**REGISTERED CHARITY NUMBER: 1151030** **REPORT OF THE TRUSTEES AND** **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023** **FOR** **BOURNE OUTDOOR SWIMMING POOL** **BOURNE OUTDOOR SWIMMING POOL** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|2| |**Independent Examiner's Report**||3|| |**Statement of Financial Activities**||4|| |**Statement of Financial Position**||5|| |**Notes to the Financial Statements**|6|to|13| ## **BOURNE OUTDOOR SWIMMING POOL** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 OCTOBER 2023** The trustees present their report with the financial statements of the Charitable Incorporated Organisation for the year ended 31 October 2023. 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** The objectives of the CIO are to provide swimming and associated facilities for the benefit of the inhabitants of Bourne and the surrounding area. ## **Public benefit reporting** When reviewing the CIO's objectives and activities, and in planning future activities, the trustees have considered the Charity Commission's general guidance on public benefit. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** The CIO continued to provide swimming facilities throughout the 2023 season. In addition to the main 50 yard heated pool, the CIO provides a toddlers pool, fountain pool, extended lawns with seating and picnic tables and a toddlers play area. ## **FINANCIAL REVIEW** The detailed statement of financial activities showed that during the period of the financial statements, the CIO had a deficit of expenditure greater than income of £6,233 (2022: excess £30,477). Income from pool activities in 2023 decreased most probably due to the UK recording one of the warmest yet wettest years on record. Total income was £84,298 (2022: £105,040). Most notably general admissions totalled £59,826 (2022: £84,830) being a 35% decrease on the previous year. This decrease reflects an unusually wet period in July and August. During the year donations of £4,417 (2022: £650) were received. All donations received were unrestricted being available for use in accordance with the charity's objectives at the discretion of the trustees. The cost of resources expended totalled £90,531 (2022: £74,563). The main items of expenditure were light and heat £18,530 (2022: £15,168), wages £24,982 (2022: £23,773) and repairs and maintenance which totalled £11,929 (2022: £9,067) with the most significant items being £1,890 for repairs to windows, £1,617 for paint for the pool and £1,290 for works to the surrounding trees. ## **RESERVES POLICY** The trustees are aware that they need to maintain unrestricted free reserves at a level to provide sufficient funds to cover operating expenditure. The trustees consider that the CIO should maintain between three and six months of unrestricted free reserves. The current unrestricted free reserves of £182,439 (2022: £187,022) are more than sufficient to comply with this policy. ## **FUTURE PLANS** The pool will reopen for the 2024 season shortly. The trustees thank all volunteers who have helped to get the pool ready for re opening. The trustees hope for another hot summer to ensure high pool usage to generate high levels of income. Whilst at present there are sufficient funds to secure the medium term future of the pool, unless attendances are maintained in the coming seasons at a satisfactory level, the longer term future of the pool will need to be carefully considered. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is governed by a constitution document dated 26 July 2018. ## **Recruitment and appointment of new trustees** The trustees may appoint a person who is willing to serve as a trustee on such terms as they may agree from time to time. Page 1 DOURNE (Xm￿OR SWIMMING POOL AEPORTC* THE TRUSTEES FOR TNE YEAR ENDED 31 ocfoBER 21111 srAucfuK. GOVERNANceAND MANAGEMENT Th•tru5t•¢s shown bplry* h•v¢ held •lfi¢e d￿rI￿thewho1e of the perfod from l November Z021 to thedate ofthls rewrt.. Mts M l DeLglt)e-Smlth P￿11 C l At*ln Mrs 8 H Smhh The trustees meet reeularty lo Make deE￿on5 reWlr¥ ¢0 thp QO. AM trnstets ￿ve thdr tlme free￿ and no remuneratknn or eywnseswerep•ld. dudlon Ind tr•lnlw of n•wtn4t• The Irilnin8 •nd Ind￿110Th provldtd for new trustees ￿11 depend cffj thelr exSstlni experl•nce. there nece551ry. Inductlon wlll b• Dn infomi•l basls. It betallored swclallyto the Indlvldual and ￿11 provwe tr•lnln8 on ch•rly, lryal ind flnanclal rnatters. ¢ru5t••s h*¥è i duty to Idenlfy •nd revlew the dsks to whlch the CIO 15 exposed ènd to •n5ure approprlote control$ Ire In pl•¢e io provlde re•sonible èssur•nce •ialnst fr4ud and error, The tn15te•s contlnui to rnonltpr ind r￿¢W rlsks •nd InsJi•t¢ contrds thtyd¢¢m necess•ry to reduce these rlsks. RfFERE14CE AND ADM11115fiL4TNE NTAIiS 1151030 Prfndyl•ddM c(￿e$ Causewav Un¢olnshW* PE109LN MJ ￿￿1n1.5M￿¢h P Rthll C l Atkln MrsBMSmth Hlndmarch 8Sc ACA r￿NtaN & Toplis Limited 14AII Sèlnts 51reet St•mford Uncolnshlr• PE9 2PA LI•￿$ Ba￿ PLC 65 Hl6h Street Siamford Uncoln5hlre PE9 ZAT *•proved byorl¢r olthe board of trustees on 29 Aprfl 2024 •nd s18ned on ftsbehalf by.. Mrs MJ Oelainfrsrnith. Truste• P*8e2 URPIE (XITD￿sWMm1I1G PO( I few)rt to thE charity trurttts my ex•mination of the ac(wNs of 8wme thjtdw kn"rnffliw (the Tnotl ft)r the ended 31 Odobpr 2023. A5 the charlty trustees of the Trusr ar• fvr th¢ W*P•rnbon Of￿ attounts In •ttorthnce req￿rtMents of theCharitiesAtt 20111'tTrk•Act'l. I rtport lfi respttt af my ex•mkothJn ol the Tr¢J%Vs C•fTied our SerbM 145 ol thè Att ind out mv mln•lon I I￿￿￿ed *1 ap￿[￿ble tr¢the Ch•ntyCrynnws5iw undpr 1495llbl off￿Art. I ha￿ Mmpl•t¢d ry *xamifi*tion. I tothl*m that no mate￿1 my attqntyw in ronn￿￿On with t examlnatlon mecauseto bel*4e thai in arry materhl resPe¢t.' atewntlrrf recordsth*rn ￿ keo In r•spKtoffvTru#•S rwar•d ty Soth 1xio1th￿ Act., or the a(￿jntsdQ norKc¢y¢ wrth tho5erecwdi', the I(￿Unts do not compty wrth th¢ rtquwemettts Concem￿￿ form conteffl of ac(4yJnts set wt In the charit￿ {k￿nts and Aeportsl Wul•tK)ns 2[￿ Lxher than any rewiremeN thèi the xcounts • true ind flir I hm ￿ concernJ hm nts othtr M￿erS Sn tofineetk)n wth the ex•mkn•tfjon to be drwi In thlJ r•port In ord¢r to ¢n•bl¢• prow understandknqoltr* ￿£￿ts1Otse re•(thed. M•rk Illndmarch BSCACA JrK4n & TO15 Urn 14AJI S•lnts Str Stimford UncolTrsh*e PE9 2PA Aprll 1024 ## **BOURNE OUTDOOR SWIMMING POOL** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2023** |Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
3
6,712
Other trading activities
4
76,546
Investment income
5
1,040
**Total**
84,298
**EXPENDITURE ON**
Raising funds
6
88,881
**NET INCOME/(EXPENDITURE)**
(4,583)
**RECONCILIATION OF FUNDS**
Total funds brought forward
187,022
**TOTAL FUNDS CARRIED FORWARD**
182,439|Restricted
funds
£
-
-
-
-
1,650
(1,650)
17,700
16,050|2023
Total
funds
£
6,712
76,546
1,040
84,298
90,531
(6,233)
204,722
198,489|2022
Total
funds
£
2,735
102,288
17| |---|---|---|---| ||||105,040| ||||74,563| ||||30,477
174,245| ||||204,722| The notes form part of these financial statements Page 4 JI OCTIY•ER 2021 2023 Toial fvnd5 2022 Totil fvnds Tan£Sbleassets 12 83.314 %.524 cuftRÈNrASSETS Stpths Otbtttrs h4tbMk 620 1.166 97A02 620 1,225 iC6.408 14 1.166 99.108 IOJ.253 CAEWOAS 155 99.1 99.125 110,198 I￿,712 182.439 198. 2N.722 JNDS UnresiActedfunds 16 182A39 16JJ50 187.022 17,7(X+ TOTALFUNOS 198 204,712 The hnarKlal 5taterr•rt5 the lo•rd ol Trusthes •￿￿￿¥01¢d kn159Je on 29 4••rll 2024 ind on iti M J D￿an￿kn￿h. Trwt¢¢ **BOURNE OUTDOOR SWIMMING POOL** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023** ## **1. STATUTORY INFORMATION** Bourne Outdoor Swimming Pool is a Charitable Incorporated Organisation whose principal office is in England. The presentation currency of the financial statements is the Pound Sterling (£). ## **2. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the CIO, 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 Standards applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. ## **Critical accounting judgements and key sources of estimation uncertainty** In the application of the CIO's accounting policies, management are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. There are no critical accounting judgements or estimation uncertainty that, in the opinion of the trustees, will have a material effect on the financial statements. ## **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. Improvements to property - Straight line over 20 years Equipment - 20% on reducing balance and 10% on cost Tangible fixed assets are held at cost less accumulated depreciation. ## **Stocks** Stocks are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving items. ## **Taxation** The charity is exempt from 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 CIO. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. ## **Debtors** Debtors are measured at their recoverable amount. continued... Page 6 **BOURNE OUTDOOR SWIMMING POOL** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023** ## **2. ACCOUNTING POLICIES - continued** ## **Creditors** Creditors are measured at their settlement amount or in the case of provision for liabilities the best estimate of their settlement amount. ## **Government grants** Government grants are recognised when there is reasonable assurance that the grant will be received and any conditions attached will be complied with. Grants are recognised as income over the period necessary to match them with related costs or lost income, for which they are intended to compensate, on a systematic basis. ## **Financial instruments** The charity has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the income statement, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Basic financial liabilities, including trade and other creditors 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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. ## **3. DONATIONS AND LEGACIES** |**DONATIONS AND LEGACIES**||| |---|---|---| ||2023|2022| ||£|£| |Notional donation|2,295|2,085| |Donations and gift aid|4,417|650| ||6,712|2,735| All donations received were unrestricted. continued... Page 7 ## **BOURNE OUTDOOR SWIMMING POOL** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023** ## **4. OTHER TRADING ACTIVITIES** |General admission
Season tickets
Fun nights
Pool hire
Schools
Lockers and deckchairs
Catering franchise
Shop accessories
**5.**
**INVESTMENT INCOME**
Deposit account interest
**6.**
**RAISING FUNDS**
**Raising donations and legacies**
Staff costs
Rent, rates and water
Light and heat
Repairs and maintenance
Chemicals
Cleaning
Swimming accessories
Depreciation
Loss on sale of assets
**Other trading activities**
Support costs
Aggregate amounts||2023
£
59,826
904
3,659
5,847
90
213
1,625
4,382
76,546
2023
£
1,040
2023
£
24,982
1,499
18,530
11,929
6,160
761
5,107
12,278
34
81,280
2023
£
9,251
90,531|2022
£
84,830
-
4,029
7,055
-
364
1,400
4,610|2022
£
84,830
-
4,029
7,055
-
364
1,400
4,610| |---|---|---|---|---| ||||102,288|| |||||2022
£
17
2022
£
23,773
1,134
15,168
9,067
4,634
1,242
3,120
9,484
-| |||||67,622| |||||2022
£
6,941
74,563| continued... Page 8 ## **BOURNE OUTDOOR SWIMMING POOL** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023** ## **7. SUPPORT COSTS** |**SUPPORT COSTS**|||| |---|---|---|---| |||Governance|| ||Other|costs|Totals| ||£|£|£| |Other trading activities|6,956|2,295|9,251| ## **8. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 October 2023 nor for the year ended 31 October 2022. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 October 2023 nor for the year ended 31 October 2022. ## **9. STAFF COSTS** The average monthly number of employees during the year was as follows: |Lifeguards
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
2,735
Other trading activities
102,288
Investment income
17
**Total**
105,040
**EXPENDITURE ON**
Raising funds
72,913
**NET INCOME/(EXPENDITURE)**
32,127
**RECONCILIATION OF FUNDS**
Total funds brought forward
154,895
**TOTAL FUNDS CARRIED FORWARD**
187,022|2023
8
Restricted
funds
£
-
-
-
-
1,650
(1,650)
19,350
17,700|2022
8
Total
funds
£
2,735
102,288
17| |---|---|---| |||105,040| |||74,563| |||30,477
174,245| |||204,722| ## **10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** continued... Page 9 **BOURNE OUTDOOR SWIMMING POOL** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023** ## **11. INDEPENDENT EXAMINERS REMUNERATION** Duncan & Toplis Ltd provide the charity with accountancy and independent examination services at no cost. The commercial fees for these services would have been £2,295 (2022: £2,085). These fees are included as notional income and notional expenditure in the income and expenditure account. ## **12. TANGIBLE FIXED ASSETS** |Improvements
to
property
Equipment
£
£
**COST**
At 1 November 2022
118,423
31,896
Additions
-
15,152
Disposals
-
(10,053)
Reversal of impairments
-
46,470
At 31 October 2023
118,423
83,465
**DEPRECIATION**
At 1 November 2022
40,288
13,507
Charge for year
5,921
6,357
Eliminated on disposal
-
(10,019)
Reversal of impairments
-
46,470
At 31 October 2023
46,209
56,315
**NET BOOK VALUE**
At 31 October 2023
72,214
27,150
At 31 October 2022
78,135
18,389
**13.**
**STOCKS**
2023
£
Shop accessories and chemicals
620
**14.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
2023
£
Prepayments and accrued income
1,166|Totals
£
150,319
15,152
(10,053)
46,470|Totals
£
150,319
15,152
(10,053)
46,470| |---|---|---| ||201,888|| ||53,795
12,278
(10,019)
46,470|| ||102,524|| ||99,364|| ||96,524|| |||2022
£
620| |||2022
£
1,225| continued... Page 10 ## **BOURNE OUTDOOR SWIMMING POOL** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023** |**15.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Other creditors
**16.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**Restricted funds**
Boiler
Pool resurfacing
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:

**Unrestricted funds**
General fund
**Restricted funds**
Boiler
Pool resurfacing
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**Restricted funds**
Boiler
Pool resurfacing
**TOTAL FUNDS**|2023
2022
£
£
15
40
48
15
63
55
Net
At
movement
At
1.11.22
in funds
31.10.23
£
£
£
187,022
(4,583)
182,439
6,000
(1,000)
5,000
11,700
(650)
11,050
17,700
(1,650)
16,050
204,722
(6,233)
198,489
Incoming
Resources
Movement
resources
expended
in funds
£
£
£
84,298
(88,881)
(4,583)
-
(1,000)
(1,000)
-
(650)
(650)
-
(1,650)
(1,650)
84,298
(90,531)
(6,233)
Net
At
movement
At
1.11.21
in funds
31.10.22
£
£
£
154,895
32,127
187,022
7,000
(1,000)
6,000
12,350
(650)
11,700
19,350
(1,650)
17,700
174,245
30,477
204,722|2023
2022
£
£
15
40
48
15
63
55
Net
At
movement
At
1.11.22
in funds
31.10.23
£
£
£
187,022
(4,583)
182,439
6,000
(1,000)
5,000
11,700
(650)
11,050
17,700
(1,650)
16,050
204,722
(6,233)
198,489
Incoming
Resources
Movement
resources
expended
in funds
£
£
£
84,298
(88,881)
(4,583)
-
(1,000)
(1,000)
-
(650)
(650)
-
(1,650)
(1,650)
84,298
(90,531)
(6,233)
Net
At
movement
At
1.11.21
in funds
31.10.22
£
£
£
154,895
32,127
187,022
7,000
(1,000)
6,000
12,350
(650)
11,700
19,350
(1,650)
17,700
174,245
30,477
204,722|2022
£
40
15| |---|---|---|---| ||||55| |||17,700|| |||204,722|| continued... Page 11 **BOURNE OUTDOOR SWIMMING POOL** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023** ## **16. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: ||Incoming|Resources|Movement| |---|---|---|---| ||resources|expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|105,040|(72,913)|32,127| |**Restricted funds**|||| |Boiler|-|(1,000)|(1,000)| |Pool resurfacing|-|(650)|(650)| ||-|(1,650)|(1,650)| |**TOTAL FUNDS**|105,040|(74,563)|30,477| |A current year 12 months and prior year 12 months combined position is as follows:|||| |||Net|| ||At|movement|At| ||1.11.21|in funds|31.10.23| ||£|£|£| |**Unrestricted funds**|||| |General fund|154,895|27,544|182,439| |**Restricted funds**|||| |Boiler|7,000|(2,000)|5,000| |Pool resurfacing|12,350|(1,300)|11,050| ||19,350|(3,300)|16,050| |**TOTAL FUNDS**|174,245|24,244|198,489| 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|189,338|(161,794)|27,544| |**Restricted funds**|||| |Boiler|-|(2,000)|(2,000)| |Pool resurfacing|-|(1,300)|(1,300)| ||-|(3,300)|(3,300)| |**TOTAL FUNDS**|189,338|(165,094)|24,244| continued... Page 12 **BOURNE OUTDOOR SWIMMING POOL** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 OCTOBER 2023** ## **17. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 October 2023 nor for the year ended 31 October 2022. ## **18. ULTIMATE CONTROLLING PARTY** The CIO is controlled by the board of trustees. ## **19. FINANCIAL INSTRUMENTS** The CIO has the following financial instruments: |The CIO has the following financial instruments:||||| |---|---|---|---|---| ||2023||2022|| ||£||£|| |**Financial liabilities measured at amortised cost**||||| |Trade creditors||15||40| The total interest income and interest expense for financial assets and financial liabilities that are not measured at fair value through the statement of financial activities was £1,040 (2022 - £17) and £nil (2022 - £nil) respectively. Page 13