COMPANY REGISTRATION NUMBER: 04547236 CHARITY REGISTRATION NUMBER: 1153089 Upfront Arts Limited Company Limited by Guarantee Unaudited Financial Statements 30th September 2025 Lamont Pridmore
Upfront Arts Limited Company Limited by Guarantee Financial Statements Year ended 30th September 2025 Page Trustees, annual report (incorporating the director's report) Independent examiner's report to the trustees Statement of financial aclivities (including income and expenditure account) statement of financial position Accounting policies Notes to the financial statements 13 The following pages do not form part of the financial statements Detailed statement of financial activities 18
Page 1 Upfront Arts Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report Year ended 30th September 2025 The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial slalemenls of the charity for the year ended 30th September 2025 Reference and admlnlstratlve detalls Registered charity name Upfront Arts Limited Charlty reglstratlon number 04547236 Company reglstration number 1153089 Princlpal offlce and registered Upfront Gallery office Hutton-in-Ihe-Forest The trustees S Allan PHD K R Baker M A Baker J Clark B Fellowes L M Hamilton G Hunt P J C MacQueen A K Mccaw K Norman Independent examiner Susannah Nixon Milburn House 3 Oxford Street Workington Cumbria CA14 2AL Structure, governance and management Upfront Arts Limited is a charitable company limited by guarantee, incorporated on 27th September 2002, and amended by special resolution on 24th July 2013. 11 was registered as a charity on 26th July 2013. The company was established under a Memorandum ofAssocialion which established the objects and powers of the charitable company and is governed under ils Articles of Association.
Page 2 Upfront Arts Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (cth>tintsed) Year ended 30th September 2025 ObjgCtIVgs and a¢tivitigS The principle activity of the charity in the period under review was that of advancing the education of the public and promoting the art of mask, mime and puppetry by such means as the trustee5 think fil including performance, workshops and leaching. The key objectives include.. To advance the art forms of mask, mime and puppetry. and To promote the art of mask, mime and puppetry through exhibitions. performance, workshops and leaching.
Page 3 Upfront Arts Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (tontinued) Year ended 30th September 2025 Achievements and performance The three seasons of puppet shows were Aladdin at Christmas, Stanelli's Super Circus al Easter and The Emperor and the Nightingale dijring the summer. These shows are from our existing repertoire, giving us time to prepare museum exhibits and displays as well as pul into place capital improvements to the sile. A grant of £9,900 was received from the Weslmorland and Furness Council from their"Empty Homes" grant fund. This contributed lo researching and writing a new show script and music as well as Paying towards ongoing annual adminislralive costs The fund was specifically aimed at culluml organisalions not in receipt of regular annual funding. The charity campaigned throughout the year for regular annual fvnding lo pul il on the same fooling as several organisalions that historically are given annual funding every year. This issue is ongoing with the hope of a fair resolution in the near future. A further grant from the government "Levelling Up Fund administrated by Weslmodand and Furness, was received for £28,000 and was for capitsl improvement works The grant covered the resurfacing of the surrounding car parks, new entrance signage, lighting of the entrance lane lo the venue, work to improve the workshop space, lighting and electrical works lo the new museum area and the olesign and construction of three showcases in the museum, to house and display all of the Slan Parker collection of of specialist and trick marionettes. A grant of £16,916 was awarded from Westmorland and Furness towards establishing a carnival Skills workshop. The project will finalise with asset of mas51ve parade characters on May 4th. 2026 in Penrilh town cenlre. This project will establish the strong contribution that Upfront Arts can make lo the local community and will be arts skills in the local community. During the year new puppets were donated lo the museum collections including a set of ee Punch and Judy puppets made by Wal Kent in 1940. The Vand A museum has a Punch and Judy. bul not a full sel of characters Also two large an11que horse puppets from Myanmar were donated as well as a collection of Chinese shadow PLJppels. The daughter of Stan Parker donated a further five of his puppets lo the collection and also his medals and prizes from International festivals, along with his working notebooks and related posters. Work was done during the year lo restore puppets lor display and lo construct display armatures and plinths for the puppets Relevant material was sought from countries lo provide inlerprelive footage from around the world. Trial openings of the museum were staged throughout the year The charity extended its offer of fund raising music concerts during the year, with a focus on soei81 media marketing. As a result of this the concerts have become a key part of the cultural offer of the arts centre Blanty, Guy Davis, Kris Drever, Raz and Afla, Dub and Grub (three events), The Madalisto Band. from Malawi, Omega Nebula, all performed during this year. A trial wedding was staged in collabootion with the commercial Upfront café and the onsite holiday accommodation business. Upfront Arts received a rental fee for use of the theatre space. More bookings then were gained following the promotion of the whole site as a wedding venue. The charity continues employ staff only on a freelance basis, with a great deal of support from the commercial gallery and coffee shop- box office, cleaning, and some accountaney.
Page 4 Upfront Arts Limited Company Limited by Guarantee Trustees, Annual Report {Incorporating the Director's Report) (conllnu Year ended 30th September 2025 Financial rgview The total incttming resources for the year amounted lo £81,869 {2024 £48,111). Of this amount £Nil 12024 £Nill was restricted funds for specific projects. Total expenditure was £81,33612024 £68,293}, of which Nil12024 £Nill was restricted. The major expenditure which the charity incurs is that of wages, production costs including stage building and puppet making and depreciation. Repairs lo the theatre and puppet museum were also carried out during the year. The depreciation figure reflects the diminishing lease which the Ihe8tre building has, for the land on which il is built. The charity has a peppercorn lease which has been extended up lo March 2032, extending the original lease created in 2012 by 10 years up to 2032. Accounting practice diclales the cost of the building is depreciated over the term of the lease and by extending the lease, the rate of depreciation has been slowed. The lolal funds of the charity at 30 September 2025 were £157,134 12024 £156.6011, of which £Nil 12024 £Nill were reslricled. Plans for future periods Plans were made for the opening of the museum in 2026. It was decided that il should be as finished as possible, in order lo make the maximum impact, with complete displays, strong interpretation and as many child friendly hands on exhibits as possible. The museum will provide a con51anl source of additional income whilst al the same time enhancing the educational remit of its conslilution. A related onsite shop area will sell items related to puppetry and the museum collections. The stock for this was researched during the year. The board continued throughout the year lo make representation to Westmorland and Furies Council about the unfair and unbalanced regular funding situation. They were told that the situation was under review and that a cultural strategy was in preparation and that a "Cultural Compact" as laid out by The Arts Council would be established throughout the county. The charity operates on a very lean income with low ongoing fixed costs and has made every attempt to be self-sufficienl. The ambition is lo produce more new work in the future and to work closely with schools in the area who have identified the need for input to the arts eurriculum in the present financial climate. Financial instruments Financial assets and financial liabilities are recognised when the charity becomes a party lo the contra¢lual provisions of the inslrumenl. Financ1al Iiabililies and equity instmmenls are classified according lo the Substan of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interested In the assets of the charity after deducting all of ils liabilities. All financial assets and liabilities are initially measured al transaction price lincluding transaction coslsl, except for those financial assets classified as at fair value through profit or loss, which are initially measured al fair value Iwhich is normally the transaction Pfice excluding transaction coslsl, unless the arrangement conslitules a financing transaction. If an arrangement constitutes a financing Iransaclion, the financial asset or financial liability is measured al the present value of the future payments discounted at a market rale of interest for a similar debt inslrumenl.
Page 5 Upfront Arts Limited Company Limited by Guarantse Trustees, Annual Report (Incorporating the Director's Report) (¢ontinu¢dl Year ended 30th September 2025 Small company provisions This report has been prepared in accordance with the provision5 applieable lo companies enlilled lo the small companie5 exemption. The Iruslees, annual report was approved on 29th May 2026 and signed on behalf of the board of Iruslees by.. L M Hamilton Chair
Page 6 Upfront Arts Limited Company Limited by Guarantee Independent Examiner's Report to the Trustees of Upfront Arts Limited Year ended 30th September 2025 report to the Iruslees on my examination of the financial statements of Upfront Arts Limited I'the charity'l for the year ended 30th September 2025. Responsibilities and basis of report As the trustees of the company lancs also ils 1CtorS for the purposes of company lawl you are responsible for the preparation ol the financial slalemenls in accordance with the requiremen15 of the Companies Act 20061'lhe 2006 Acl'l. Having satisfied myself that the accounts ol the company are not required lo be audited under Part 16 of the 2006 Act and are eligible lor independent examination, I report In respect of my examination of the charity's accounts as carried out under section 145 of the Charities Act 2011 I'the 2011 Acl'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145151(bl of the 2011 Act. Independent examingrfs statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giv1ng me cause lo believe.. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act., or the financial ststements do not accord with those records., or the financial 51alemenls do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'lrue and fair, view which is not a matter considered as part of an independent examination,. or the financial statements have not been prepared in accordan with the methods and principles of the Slalemenl of Recommended Practice for accounting and reporting by charities applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other mallers in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. f N Susannah Nixon Independent Examiner Milburn House 3 Oxford Street Workinglon Cumbria CA14 2AL
Pag8 7 Upfront Arts Limited Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 30th September 2025 2025 Unreslricled funds Total funds Total funds 2024 Note Income and endowments Donations and legacies Charitable activities Investment income 45,098 36,767 45,098 36,767 1,153 46,958 Total income 81,869 81.869 48,111 Expenditure Expenditure on charitable activities Total expenditure 81.336 81.336 68,293 81,336 81,336 68,293 Net Incomellexpenditurel and net movement In funds 533 533 120,1821 Reconciliation of funds Total funds brought forward Total funds carrled forward 156,601 156,601 157,134 176,783 157,134 156,601 The slalement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 13 to 16 fomi part of these financial Statements.
Page 8 Upfront Arts Limited Company Limited by Guarantee Statement of Financial Position 30th September 2025 2025 2024 Note Flxed assets Tangible fixed assets 13 190,115 205,111 Current assets Stocks Debtors Cash al bank and in hand 14 15 425 7.460 547 425 4,613 978 ,432 6,016 Creditors: amounts falling due within one year Net current assets 16 8,811 11,647 13791 189.736 {5.6311 199,480 Total assets less current liabilities Creditors.. amounts falllng due after more than one year 17 32.602 42,879 Net assets 157.134 156,601 Funds of the charity Unreslricled funds 157.134 156,601 Total charity funds 19 157.134 156,601 For the year ending 30th September 2025 the charity was entitled lo exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors. responsibilities.. The members have not required the company lo obtain an audit of ils financial stslemenls for the year in question in accordance with section 476., The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial stalemenls. These financial statements have been prepared in accordance with the provisions applicable lo companies subject lo the small companies. re9ime. These financial statements were approved by the board of Iruslees and authorised for issue on 29th May 2026, and are signed on behalf of the board by.. L M Hamilton Trustee The notes on pages 13 to 16 form part of th¢¥e financial Btstements.
Page 9 Upfront Arts Limited Company Limited by Guarantee Accounting Policies Year ended 30th September 2025 {al Basls of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured al fair value through income or expenditure. The financial statements are prepared in sterling. which is the functional currency of the entity. (bl Going concgm Due lo the increase in activity in both performances, shows and ftjnding applie8tions, the Trustees feel that there will be sufficient funds lo support the charity in ils ongoing operations. Written confirmation wa5 received by the Iruslees to gain assurance that the private loan of £24,399 will not be recovered in full in the following 12 months from the date of these financial slatemenls. In light of the above assessment, these financial statements have been prepared on the going concern basis Icl Judgements and key sources of estimation uncertalnty The principal accounting policies applied in the preparation of these financial statements are sel out below. These policies have been consistently applied to all the years presented. unless otherwise ststed. Idl Fund accountlng Unrestricted funds are available for use at the discretion of the Iruslees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustee5 for particular future project or commitment. Restricted funds are subjected lo reslriclions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes.. reslricled income funds or endowment funds.
Page 10 Upfront Arts Limited Company Limited by Guarantse Accounting Policies (c¢tinUe¢4 Year ended 30th September 2025 lel Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity, il is probable that the economic benefits associated with the transaction wi51 flow lo the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. •in¢ome from donations or grants is recognised when there is evidence of enlillemenl lo the gift, receipt is probable and its amount can be measured reliably. •legacy income is recognised when receipt Is probable and enlitlemenl is established. •income from donated goods is measured al the fair value of the goods unless this is impoclical to measure reliably. in which ease the value is derived from the cost to the donor or the eslimaled resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. •income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unreslricled funds unless there is a contractual requirement for Il to be spent on a particular purpose and returned if unspent, in which case Il may be regarded as restricted. If) Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classified under headings of the stslement of financial activities to which il relates.. •expendilure on raising funds includes the costs of all fundraising activities, events. non-charitable trading activities, and the sale of donated goods. •expendilure on charitable activities Includes all costs incurred by a charity in undertaking activities that further ils charitable aims for the benefit of ils beneficiaries, including those support costs and costs relating lo the governance of the charity apportioned to charitable activities. •olher expenditure includes all expenditure that is neither related lo raising funds for the charity nor part of ils expenditure on charitable activities. All costs are allocated lo expenditure categories reflecting the use of the resource. Direct costs allribulable to 8 single activity are allocated directly to that activity. Shared costs are apportioned beeen the activities they contribute lo on a reasonable, justifiable and consistent basis. {g} Tangible assets Tangible assets are initially recorded al cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried al revalued amounts are recorded al the fair value al the dale of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Page 11 Upfront Arts Limited Company Limited by Guarantee Accounting Policies (contlnue Year ended 30th September 2025 An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless il reverses a charge for impairment that has previously been recognised as expenditure within the slalement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain. in which case the loss is shown within other recognised gains and losses on the slalement of financial activities. {h) Depreclation Depreciation is calculated so as to write off the cost or valuation of an asset, less ils residual value, over the useful economic life of that asset as follows.. Slraighl line over the remaining term of the lease 10Q/o and 25D/o reducing balance 100/0 and 25Vo reducing balance lil Impairment of fixed assets A review for indicators of impaimenl is carried out at each reporting dale, with the recoverable amount being eslimaled where such indicator5 exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible revers818t each reporting date. For the purposes of irnpaimenl testing, when il is not possible lo estimate the recoverable amount of an individual asset. an estimate Is made of the recoverable amount of the cash-generating unil to which the asset belongs. The cash-generaling unil is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition dale, allocated lo each of the cash-generaling units that are expected lo benefit from the synergies of the combination, Irrespective of whether other assets or liabilities of the charity are assigned to those units. ui stocks Stocks are measured al the lower of cost and estimated selling price less costs lo complete and sell. Cost includes all costs of purchase. costs of conversion and other costs incurred in bringing the stock lo its present location and condition. Ikl Flnanclal Instruments A financial asset or a financial liability is recognised only when the charity be¢omes a party to the contractual provisions of the inslrumenl. Basic financial instruments are initially recognised at the amount recewable or payable including any related transaction costs. Current assets and eurrenl liabilities are subseqLJently measured at the cash or other consideration expected lo be paid or received and not discounted. Debt instruments are subsequently measured at arnortlsed cost.
Page 12 Upfront Arts Limited Company Limited by Guarantee Accounting Policies (Conllrtued) Year ended 30th September 2025 Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the inve51menl is subsequently measured al fair value with Changes in fair value recognised in income and expenditure. All other such investments are subsequently measured al cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset Is deferred beyond normal business terms or financed at a mte of interest that is not a market rate, in which case the asset is measured al the present value of the future payments discounted al a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair valLJe, with any changes recognised in the 51alement ol financial activities. with the excepbon of hedging instruments in a designated hedging relationship. Financial assets that are measured al cost or amortised cost are reviewed for objective eviden¢e of impairment al the end of each reporting dale. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant. these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characlerislics. Any reversals of impaimenl are recognised immediately, lo the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the Impairment not previously been reeognised.
Page 13 Upfront Arts Limited Company Limited by Guarantee Notes to the Financial Ststements Year ended 30th September 2025 General infomiatlon The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Upfront Gallery, Hutton-in-Ihe-Foresl. Statement of compliance These financial slalemenls have been prepared in compliance with FRS 102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 10211 and the Companies Act 2006. Limitgd by guarantee The charity is a private company limited by guarantee and consequently does not have share capitsl. Each of the members is liable lo eonlribute an amount not ex¢eerJing £10 towards the assets of the charity in the event of liquidation. Donatlons and legacies Unrestricted Total Funds Unreslricled Total Funds Funds 2025 Funds 2024 Donations Appeals and donations 1,105 1,105 1,153 1,153 Grants Grants receivable 43.993 43,993 45,098 4S,098 1,153 1,153 Charitable activities Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Puppet shows and concerts Refreshment sales Puppet and merchandise sales Other income 27,423 2,932 3,761 2,651 27,423 2,932 3,761 2,651 36,767 39,695 2,417 2,821 2,025 39.695 2.417 2,821 2.025 36,767 46,958 46,958 Inv¢$tment incomg Unreslricled Total Funds Unreslricled Total Funds Funds 2025 Funds 2024 Bank interest receivable
Page 14 Upfront Arts Limited Company Limited by Guarantse Notes to the Financial Statements (cOnnod) Year ended 30th September 2025 Expendlture on charitable activities by fund type Unreslrieled Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Charitable activities Support costs 62,159 19,177 62.159 19.177 48,682 19,611 4B,682 19,611 81,336 81.336 68,293 68.293 Expenditure on charitable actlvlties by activity type Activities undertaken directly Support Total funds costs 2025 Total fund 2024 Charitable activities 62,159 19,177 81,336 68.293 Net incomel{expenditure} Nel Incomellexpenditurel is slated after chargingllcreditingl.. 2025 2024 Depreciation of tsngible fixed assets 15.261 16,643 10. Independent examlnatlon fees 2025 2024 Fees payable to the independent examiner for.. Independent examination of the financial statements 1,850 2,611 11. Staff costs The average head count of employees during the year was Nil12024." Nill. No employee received employee benefits of more than £60,000 during the year12024.' Nill. 12. Trustoe remuneration and expenses No trustees received any remuneration and expenses during the year.
Pago 15 Upfront Arts Limited Company Limited by Guarantee Notes to the Financial Ststements (contlnuedj Year ended 30th September 2025 13. Tangible fixed assets Land and Fixtures and buildings fillings Equipment Total Cost At 1 sl October 2024 Additions 448,703 85,134 145 44,333 120 578,170 265 At 30th September 2025 Depreciation Al 1 st October 2024 Charge for the year At 30th September 2025 Carrylng amount At 30th September 2025 At 30th September 2024 448.703 85,279 44,453 578.435 277,287 11,428 60,621 2,909 35,151 924 373.059 15,261 288,715 63,530 36,075 388,320 159,988 21,749 8,378 190,115 205,111 171,416 24,513 9,182 14. Stocks 2025 2024 Raw m81eri81s and consumables 425 425 15. Debtors 2025 2024 Prepayments and accrued income Other debtors 6,564 896 949 3.664 7.460 4,613 16. Creditors: amounts falling due within one year 2025 2024 Bank loans and overdrafts Trade creditors Accrua15 and deferred income 6,153 308 2,350 10,239 1,408 8.811 11.647 17. Creditors: amounts falllng due after more than one year 2025 2024 Bank loans and overdrafts 32.602 42,879
Page 16 Upfront Arts Limited Company Limited by Guarantee Notes to the Financial Statements (conllnue¢¥ Year ended 30th September 2025 18. Deferred Income 2025 2024 Amount deferred in year 500 19. Analysis of charitable fund5 Unrestricted funds At Income Expenditure 30th Sep25 At 1stOc124 General funds 156,601 81,869 {81,3361 157.134 At Income Expenditure 30th Sep24 Al 1stOct23 General funds 176,783 48,111 168,2931 156,601 20. Analysis of net assets between funds Unrestr1cled Total Funds Funds 2025 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 190,115 2,434 18.8111 132,6021 151,136 190,115 2,434 18,8111 132,6021 151.136 Unrestricted Totsl Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 205.111 6,016 111,6471 142,8791 156,601 205,111 6,016 111.6471 142.8791 156,601
Page 17 Upfront Arts Limited Company Limited by Guarantee Management Information Year ended 30th September 2025 The followlng pag8$ do not fomi part of the flnancial statements.
Page 18 Upfront Arts Limited Company Limited by Guarantee Detailed Ststement of Financial Activities Year ended 30th September 2025 2025 2024 Income and endowments Donations and legacies Appeals and donations Grants receivable 1,105 43,993 1,153 45,098 1,153 Charitable activities Puppet shows and concerts Refreshment sales Puppet and merchandise sales Other income 27.423 2.932 3.761 2.651 39.S95 2,417 2,821 2,025 36,767 46,958 Investment Income Bank interest receivable Total income 81.869 48,111 Expenditure Expenditure on charitable activities Purchases Rent Rates and water Light and heal Repairs and maintenance Insurance Other eslablishmenl Motor vehicle expenses Vehicle leasinglhire Other motorllravel c051s Telephone Other office costs Depreciation Interest on bank loans and overdrafts Interest on HP and finance leases Interest due lo group undertakings 2,130 2,187 344 1,664 29,529 1,490 5,149 12,854 4,469 526 1,541 1,850 15,260 627 1,595 121 3,178 1,863 192 1,533 12,900 2,119 2,933 17,188 3,194 357 1,961 650 16,643 693 1,607 1,282 81,336 68.293 Total expenditure 81,336 68,293 Net incomellexpenditurel 533 20,182