2021-03-31-accounts - Cowling Preschool And Toddlers Limited

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REGISTERED COMPANY NUMBER: 07701949 (England and Wales) REGISTERED CHARITY NUMBER: 1147723

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Cowling Pre-School and Toddlers

Lindley Adams Limited Chartered Accountants 28 Prescott Street Halifax West Yorkshire HX1 2LG

Cowling Pre-School and Toddlers

Contents of the Financial Statements for the Year Ended 31 March 2021

		Page
Report of the Trustees	1	to	4
Independent Examiner's Report		5
Statement of Financial Activities		6
Balance Sheet		7
Notes to the Financial Statements	8	to	13
Detailed Statement of Financial Activities		14

Cowling Pre-School and Toddlers

Report of the Trustees for the Year Ended 31 March 2021

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 31 March 2021. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objectives of the Pre-school are to enhance the development and education of children primarily under statutory school age by encouraging parents to understand and provide for the needs of their children through community groups and by:

Offering appropriate play, education and care facilities and training courses, together with the right of parents to take responsibility for and to become involved in the activities of such groups, ensuring that such groups offer opportunities for all children whatever their race, culture, religion, means or ability.
Encouraging the study of the needs of such children and their families and promoting public interest in and recognition of such needs
Instigating and adhering to and furthering the aims and objectives of the Pre-school Learning Alliance

Significant activities

The charity comprises of two sections: Cowling Preschool and Cowling Toddlers. Preschool is managed by paid staff and is daily (during term times). Toddlers is run by volunteers and is held on a weekly basis.

Public benefit

We provide local, affordable childcare for preschool children in a small village, as well as a weekly meeting point for potentially isolated parents/guardians and their preschool children. There are no other day nurseries in the village and we are a vital resource for many families both in the village and its outlying areas.

Preschool can take children from the age of two years and offers 10 sessions each week (9 -12noon, 12 noon - 3pm, Monday to Friday). Toddler group is for any child from newborn to 5yrs.

We also foster strong links with the local primary school, through the support of a 'transition to school' group held at the local school.

In respect of the above the trustees have had regard to the charity commission guidance on public benefit.

ACHIEVEMENT AND PERFORMANCE Charitable activities

Much like the previous year, this has been another extremely challenging and difficult period for everyone due to the ongoing COVID pandemic; we have experienced more lockdowns, changing guidance and finally a full re-opening. Over the last academic year, and to date in this academic year, our Toddlers Group has not been able to run, however this is changing as we welcome the appointment of a permanent Toddlers Leader.

No committee-led fundraising has taken place in this period as we still had significant unspent raised funds. Some of these previously raised funds have been utilised in new novel ways, such as the first 'leavers ceremony' the Preschool has had, as well as taking day trips to broaden the children's development.

Page 1

Cowling Pre-School and Toddlers

Report of the Trustees for the Year Ended 31 March 2021

FINANCIAL REVIEW

Financial position

During the year expenditure has exceeded income by £6,419 (2020 £5,070 excess of income over expenditure). Income from NYCC funding has increased from £60,750 to £61,356, but fees have decreased from £27,816 to £13,059 largely due to the Coronavirus pandemic and lockdowns.Grants of £6208 have been received from the government furloughing of staff scheme. The total funds of the charity have decreased from £81,470 to £75,051. Free reserves at 31 March 2021, after accounting for reserves represented by fixed assets were £64,984 (2020 £68,247).

During the previous year the charity received a grant of £9,900 from the National Lottery specifically for the following activities : Community revitalize for adults and preschool children. During that year, £3,141 of the grant has been spent leaving a balance of £6,759 at that year end .During the current year a further £330 of the grant was spent leaving a balance at the current year end of £6,429 This has been treated as a restricted fund.

During the year there has been no expenditure on fixed assets (2020 £5490 expenditure on computer equipment and fixtures and fittings.)

The trustees have established a level of reserves (that is those funds that are freely available) that the charity should have. The reserves are required to operate and meet the charity's objectives and enable the charity to continue as a going concern. especially during the present coronavirus pandemic.

The principal sources of funding for the charity is from attendance fees government contributions towards attendance fees and grant income.

Going concern

The trustees have considered the position regarding going concern particularly in the light of Covid-19. The charity has continued to receive early years funding from NYCC and key worker staff have been furloughed under the government scheme which has mitigated the cost to the organisation.The trustees have looked at forecasts and are satisfied that the charity has adequate resources to continue to operate for the foreseeable future.

The charity has sufficient liquid funds to meet its liabilities as they become due and expenditure will not be authorised unless sufficient funds are in place.For these reasons the trustees continue to adopt the going concern basis for preparing these financial statements.

FUTURE PLANS

Looking ahead, the growing number of children attending the Preschool setting, with all sessions being almost at capacity, means we need to maintain the number of staff employed to ensure we meet the regulations and standards required; with two staff going on maternity leave in the next few months, this means we need to focus on recruitment. The appointment of a Toddlers Leader means we can re-start the Toddler Group sessions and look forward to growing this group within the community and we aim to welcome in external agencies to signpost group members to the additional support available locally.

We also plan to further develop the positive community engagement and collaboration with local businesses and residents, as we've seen over the last year, especially through the organisation and participation in more themed events and activities.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Background

In July 2011, Rachel Salt and Kay Williamson undertook the task of putting preschool and the committee on a much more secure legal and financial footing by becoming a limited company and a registered charity. This was finally achieved in January 2012 with the transfer of the staff's employment coming under the umbrella of 'Cowling Preschool and Toddlers Ltd'.

Recruitment and appointment of new trustees

The charity is managed and overseen by the trustees appointed by the members. Membership of the Pre-school is open to any individual, family or organisation interested in promoting the Objects which applies to the Pre-school in the form required by the Committee and is approved by the Committee in its absolute discretion and who consents in writing to become a Member either personally or (in the case of a member organisation) through an authorised representative The committee is to be made up of a minimum of five members, the Executive Committee made up of the Chairman, Honorary Treasurer and the Honorary Secretary, and a maximum of twelve members. The Committee are to be appointed at Annual General Meetings by existing members.

Trustees are supplied with information detailing their role as a trustee and their responsibilities.

Page 2

Cowling Pre-School and Toddlers

Report of the Trustees for the Year Ended 31 March 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational structure

The charity operates as a Company limited by guarantee , currently with three directors.

There is a committee to oversee the running of the charity and to take on a fundraising role.These people are all volunteers.

The day to day management of the charity is through a paid manager,deputy manager and key workers.

Decision making

The trustees and committee members make decisions regarding strategic matters. Decisions regarding the day-to-day running of the charity are made by the manager Vicky Leddy. Remuneration of the charity's staff is set by reference to market rates.

Related parties

Apart from the trustees, there are no related parties.

Risk management

The trustees have conducted a review of the major risks to which the charity is exposed and systems have been established to mitigate those risks. Internal risks are minimised by the implementation of procedures for authorisation of all transactions and projects and to ensure consistent quality of delivery for all aspects of the charity. These procedure are periodically reviewed to ensure that they still meet the needs of the charity. External risks relate mainly to the current Covid-19 pandemic as well as general economic conditions which affect the level of attendance fees.

These risks have been mitigated by the continuation of early years funding by NYCC and government support schemes such as the furloughing of staff.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

07701949 (England and Wales)

Registered Charity number

1147723

Registered office

Cowling Pre-School and Toddlers Cowling Village Hall Acre Road, Cowling Keighley West Yorkshire BD22 0FN

Trustees

R Cromey-Hawke Chair Mrs V A Wakeman Mrs N C Crimes

Company Secretary

Mrs V A Wakeman

Independent Examiner

D.C.Adams FCA, CTA, FMgt. Lindley Adams Limited Chartered Accountants 28 Prescott Street Halifax West Yorkshire HX1 2LG

Bankers:

Barclays Bank Plc 49 High Street Skipton BD23 1DT

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Cowling Pre-School and Toddlers

Report of the Trustees for the Year Ended 31 March 2021

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Cowling Pre-School and Toddlers for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally 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 affairs 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;
prepare the financial statements on the going concern basis unless it is inappropriate 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.

Approved by order of the board of trustees on 10 January 2022 and signed on its behalf by:

R Cromey-Hawke - Trustee

Page 4

Independent Examiner's Report to the Trustees of Cowling Pre-School and Toddlers

Independent examiner's report to the trustees of Cowling Pre-School and Toddlers ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts 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 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's 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:

accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; 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 view which is not a matter considered as part of an independent examination; or
the accounts have not been prepared in accordance with the methods and principles 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 (FRS 102)).

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.

We are independent of the charity in accordance with the ethical requirements that are relevant to our independent examination of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances as set out in note 14 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

D.C.Adams FCA, CTA, FMgt. Lindley Adams Limited Chartered Accountants 28 Prescott Street Halifax West Yorkshire HX1 2LG

19 January 2022

Page 5

Cowling Pre-School and Toddlers

Statement of Financial Activities for the Year Ended 31 March 2021

31.3.21 Unrestricted Restricted Total fund fund funds Notes £ £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 6,208 - 6,208 Other trading activities 3 74,472 - 74,472 Investment income 4 28 - 28 Total 80,708 - 80,708 EXPENDITURE ON Raising funds 77,989 330 78,319 Other 8,808 - 8,808 Total 86,797 330 87,127 NET INCOME/(EXPENDITURE) (6,089) (330) (6,419) RECONCILIATION OF FUNDS Total funds brought forward 74,711 6,759 81,470 TOTAL FUNDS CARRIED FORWARD 68,622 6,429 75,051	31.3.20 Total funds £ 9,900 90,063 103
	100,066 86,960 8,036
	94,996
	5,070 76,400
	81,470

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 6

Cowling Pre-School and Toddlers

Balance Sheet 31 March 2021

					31.3.21	31.3.20
		Unrestricted	Restricted		Total	Total
		fund	fund		funds	funds
	Notes	£	£		£	£
FIXED ASSETS
Tangible assets	9	10,067		-	10,067	13,223
CURRENT ASSETS
Debtors	10	3,704		-	3,704	485
Cash at bank and in hand		56,242	6,429		62,671	70,310
		59,946	6,429		66,375	70,795
CREDITORS
Amounts falling due within one year	11	(1,391)		-	(1,391)	(2,548)
NET CURRENT ASSETS		58,555	6,429		64,984	68,247
TOTAL ASSETS LESS CURRENT LIABILITIES		68,622	6,429		75,051	81,470
NET ASSETS		68,622	6,429		75,051	81,470
FUNDS	12
Unrestricted funds					68,622	74,711
Restricted funds					6,429	6,759
TOTAL FUNDS					75,051	81,470

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give 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 company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 10 January 2022 and were signed on its behalf by:

R Cromey-Hawke - Trustee

The notes form part of these financial statements

Page 7

Cowling Pre-School and Toddlers

Notes to the Financial Statements for the Year Ended 31 March 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals 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 basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Outdoor Play Area - 20% on reducing balance Fixtures & Fittings - 20% on reducing balance Computer equipment - 33% on cost

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements where applicable.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Going concern

The Institute has sufficient liquid funds to meet its liabilities as they become due and expenditure will not be authorised unless sufficient funds are in place.For these reasons the trustees continue to adopt the going concern basis for preparing these financial statements.

Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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Cowling Pre-School and Toddlers

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

2. DONATIONS AND LEGACIES

Grants

31.3.21	31.3.20
£	£
6,208	9,900

During the year the charity received grants of £6208 from the government in respect of the Coronavirus job retention scheme to support the charity to furlough staff.The grant is unconditional and has all been recognised as income in the financial statements for the current year.

During the previous year the charity received a grant of £9,900 from the National Lottery specifically for the following activities : Community revitalize for adults and preschool children. During that year, £3,141 of the grant had been spent leaving a balance of £6,759 at that year end. During the current year a further £330 has been spent leaving a balance of £6429 at the year end.This has been treated as a restricted fund.

3. OTHER TRADING ACTIVITIES

OTHER TRADING ACTIVITIES
	31.3.21	31.3.20
	£	£
Fundraising	57	1,497
Fees	13,059	27,816
EY Funding	61,356	60,750
	74,472	90,063
INVESTMENT INCOME
	31.3.21	31.3.20
	£	£
Interest received	28	103
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
	31.3.21	31.3.20
	£	£
Depreciation - owned assets	3,156	2,477

4. INVESTMENT INCOME

5. NET INCOME/(EXPENDITURE)

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.

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Cowling Pre-School and Toddlers

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

7. STAFF COSTS

8.

Wages and salaries Other pension costs The average monthly number of employees during the year was as follows: Support staff No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies - Other trading activities 90,063 Investment income 103 Total 90,166 EXPENDITURE ON Raising funds 83,819 Other 8,036 Total 91,855 NET INCOME/(EXPENDITURE) (1,689) RECONCILIATION OF FUNDS Total funds brought forward 76,400 TOTAL FUNDS CARRIED FORWARD 74,711	31.3.21 £ 70,337 179 70,516 31.3.21 8 Restricted fund £ 9,900 - - 9,900 3,141 - 3,141 6,759 - 6,759	31.3.20 £ 66,955 235 67,190 31.3.20 8 Total funds £ 9,900 90,063 103
		100,066 86,960 8,036
		94,996
		5,070 76,400
		81,470

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continued...

Cowling Pre-School and Toddlers

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

9. TANGIBLE FIXED ASSETS

9.	TANGIBLE FIXED ASSETS
		Outdoor	Fixtures	Computer
		Play Area	& Fittings	equipment	Totals
		£	£	£	£
	COST
	At 1 April 2020 and 31 March 2021	12,762	2,066	4,884	19,712
	DEPRECIATION
	At 1 April 2020	4,594	151	1,744	6,489
	Charge for year	1,633	382	1,141	3,156
	At 31 March 2021	6,227	533	2,885	9,645
	NET BOOK VALUE
	At 31 March 2021	6,535	1,533	1,999	10,067
	At 31 March 2020	8,168	1,915	3,140	13,223
10.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
				31.3.21	31.3.20
				£	£
	Other debtors			3,504	485
	Prepayments			200	-
				3,704	485
11.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
				31.3.21	31.3.20
				£	£
	Tax			-	933
	Other creditors			81	307
	Accruals and deferred income			1,310	1,308
				1,391	2,548
12.	MOVEMENT IN FUNDS
				Net
				movement	At
			At 1.4.20	in funds	31.3.21
			£	£	£
	Unrestricted funds
	General fund		74,711	(6,089)	68,622
	Restricted funds
	Grants received		6,759	(330)	6,429
	TOTAL FUNDS		81,470	(6,419)	75,051

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Cowling Pre-School and Toddlers

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

12. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming
resources
£
Unrestricted funds
General fund
80,708
Restricted funds
Grants received
-
TOTAL FUNDS
80,708
Comparatives for movement in funds
At 1.4.19
£
Unrestricted funds
General fund
76,400
Restricted funds
Grants received
-
TOTAL FUNDS
76,400
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
90,166
Restricted funds
Grants received
9,900
TOTAL FUNDS
100,066

Resources
Movement
expended
in funds
£
£
(86,797)
(6,089)
(330)
(330)
(87,127)
(6,419)
Net
movement
At
in funds
31.3.20
£
£
(1,689)
74,711
6,759
6,759
5,070
81,470
Resources
Movement
expended
in funds
£
£
(91,855)
(1,689)
(3,141)
6,759
(94,996)
5,070

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Cowling Pre-School and Toddlers

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

12. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

			Net
			movement	At
	At 1.4.19		in funds	31.3.21
		£	£	£
Unrestricted funds
General fund	76,400		(7,778)	68,622
Restricted funds
Grants received		-	6,429	6,429
TOTAL FUNDS	76,400		(1,349)	75,051

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

	Incoming	Resources	Movement
	resources	expended	in funds
	£	£	£
Unrestricted funds
General fund	170,874	(178,652)	(7,778)
Restricted funds
Grants received	9,900	(3,471)	6,429
TOTAL FUNDS	180,774	(182,123)	(1,349)

13. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2021 or 2020.

14. NONE INDEPENDENT EXAMINER'S SERVICES

In common with many other charities of our size and nature, we use our independent examiners to prepare and submit returns to the tax authorities and assist us with the preparation of wages and the financial statements.

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Cowling Pre-School and Toddlers

Detailed Statement of Financial Activities

for the Year Ended 31 March 2021

	31.3.21	31.3.20
	£	£
INCOME AND ENDOWMENTS
Donations and legacies
Grants	6,208	9,900
Other trading activities
Fundraising	57	1,497
Fees	13,059	27,816
EY Funding	61,356	60,750
	74,472	90,063
Investment income
Interest received	28	103
Total incoming resources	80,708	100,066
EXPENDITURE
Other trading activities
Wages	70,337	66,955
Pensions	179	235
Staff Training	695	1,259
Repairs, Materials etc	1,046	3,108
Milk and Food	709	1,327
Rent	4,550	7,800
Activities	330	5,392
Clothing	473	699
Fund raising costs	-	185
	78,319	86,960
Other
Independent Examination	450	672
Other Accountancy fees	828	1,069
	1,278	1,741
Support costs
Management
Membership and insurance	1,687	1,367
Telephone	770	619
Postage and stationery	457	636
Sundries	850	310
Computer and website costs	610	887
Depreciation of tangible and heritage assets	3,156	2,476
	7,530	6,295
Total resources expended	87,127	94,996
Net (expenditure)/income	(6,419)	5,070

This page does not form part of the statutory financial statements

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