MERCAZ HATORAH NETZACH YISROEL
Charity No. 1161222
Annual report and financial statements
For the year ended
31st December 2024

Mercaz Hatorah Netzach Yisroel
For the year ended 31st December 2024
Contents
Page
Reference and administrative information
Trustees, annual report
Independent auditors. report
Statement of financial activities
{incorporating an income and expenditure account)
Balance sheet
Statement of cash flows
10
Notes to the financial statements
11-17

Mercaz Hatorah Netzach Yisroel
Reference and administrative information
For the year ended 31st December 2024
Trustees:
D Markovic
M Strom
J Cope
Charity number:
1161222
Registered office:
81 Leeside Crescent, London, NW11 OJL
Auditors:
Goldwins Limited
75 Maygrove Road
West Hampstead
London NW6 2EG
www.goldwins.co.uk

Mercaz Hatorah Netzach Yisroel
Reference and administrative information
For the year ended 31st December 2024
The trustees present their report together with the financial statements of the charity for the year
ended 31 st December 2024. The trustees have adopted the provisions of Accounting and Reporting
by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts
in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
{FRS 102} (effective 1 January 2019).
Objectives and activities
The principal objectives of the charity are:
To advance the orthodox Jewish faith in such ways as the trustees think fit, including by awarding
scholarships, Maintenan￿ allowances or grants to students to enable them to pursue further studies
at an Institute of Advanced Jewish Studies.
Public benefit
The trustees have considered the Charity Commission's general guidance on public benefit in
deciding what activities the charity should undertake. As stated on the 'Objectives and Activities,
section, the charity provides education and supports poverty and illness amongst members of the
Jewish faith.
The trustee consider that the activities explained above, satisfy the public benefit requirement.
Achievements and performance
During the year, the charity has continued to operate the charitable activities and meet its objectives.
The charity's supporters have rallied around to ensure the charity's ability to continue as a going
concern for the next twelve months.
The trustees are ex￿ptIOnallY grateful to all of the organisations and individuals for their continued
support of the charity. The plans for the coming financial year are very ambitious but the trustees
are working hard to ensure that financial supporters are kept informed of the charity's progress and
the funds pledged for the year will allow the trustees to carry out their plans.
Financial review
Financial position
The statement of financial activities shows net incoming resour￿$ for the year of a revenue nature
of £1,426,681 12023.. £1,285,376) and net realised outgoing resour￿$ of £1,427,810 {2023
£1,252,402) resulting in a deficit of £1,12912023.' surplus of £32,974). The total reseNes at the year
end are £69,031 (2023- £70,160).
Reserves policy
The reserves policy takes into account the need to deal with short-term volatility of income without
having to suddenly cut expenditure.
The trustees would aim to retain funds equivalent to 3-6 months expenditure to take account of any
potential short fall in donations in future. The reserves policy and target level are reviewed by the
trustees on an annual basis, together with any steps necessary to align the actual level with the
target over time.

Mercaz Hatorah Netzach Yisroel
Reference and administrative information
For the year ended 31st December 2024
Plans for the future
The need for our services is increasing and we plan to continue doing what we can to assist.
However, the trustees realise thatwe must use the resources we have wisely and so wewill continue
to target those problems where we have expertise to make the most difference. We therefore intend
to continue our approach of education and training with further projects to build on the previous ones.
Structure. governance and management
Governing document
The charity is controlled by its goveming document, a deed of trust and constitutes an unincorporated
charity.
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 & 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 of the income and expenditure of the charity for that period. In preparing these financial
statements, the trustees are required to..
select suitable accounting policies and then apply them consistently.,
observe the methods and principles in the Charities SORP.,
make judgments and accounting estimates that are reasonable and prudent.,
state whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements, and
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charity will continue in business.
The trustees are responsible for maintaining proper accounting records which disclose with
reasonable accuracy at any time the financial position of the charity and 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 trust deedlconstitution. They are also responsible for
safeguarding the assets of the charity and hence for laking reasonable steps for the prevention and
detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity 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.

Mercaz Hatorah Netzach Yisroel
Reference and administrative information
For the year ended 315t December 2024
Statement as to disclosure to our auditors
In so far as the trustees are aware..
•There ts no relevant audrt information of thich the charty's auditors are unaware., and
•The trustees have taken all steps that they ought to have taken to make themselves aware of
any relevant audit Infor￿￿tIOn and to establish that the audrtors are amre of that infomRtion.
Auditora
Goldwins Limitod ￿ré rgappointod a= th¢ ouditors of the chorty durin9 th¢ ytar and hav¢ expivi>¢rJ
their willingness to continue in that capacity.
The tsu5tees' annual report ha5 been approved ty the trustees on 2811012025
thèir behaff by.,
and signed on
om- Trustee

IINDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MERCAZ HATORAH
NETZACH YISROEL
Opinion
We have audited the financial statements of Mercaz Hatorah Netzach Yisroel (the 'Charity'l for the
year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance
Sheet, statement of cash flows and notes to the financial statements, including a summary of
significant accounting policies. The financial reporting framework that has been applied in their
preparation is 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).
In our opinion, the financial statements:
give a true and fair view of the state of the Charity's affairs as at 31 December 2024 and of
its income and expenditure for the year then ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice.,
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing {UK) IISAS (UKI)
and applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibilities for the audit of the financial statements section of our report. We are independent of
the Charity in accordance with the ethical requirements that are relevant to our audit of the financial
statements in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees, use of the going concern
basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to
events or conditions that, individually or colleclively, may cast significant doubl on the charily's abilily
to continue as a going concern for a period of at least twelve months from when the financial
statements are authorised for issue.
Our responsibilities and Ihe responsibilities of the directors with respect to going con￿rn are
described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the
information included in the annual report other than the financial statements and our auditor's report
Ihereon. Our opinion on the financial slalemenls does not cover the other information and, except to
the extent othenmise expliGitly stated in our report, we do not express any form of assurance
conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained in the audit or othenmise appears to be materially
misstated. If we identify such material inconsistencies or apparent material misstatements, we are
required to determine whether there is a material misstatement in the financial statements or
material misstatement of the other information. If, based on the work we have performed, we

IINDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MERCAZ HATORAH
NETZACH YISROEL
onclude that there is a material misstatement of this other infomiation, we are required lo report
that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Charity and environment obtained in the
course of the audit, we have not identified material misstatements in the Trustees, Annual Report.
We have nothing to report in respect of the following matters in relation to which the Charities Act
2011 requires us to report to you if, in our opinion..
sufficient accounting records have not been kept.,
the financial statements are not in agreement with the accounting records and returns,. or
we have not obtained all the information and explanations necessary for the purposes of our
audit.
Responsibilities of the trustees
As explained more fully in the truslees, responsibilities statement, the trustees are responsible for
the preparation of the financial statements and for being satisfied that they give a true and fair view,
and for such internal control as they determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the Charity's ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going con￿rn basis of accounting unless the trustees either intend to liquidate the Charity or to
ase operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misslatemenl, whether due to fraud or error, and to issue an auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with ISAS {UKI will always delect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements. Irregularities, including fraud,
are instances of non-compliance with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to delect material misslalemenls in respect of irregularities, including
fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are
set out below.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud
and non-complian￿ with laws and regulations, our Pro￿dureS included the following..
We enquired of management, which included obtaining and reviewing supporting
documentation, concerning the charity's policies and procedures..
We obtained an understanding of the legal and regulatory framework that the charity
operates in, focusing on those laws and regulations that had a material effect on the financial
slalements or that had a fundamental effect on the operations of the charity from our
professional and sector experience.

IINDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MERCAZ HATORAH
NETZACH YISROEL
We reviewed the financial statement disclosures and tested these to supporting
documentation to assess compliance with applicable laws and regulations.
We perfomed analytical procedures to identify any unusual or unexpected relationships that
may indicale risks of material misstatement due to fraud.
In addressing the risk of fraud through management override of controls, we tested the
appropriateness of joumal entries and other adjustments, assessed whether the judgements
made in making accounting estimates are indicative of a potential bias and tested significant
transaclions that are unusual or those outside the normal course of business.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. This description
forms part of our auditor's report.
Use of our report
This report is made solely to the Charity's trustees, as a body, in accordance with section 144 of the
Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been
undertaken so that we might state to the Charity's trustees those matters we are required lo state to
them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do
not ac￿pt or assume responsibility to anyone other than the Charity and the Charity's trustees as a
body, for our audit work, for this report, or for the opinions we have formed.
G(Jldwin&
Goldwins Limited
Statutory Auditor and Chartered Accountants
75 Maygrove Road
West Hampstead
London NW6 2EG
2911012025
Goldwins Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for
appointment as auditor of a company under section 1212 of the Companies Act 2006.

Mercaz Hatorah Netzach Yisroel
Statement of financial activities {incorporating an income and expenditure account)
For the
ear ended 31 December 2024
2024
2023
Unrestricted Restricted
Fund
Fund Total Fund Total Fund
Note
Income from..
Donation5 and legacies
1 .426.681
1,426,681 1.285.376
Total Income
1 .426,681
,426,681 1,285.376
Expenditu￿ on:
Raising funds
Charitable activitie5
16,772
1.411,038
16.772
28,828
1,411,038 1,223,574
Total expendlture
1,427,810
,427,810 1,252,402
Net Income l {expendlture) for the year
11 129)
(1,129)
32,974
Transfers between funds
Net Income l {expendlture) before other
recognlsed galns and losses
11 129)
(1,129)
32,974
Net movement in funds
11,1291
(1,129)
32.974
Reconclllatlon of funds:
Total funds brought fO￿ard
70,160
70.160
37.186
Total funds carrled forward
69.031
69,031
70.160
All of the above re5uIt5 are derived from continuing activitie5. There were no other reiognised gain5 or 1055e5
other than those stated above. Movements in funds are disclosed in Note 12 to the financial starements.

Mercaz Hatorah Netzach Ylsroel
Balance sheet
Ag at 31 December 2024
2024
2023
Noie
Current assets:
Debtors
Cash at bank and In hand
57,700
16,731
78.050
2,910
Llabllltles..
Creditttr£: amniJtr)ts falling wlthin on• year
74.431
80,960
io
5,400
10.60Q
Net ¢urrertt r4$5ttJ
69,031
70.160
Total a55ets less current Ilabllltles
69.031
70,160
Total net assets
69,031
70.160
The funds of the charlty..
UnrestrlctÈd Income funds:
General fund5
12
69,031
70,160
Total unrestricted funds
69,031
70,160
Totsl Eharlty fuwHJ>
69.037
70.160
The financlal stat*ments were approved by the trustèes on
2811012025
and signed on their behalf by
M Strom
Trustee

Mercaz Hatorah Netzach Yisroel
Statement of cash flows
For the
ar ended 31 December 2024
Note
2024
2023
Cash flows from operatlng actlvltles
Net cash provlded by l (used In) operatlng acrlvltles
13,821
2.124
Cash flows from investing activities..
Dividends, interesi and renis from investments
Net cash provlded bv l (used In) Investlng actlvltles
Net cash provlded bv l (used In) flnanclng actlvltles
Change In cash and cash equlvalents In the year
13,821
2.124
Cash and cash equivalents at the beginning of the
year
2,910
786
Cash and cash equlvalents at the end of the year
16,731
2,910

Mercaz Hatorah Netzach Yisroel
Notes to the flnanclal statements
For the
ear ended 31 December 2024
Accounilng pollcles
a) Basis of preparation
The financial statements of the charity. which is a public benefit eniity under FRS 102, have been
prepared in accordance with the Charities SORP IFRS 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 IFRS 1021 (effective I
January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK
and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under
the historical cost convention.
b) Golng concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a
going coniern. The trustees do not ionsider that there are any sources of estimation uniertainty at the
reporting date that have a significant risk of causing a material adj ustment to the carrying amounts of
assets and liabilities within the next reporting period.
c) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions
attached to the income have been met, it is probable that the income will be received and that the
amount can be measured reliably.
d) Donatlons of glfts. servlces and facllltles
Donated professional services and donated facilities are recogni5ed as income when the charity has
control over the item or received the service, any conditions associated with the donation have been
met. the receipt of economic benefit from the use by the charity of the item is probable and that
economic benefit can be measured reliably. In accordance with the Charities SORP IFRS 1021, volunteer
time is not recognised so refer to the trustee5' annual report for more information about their
contribution.
On receipt, donated gifts, 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 notif ication of the interest paid or payable by the bank.
Fund accountlng
Restricted funds are to be used for specific purpose5 as laid down by the donor. Expenditure which
meet5 these criteria is charged to the fund.
Unrestricted funds are donations and other incoming resources received or generated for the charitable
purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular purposes.
g) Expendlture 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. Expenditure is classified under the following activity headings..
Costs of raising funds relate to the costs incurred by the charity in inducing third parties to make
voluntary contributions to it, as well as the cost of any activities with a fundraising purpose

Mercaz Hatorah Netzach Yisroel
Notes to the flnanclal statements
For the
ear ended 31 December 2024
Accounting policies (continued)
Expenditure on charitable activities includes the costs of delivering services, undertaken to further
the purposes of the charity and their associated support costs.
Other expenditure represents those items not falling into any other heading
Grants offered 5ubjeit to conditions which have not been met at the year end date are noted as a
commitment but not accrued as expenditure.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
h) Allocation of support costs
Expenditure is accounted for on an accruals basis and has been classified under headings that
aggregate all cost relared 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.
i) Operating leases
Rental charges are charged on a straight line basis over the term of the lease.
j) Tangible fixed assets
Depreciation costs are allocated to activitie5 on the bas15 of the use of the related asset5 in those
activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed
their net realisable value and value in use.
Depreciation is provided at rates calculated to write down the cost of each asset to its estimated
residual value over its expected useful life.
k) 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.
l) 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. Cash balances exclude any funds held on behalf of service users.
m) Creditors and provisions
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 ian be measured or estimated reliably. Creditor5 and provisions are normally recognised at
their settlement amount after allowing for any trade discounts due.
n) Financial instruments
The charity 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 measured
at amortised cost using the effective interest method.
o) Pensions
The charity doe5 not operate a stakeholder pension scheme.

Mercaz Hatorah Netzach Yisroel
Notes to the flnanclal statements
For the
ear ended 31 December 2024
2 Detailed comparatives for the Statement of financial activities
2023
Total
Unrestricted
Restricted
Income from:
Donation5 and legacies
Charitable activities
1,285,376
1,285,376
Investments
Total Income
Expenditure on..
Raising funds
Charitable activities
1.285.376
1,285.376
28.828
28.828
-student Grants
1,223,574
1,223,574
Total expenditure
1,252,402
1,252,402
Net income l expenditure before gains l (losses) on
investments
Net gains I (losses) on investments
32,974
32,974
Net income / expenditure
Transfers between funds
32,974
32,974
Net movement in funds
32,974
37,186
32,974
37.186
Toral funds brought fO￿ard
Total funds carried forward
70,160
70,160
3 Income from donations and legacies
2024
Total
2023
Total
Unrestricted
Restricted
Donations
1,426,681
1,426,681
1,285,376
1,426.681
1 ,426,681
1,285.376

Mercaz Hatorah Netzach Yisroel
Notes to the financial statements
For the year ended 31 December 2024
4 Analysis of expenditure
Cost of
raising
funds
Chariiable Suppon
activities
costs 2024 Total 2023 Total
Fundraising events
Direct cost
16.772
16,772
28,828
Student grants
Housing and cost of living grants
Advertising
Study books and reference materials
Travel cosrs
Telephone
Postage and stationery
Computer expense5
Insurance
1,020.023
369.899
2,004
481
1.020.023
369.899
2,004
481
1,198,826
2,182
677
10.827
10,827
260
150
900
951
15,272
334
260
150
979
900
951
Support Costs
AccoutaNcy
Bank charges
Audit fee5
(i 001
143
143
5,400
5,400
5,400
16,772
1,403,234
7,804 1.427.810 1,252,402
7,804 17,8041
Suppon costs
Total expenditure 2024
16.772
.411,038
1.427.810
Total expenditure 2023
28.828
1,223.574
1,252,402
The total expenditure £1.427,810 was unrestricted 12023." £1.252.4021.
Analysis of expenditure Iprior yearl
Cost of
raising
fund5
Charitable
activitie5
Support
C05t5
2023
Total
Fund raisiny events
Direct cost
Srudeni grants
Advertising
Study books and reference materials
Travel costs
Telephone
Postage and stationery
Support Costs
Accoutancy
Bank charge5
Audit fee5
28.828
28,828
1,198,826
2,182
677
15.272
1,198,826
2,182
677
15,272
334
979
334
979
11001
(i 001
5.400
5,400
28.828
1,2 16.957
6.617
6.617 16.6171
1.252,402
Support costs
Total expenditure 2023
28.828
1,223.574
1,252,402

Mercaz Hatorah Netzach Yi5roel
Notes to the financial statements
For the year ended 31 December 2024
Net incoming resources for the year
This is stated after charging I crediting..
2024
2023
Auditors, remuneration (excluding VATI..
Audit
4,500
4,500
Analysis of staff costs, trustee remuneratlon and expenses. and the cost of key management
personnel
The charity did not employ staff during the year12023.. Nill.
The charity trustees were not paid or received any other benefits from employment with the
charity in the year12023'. £nill. No trustees received payment for professional or other services
supplied to the charity12023'. £nill.
Trustees, reimbursement of travel and subsistence costs is £Nil
Related party transactions
There are no related party transactions to disclose for 2024 12023-. none).
Taxation
The charity is exempt from tax on its charitable activitie5.
Debtors
2024
2023
Other debtors
57,700
78,050
57,700
78,050
l O Creditors: amounts falling due within one year
2024
2023
Accruals
5,400
10,800
5,400
10,800

Mercaz Hatorah Netzach Yi5roel
Notes to the financial statements
For the year ended 31 December 2024
I l Analysis of net assets between funds
General
unrestricted
Designated
Restricted Total funds
Current assets
Current liabilities
74,431
15,4001
74,431
15.400)
Net assets at the end of the year
69,031
69,031
Comparative for analysis of net assets between funds (prior yearl
General
Designated
Restricted Total funds
Current asset5
Current liabilities
80,960
110.8001
80,960
110.8001
Net assets at the end of the year
70,160
70,160
12 Movement5 in funds
Incoming
At the start resources &
of the year
gains
Outgoing
resources &
losses
At the end
of the year
Transfers
Unrestricted funds:
General funds
70.160
1.426,681
11.427.810)
69,031
funds
70.160
1,426,681
11,427,810)
69,031
Total funds
70.160
1.426,681
11.427.810)
69,031
Comparative for movement in funds {prior yearl
Incoming
At the start resources &
of the year
gains
Outgoing
resources &
losse5
At the end
of the year
Transfers
Unrestricted funds=
General funds
37,186
1,285,376
11,252,4021
70,160
Total unrestricted funds
37.186
1,285,376
11.252.4021
70,160
Total funds
37,186
1,285,376
11,252.4021
70,160

Mercaz Hatorah Netzach Yi5roel
Notes to the financial statements
For the year ended 31 December 2024
13 Reconciliation of net income l (expenditure) to net cash flow from operating activities
2024
2023
Net income I lexpenditurel for the reporting period
(as per the statement of financial activities)
Depreciation charges
Ilncrease)Idecrease in debtors
Increasel(decreasel in creditors
(1,129)
32,974
20,350
(5,400)
21,950
152,8001
Net cash provided by I (used in) operating activities
13,821
2,124
14 Analysis of cash and cash equivalents
At31
December
2024
At l January
2024
Other
changes
Cash flows
Cash in hand
2,910
13,821
16,731
Total cash and cash equlvalents
2,910
13,821
16,731