Company registratK)n number. 07973780 Charty registration number. 1142618 DVS Foundation IA company limrted ty guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2023
DVS Foundatlon Contents Reference and Administrative Delails Trustees, Report 2to3 Stslement of TnJstee$' Responsibilities Independgnl Examinerfs Report Statement of Financial AdNthes Balan Sheet Notes lo the Financial Statements 81017
DVS Foundatlon Reference and Administratlve Detalls Chlef Executive Offlcer MrDVShah Trustges Mrs R Shah MrDVShah MrPDShah Charlty Registsatlon Number 1142618 Company Reglstratlon Number 07973780 Prfncipal Offlce DVS House 4 Spring Villa Rood Spnng Villa Park Edgwa Middlesex HA8 7EB Page 1
DVS Foundation Trustees. Report The trustees, who afe directors for the purposes of company I. present the annual report together with the financial ststements of the eharrtable company for the year ended 31 March 2023. Objectives and activltles Publlc benefit General chariiable purposes foi preventrJn or relief of povety. overse85 aKI, and famine 11 for children, young people, and the elderty. The Iruslees confimi that they have complied with the requirements of $ection 17 of the Ch8ritie$ Act 2011 to have due regard lo the pvbli¢ benefit guKlance published by the Charity Commission for England and Wales. Structure. govemJnce and managoment Financlal Instrumonts Objectlves and pollcles The charws aetivilies expose it lo a number of financtal risks induding Credit risk, cash flow risk and liquidity risk. The use of financial derNalNes is govemed by the charity's policies approved by the board of Iruslees, whi¢h provide wntten principles on the use of financial derivatives to manage these risks. The ¢hanty does not use denvative finanual instruments for speculative purposes. Cash Ilow nTsk The charitys adbvittes eyse it primarity lo the financial risks of chanps in foTeign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and Inte5t rate swap conlraels lo hedge these exposures. Inlèresl ljearing assets and liabilths ara hold * fixed rale lo ensure certainty ol eash tlows. Cr•dit rlsk The charty'$ principal financial assets are bank balances and cash, trade and other rac8ivablos. and inveslmenls. The ch8riV8 credit risk is primarily attributsble lo ts trade receivables. The amounts presented in the balance sh¢el are nel of allowances for doubrful T1Vable$. An allowance for impairment is made where there is an idenlffied loss event which. based on previous experience, is evidence of a reduction in the recoverabilty of the cash I1¥$. The credit risk on liquid fttnds and derivative financial instruments is limrted beeause the counlerpartwJ are banks wlh high credil-ratings assigngd by international crèdil-raling agencies. The charity has no Signrficanl concentration of credit risk, wrth exposure $preatJ over a iar9e number of winleoarties and customers. Llquldlty rlsk In order lo maintain liquidty lo ensure that sufficient fvnds are available for ongoing operations and future (Jevelopmenls. the ¢hanty uses a mixture of long4emi and short4em debt finance. Further details regarding liquidty risk can be ftyjnd in the St*ement of accounting Wicies in the finanual slalemenls. Small companlos provlslon stsloment This report has b9en prepafed in accordance with the small companie8 regime under the Companies Act 2iio6. Page 2
DVS Foundatlon Trustees. Report The annual report was approved by the trustee3 of the tharity on 6 March 2024 and signed on ts behalf by". MrD Shah Chief executive officer and trustee P•3e 3
DVS Foundation Statement of Trustees. Responsibilltles The tnjslees Iwho a a150 the directors of DVS Foundation for the purposes of company lawl are responsible for preparing the trustees. report and the financial stalerngnts in aceordance wr(h applicable law and Unrted Kingdom Accounts"ng Stsndards (Unrted Kingdom Generalty Apted Accounting Practice), Including FRS 102 'The Financial Reporting Standard applicable in the UK and Republ of Ireland" The report and accounts have been prepared in aGrdance with the provisions in the Companies Act 20C6 relatin9 to small companies. Cornpany law requires the trustees to prepare financial slalements for each financial year. Under company law the trustee5 musl not approve the financial statements unless they are satisfied that they give a true and fair view of the stsle of affairs of the charitsble Company anty of the incoming resources and appliCatn of resources. including rts income and expenditure, of the charitable company for that pen(xl. In preparing these financ1 slalemenls, the trustees are required to.. select suitable accountsng policies and appty them consistentty.. observe the methtsjs and Princip in the Charitios SORP.. makejudgemenls and estimates that are reasonable and prudent: slate whether applicable ?ounting stsndafds, comprising FRS 102 have been folbwed. 8ubj¢¢l to any material departures disclosed and explairbed in Ihg financial slalemenls., and prepare the financial slalements on the going concem basis unless (( 1$ inappropriate lo presume that the charitable company WIN continue in busines$. The Iruslees are responsibk for keeping proper accounting records that can disclose with reasonable a¢¢ura¢y al any lime the financial posrtKJn of the chafitable company and enable them lo ensure th81 the financial slalèmenls comply with the Companies Act 2006. They are als0 responsible for safeguarding the assets of the Charrtab cornpany and hence for taking reasonable 81eps for the prevonlion and detection of fraud and other irregularit*s. The tru$lee$ are responsible for the maintenance and Integrty of the corporate and financial infomialion included on the Charitable compan¥s website. Legisklion governing the preparatn and dissemination of financial statements may drffer from legislalKJn in other jurisdictions. Approved by the Iruslees of the charity on 6 March 2024 and swned on its behaff by. 4r•ffshah Chigf executive officer and trustee Page 4
DVS Foundation Independent Examinerfs Report to the trustees of DVS Foundation ('the Company,) I report lo the ¢harty trustees on my examination of the accounts of the Company for the year ended 31 March 2023. Responslbllltles and basEs of report As the charity's Iruslees of the Company land also its direclors for the purpo of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Acl 2006 {'Ihe 2006 Acl,). Having salisfie(i myseK that the accounts of the Company are not required lo be audited under Part 16 of the 20C6 Act and are elwJible for independent examination. I report in respect of my examination of your charty's accounts as rrIed out under sectK•n 145 of the Charities Ad 2011 I'lhe 2011 Act'i. In carrying out my examinatson I have followed the Dire¢tK>n$ 9Nen by the Charty Commission under section 14515llbl of the 2011 Act. Independent examlnefs ststement I have completed my examinati¢Jn. I confirn that no matter¥ have come to my attention in ¢onnection wf(h the examination gmng me cause to believe.. 1. accounting rewrds were not kepl in respgd of DVS Foundation as required by section 386 of the 2006 Act,. or 2. the accounts do not accord with th¢xe records.. or 3. the accounts do not c¢ynply wrth the accounling Tequiremenls of section 3% of the 2006 Act other than any requirement that the accounts gNe a Irue and fair which 1$ not a matter considered as part of an Independent examination., or 4. the accounts have not been prepafed in accordancé wrth the meth¢yJ$ and principles of the Slalemenl of R¢commended Pradice for aecounling and reporting by charitEs lapplicable lo charrties preparing their accounls in accordance wilh the Financial Reporting Standard applicable in the UK an¢J Republic of Ireland IFRS 10211. I have no concerns and have come acTOSS no other matters in eonnection the examination to which attention shoukl be drawn in this report in order lo enabte a proper understanding of the accounts lo be reacheil. Jigna Dave, FCCA Slanmorè Accountsnls Ltd 25 Rocklands Drive Slanmo Middlesex HA7 2JD 6 March 2024 P4eS
DVS Foundation ststement of Financial Activities for the Year Ended 31 Mar¢h 2023 (Including Income and Expenditure Account and Statemont of Total Recognlsed Gains and Losses) Total 2023 Total 2022 Income and Endowments from: Donations and legacies Investment income 120,700 68.400 Tot81 income 120,705 68,400 Expendlture on: charitab aclivrties 120.271 68,3571 Total experKlilufe Ng1 income 120,271 68,357 434 43 Nel movement in funds 434 43 Reconclllatlon of funds Total funtjs brought forward Total funds carried forward 74 31 12 508 74 l of the charty's actiwts$ derive from continuing op•r*ions during the aLThie periods. The funds bfeakdown for 2022 is shown in notg 12. The notes on pages 8 to 17 form an integral part of these finanual stal¢mènt$. Page 6
DVS Foundation (Registration number: 07973780) Balance Sheet as at 31 March 2023 2023 2022 Not• Currgnl a$sots Cash at bank and in hand 1.158 626 Credltoys.. Amounts falling due withln one year 10 1650) 552 Net a15 508 74 Funds oftho charty: Unrestrlctod Income funds Unrestricted funds 508 74 Total funds 12 508 74 For the financial yèar ending 31 March 2023 the charity entitled to exemptvJn audit under sèction 477 of the Compan$ Act 20C6 reL4tsng to small compantes. Directors, r85ponsibilities'. The members have nol fequirgd th8 chaiity to obtain an audrt of its accounts for the year in question in accordance wsth section 476,. and The directors acknowledge their responsibilrties for eomptying with the rwuirnments of the Act with respect lo accounting records and the preparation of accounts. These financial stalernenls have been pr¢pared in accordance with the special prowsions rolating lo ccmpanies $ubject to the small companies regime wrthin Part 15 of the Ccfflpanies Ad 2006. The financial slatemenls ¢M papes 6 to 17 were appfoved by thè Irnstees, and aulhorised for issue on 6 March 2024 and si If behall by. V Shah Chief executive officer and Iw$tee The notes on pages 8 to 17 fomi an inlegrnl part of these financial statements. PaJe 7
DVS Foundatlon Notes to the Finan¢ial Statements for the Year Ended 31 March 2023 1 Chadty Status The charity is limited by guatantee, incorpornted in England and Wales, and Consequent does not have share eapital. Each of the trustees is liable to conlribule an amount not exceeding £10 towards the assets of the charity in the event of liquKlalion. The address of rts iegistered offu is: DVS House 4 Spring Villa Road Spring Villa Park Edgware Middlesex HA8 7EB These financial ststements were aLrthoriwl for issue by the IN$t¢es on 6 March 2024. 2 A¢¢ountlng policios Summary of slgnlficant accountlng pol1cl and key •ccountlng ostlmatss The principal accounting policies appld in the preparation of these financial statements are set out bglow. Thesg policies have been consistentty to all the ye8TS prwnted, unle88 Otherwse staled. Slatemeni of compllan¢o The financial statements have been prepared in accordance with Accounting and Rwrtlng by Chanties.. Slalemenl of Reeommended Praclice (applicable to Charities prep8ring their account$ in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211 (issued in October 20191 Icharilies SORP (FRS 10211, the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102} and the Companies Ad 2006. Basls of preparatlon DVS Foundalion meets the d¢finrti¢M of a publK benefft enlty undgr FRS 102. Assets and liabilities are inrtially reco9nised al historical cosl ¢y tranknon value unle8S otheSe stated in the relevant accounting policy notes. Going Concern The Iruslees consider that there are no material uncertaint$ about the charitys abilty to continue a5 a going concern nor any signfficanl areas of uncertainty that affect the Carrng value of a55els held by the Charity. Exemptton from preparlng a cash flow statement The charity opted lo earty adopt Bultetin 1 published on 2 Febfuary 2016 and have therefore not inclLtded a cash fl¢y•V $lement in these financial statements. Page 8
DVS Foundation Notes to the Financial Statements for the Year Ended 31 March 2023 Income and endowments All income is recognised On the ¢hanty has entitlement to the income, it is probable that the income will be received and the amount of the income Tpxeivable ¢an be measured fe1bty. Donatyons and legaclgs tlonation¥ are recognised when the charity has been notified in writing of both the amount and settlement dale. In the event that a donation is subject lo conditions that require a level of performance by the charrty before the ¢hanty is enlrtled lo the funds, the income is deferred and not recognised until èither those condrtions are fully met. or the lulfilment of those cond'0n$ is whol wrthin the control ol the charty and rt is prc&able that these ¢onditions will be fu111ed in the reporting period. Le9acy grfts are recognised on a ¢ase by case basis fOlknn9 the grant of probate Wh the adminislral¢rlexecutor for the estate has wmmuniealed in writing both the amount and settlement dale. In the event that the gift is in the fomi of an asset other than cash or a financial a33et traded on a recognised stock exchange, r8cognrtion is subject lo the value of the gift being reliably measureable with a degr¢e of r¢asonable accuracy and the trtle to the asset having been Iranslerred to the chanty. Investment Income Dividends afe recognised once the divider has been dedarnd and notification has been receNed of the dividend due. Expenditure All expenditurè is rec(>gnised once Ihefe is a legal or con5tN¢live obl¢gation lo that expenditLtre. it 1$ probable settlement is reqUId and the am¢)unl can be measured reliably. All costs are allocated lo the applicable expend(Éure heading that aggregate similar costs to that category. Where cost$ cannot be directly attributed lo particular heading5 they have been albeated on a basis consistent with the use of resources, wrth central staff costs allocated on the basis of time spent, and d8preciatKJn charges lllocated on the portvJn of the as8et's usg. Other support costs are alkxated ba8gd on the spread of staff costs. Governance costs These include Ihe costs attributable to the ehanlys compliancè with constitutional and statLrtory requirements. including audi(, stfategic management and Iruslees meeting$ and feimbursed expenses. Taxatlon The eharily is considered lo pass the tests set otrt in Parydgraph 1 &hedule 6 of the Finance Act 2010 and therefore rt meets the definrtion of a charitable cc¥npany for UK corporation tax PUTposes. Accordingty, the chanty is polenlialty exempt from laxalion in rospect of income or capital gains received within categories covered by Chapter 3 Part 11 of the COrporat)n Tax Act 2010 or Section 258 01 the Taxation of Chargeable Gains Acl 1992. to the extent that such income or gains are applied exclusively to charrtable purposes. Page 9
DVS Foundation Notes to the Financial Statements for the Year Ended 31 March 2023 Cash and cash equivalents Cash and cash equNalen15 comprise cash on hand and call deposrb. and other short-lem highty liquid investments that are readity convertible lo a known amount of cash and are subject to an insignificant nsk of ehange in value. Trnde creditors Trade CrtorS are cbloations to pay for goods or ¥eMces that have been acquired in the ordinary UTSe of the business from suppliers. Accounts payable are cla5srfied as current liabilities rf the harrty dogs not have an uncondrtional light, al the end of the Teporting period, to defer settlement of the crodilor for at least fve1¥e months after the reporting d*e. If there is an uncondrtional right lo defer selllemenl for al least tr1ve months after the reporting date, they are persenled as nonvcurrenl Trade creditors are recognised initialty at the transactbon price and subsequendy moa$ur8d at amortised cost using the effedive ral¢ of int6re81. Fund structur• Unreslricled income fvntJ$ are general lunds that are avaikth for use al the trustée$ discretion in furtheranee of the obpctNes of the charity. Penslon$ ond oth•r post retlr•mont obllgatlons The charrty operates a defined ntribUtIOn pension schme which is a pension plan under which fixed ¢onlnbulion5 are paid into a pension fund and the charty has no legal or constwctive obligation lo pay further contributions even if Ihe fund does not hold suffuenl assets lo pay all employges the benefits relating to employee service in Ihe current and prwx periods. Contributions lo defined contribution plans are recognised in the State of Financial Activrties whan they are due. If contribution payments exceed thg contributson due for $eMce, the exce$$$ is recognised as a prepayment. Flnancl•l instruments Classmlcatlon Finaneial assets and financial liabilrt¢'es are Te¢ognised when the charity become$ a paty to tho conlraclual provisions of ttte inslrumenl. Financial Iiabilrties and egurty instruments are classrfied according lo the substance of the conlraclual anangernents entered into. An equty instfumenl rs any contract that ewdences a residual interest in the assets of Ihe chanty after deduth.ng all of it$ Page 10
DVS Foundation Notes to the Financlal Ststements for the Year Ended 31 March 2023 RegnitiOn and measurnment All financial assets and liabil(¢ies are initiaty measurthl at transaction pricé lincluding transaction coslsl, except lor those Iinancial a5set5 classffied as at fair value through profit or loss, which are inilialty measured at fair value (which is nom1 the transaction price exduding Ir8nsaclion coslsl, unless the aryangem9nt ¢onslilules a financin9 transaction. If an arrangement conslrtules a finoncing Iransaclion, the financial a$set or financial lobilty 1$ measured at Ihe prent value of the futur8 payments discounted at a market rate of inleiesl for a stmilar debt instrument. Financial assets and liabilrtEs a onty offset in lh8 Statwnent of financial position when, and on when there exists a legally 0nfoeabie rvjhl to sel off the recognised èmounls and the chanty inlerKI$ erther to settle on a net basis. or to realise the asset arKI settle the lthilty wmuttaneously. Financial assets are derecognised when and only when al the Contractual rights lo the cash flows ftom the financial asset expire or are settied, bl the chanty transfers lo another party substantially all of the risks and rewards ol ownership of the financial asset, or c} the chanty. despite having retained some, bul not all, signrficant nsks and rewards of Chvnership, has transferred control of the asso1 to another party. Financial liabiltiie$ are derecognised onty when the obligab"¢)n Srd in thg contract is di5¢harged, ancelled or expire$. Page 11
DVS Foundation Notes to the Financial Statements for the Year Ended 31 March 2023 Debt instruments Debt instruments whh meet the folkm'ing cond¢tions are subsequentty measured at amortised Gosl using the effective interest method- lal The conlTactual return to the holder is lil a fixed amount.. lil) a positive fixed r*e or a pos11ive variable rate,. or liiil a combinalion of a Pole or a negative fixed rale and a posrtrve variable rate. Ibl The contract may prowde for repayments of the principal or the retum lo the holder Ibut not both) lo be linked lo a sin9le relevant observable index of general price Infflatn of Ule currency in which the debt instrument is denominated. provided such links are not leveraggd. 1¢> The conlfact may prwde for a detemiinable Varialk of the return lo the hokler during the lrfe of the inslrumenl. provKled that {1} the new rate satisfies condthon lal and the variation 1$ not contingent on future events other than 111 a change of a contractual variable rate., 121 lo protect the holder against credit deterioration ol the issuer." 131 thanges in levies applied by a central bank or arising frorn changes in relevant taxation ¢X .. Of {iil Ihe rate is a market rale of interest and sglisfies condition lal. Idl ThoTe is no contractual provision that could, by its temi$, result in the hobJer k>sing the principal amount or any interest attribulabie to Ihe current perK or prior periods. lel Contractual provision8 that pemirt the issuer to prepay 8 debt instrument or pernirt the hobJ&r to pul rt back to the issuer before maturity are not contingent on future events. other than lo protect the holder against the credrt deterioration of Ihe issuef or a change in control of the issuer, or to protect the holder rjr issuer against changes In levk8s appl by a tsntral bank or arising from chan9es in r¢vant taxation or law. lfj Contractual provisions may pemit the extension ol the temi of the debt inslrumenl, provided that the relum lo the holdor and any other contrxtual provisions appli18 during thg extended term satisfy the conditions of paragraphs lal lo Icl. Debt inslrumenls that a dassffied as payable or receivabk wtthin one year on initial recogniti'on and which meet the above condrtions a measured al the undiscounted amount of the cash or other conSideratn expected lo be paKI or received. net of impainnent. wrth the exception of some hedging instruments. other debt instruments not meeting these conditions are measured al fair value through profft ¢y Ios5. Commitments lo make and re1ve bans which meet the 0)ndrtn5 mentioned above are measured al cost (which may be nil} less impaiiment. Inveslments Investments in non•convertibkn preference shares and nOnYtrab ordinary or preference Shares {Whe shares a publicly traded or their fair value is reliabty measurable) a measured at fair value through profrt or Ios5. Where fair value eannot be measured reliabty. investments are rneasureil al cost less impairment. Investment$ in subsKltanes arKI associales are measured at cost bss impalmnI. For investments in subsldiarS aUired for con5Kleralion induding the issue of shares qualty'ng for mergeT relief, eosl is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is nDred. Page 12
DVS Foundation Notes to the Financial Statements for the Year Ended 31 March 2023 Derivative financial instruments The charity uses derwative financial instruments to reduce exposurg to foreign exchange risk and interest rate movements. The charity does not hobj or issue derivative financial instruments for speculative purposes_ Derivatives are ini(18lly reeognised at fair v81ue at the date a derivatwe ¢ontra¢t is entered Into and are subsequently remeasured lo their fair value al each repo.n9 date. The resulting gain or 105$ is recognised in slalement of financial actwrties immedialdy unless the derTVative is designated and effective as a hedging instrument. in which event the timing of the recognth.on in ststement of financial vities depends on the nature of the hedge reiat#)nship. Falr valug measur9mgnt Th¢ b¢$1 6vid¢n¢¢ of fair value 1$ a quoted price for an ident1 asset in an 8th.ve market. When quoted prices are unavailable, the price of a fecenl transaction for an Idental asset provide8 evidence of lair value as long as there has not been a signrficant change in economic circumstan¢¢$ or a significant lapse ol lime since the transaction look place. If the market is not adive and recgnl transactions of an identical asset on their are not a g¢x¥J estimale of fair value. the fair value is eslimaled by using a valuation technK4ue. 3 Income from donatlons and l•gacl Unffjtrlctsd funds G•n8ral Totsl 2023 Donations and legacies., Donations from ¢ornpani¢$. Intsts and similar proceeds 120,700 120,700 120,700 120,700 Unrestrlcl•d funds GèneTal Total 2022 Donations and legacies, Donations Irom companies, trusts and similar proceeds 68.400 68,400 68,400 68,400 4 Investment incomg Unrestricted funds General Tota5 funds Interest receivable and similar income". Interest re¢e¥vable on bank deposits Total lor 2023 Page13
DVS Foundation Notes to the Financial Statements for the Year Ended 31 March 2023 5 Expgndlture on charltsble actlvliles Unrestrlctod funds Goneral Totsl funds Note Govemance costs 120.271 120,271 Total for 2022 68,357 68,357 Totsl •xpenditUTt In addition lo the expenditure anatysed above. there are also govemance costs of £120,271 12022 - £68,357) which relate difeclly lo charrtable activrt*s. See note 6 for further details. 6 Analysls of gov•rnanco and support ¢ts Govemanee Cts Unmtrlct•d fvnds Goneral Total funds Staff costs Wages and salari85 Pension costs Other govemance costs Total for 2023 26,872 619 92,780 26,872 619 92,780 120.271 120,271 Total for 2022 68,357 68,357 Page 14
DVS Foundatlon Notes to the Financial Statements for the Year Ended 31 March 2023 7 Stsff Costs The aggregate payroll costs were as f1cls.. 2023 2022 Stsff costs during the year wern: Wages and salaries Pension cost$ 26,872 619 25.327 580 27,491 25.907 The monlhty average number of persons lincluding senior managemenl I leadOTship team} employed by the charity during the year expressed as lull lime equNalents was as follows.. 2023 No 2022 staff No employee receivod omolumenls of more than £60.000 during the year. 8 TaxatSon The charity is a registered charity and is therefore exempt from taxation. 9 Cash and ¢ash •qulvalents 2023 2022 Cash on hand Cash at bank 300 326 858 1,158 626 10 Crltors. amounts falllng due wllhln on• year 2023 2022 Other laxalion and swial secunty Other cred((ors 511 139 428 124 650 552 Page 15
DVS Foundatlon Notes to the Financial Ststements for the Year Ended 31 March 2023 11 Penslon and other ¥chem•s Dofin¢d contribution pènslon scheme The chanty operates a defined contributKM pension scheme. The pensKJn cosl chafge for the year represents contributions payabte by the eharity to the scheme and amounted to £619 {2022 - £5801. 12 Funds Balancg at 1 April 2022 Incomlng resou8¥ RoUrCes expended Balance at 31 March 2023 Unrestrictfjd funds General 74 120,705 120.271 508 Balanc• •t 1 Aprll 2021 Incomlng Sources ReUrCeS 0Xnded Balance at 31 March 2022 Unrestrf¢t•d funds General 31 68,3S7 74 13 Analyyls of n•t •Ns•ts betwwn lunds Unrestrld•d funds Gon•ral Tot•1 funds at 31 March 2023 Current as$els Current liabilrties 1,158 6SO 1,158 6501 508 Total nel assgls 508 Unrestrf¢tod funds General Total funds at 31 March 2022 CuTrent assgls Current liabilsties 626 552 626 552 Totsl net assets 74 74 PaJe 16
DVS Foundatlon Notes to the Financial Ststements for the Year Ended 31 March 2023 14 Analys15 of net funds Al 1 Aprll 2022 Financing ash flov•3 At 31 March 2023 Cash at bank an¢J in hand 626 532 1.158 Net debt 626 532 1,158 At 1 Aprfl 2021 Flnan¢lng cash flo At 31 March 2022 Ca8h al bank and in hand 26 626 Nel debt 600 26 626 Page 17