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2021-05-31-accounts

Charity no. 1157096

The Reef-World Foundation Report and Unaudited Financial Statements 31 May 2021

The Reef-World Foundation

Reference and administrative details

For the year ended 31 May 2021 For the year ended 31 May 2021
Charity number 1157096
Registered office and 1-3 Gloucester Road
operational address Bishopston
Bristol
BS7 8AA
Trustees The trustees who served during the year and up to the date of this report
were as follows:
Tim Good appointed 21 June 2021
Victoria Hancock Fell appointed 21 June 2021
Anne Paranjoti resigned 25 June 2021
Vivienne Stein-Rostaing Marine Science Advisor
Dr Paul Younge Treasurer resigned 10 September 2021
Key management Chloe Harvey
personnel James Harvey
Bankers HSBC
149 Whiteladies Road
Clifton
Bristol
BS8 2RR
Independent examiners Godfrey Wilson Limited
Chartered accountants and statutory auditors
5th Floor Mariner House
62 Prince Street
Bristol
BS1 4QD

1

The Reef-World Foundation

Report of the trustees

For the year ended 31 May 2021

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the Constitution and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2015).

Structure, governance and management

The charity is constituted as a Charitable Incorporated Organisation, and is governed by a constitution. The constitution states that there must be a minimum of three trustees. While it is recognised that this minimum is currently met, the trustees agree that more could be beneficial to the charity. The constitution does not provide guidance on the process of recruiting new trustees so guidance provided by the Charity Commission will be followed.

The Reef-World Foundation CIO charity number 1157096 was registered on the 16th May 2014 and replaces The Reef-World Foundation charity number 1104487 which was registered on 22nd June 2004 which no longer operates but is still registered with the Charity Commission. The CIO structure was not available when the charity was founded and Trustees felt that the CIO structure was more suited to the needs of the organisation as it grows to meet the needs of its stakeholders.

Objectives and activities

Reef-World is dedicated to fulfilling the objects of the charity which are:

This is achieved through implementation of Reef-World’s marine conservation and education programmes in collaboration with local communities and environmental authorities around the world. Reef-World’s flagship programme is Green Fins, which it leads in partnership with the UN Environment Programme. Green Fins focuses on driving environmentally friendly scuba diving and snorkelling practices across the industry globally. Reef-World is considered a leading voice on sustainable marine tourism globally.

Reef-World promotes the wise use of natural resources – particularly coral reefs and related ecosystems – for the benefit of local communities, visitors and future generations. Due regard is given to the Charity Commission’s guidance on public benefit during internal decision-making processes where relevant. This ensures that the charity continues to provide benefits to the general public; specifically, coral reef-dependent local communities. Currently, this is primarily achieved by supporting governments and communities in the sustainable consumption and production of coastal resources and marine life, specifically by reducing the environmental risk associated with marine tourism activities. The Reef-World team ensures that the charity’s educational programmes, tools and resources are freely available to those people who are in a position to enact change for the protection of their marine environment. Resources are freely available online to ensure widespread access opportunity, and this is designed to be accessible with most internet speeds to enable beneficiaries in remote locations to access them. Efforts to provide information and expertise face to face is prioritised through Reef-World’s intensive field-based activities. Building Capacity of key local champions is a longstanding strategy of Reef-World’s that ensures local community benefit remains at the centre of the conservation programmes, as well as long term programmatic impact and success.

2

The Reef-World Foundation

Report of the trustees

For the year ended 31 May 2021

Achievements and performance

The period of June 2020 – May 2021 saw a continuation of last year with the global COVID-19 pandemic resulting in all field-based activities to be postponed or in a few cases cancelled altogether. All our partners remain committed to implementing Reef-World’s conservation programmes once it is safe to do so. The Reef-World team has taken the opportunity of additional office time to review our Charity's strategy, recruitment of additional staff, review and update internal protocols and enhance our digital networks.

A summary of the charity’s main achievements are as follows:

3

The Reef-World Foundation

Report of the trustees

For the year ended 31 May 2021

4

The Reef-World Foundation

Report of the trustees

For the year ended 31 May 2021

Awards

By inspiring, educating and empowering the people who live with and rely on coral reefs to take a stand in the front lines of ocean conservation, we are making a tangible difference to the protection of these delicate ecosystems. Based on sound science and over 20 years’ experience in the field, our work delivers practical solutions for marine conservation around the world. We are dedicated to supporting, inspiring and empowering governments, businesses, communities and individuals around the world to protect their precious underwater ecosystems.

Financial review
Overview
Total incoming resources
Total expended resources
Net expenditure		 248,382
172,092
76,290

Reef-World enters the 2021-2022 financial year with a fundraising target of £363,990. This has nearly been achieved.

In line with the reserves policy, the charity reserves have been maintained at £40,000 to cover 3 months of core operational costs in the case of financial challenges.

Green Fins’ current and potential national partners and participating business operators continue to drive a global demand for Green Fins. Reef-World prioritises delivering on its digital and communications strategy in order to continue to provide conservation impact around the world, as well as creating opportunities to diversify revenue streams to support our grassroots implementation work once it is possible to do so.

5

The Reef-World Foundation

Report of the trustees

For the year ended 31 May 2021

Statement of responsibilities of the trustees

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales 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 charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £nil to the assets of the charity in the event of winding up. The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Auditors / Independent examiners

Godfrey Wilson Limited were re-appointed as independent examiners to the charity during the year and have expressed their willingness to continue in that capacity.

Approved by the trustees on 10 November 2021 and signed on their behalf by

Vivienne Stein-Rostaing

6

Independent examiner's report

To the trustees of

The Reef-World Foundation

I report to the trustees on my examination of the accounts of The Reef-World Foundation (the CIO) for the year ended 31 May 2021, which are set out on pages 8 to 19.

Responsibilities and basis of report

As the charity trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the CIO’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable 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 in connection with the examination giving me cause to believe that in any material respect:

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.

Date: 10 November 2021 Rob Wilson FCA Member of the ICAEW For and on behalf of:

Godfrey Wilson Limited

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

7

The Reef-World Foundation

Statement of financial activities

For the year ended 31 May 2021

Restricted Unrestricted
Note
£
£
Income(and endowments) from:
Donations and legacies
3
521
44,223
Charitable activities
4
186,894
16,266
Other trading income
-
437
Investments
-
41
Total income(and endowments)
187,415
60,967
Expenditure on:
Raising funds
-
8,386
Charitable activities
138,747
24,959
Total expenditure
6
138,747
33,345
Net income / (expenditure)
48,668
27,622
Transfers between funds
-
-
Net movement in funds
7
48,668
27,622
Reconciliation of funds:
Total funds brought forward
6,718
90,131
Total funds carried forward
55,386
117,753		 2021
Total
£
44,744
203,160
437
41
248,382
8,386
163,706
172,092
76,290
-
76,290
96,849
173,139		 2020
Total
£
40,124
109,584
-
121
149,829
7,946
165,225
173,171
(23,342)
-
(23,342)
120,191
96,849

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 14 to the accounts.

8

The Reef-World Foundation

Balance sheet

As at 31 May 2021

Note
Current assets
Debtors
10
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
11
Net current assets / (liabilities)
Net assets / (liabilities)
13
Funds
14
Restricted funds
Unrestricted funds
Designated funds
General funds
Total charity funds		 £
5,831
187,681
193,512
(20,373)		 2021
£
173,139
173,139
55,386
47,082
70,671
173,139		 2020
£
-
117,159
117,159
(20,310)
96,849
96,849
6,718
50,000
40,131
96,849

Approved by the trustees on 10 November 2021 and signed on their behalf by

Vivienne Stein-Rostaing

9

The Reef-World Foundation

Notes to the financial statements

For the year ended 31 May 2021

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The Reef-World Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

The COVID-19 pandemic is likely to have a profound impact on the global economy, and may in turn affect the charity. The trustees have considered the impact of this issue on the charity’s current and future financial position. The charity holds unrestricted reserves of £94,852 and a cash balance of £187,681. The trustees consider that the charity has sufficient unrestricted reserves and cash flow to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved. For this reason, the accounts have been prepared on the going concern basis.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from the government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executors to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probably when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have been met, then the legacy is treated as a contingent asset and disclosed if material.

Income received in advance of provision of a specified service is deferred until criteria for income recognition are met.

10

The Reef-World Foundation

Notes to the financial statements

For the year ended 31 May 2021

d) Donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item, is probable and the economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), general volunteer time is not recognised.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

f) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities on the following basis:

2021 2020
Raising funds 4.9% 4.6%
Charitable activities 95.1% 95.4%

i) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

11

The Reef-World Foundation

Notes to the financial statements

For the year ended 31 May 2021

j) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

k) Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

l) Financial instruments

The trust 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 with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

m) Pension costs

The charity operates a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

n) Foreign currency transactions

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end.

o) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values 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.

p) Prior year adjustment

Prior year adjustments have been made for corrections to grants received, deferred income, the allocation of income between donations and charitable activities and the allocation of expenditure between raising funds and charitable activities (see note 15).

12

The Reef-World Foundation

Notes to the financial statements

For the year ended 31 May 2021

2. Prior period comparatives: statement of financial activities

Income from:
Donations and legacies
Charitable activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income / (expenditure)
Transfers between funds
Net movement in funds
3.
Income from donations and legacies
Donations
HMRC CJRS
Gift Aid
Total income from donations and legacies
Prior period comparative:
Donations
HMRC CJRS
Gift Aid
Total income from donations and legacies		 Restricted
£
£
-
40,124
46,888
62,696
-
121
46,888
102,941
-
7,946
94,862
70,363
94,862
78,309
(47,974)
24,632
-
-
(47,974)
24,632
Restricted
£
£
521
22,158
-
21,788
-
277
521
44,223
Restricted
£
£
-
30,286
-
9,644
-
194
-
40,124
Unrestricted
Unrestricted
Unrestricted		 2020
Total
£
40,124
109,584
121
149,829
7,946
165,225
173,171
(23,342)
-
(23,342)
2021
Total
£
22,679
21,788
277
44,744
2020
Total
£
30,286
9,644
194
40,124

13

The Reef-World Foundation

Notes to the financial statements

For the year ended 31 May 2021

4. Income from charitable activities

Corporate partnerships
Grants
Green Fins capacity building
International meeting cost reimbursement
Total income from charitable activities
Prior period comparative:
Corporate partnerships
Grants
Green Fins capacity building
International meeting cost reimbursement
Total income from charitable activities		 Restricted
£
£
-
10,576
186,894
-
-
5,000
-
690
186,894
16,266
Restricted
£
£
-
28,233
46,888
9,644
-
23,516
-
1,303
46,888
62,696
Unrestricted
Unrestricted		 2021
Total
£
10,576
186,894
5,000
690
203,160
2020
Total
£
28,233
56,532
23,516
1,303
109,584

5. Government grants

The charity receives government grants, defined as funding from HMRC to fund wages costs. The total value of such grants in the period ending 31 May 2020 was £21,788 (2020: £9,644). There are no unfulfilled conditions or contingencies attaching to these grants in 2020/21.

14

The Reef-World Foundation

Notes to the financial statements

For the year ended 31 May 2021

6. Total expenditure

Staff costs (note 8)
Project expenses
Travel, accomodation and subsistence
Accountancy
Bank Charges
Communications and raising awareness
Diving
Equipment
Foreign exchange
Graphic design
Insurance
IT and Software
Materials
Office Costs
Office Supplies
Online Donation Services
Postage
Recruitment
Telephone
Training
Translations
Sub-total
Allocation of support and governance costs
Total expenditure		 Raising funds
£
4,687
-
-
-
-
2,453
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7,140
1,246
8,386		 Charitable
activities
£
103,955
23,539
6,272
-
-
-
-
163
-
5,409
-
-
30
-
-
-
-
-
-
6
139,374
24,332
163,706		 Support and
governance
costs
£
-
-
-
2,392
296
-
-
-
3,374
-
260
9,087
-
5,389
501
-
122
-
1,472
2,685
-
25,578
(25,578)
-		 2021 Total
£
108,642
23,539
6,272
2,392
296
2,453
-
163
3,374
5,409
260
9,087
30
5,389
501
-
122
-
1,472
2,685
6
172,092
-
172,092		 Raising funds
6,017
-
-
-
-
1,309
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7,326
620
7,946		 Charitable
activities
87,523
28,463
28,585
-
-
-
23
1,440
-
5,419
-
-
748
-
-
-
-
-
-
-
132
152,333
12,892
165,225		 Support and
governance
costs
-
-
-
1,500
340
-
-
-
(363)
-
(650)
4,274
-
4,825
1,050
163
36
565
1,623
149
-
13,512
(13,512)
-		 2019 Total
93,540
28,463
28,585
1,500
340
1,309
23
1,440
(363)
5,419
(650)
4,274
748
4,825
1,050
163
36
565
1,623
149
132
173,171
-
173,171

Total governance costs were £1,740 (2020: £1,500)

15

The Reef-World Foundation

Notes to the financial statements

For the year ended 31 May 2021

7. Net movement in funds

This is stated after charging:

Trustees' remuneration
Trustees' reimbursed expenses
Independent examiners
▪Independent examination		 2021
£
Nil
-
1,740		 2020
£
Nil
-
1,500

8. Staff costs and numbers

Staff costs were as follows:

Salaries and wages
Social security costs
Pension costs
Honorarium		 2021
£
94,961
2,862
1,887
8,932
108,642		 2020
£
82,864
5,567
4,109
-
92,540

No employee earned more than £60,000 during the year.

The key management personnel of the charity comprise the trustees and key management personnel. The total employee benefits of the key management personnel were £56,378 (2020: £51,311).

Average head count 2021
No.
5.00		 2020
No.
5.00

9. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

10. Debtors

Trade debtors
Accrued income		 2021
£
5,000
831
5,831		 2020
£
-
-
-

16

The Reef-World Foundation

Notes to the financial statements

For the year ended 31 May 2021

11. Creditors : amounts due within 1 year

11. Creditors : amounts due within 1 year
Trade creditors
Accruals
Other taxation and social security
Pension control account
Deferred income (see note 12)
12. Deferred income
At 1 June 2020
Deferred during the year
Released during the year
At 31 May 2021		 2021
£
954
1,740
610
416
16,653
20,373
2021
£
-
16,653
-
16,653		 2020
£
197
1,500
1,960
-
16,653
20,310
2020
£
-
16,653
-
16,653

Deferred income relates to Oceania & Co covering the costs of Green Fins Japan, which will be incurred in the year ended 31 May 2022.

13. Analysis of net assets between funds

Current assets
Current liabilities
Net assets at 31 May 2021
Prior year comparative
Current assets
Current liabilities
Net assets at 31 May 2020		 £
55,386
-
55,386
£
54,692
-
54,692
Restricted
funds
Restricted
funds		 £
138,126
(20,373)
117,753
£
62,467
(20,310)
42,157
Unrestricted
funds
Unrestricted
funds		 Total
funds
£
193,512
(20,373)
173,139
Total
funds
£
117,159
(20,310)
96,849

17

The Reef-World Foundation

Notes to the financial statements

For the year ended 31 May 2021

14. Movements in funds

Restricted funds
TUI Care Foundation
2021 Beyond Tourism
Total restricted funds
Designated funds:
Operational costs
Digital and sustainability project
Total designated funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds
United Nations Environment
Programme (2021)
Digital		 At 1 June
2020
£
6,718
-
-
-
6,718
40,000
10,000
50,000
40,131
90,131
96,849		 Income
£
50,088
85,408
35,357
16,562
187,415
-
-
-
60,967
60,967
248,382		 £
(41,825)
(85,408)
(10,654)
(860)
(138,747)
-
-
-
(33,345)
(33,345)
(172,092)
Expenditure		 £
-
-
-
-
-
-
(2,918)
(2,918)
2,918
-
-
Transfers
between
funds		 £
14,981
-
24,703
15,702
At 31 May
2021
55,386
40,000
7,082
47,082
70,671
117,753
173,139

Purposes of restricted funds TUI Care Foundation

A 3 year project funded under the TUI Care Foundation titled "Youth Ambassadors for coral reef conservation in the Dominican

United Nations Environment Programme (2021)

A grant from the United Nations Environment Programme under a Small Scale Funding Agreement.

2021 Beyond Tourism

A 2 year project under IDB (Inter-American Development Bank) Lab’s Beyond Tourism Challenge. This funding enables ReefWorld to begin full development of the much-anticipated Green Fins Global Hub, an online platform to raise awareness and identify threats from businesses operating marine tourism activities.

Digital

This funding is reserved for the development and implementation of our digital strategy and consists of a mixture of incoming funding sources (Matthew Good Foundation, ConX etc) to support these digital objectives.

18

The Reef-World Foundation

Notes to the financial statements

For the year ended 31 May 2021

14. Movements in funds (continued) Purposes of designated funds Operational costs

Designated as charity reserves to cover 6 months of core operational costs in case of financial emergency.

Digital and sustainability project

Designated to contribute to an innovative digital project to support delivery of Reef-World's digital and sustainability strategy.

Prior year comparative
Restricted funds
TUI Care Foundation
Footprints Fundraising Inc.
Total restricted funds
Designated funds:
Operational costs
Digital and sustainability project
General funds
Total unrestricted funds
Total funds
Unrestricted funds
United Nations Environment
Programme (2018)
United Nations Environment
Programme (2019)		 At 2 June
2019
£
54,692
-
-
-
54,692
-
-
-
65,499
65,499
120,191		 Income
£
-
470
5,199
41,219
46,888
-
-
-
102,941
102,941
149,829		 £
(47,974)
(470)
(5,199)
(41,219)
(94,862)
-
-
-
(78,309)
(78,309)
(173,171)
Expenditure		 £
-
-
-
-
-
40,000
10,000
50,000
(50,000)
-
-
Transfers
between
funds		 £
6,718
-
-
-
At 31 May
2020
6,718
40,000
10,000
50,000
40,131
90,131
96,849

19