2025-08-31-accounts - Abingdon Rugby Football Club Ltd

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Charity Registration No. 1155081 Company Registration No. 08572613 (England and Wales)

ABINGDON RUGBY FOOTBALL CLUB LTD

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

ABINGDON RUGBY FOOTBALL CLUB LTD

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Dr N Crossley Mrs S McKeown Mr G McDonough Mr M Rowlands Mr P Sweeney

Charity number 1155081 Company number 08572613 Principal address Southern Sports Park Lambrick Way Abingdon OX14 5TJ Registered office 265 Cowley Road Oxford OX4 1XQ

ABINGDON RUGBY FOOTBALL CLUB LTD

CONTENTS
	Page
Trustees' report	4 - 8
Independent examiner's report	9
Statement of financial activities	10
Balance sheet	11 - 12
Statement of cash flows	13
Notes to the accounts	14 - 23

ABINGDON RUGBY FOOTBALL CLUB LTD TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2025

The trustees present their report and accounts for the year ended 31 AUGUST 2025. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Articles of Association, the Companies Act 2006 and the Statement of Recommended Practice : Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014.

Objectives and activities

The charity's objects are:

to promote community participation in healthy recreation by providing facilities for playing rugby union football and other sports (“facilities” means land, buildings, equipment and organizing sporting activities)
to provide and assist in providing facilities for sport, recreation or other leisure time occupation of such persons who have need for such facilities by reason of their youth, age, infirmity or disablement, poverty, or social and economic circumstances or for the public at large in the interests of social welfare and with the object of improving their conditions of life
to advance the education of children and young people through such means as the Directors think fit in accordance with the law of charity

The policies adopted in furtherance of these objects are to provide a safe and welcoming environment for all to enjoy playing and participating in sport (in particular, rugby union football) and there has been no change in these during the year.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

ABINGDON RUGBY FOOTBALL CLUB LTD TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) CONTINUED FOR THE YEAR ENDED 31 AUGUST 2025

Rugby and Abingdon RFC have not been immune to the significant pressures on sport (including rugby) with people having many other opportunities to utilise their leisure time.

The numbers of people playing sport (including rugby) has reduced and it has been difficult to recruit new and old players to rejoin the sport. However, as the Women’s Rugby World Cup was hosted in this country during 2025 and due to the success of the Women’s team winning the tournament, we have seen a boost for girl’s and women’s rugby as it did when the Men’s tournament was held in 2015.

The club is affiliated to the RFU and follows the Constituent Body and national/local government advice.
All relevant guidance and measures have been implemented throughout the club and facility.
Rugby matches and leagues are established and we look to the future and continue to push the club forward in the future.
The biggest development project has been launched this year – the building of two new RFU compliant Women’s changing rooms. The current facilities are over 40 years old and do not meet the needs of modern rugby. The club has embarked on an ambitious project with an estimated cost of some £500K.
The club will work with RFU, the local council and have a dedicated project team and a fund-raising team specifically to work on the project
Grant applications continue to be made, and some were successful during the year, however, both local authorities and the RFU have already indicated that funds will be in short supply during the next three to four years.
The Trustee team have worked extremely hard in keeping the club viable in these difficult times.

Local Community

We are very proud that our coaches and parents are supporting the activities at the local schools, which allows children access to rugby, and this has allowed several of them to join Abingdon RFC and to participate in sport on a more regular basis.
Abingdon RFC is working together to apply for grants and funding to improve pitches and facilities at Southern Park, Abingdon.
The clubhouse is viewed as a community asset, with it being hired out to numerous local organisations for Committee Meetings, AGM's, Presentation Events and Training

Abingdon Allotment Society Abingdon Eagles Basketball Club Abingdon Marina Residents Association Abingdon Youth Football Club Radley Football Club Abingdon Tennis Club Abingdon Fishing Club Abingdon Rowing Club Abingdon Athletics Club

Hiring of Clubhouse/Facilities for sessions/events

Tumble Tots Slimming World Weight Watchers Highways Agency Thames Water Polling Station for National and Local Council elections Recent Bun Throwing Event for Town Council 80-year V.E. celebrations Town Council Honda Goldwing Club Oddballs Rally Northern Soul Nights

The club is also used for Birthday Parties, Anniversary Parties, and Wakes
Events throughout the closed season sees the club being used by the community through fun days, touch rugby and other activities.
The training facilities that we boast provide additional opportunities for age groups training mid-week evenings.
We now have some of the best training facilities in the whole of Oxfordshire.

ABINGDON RUGBY FOOTBALL CLUB LTD TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) CONTINUED FOR THE YEAR ENDED 31 AUGUST 2025

Tremendous work has been done by the committee and volunteers at the club which has placed the club at the heart of the community.
Continued success for the club in that the number of former youth and junior members now representing the senior club playing first and second team rugby is growing (towards the end of the season – 80-90% of senior team players were former Mini and Junior players.
The Women’s team has been competing in the National Inner Warrior league. Training now takes place on two evenings per week with games arranged for the weekends
Projects this year included the purchase of more ground’s maintenance equipment and additional kitchen and external catering equipment.
Works were completed on the main playing pitch, with pitch levelling, re-seeding and drainage works completed during the off season. Additional works are planned for the other pitches during the off season.

Achievements and performance

The club has continued to attract new players of all ages and extend its reach into the local community. However a number of age-grade teams have had to form Barbarian teams with other local clubs to allow games and training to take place.

Financial review

The deficit on unrestricted funds during the year was £105.

Restricted funds represent funds raised for specific purposes, primarily to promote activities such as tours by different player age groups.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity is a company limited by guarantee, governed by its Articles of Association and is registered with the Charity Commission.

The trustees, who are also the directors for the purpose of company law, and who served during the year were:

Dr N Crossley Mrs S McKeown Mr G McDonough Mr M Rowlands Mr P Sweeney

The trustees are members and former members of the Abingdon Rugby Club Ltd management committee and have held office on that committee for several years. Trustees are elected by the members of the club at the members annual general meeting.

ABINGDON RUGBY FOOTBALL CLUB LTD TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) CONTINUED FOR THE YEAR ENDED 31 AUGUST 2025

None of the trustees has any beneficial interest in the company.

All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The trustees have the ultimate responsibility for developing and delivering the charity's strategy.

Day to day management is undertaken by a management committee consisting of representatives from the club members.

New trustees are familiarised with the governance structure of the charity, the aims and objectives of the charity and the roles undertaken by the management committee and volunteers. They are given the opportunity to identify any area of activity in which they would like to be involved and if training is required this will be identified and provided by the charity.

The charity owns 100% of the issued share capital of ARFC Trading Ltd, a company registered in England and Wales.

ARFC Trading Ltd is responsible for undertaking commercial activities on behalf of the charity with a view to donating the profits to the charity for the furtherance of its objectives.

The trustees' report was approved by the Board of Trustees.

..............................

Mr P Sweeney Trustee

Dated: 18 May 2026

ABINGDON RUGBY FOOTBALL CLUB LTD

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ABINGDON RUGBY FOOTBALL CLUB LTD

I report to the trustees on my examination of the accounts of the above company for the year ended 31 AUGUST 2025.

Responsibilities and basis of report

As the charity's trustees (who are also the directors of the company 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 for this year under Part 16 of the 2006 Act and are eligible for 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 (“the 2011 Act”) and in carrying out my examination, I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that :

accounting records were not kept in accordance with section 386 of the Companies Act 2006 ; or
the accounts do not accord with such records; or
the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 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 Charities SORP (FRS102).

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.

……………………………………………

P W Mould (ACMA, CGMA) 11 Minchins Close Abingdon OX14 3XS

Dated: 18 May 2026

STATEMENT OF FINANCIAL ACTIVITIES

INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2025

Notes Income from: Donations 2 Charitable activities 3 Interest receivable Total income Expenditure on : Raising funds 4 Charitable activities 5 Total resources expended Gross transfers between funds Net income/movement in funds Fund balances at 1 September 2024 Fund balances at 31 August 2025	Unrestricted Funds £ 5,273 52,830 73 58,176 280 68,224 68,504 10,223 (105) 432,840 432,735	Restricted Funds £ 250 2,638 - 2,888 - 1,732 1,732 (10,223) (9,067) 10,727 1,660	Total 2025 £ 5,523 55,468 73 61,064 280 69,956 70,236 - (9,172) 443,567 434,395	Total 2024 £ 1,135 30,368 -
				31,503
				476 24,355
				24,831
				-
				6,672
				436,895
				443,567

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

ABINGDON RUGBY FOOTBALL CLUB LTD

BALANCE SHEET AS AT 31 AUGUST 2025

Notes Fixed Assets Tangible assets 9 Investments 10 Current assets Debtors 12 Cash at bank and in hand Creditors : amounts falling due within one year 14 Net current assets Creditors : amounts falling due after one year 13 Net assets Income funds Restricted funds Designated funds 15 General Unrestricted funds	£ 346,508 10 89,046 55,903 144,949 (20,081) 116,524 316,211	2025 £ 346,518 124,868 (36,991) 434,395 1,660 432,735 434,395	£ 347,926 10 106,135 59,664 165,799 (23,841) 95,685 337,155	2024 £
				347,936
				141,958 (43,327)
				443,567
				10,727
				432,840
				443,567

ABINGDON RUGBY FOOTBALL CLUB LTD

BALANCE SHEET (CONTINUED) AS AT 31 AUGUST 2025

The company is entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS102 SORP.

The accounts were approved by the directors on 18 May 2026.

.............................. Mr P Sweeney Director Company Registration No. 08572613

ABINGDON RUGBY FOOTBALL CLUB LTD

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

Notes Cash flows from operating activities Cash (utlilised in)/ generated from operations 19 Net cash used in investing activities Purchase of assets Financing activities Net increase/(decrease) in borrowings Net cash generated from/(used in) financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year	£ (8,997)	2025 £ 16,097 (10,861) (8,997) (3,761) 59,664 55,903	£ 1,001	2024 £ 10,485 (4,217) 1,001
				7,269 52,395
				59,664

ABINGDON RUGBY FOOTBALL CLUB LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies

Charity information

Abingdon Rugby Football Club Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is 265 Cowley Road, Oxford, OX4 1XQ.

Accounting convention

The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014. The charity is a Public Benefit Entity as defined by FRS 102.

The accounts are prepared in pounds sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

The accounts have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Going concern

At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.

Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

The Club development fund is set aside for future development projects agreed by the club membership.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

ABINGDON RUGBY FOOTBALL CLUB LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

1 Accounting policies (Continued)

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements Over period of lease Equipment 25% straight line on cost Fixtures and fittings 4% to 25% straight line on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset,and is recognised in net income/(expenditure) for the year.

Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs,and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired, the carrying value is reduced appropriately.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

ABINGDON RUGBY FOOTBALL CLUB LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1 Accounting policies (Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Donations

Donations and gifts For the year ended 31 August 2024	Unrestricted funds 5,273 5,273 1,135	Restricted funds 250 250 -	Total 2025 5,523 5,523	Total 2024 1,135
				1,135
				1,135

ABINGDON RUGBY FOOTBALL CLUB LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

3 Charitable activities

Sales within charitable activities Analysis by fund Unrestricted funds Restricted funds 4 Expenditure on raising funds Unrestricted funds Fundraising and publicity 280 280 For the year ended 31 August 2024 476	Restricted funds - - -	2025 55,468 52,830 2,638 55,468 Total 2025 280 280	2024 30,368
			30,368 -
			30,368
			Total 2024 476 476 476

ABINGDON RUGBY FOOTBALL CLUB LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

5 Charitable activities

Charitable expenditure For the year ended 31 August 2024	Unrestricted funds 68,224 23,008		Restricted funds 1,732 1,347	Total 2025 Total 2024 69,956 24,355 24,355

6 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year.

7 Employees

There were no employees during the year.

The club steward and bar staff are employed part time through the charity's trading company, ARFC Trading Limited.

8 Taxation

There is no taxation charge as the charity is exempt from corporation tax.

ABINGDON RUGBY FOOTBALL CLUB LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

9 Tangible fixed assets

Cost At 1 September 2024 Additions Disposals At 31 AUGUST 2025 Depreciation At 1 September 2024 Charge for year Disposals At 31 AUGUST 2025 Carrying amount At 31 AUGUST 2025 At 31 August 2024	Leasehold improvements 299,713 10,591 - 310,304 29,970 5,060 - 35,030 275,274 269,743	Equipment 9,372 270 - 9,642 2,857 2,382 - 5,239 4,403 6,515	Fixtures and fittings 76,509 - - 76,509 4,841 4,837 - 9,678 66,831 71,668	Total 2025 385,594 10,861 - 396,455 37,668 12,279 - 49,947 346,508 347,926	Total 2024 382,091 4,217 (714)
					385,594
					35,002 3,380 (714)
					37,668

ABINGDON RUGBY FOOTBALL CLUB LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

10 Fixed asset investments

Cost or valuation At 1 September 2024 and 31 AUGUST 2025 Carrying amount At 31 August 2024 At 31 AUGUST 2025 Other investments comprise : Notes 2025 £ Investments in subsidiaries 18 10	Other investments 10
	10
	10
	2024 £ 10

ABINGDON RUGBY FOOTBALL CLUB LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

11 Financial instruments Carrying amount of financial assets Debt instruments measured at amortised cost Carrying amount of financial liabilities Measured at amortised cost 12 Debtors Amounts falling due within one year : Trade debtors Amounts due from associate undertakings Provision against amounts due from associated undertakings Prepayments Other debtors 13 Loans and overdrafts Loans payable after one year Loans payable within one year		2025 £ 89,046 57,072 2025 £ 583 109,053 (21,810) 706 514 89,046 2025 £ 36,991 6,205	2024 £ 106,135
			70,168
			2024 £ 1,200 104,035 - 900 -
			106,135
			2024 £ 46,327 5,866

The loan which has been provided by the RFU is repayable over 8 years starting in October 2024.

ABINGDON RUGBY FOOTBALL CLUB LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

14 Creditors: amounts falling due within one year

Bank overdrafts and loans Trade creditors Other creditors Accruals and deferred income Other taxes	2025 £ 6,205 2,059 10,723 1,094 - 20,081	2024 £ 5,866 2,343 11,778 2,371 1,483
		23,841

15 Designated funds

Balance at 1 September 2024 £ Incoming resources £ Resources expended £ Club development funds 95,685 24,372 3,533 95,685 24,372 3,533 6 Analysis of net assets between funds Unrestricted Funds £ Fund balances at 31 AUGUST 2025 are represented by: Tangible assets 346,508 Investments 10 Current assets/(liabilities) 123,208 Long term liabilities (36,991) 432,735	Resources expended £ 3,533	Transfers £ - - Restricted Funds £ - - 1,660 - 1,660		Balance at 31 AUGUST 2025 £ 116,524
	3,533			116,524
				Total £ 346,508 10 124,868 (36,991)
				434,395

16 Analysis of net assets between funds

ABINGDON RUGBY FOOTBALL CLUB LTD

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

17 Related party transactions

There were no disclosable related party transactions during the year (2023- none).

18 Subsidiaries

These financial statements are charity financial statements for Abingdon Rugby Football Club Limited only.

Separate company financial statements are required to be prepared by law. Consolidated financial statements have not been prepared because the cost of preparation outweighs the benefits.

Details of the charity's subsidiaries at 31 AUGUST 2025 are as follows:

Registered office Nature of business ARFC Trading Limited UK Trading company Investments in subsidiaries are stated at cost. 19 Cash generated from operations (Deficit)/Surplus for the year Add non cash items (Increase)/Decrease in debtors Increase/(Decrease) in creditors Increase/(Decrease) in deferred income Cash (utilised in)/generated from operations	Class of shares held Ordinary shares 2025 £ (9,172) 12,279 17,089 (2,966) (1,133) 16,097	% Held Direct 100 2024 £ 6,672 3,380 (4,008) 9,124 (4,683)
		10,485