Company registration number: 09483696 Charity registration number: 1163116
The Green's Windmill Trust
(A company limited by guarantee)
Annual Report and Financial Statements
for the Year Ended 31 March 2023
Community Accounting Plus Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL
The Green's Windmill Trust
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 to 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 to 17 |
The Green's Windmill Trust
Reference and Administrative Details
Trustees Tom Huggon, Chair Denny Plowman, Treasurer Sara Stewart, Secretary Alexandra Andrews, Vice Chair Edward Breeds Hannah Payne Nathaniel Heyliger Charity Registration Number 1163116 Company Registration Number 09483696 Registered Office Green's Windmill and Science Centre Windmill Lane Sneinton Nottingham NG2 4QB Independent Examiner John O'Brien, employee of Community Accounting Plus Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL
Page 1
The Green's Windmill Trust
Trustees' Report
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2023.
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees: Tom Huggon, Chair Denny Plowman, Treasurer Sara Stewart, Secretary Alexandra Andrews, Vice Chair Edward Breeds Hannah Payne (appointed 20 April 2022) Nathaniel Heyliger (appointed 8 February 2023) Simon Jenkins (resigned 28 April 2022)
Structure, governance and management
Nature of governing document
The charity is a company limited by guarantee and registered charity. It is operated under the rules of its memorandum and articles of association dated 11 March 2015 and most recently amended 11 May 2016. It has no share capital and the liability of each member in the event of winding-up is limited to £1.
Recruitment and appointment of trustees
New trustees are appointed through personal contacts, invitation and through requests via our quarterly newsletter.
Objectives and activities
Objects and aims
-
To advance public education in particular but not limited to preserving Green's Mill and Science Centre for the benefit of the public;
-
The advancement of heritage for the public benefit by promoting the charitable work of Green's Mill and Science Centre.
Our charity exists to advance public education, preserve the windmill and Science Centre for the public, and advance the site’s scientific and cultural heritage. It promotes the reputation of the mathematical physicist George Green through education, events and collaboration with other scientific and educational organisations. It provides activities and events for members of the public and educational groups to discover the heritage of the windmill, of science and the local community.
Public benefit
Our activities provide opportunities for engagement with science through exhibits and activities; providing a community garden for local residents and visitors to enjoy; learning about the mathematical physicist George Green; experiencing a working windmill and buying our award-winning flour.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Page 2
The Green's Windmill Trust
Trustees' Report
Achievements and performance
We welcomed 23,318 visitors and provided or hosted 150 events and activities (of which 45 were educational visits). Other highlights were:
A Community Café every Sunday in the summer holidays; 343 hours of student placements from the two Nottingham universities; Women in STEM Society for the Festival of Science and Curiosity; Community Engagement Project 59-page report on how to better serve our local community; 54 volunteers contributed 3,963 hours;
Retained the Green Flag Community Award for our Community Garden; Installed solar panels on the Community Garden outbuilding; Digitised our mills postcards collection; Took part in Nottingham Light Night and National Mills Weekend; Removed the sails from the windmill as the first step towards major repairs to the sails and fantail.
We are about to launch a Trust membership scheme to encourage supporters to pay an annual (or life) subscription which will entitle them to various benefits and a say in the activities and management of the Trust.
Financial review
During the year we had sufficient income from grants, donations and the profits from our trading company to enable the Trust to continue to manage the Mill and Science Centre and to employ two staff (Heritage Officer and Trainee Miller).
One of our supporters has committed to underwriting any deficits that may occur in the coming year.
Policy on reserves
Reserves are minimal as most of our income is committed to e.g. site cost payments to Nottingham City Council, salaries and projects. Such reserves as we have accommodate fluctuations in our income month on month. We continue to receive income from our associated trading company.
Principal risks and uncertainties
Financial risks
-
There is a risk that the Trust fails to find sufficient income to meet its requirements and commitments;
-
There is a risk that Nottingham City Council will decide to no longer support the Mill and Science Centre.
Page 3
The Green's Windmill Trust
Trustees' Report
Statement of Responsibilities
The trustees (who are also the directors of The Green's Windmill Trust for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards, comprising FRS 102 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 charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company 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 charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:
......................................... Tom Huggon Trustee
Page 4
The Green's Windmill Trust
Independent Examiner's Report to the trustees of The Green's Windmill Trust ('the Company')
Independent examiner’s report to the trustees of The Green's Windmill Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2023.
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 that in any material respect:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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.
......................................
John O'Brien MSc, FAIA, FCCA, FCIE, employee of Community Accounting Plus Fellow of the Association of Charity Independent Examiners
Units 1 & 2 North West 41 Talbot Street Nottingham NG1 5GL
Date:.............................
Page 5
The Green's Windmill Trust
Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 2 Charitable activities 3 Other income 5 Total Income Expenditure on: Charitable activities 6 Total Expenditure Net (expenditure)/income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 18 |
Unrestricted £ 19,417 110 30,401 49,928 (70,142) (70,142) (20,214) (20,214) 46,189 25,975 |
Restricted £ - 9,950 - 9,950 - - 9,950 9,950 - 9,950 |
Total 2023 £ 19,417 10,060 30,401 59,878 (70,142) (70,142) (10,264) (10,264) 46,189 35,925 |
Total 2022 £ 35,275 32,648 6,635 |
|---|---|---|---|---|
| 74,558 | ||||
| (71,296) | ||||
| (71,296) | ||||
| 3,262 | ||||
| 3,262 42,927 |
||||
| 46,189 |
The notes on pages 9 to 17 form an integral part of these financial statements. Page 6
The Green's Windmill Trust
Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
These are the figures for the previous accounting period and are included for comparative purposes
| Note Income and Endowments from: Donations and legacies 2 Charitable activities 3 Other income 5 Total Income Expenditure on: Charitable activities 6 Total Expenditure Net income/(expenditure) Transfers between funds Other recognised gains and losses Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 18 |
Unrestricted funds £ 35,275 1,762 6,635 43,672 (38,435) (38,435) 5,237 31,546 36,783 9,406 46,189 |
Restricted funds £ - 30,886 - 30,886 (32,861) (32,861) (1,975) (31,546) (33,521) 33,521 - |
Total 2022 £ 35,275 32,648 6,635 |
|---|---|---|---|
| 74,558 | |||
| (71,296) | |||
| (71,296) | |||
| 3,262 - |
|||
| 3,262 42,927 |
|||
| 46,189 |
The notes on pages 9 to 17 form an integral part of these financial statements. Page 7
The Green's Windmill Trust
(Registration number: 09483696) Balance Sheet as at 31 March 2023
| Note Fixed assets Tangible assets 13 Current assets Debtors 14 Cash at bank and in hand 15 Creditors: Amounts falling due within one year 16 Net current assets Net assets Funds of the charity: Restricted income funds Restricted funds 18 Unrestricted income funds Unrestricted funds Total funds 18 |
2023 £ 8,167 20,661 8,247 28,908 (1,150) 27,758 35,925 9,950 25,975 35,925 |
2022 £ 11,432 135 42,908 |
|---|---|---|
| 43,043 (8,286) |
||
| 34,757 | ||
| 46,189 | ||
| - 46,189 |
||
| 46,189 |
For the financial year ending 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The financial statements on pages 6 to 17 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:
......................................... Denny Plowman Trustee
The notes on pages 9 to 17 form an integral part of these financial statements. Page 8
The Green's Windmill Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
1 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
The Green's Windmill Trust 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 notes.
Going concern
The financial statements have been prepared on a going concern basis.
The trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Page 9
The Green's Windmill Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £500.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
| Asset class | Depreciation method and rate |
|---|---|
| General equipment | 20% straight line |
| IT equipment | 33.3% straight line |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Page 10
The Green's Windmill Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees' discretion in furtherance of the objectives of the charity.
Restricted income funds are those grants for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Pensions and other post retirement obligations
The charity operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charity. Pension costs charges in the Statement of Financial Activities represent the contributions payable by the charity in the year.
2 Income from donations and legacies
| Donations and legacies; Donations from companies, trusts and similar proceeds Donations from individuals Gift aid reclaimed Grants, including capital grants; Government grants |
Unrestricted funds General £ 11,814 6,275 728 600 19,417 |
Total 2023 £ 11,814 6,275 728 600 19,417 |
Total 2022 £ 19,378 4,535 695 10,667 |
|---|---|---|---|
| 35,275 |
3 Income from charitable activities
| Grants & donations Other income |
Unrestricted funds General £ - 110 110 |
Restricted funds £ 9,950 - 9,950 |
Total 2023 £ 9,950 110 10,060 |
Total 2022 £ 30,886 1,762 |
|---|---|---|---|---|
| 32,648 |
Page 11
The Green's Windmill Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
| 4 Grants & donations National Lottery Community Fund Nottingham City Council Browne Jacobson Charitable Trust The Wheatcroft Fund (Notts Community Foundation) The Lady Hind Trust Asda Foundation J. N. Derbyshire Trust The Renewal Trust HMRC Gift aid Donations from individuals Sundry grants & donations 5 Other income Income from trading subsidiary |
Unrestricted funds £ - 600 2,880 3,000 3,000 1,009 1,500 375 728 6,275 50 19,417 Unrestricted funds General £ 30,401 |
Restricted funds £ 9,950 - - - - - - - - - - 9,950 Total 2023 £ 30,401 |
Total £ 9,950 600 2,880 3,000 3,000 1,009 1,500 375 728 6,275 50 |
|---|---|---|---|
| 29,367 | |||
| Total 2022 £ 6,635 |
Page 12
The Green's Windmill Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
6 Expenditure on charitable activities
| Exhibits & displays Engine project expenses Legal & professional fees Garden project expenses Milling expenses Equipment, repairs & renewals Insurance Premises running costs Publicity & fundraising Miscellaneous expenses Printing & stationery Subscriptions & licences Volunteer expenses Cleaning Wages, NI & pension Website & IT Depreciation Workshops & events |
Unrestricted funds General £ - 113 1,113 6,866 246 234 522 7,000 649 991 330 271 32 - 44,400 88 3,265 4,022 70,142 |
Total 2023 £ - 113 1,113 6,866 246 234 522 7,000 649 991 330 271 32 - 44,400 88 3,265 4,022 70,142 |
Total 2022 £ 1,008 149 915 7,647 - 708 512 11,000 603 1,133 609 216 40 1,950 41,540 - 3,266 - |
|---|---|---|---|
| 71,296 |
7 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
8 Fees payable to independent examiner
During the period, the fees payable (excluding VAT) to the charity’s independent examiner Community Accounting Plus are analysed as follows:
| Independent examination Other financial services |
2023 £ 525 372 897 |
2022 £ 500 252 |
|---|---|---|
| 752 |
Page 13
The Green's Windmill Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
9 Taxation
The charity is a registered charity and is therefore exempt from taxation.
10 Staff costs
The aggregate payroll costs were as follows:
| Staff costs during the year were: Wages and salaries Pension costs |
2023 £ 43,108 1,292 44,400 |
2022 £ 40,331 1,209 |
|---|---|---|
| 41,540 |
The monthly average number of persons (including senior management team) employed by the charity during the year was as follows:
| Average number of employees | 2023 No 2 |
2022 No 2 |
|---|---|---|
2 (2022 - 2) of the above employees participated in the Defined Contribution Pension Schemes.
Contributions to the employee pension schemes for the year totalled £1,292 (2022 - £1,209).
No employee received emoluments of more than £60,000 during the year.
11 Benefits in kind
Premises
The premises are provided by the local authority.
12 Related party transactions
There were no related party transactions in the year.
Page 14
The Green's Windmill Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
13 Tangible fixed assets
| 13 Tangible fixed assets | |||||
|---|---|---|---|---|---|
| Cost At 1 April 2022 At 31 March 2023 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 14 Debtors Prepayments Other debtors 15 Cash and cash equivalents Cash at bank 16 Creditors: amounts falling due within one year Other taxation and social security Other creditors |
General equipment £ 54,411 |
IT equipment £ 1,631 |
Total £ 56,042 56,042 44,610 3,265 47,875 8,167 11,432 2022 £ 135 - |
||
| 54,411 | 1,631 | ||||
| 43,522 2,722 |
1,088 543 |
||||
| 46,244 | 1,631 | ||||
| 8,167 | - | ||||
| 10,889 | 543 | ||||
| 2023 £ 661 20,000 20,661 2023 £ 8,247 2023 £ 520 630 1,150 |
|||||
| 135 | |||||
| 2022 £ 42,908 |
|||||
| 2022 £ 455 7,831 |
|||||
| 8,286 |
Page 15
The Green's Windmill Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
17 Charity status
The charity is a company limited by guarantee and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
18 Funds
| Unrestricted funds General General fund Restricted funds Mill on the Hill festival (NLCF) Total funds |
Balance at 1 April 2022 £ 46,189 - 46,189 |
Incoming resources £ 49,928 9,950 59,878 |
Resources expended £ (70,142) - (70,142) |
Balance at 31 March 2023 £ 25,975 9,950 |
|---|---|---|---|---|
| 35,925 |
The specific purposes for which the funds are to be applied are as follows:
Mill on the Hill festival (NLCF) - festival takes place on Saturday 15 July 2023. It is a free community event, celebrating the art, culture and food of Sneinton, with live entertainment and activities for people of all ages to enjoy throughout the day, including a parade through Sneinton.
These are the figures for the previous accounting period and are included for comparative purposes
| Unrestricted funds General General fund Restricted Trainee miller (Pilgrim Trust) Heritage Fund Community Garden (Foyle Foundation) Total restricted funds Total funds |
Balance at 1 April 2021 £ 9,406 - 28,521 5,000 33,521 42,927 |
Incoming resources £ 43,672 5,886 25,000 - 30,886 74,558 |
Resources expended £ (38,435) (5,886) (21,975) (5,000) (32,861) (71,296) |
Transfers £ 31,546 - (31,546) - (31,546) - |
Balance at 31 March 2022 £ 46,189 - - - |
|---|---|---|---|---|---|
| - | |||||
| 46,189 |
Page 16
The Green's Windmill Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
19 Analysis of net assets between funds
| 19 Analysis of net assets between funds | |||
|---|---|---|---|
| Tangible fixed assets Current assets Current liabilities Total net assets Tangible fixed assets Current assets Current liabilities Total net assets |
Unrestricted General £ 8,167 18,958 (1,150) 25,975 |
Restricted £ - 9,950 - 9,950 Unrestricted General £ 11,432 43,043 (8,286) 46,189 |
2023 Total funds £ 8,167 28,908 (1,150) |
| 35,925 | |||
| 2022 Total funds £ 11,432 43,043 (8,286) |
|||
| 46,189 |
Page 17