106**|
||4,366
4,656
59,862
2,536|
||**64,228**
**7,192**|
||(70,021)
21,762|
||**(94,849)**
**34,675**
770,050
735,375|
||**675,201**
**770,050**|
**Page 6**
## **The Kingfisher Settlement**
## **Accounts for the year ended 5th April 2023**
## **Balance Sheet**
|**Notes**
**Fixed Assets**
Investments at Market Value
**11**
**Total Fixed Assets**
**Current Assets**
Debtors
**12**
Cash at bank and on deposit
**13**
**Total current assets**
**Liabilities**
Creditors: amounts falling due
within one year
**14**
**Net current assets (liabilities)**
**Net assets as at 5th April 2023**
**Represented by:**
**Funds**
Total Unrestricted Funds
**Total Funds as at 5th April 2023**
**Approved on behalf of the Board of Trustees and signed**
Kerry Roberts on behalf of|**Total**
**Unrestricted**
**Total**
**Funds**
**Funds**
**2023**
**_2022_**
**£**
**_£_**
653,380
_731,919_|
|---|---|
||653,380
_731,919_|
||2,273
_5,000_
25,668
_38,591_|
||27,941
_43,591_
6,120
_5,460_|
||21,821
_38,131_|
||**675,201**
**_770,050_**|
||675,201
_770,050_|
||**675,201**
**_770,050_**|
||**on _____4th February 2024____**|
## _**Rathbones Trust Company Limited**_
**Page 7**
## **The Kingfisher Settlement**
## **Accounts for the year ended 5th April 2023**
## **Notes to the Accounts**
## **1 Charity Information**
The Kingfisher Settlement is governed by a Settlement Deed dated 28th September 2010 and registered in England and Wales. The principal address is the Port of Liverpool Building, Pier Head Liverpool, L3 1NW.
The charity is a Public Benefit Entity as defined by FRS 102.
## **2 Accounting Policies**
These financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Charities Act 2011 and FRS102 The Financial Reporting Standard in the UK and Republic of Ireland.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared on the historical cost convention, modified to include the revaluation of investments at fair value. The principal accounting policies adopted are set out below. The charity has taken advantage of the provisions in the SORP for Charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
## **Going Concern**
The Trustees have assessed whether the use of Going Concern is appropriate and have concluded that the charity has adequate resources and reserves to enable it to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity's ability to continue as a going concern and thus the Trustees continue to adopt the ‘going concern’ basis of accounting in preparing the financial statements.
## **Charitable Funds**
Unrestricted funds are available for use at the discretion of the charity in furtherance of their charitable objectives unless the funds have been designated for other purposes.
## **Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income Tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
All dividend income is recorded net and includes tax deducted only when it is repayable to the charity.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending
**Page 8**
**The Kingfisher Settlement**
## **Accounts for the year ended 5th April 2023**
## **Notes to the Accounts**
distribution, the amount is known and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
## **Expenditure**
Expenditure is recognised when there is a legal or constructive obligation for which it is more likely than not that a transfer of economic benefit will be required in settlement and the amount can be reliably measured as at the reporting date. A constructive obligation exists where the charity has communicated the commitment to provide particular goods, services or funding to the recipient by the reporting date and there are no conditions attached to its payment falling due after the reporting date.
Cash grants made are recognised when paid.
Provisions for liabilities must be recognised when either the timing or the amount of future expenditure required to settle the obligation is uncertain. These are distinguished separately on the balance sheet. If a transfer of resources in no longer required, provisions are reversed and charged to the SoFA.
## **Governance costs**
Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.
## **Assets**
Investments held in the fund are included at their market value as follows:
- (a) Listed securities are valued at the mid market value ruling at the balance sheet date.
- (b) Listed securities held in foreign currencies have been valued at the mid market value and translated into their sterling equivalents at the rates ruling at the balance sheet date.
- (c) Gilts are valued at the mid market value ruling at the Balance Sheet date and include interest that has accrued up to that date.
Investments are classified as a fixed asset except when classified as a current asset where the intention of the Trustees is to dispose of the asset and not reinvest the proceeds.
## **Other recognised Gains and Losses**
Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost and are charged or credited to the Statement Of Financial Activities in the year of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities resulting from revaluing investments to market value at the Balance Sheet date.
## **Taxation**
The charity is not liable to income or capital gains tax on its charitable activities. Irrecoverable VAT is included in the asset cost or the expense to which it relates.
**Cash and cash equivalents**
**Page 9**
**The Kingfisher Settlement**
## **Accounts for the year ended 5th April 2023**
## **Notes to the Accounts**
Cash at bank and in hand is held to meet short-term cash commitments as they fall due rather than for investment purposes. Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **Financial Instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## **Basic financial assets**
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## **Basic financial liabilities**
Basic financial liabilities, including creditors 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 future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or service that have been acquired 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 not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## **Derecognition of financial liabilities**
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **3 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily **Page 10**
## **The Kingfisher Settlement**
## **Accounts for the year ended 5th April 2023**
## **Notes to the Accounts**
apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
|**4 Donations and Legacies**
_Donations without conditions attached:_
* Investments
Gift Aid
*Related Party Transaction - Note 16
**5 Investments**
UK Equities
Unit Trust Income
Unit Trust Interest
Gilt Interest
Foreign Income & Interest
Excess Reportable Income
Non-reclaimable overseas tax deducted at source|**2023**
**£**
19,504
0
19,504
**2023**
**£**
13,619
947
569
1,663
2,997
0
(198)
19,596|**_2022_**
**_£_**
_0_
_3,375_|
|---|---|---|
|||_3,375_|
|||**_2022_**
**_£_**
_10,937_
_879_
_252_
_1,713_
_2,865_
_250_
_(188)_|
|||_16,708_|
|**6 Other Income**
Interest
Interest on Gift Aid
**7 Raising funds**
Investment Management fees|**2023**
**£**
289
11
300
**2023**
**£**
4,366|**_2022_**
**_£_**
_23_
_0_|
|---|---|---|
|||_23_|
|||**_2022_**
**_£_**
_4,656_|
**Page 11**
## **The Kingfisher Settlement**
## **Accounts for the year ended 5th April 2023**
## **Notes to the Accounts**
|**8 Charitable Activities**
_Grant making to Institutions:_
British Heart Foundation
David Nott Foundation
Faith In Action
London Air Ambulance
*
Trinity United Reformed Church
Wimbledon Foodbank
The Woodland Trust
Total grants made
Support and office costs
Governance costs (note 9)
Total Charitable Activities
* Related Party Interest - as detailed in note 16
**9 Governance Costs**
Accounts & Compliance fee
Administration fee
Independent Examination fee
Independent Examination fee - prior years
Consultancy fee|4,366
**2023**
**£**
5,000
5,000
10,000
5,000
10,000
15,000
5,000
55,000
72
4,790
59,862
**2023**
**£**
1,740
1,200
600
550
700
4,790|_4,656_|
|---|---|---|
|||**_2022_**
**_£_**
_0_
_0_
_0_
_0_
_0_
_0_
_0_|
|||_0_
_96_
_2,440_|
|||_2,536_|
|||**_2022_**
**_£_**
_1,740_
_840_
_0_
_(140)_
_0_|
|||_2,440_|
## **10 Trustee Remuneration and Expenses**
No amounts have been paid to the trustees to remunerate or reimburse expenses during the financial year (nil in 2022).
Payment of £2,940 (£2,580 in 2022) was made to Rathbones Trust Company for professional services provided only. This is in accordance with powers bestowed by clause 25 (b) of the settlement deed.
Payment of £700 (£0 in 2022) was made to Kevin J Custis for consultancy services only. This is in accordance with powers bestowed by clause 25 (b) of the settlement deed.
|**11 **|**Investments**|Value at|_Purchases_|_Sales_|_Realised_|_Unrealised_|Value at|
|---|---|---|---|---|---|---|---|
|||05/04/22|_at cost_|_proceeds_|_Gains_|_Gains/(Losses)_|05/04/23|
|||£|_£_|_£_|_£_|_£_|£|
||Listed securities:|||||||
**Page 12**
## **The Kingfisher Settlement**
## **Accounts for the year ended 5th April 2023**
|**Notes to the Accounts**||
|---|---|
|Overseas
391,774
16,386
12,684
(2,390)
(31,497)
361,589
UK Investment Bonds
51,114
0
30,000
(201)
(790)
20,123
UK Equities & Inv Co's
265,656
60,884
43,104
(896)
(24,597)
257,943
Property Funds
23,375
0
0
0
(9,650)
13,725
731,919
77,270
85,788
(3,487)
(66,534)
653,380
**12 Debtors and prepayments**
**2023**
**2022**
**£**
**£**
Investment Income receivable
2,273
_0_
Gift Aid
0
_5,000_
2,273
_5,000_
**13 Cash at bank and in hand**
**2023**
**2022**
**£**
**£**
Cash at bank
25,668
_38,591_
25,668
_38,591_
**14 Creditors: amounts falling due within one year**
**2023**
**_2022_**
**£**
**£**
Independent Examiner
600
_0_
Rathbones Trust Company Ltd
2,940
_2,580_
Rathbones Trust Company Ltd - prior year
2,580
_2,880_
6,120
_5,460_
**15 Financial Instruments**
**2023**
**_2022_**
**£**
**£**
**Carrying amount of financial assets**
Debt instruments receivable within one year
- Debtor
2,273
_5,000_
- Cash
25,668
_38,591_
27,941
_43,591_
**Carrying amount of financial liabilities**||
**Page 13**
## **The Kingfisher Settlement**
## **Accounts for the year ended 5th April 2023**
## **Notes to the Accounts**
|**es to the Accounts**|||
|---|---|---|
|Payable within one year
- Creditors
**Instruments measured at fair value through SOFA**
Investments at value|6,120
653,380||
|||_5,460_|
||||
|||_731,919_|
## **16 Related Party Transactions and Other Information**
A Related Party is a person or entity that is closely connected to the Kingfisher Charity or its Trustees.
The trustees have considered personal or other interests in which as a result of a decision made where an individual may benefit financially or otherwise, either directly or indirectly. Such interest are always properly declared and acknowledged. In order to comply with their duties, the trustees affected does not take part in any discussions relating to the decision other than to clarify facts.
As at 5th April 2023, the Trustees declare their interests with other charitable organisations as follows:
Catherine Paul Trinity United Reformed Church
Amounts paid from the Kingfisher Settlement to any such charitable organisations are disclosed in note 8 to the accounts.*
A donation was received by the Kingfisher Settlement from Catherine Paul, Trustee, during the year as disclosed in note 4 to the accounts.* No conditions were attached to this donation.
Rathbones Investment Management (RIM) and Rathbones Trust Company (RTC) are both wholly owned subsidiaries of Rathbones Group plc. The investment management is undertaken by RIM at its standard terms as offered to other charities. RTC are not obliged to appoint or retain RIM as investment managers but do so on the basis that the terms and performance have been satisfactory when compared to alternative providers of investment management. The matter is monitored and kept under review to ensure that the charity receives appropriate and cost effective investment management services.
The Trustees are also the key management of the charity.
Apart from disclosures made in note 4 and 10 to these accounts, no other transactions require disclosure in respect of the financial year or the previous financial year.
**Page 14**