Docusign Envelope ID: 089E1FAF-66D6-4415-B0DF-4206F4FE97B4 **REGISTERED COMPANY NUMBER: 09080083 (England and Wales) REGISTERED CHARITY NUMBER: 1158524** ## **Report of the Trustees and** ## **Unaudited Financial Statements for the Year Ended 30 June 2024** ## **for** ## **Northamptonshire VCSE Assembly Ltd** Harris & Co Chartered Accountants 2 Pavilion Court 600 Pavilion Drive Northampton NN4 7SL Docusign Envelope ID: 089E1FAF-66D6-4415-B0DF-4206F4FE97B4 ## **Northamptonshire VCSE Assembly Ltd** **Contents of the Financial Statements for the Year Ended 30 June 2024** ||**Page**| |---|---| |**Report of the Trustees**|1 to 4| |**Independent Examiner's Report**|5| |**Statement of Financial Activities**|6| |**Balance Sheet**|7| |**Cash Flow Statement**|8| |**Notes to the Cash Flow Statement**|9| |**Notes to the Financial Statements**|10 to 15| |**Detailed Statement of Financial Activities**|16 to 17| Docusign Envelope ID: 089E1FAF-66D6-4415-B0DF-4206F4FE97B4 ## **Northamptonshire VCSE Assembly Ltd** ## **Report of the Trustees for the Year Ended 30 June 2024** ## Governance, Structure and Management The trustees, being the directors of the charitable company, present their report and financial statements for the year ending 30 June 2024. ## Governing Document The charity is a charitable company limited by guarantee and was incorporated on 10 June 2014. It is governed by the Memorandum and Articles of Association. ## Recruitment and Appointment of Trustees The Directors of the company are also charity Trustees for the purpose of charity law. They are also known as members of the Board and are appointed at the Annual General Meeting. The Memorandum & Articles of Association provided for a minimum of 7 Directors and a maximum number of 12. On 4 May 2021 the company passed an ordinary resolution reducing the minimum number of Trustees to 5. Other provisions in the Articles of Association concerning the appointment of Trustees are unchanged. ## Trustee Induction and Training The Board of Trustees actively seeks to recruit new Trustees from the community, and on appointment new trustees receive a formal induction process covering the role and responsibilities of Trustees. Appropriate training is offered to all Trustees on a regular basis. ## Vision Statement To create a society in which all people have good healthy, quality lives through living in positive social, economic, and environmental circumstances, through the provision of high-quality, responsive, generalist and specialist services and facilities. ## Risk Management The Board has assessed the major operational risks to which the charity is exposed, those related to the operations and finances of the charity and are satisfied that systems are in place to mitigate our exposure to the major risks. The Trustees do not believe the charity is subject to any substantial risk beyond the liabilities disclosed in the Annual Report and Accounts. The Trustees confirm systems have been established so that the necessary steps can be taken to lessen these risks. ## Organisational Structure The Charitable Company is managed by the Board of Trustees, all of whom are directors of the company who consider all significant expenditure and other requests at their meetings. The board is chaired by an independent chair, who chairs by invitation of the board. Public Benefit Statement The focus of this formal consortium will be to build on existing capacity and the positive track records of consortium member organisations to co-deliver a range of holistic, bespoke public services, available at the point of need. The intention is that this consortium will embrace organisations across a wide spectrum of service sectors such as social welfare advice, health and wellbeing, employment support, community transport, environment, heritage, as well as volunteering and infrastructure 'capacity building' support. ## Aims & Objectives Northamptonshire VCSE Assembly Ltd is a joint venture both of and for community based voluntary and social enterprise sector organisations in Northamptonshire, surrounding counties, and elsewhere. The consortium's mission is to: Page 1 Docusign Envelope ID: 089E1FAF-66D6-4415-B0DF-4206F4FE97B4 ## **Northamptonshire VCSE Assembly Ltd** ## **Report of the Trustees for the Year Ended 30 June 2024** Ultimately harness the power of collaboration between local Voluntary, Community and Social Enterprise sector organisations to: 1. Strengthen community based not-for-profit organisations. 2. Maximise their sustainable funding and investment opportunities. 3. Share their resources and expertise, to add value to frontline public service delivery. 4. Support communities to identify their own needs and build community led solutions. It will aim to achieve this by securing larger and more complex contracts and grant funding for the delivery of public services, activities, and facilities and to manage the ensuing revenue through a joint consortium approach. In setting our objectives and planning our activities the Trustees have considered the Charity Commission's general guidance on public benefit. ## Achievement and Performance ## Introduction: The financial year 2023/2024 for the Northamptonshire VCSE Assembly Ltd (formerly Commsortia Ltd) was the first full year of operation since the name change on 1 June 2023. The Northamptonshire VCSE Assembly Ltd is determined to enable the voluntary sector to work together to help everyone in Northamptonshire 'Live their Best Life'. The Assembly is based on a thematic approach and during the year that change was consolidated through further new appointments and changes to trustees. The thematic approach was pursued through building on the already established thematics and seeking to establish new ones. We thank, in particular, Alan Armson, Dion Hunt and Elaine O'Leary for their work as former trustees. By the 30 June 2024, there were ten thematics established or in development. The Board of Trustees reflected these changes with the chairs of seven of the thematics continuing or appointed as trustees. We were pleased to have the support, part time, of Olivia Clarke and Alice Kelly for a substantial part of the year. They worked hard to establish a new website and supporting materials, together with marketing literature. Information on each of the thematics was established, minutes of meetings published and new membership of those groups encouraged. We also sought to build up our list of members of the Northamptonshire VCSE Assembly itself (80 members at 19.09.2024). This reflects our commitment to be open and inclusive and to seek membership of individuals and organisations of all sizes. We are grateful for the support of these employees. We are also grateful for the expert support of Bronagh Hawkin, long standing employee, who returned from maternity leave to help and support until leaving the company on the 4 November 2024. There were several initiatives to develop funding proposals for projects and to core funding of the Assembly. There was no additional funding secured during the year to the 30 June 2024 although many initiatives remain in prospect. The accounts reflect the investment in reserves over the year to maintain and build the Thematic approach and to secure a stronger platform for growth in future. ## There were several overall areas of work during the year: Representation for the VCSE sector into the Integrated Care Board and its associated strategies and meetings. Organising the voluntary sector to be represented on key strategic groups, together with the local area representation devised by the North Northamptonshire and West Northamptonshire Unitary authorities. Thematic group work to establish the issues and challenges for different groups and pulling together the case for change and improvement, especially in relation to the policies and funding priorities of our partners in health and social care. Page 2 Docusign Envelope ID: 089E1FAF-66D6-4415-B0DF-4206F4FE97B4 ## **Northamptonshire VCSE Assembly Ltd** ## **Report of the Trustees for the Year Ended 30 June 2024** ## Conclusion: In conclusion, we express gratitude to Miranda Wixon, our Chair and to all of our Trustees and thematic group members, who have contributed so much time and commitment (unremunerated) to the work of our Charity. With a renewed sense of purpose and vision, we look forward to the opportunities that lie ahead as we continue to serve and support our the voluntary, community and charitable community across the County of Northamptonshire. ## **STRATEGIC REPORT** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** 09080083 (England and Wales) ## **Registered Charity number** 1158524 ## **Registered office** 2 Pavilion Court 600 Pavilion Drive Northampton NN4 7SL ## **Trustees** A Armson (resigned 31/1/2024) C Duff D A Hunt (resigned 31/3/2024) M V Major L P Condron Independent Chair (resigned 16/11/2023) M Wixon Independent Chair (appointed 16/11/2023) M Foreman (appointed 12/12/2023) E S O'Leary (appointed 12/12/2023) (resigned 2/10/2024) S Hillier (appointed 12/12/2023) S Hayle (appointed 12/12/2023) N Toms (appointed 2/10/2024) C Penn (appointed 2/10/2024) ## **Independent Examiner** Harris & Co Chartered Accountants 2 Pavilion Court 600 Pavilion Drive Northampton NN4 7SL Page 3 Docusign Envelope ID: 089E1FAF-66D6-4415-B0DF-4206F4FE97B4 ## **Northamptonshire VCSE Assembly Ltd** ## **Report of the Trustees for the Year Ended 30 June 2024** Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 29 April 2025 and signed on the board's behalf by: C Duff - Trustee Page 4 Docusign Envelope ID: 089E1FAF-66D6-4415-B0DF-4206F4FE97B4 ## **Independent Examiner's Report to the Trustees of Northamptonshire VCSE Assembly Ltd** ## **Independent examiner's report to the trustees of Northamptonshire VCSE Assembly Ltd ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2024. ## **Responsibilities and basis of report** As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. S Buswell Harris & Co Chartered Accountants 2 Pavilion Court 600 Pavilion Drive Northampton NN4 7SL 29 April 2025 Page 5 Docusign Envelope ID: 089E1FAF-66D6-4415-B0DF-4206F4FE97B4 ## **Northamptonshire VCSE Assembly Ltd** ## **Statement of Financial Activities for the Year Ended 30 June 2024** **----- Start of picture text -----**
2024 2023
Unrestricted Total
fund funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 3 51,053 235,516
EXPENDITURE ON
Raising funds 4 638 -
Charitable activities 5
Charitable activities 83,107 284,262
Total 83,745 284,262
NET INCOME/(EXPENDITURE) (32,692) (48,746)
RECONCILIATION OF FUNDS
Total funds brought forward 39,062 87,808
TOTAL FUNDS CARRIED FORWARD 6,370 39,062
**----- End of picture text -----**
The notes form part of these financial statements Page 6 Docusign Envelope ID: 089E1FAF-66D6-4415-B0DF-4206F4FE97B4 ## **Northamptonshire VCSE Assembly Ltd** ## **Balance Sheet 30 June 2024** |**Notes**
**CURRENT ASSETS**
Debtors
12
Cash at bank|**2024**
**2023**
**Unrestricted**
**Total**
**fund**
**funds**
**£**
**£**
1,615
626
18,754
47,981| |---|---| |**CREDITORS**
Amounts falling due within one year
13|20,369
48,607
(13,999)
(9,545)| |**NET CURRENT ASSETS**|6,370
39,062| |**TOTAL ASSETS LESS CURRENT LIABILITIES**|6,370
39,062| |**NET ASSETS**|6,370
39,062| |**FUNDS**
14
Unrestricted funds|6,370
39,062| |**TOTAL FUNDS**|6,370
39,062| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006. ## The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The financial statements were approved by the Board of Trustees and authorised for issue on 29 April 2025 and were signed on its behalf by: C Duff - Trustee The notes form part of these financial statements Page 7 Docusign Envelope ID: 089E1FAF-66D6-4415-B0DF-4206F4FE97B4 ## **Northamptonshire VCSE Assembly Ltd** ## **Cash Flow Statement** ## **for the Year Ended 30 June 2024** **----- Start of picture text -----**
2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 (28,238) (41,888)
Tax paid (989) (275)
Net cash used in operating activities (29,227) (42,163)
Change in cash and cash equivalents in the
reporting period (29,227) (42,163)
Cash and cash equivalents at the beginning
of the reporting period 47,981 90,144
Cash and cash equivalents at the end of
the reporting period 18,754 47,981
**----- End of picture text -----**
The notes form part of these financial statements Page 8 Docusign Envelope ID: 089E1FAF-66D6-4415-B0DF-4206F4FE97B4 ## **Northamptonshire VCSE Assembly Ltd** ## **Notes to the Cash Flow Statement for the Year Ended 30 June 2024** ## **1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES** |**2024**
**£**
**Net expenditure for the reporting period (as per the Statement of**
**Financial Activities)**
(32,692)
**Adjustments for:**
Increase in creditors
4,454
**Net cash used in operations**
(28,238)
**ANALYSIS OF CHANGES IN NET FUNDS**
**At 1/7/23**
**Cash flow**
**At**
**£**
**£**
**Net cash**
Cash at bank
47,981
(29,227)
47,981
(29,227)
**Total**
47,981
(29,227)|**2023**
**£**
(48,746)
6,858
(41,888)
**30/6/24**
**£**
18,754
18,754
18,754| |---|---| **2. ANALYSIS OF CHANGES IN NET FUNDS** The notes form part of these financial statements Page 9 Docusign Envelope ID: 089E1FAF-66D6-4415-B0DF-4206F4FE97B4 **Northamptonshire VCSE Assembly Ltd** **Notes to the Financial Statements for the Year Ended 30 June 2024** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. ## Going concern The charity has prepared the financial statements on a going concern basis. The charity is reliant on grant funding from various bodies. The grants terminate at various future dates, none of which are more than 12 months from the date of approval of the financial statements.However, the trustees and directors are confident that further grant funding will be forthcoming and that it is appropriate to prepare the financial statements on a going concern basis. ## **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 calculated to write down the cost of the tangible fixed assets over their expected useful lives on a straight line basis. The useful lives are 4 years for office equipment and computer equipment. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. continued... Page 10 Docusign Envelope ID: 089E1FAF-66D6-4415-B0DF-4206F4FE97B4 **Northamptonshire VCSE Assembly Ltd** ## **Notes to the Financial Statements - continued for the Year Ended 30 June 2024** ## **2. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY** Asset lives Included within fixed assets are assets and the useful lives of these assets are estimated. |**3.**
**DONATIONS AND LEGACIES**
**2024**
**£**
Donations
464
Contracts
697
Grants
49,892
51,053
**4.**
**RAISING FUNDS**
**Investment management costs**
**2024**
**£**
Administrative expenses
638
**5.**
**CHARITABLE ACTIVITIES COSTS**
**Support**
**Direct**
**costs (see**
**Costs**
**note 6)**
**£**
**£**
Charitable activities
74,861
8,246
**6.**
**SUPPORT COSTS**
**Governance**
**Management**
**costs**
**£**
**£**
Charitable activities
6,901
1,345
**7.**
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
**2024**
**£**
Auditors' remuneration
1,285|**2023**
**£**
-
-
235,516
235,516
**2023**
**£**
-
**Totals**
**£**
83,107
**Totals**
**£**
8,246
**2023**
**£**
2,885| |---|---| continued... Page 11 Docusign Envelope ID: 089E1FAF-66D6-4415-B0DF-4206F4FE97B4 **Northamptonshire VCSE Assembly Ltd** ## **Notes to the Financial Statements - continued for the Year Ended 30 June 2024** ## **8. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 30 June 2024 nor for the year ended 30 June 2023. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 30 June 2024 nor for the year ended 30 June 2023. ## **9. STAFF COSTS** The average monthly number of employees during the year was as follows: |Support
No employees received emoluments in excess of £60,000.
**10.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
**EXPENDITURE ON**
**Charitable activities**
Charitable activities
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|**2024**
**2023**
2
3
**Unrestricted**
**fund**
**£**
235,516
284,262
(48,746)
87,808
39,062| |---|---| continued... Page 12 Docusign Envelope ID: 089E1FAF-66D6-4415-B0DF-4206F4FE97B4 ## **Northamptonshire VCSE Assembly Ltd** ## **Notes to the Financial Statements - continued for the Year Ended 30 June 2024** **----- Start of picture text -----**
11. TANGIBLE FIXED ASSETS
Computer
equipment
£
COST
At 1 July 2023 and 30 June 2024 1,862
DEPRECIATION
At 1 July 2023 and 30 June 2024 1,862
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Tax 1,615 626
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 1,354 1,430
Social security and other taxes 11,360 5,230
Accrued expenses 1,285 2,885
13,999 9,545
14. MOVEMENT IN FUNDS
Net
movement At
At 1/7/23 in funds 30/6/24
£ £ £
Unrestricted funds
General fund 39,062 (32,692) 6,370
TOTAL FUNDS 39,062 (32,692) 6,370
**----- End of picture text -----**
continued... Page 13 Docusign Envelope ID: 089E1FAF-66D6-4415-B0DF-4206F4FE97B4 ## **Northamptonshire VCSE Assembly Ltd** ## **Notes to the Financial Statements - continued for the Year Ended 30 June 2024** ## **14. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund|**Incoming**
**Resources**
**resources**
**expended**
**£**
**£**
51,053
(83,745)|**Movement**
**in funds**
**£**
(32,692)| |---|---|---| |**TOTAL FUNDS**|51,053
(83,745)|(32,692)| ## **Comparatives for movement in funds** |**Unrestricted funds**
General fund
**TOTAL FUNDS**
Comparative net movement in funds, included in the above are as
**Unrestricted funds**
General fund
**TOTAL FUNDS**|**Net**
**movement**
**At**
**At 1/7/22**
**in funds**
**30/6/23**
**£**
**£**
**£**
87,808
(48,746)
39,062
87,808
(48,746)
39,062
follows:
**Incoming**
**Resources**
**Movement**
**resources**
**expended**
**in funds**
**£**
**£**
**£**
235,516
(284,262)
(48,746)
235,516
(284,262)
(48,746)| |---|---| A current year 12 months and prior year 12 months combined position is as follows: |**At 1/7/22**
**£**
**Unrestricted funds**
General fund
87,808|**Net**
**movement**
**At**
**in funds**
**30/6/24**
**£**
**£**
(81,438)
6,370| |---|---| |**TOTAL FUNDS**
87,808|(81,438)
6,370| continued... Page 14 Docusign Envelope ID: 089E1FAF-66D6-4415-B0DF-4206F4FE97B4 ## **Northamptonshire VCSE Assembly Ltd** **Notes to the Financial Statements - continued for the Year Ended 30 June 2024** ## **14. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund|**Incoming**
**Resources**
**resources**
**expended**
**£**
**£**
286,569
(368,007)|**Movement**
**in funds**
**£**
(81,438)| |---|---|---| |**TOTAL FUNDS**|286,569
(368,007)|(81,438)| ## **15. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 30 June 2024. Page 15 Docusign Envelope ID: 089E1FAF-66D6-4415-B0DF-4206F4FE97B4 ## **Northamptonshire VCSE Assembly Ltd** ## **Detailed Statement of Financial Activities for the Year Ended 30 June 2024** **----- Start of picture text -----**
2024 2023
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 464 -
Contracts 697 -
Grants 49,892 235,516
51,053 235,516
Total incoming resources 51,053 235,516
EXPENDITURE
Investment management costs
Administrative expenses 638 -
Charitable activities
Advertising 705 -
Travel 12 431
Project delivery 1,330 134,641
Sub contract support staff 66,559 121,396
Marketing - 10
Software licence - 1,050
-
Subscriptions 1,801
Telephone 31 170
Consultant 6,022 -
Bank charges 119 126
Irrecoverable VAT - 9,299
Service Charges 83 -
74,861 268,924
Support costs
Management
Insurance 967 1,240
Postage and stationery - 27
Rent 1,688 10,125
Accountancy 4,246 1,061
6,901 12,453
Governance costs
Auditors' remuneration 1,285 2,885
Legal fees 60 -
1,345 2,885
**----- End of picture text -----**
This page does not form part of the statutory financial statements Page 16 Docusign Envelope ID: 089E1FAF-66D6-4415-B0DF-4206F4FE97B4 ## **Northamptonshire VCSE Assembly Ltd** ## **Detailed Statement of Financial Activities for the Year Ended 30 June 2024** **----- Start of picture text -----**
2024 2023
£ £
Total resources expended 83,745 284,262
Net expenditure (32,692) (48,746)
**----- End of picture text -----**
This page does not form part of the statutory financial statements Page 17