DocuSign Envelope ID: CF73A3CD-E873-46E4-8BA4-82A085E4AA87
Charity registration number: 1167880
The Outhwaite Charitable Trust
Annual Report and Financial Statements for
the year ended 5 April 2023
DocuSign Envelope ID: CF73A3CD-E873-46E4-8BA4-82A085E4AA87
Contents
| Reference and Administrative Details……………………………………………………………... | 1 |
|---|---|
| Trustees' Report……………………………………………………………………………………... | 2 to 4 |
| Independent Examiners’………………………………………………………………….…………. | 5 to 6 |
| Statement of Financial Activities………………..……………………………………….…………. | 7 |
| Balance Sheet…………………………………………………………………………………………. | 8 |
| Notes to the Financial Statements……………………………………………………………… | 9 to 18 |
DocuSign Envelope ID: CF73A3CD-E873-46E4-8BA4-82A085E4AA87
The Outhwaite Charitable Trust
Reference and Administrative Details
Charity name The Outhwaite Charitable Trust Charity registration number 1167880 Principal office Salisbury House London Wall London EC2M 5PS Trustees Mr M N Duncan (appointed 28[th] June 2022) Mr R Monkcom (resigned 28[th] June 2022) Mr P R Campbell Mrs E West-Sadler Mr A Grier Rev C West-Sadler Independent examiner Bourner Bullock Chartered Accountants 114 St. Martin’s Lane Covent Garden London WC2N 4BE Investment Manager Evelyn Partners 25 Moorgate London EC2R 6AY
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The Outhwaite Charitable Trust
Trustees’ Report
The Trustees present their report and financial statements for year ended 5 April 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 of the financial statements and comply with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (2[nd] Edition effective January 2019).
Structure, governance and management
Constitution
The charity was formed by the Will of the late Vera Outhwaite Deceased who died on 18th August 2015. The administration period ended on 31 January 2016. The trustees have absolute discretion to apply the income and/or capital of the trust for charitable purposes.
Method of appointment or election of Trustees
New trustees are appointed by the existing trustees by way of a meeting and a subsequent deed formalising the appointment, or simply by deed alone.
Policies adopted for the induction and training of trustees
Due to the small size of the charity, there is no formal induction process save the attendance at meetings and information made available to that trustee by the existing trustees.
Related party relationships
All related party relationships are noted elsewhere in these accounts.
Risk management
The trustees have identified the main risks applicable to the charity and these concern the value of the investments. The trustees have mitigated this risk by appointing Evelyn Partners, as investment managers, to manage the portfolio on their behalf.
Objectives and Activities
Policies and objectives
The trustees have agreed a policy statement with Evelyn Partners and monitor the performance of the investments regularly by way of reporting and other communications received from Evelyn Partners.
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The Outhwaite Charitable Trust
Trustees’ Report
Strategies for achieving objectives
The trustees have regard to the Charity Commission guidance concerning the public benefit when furthering the objectives of the charity.
Activities for achieving objectives
The charity is a grant-making charity.
Achievements and performance
Review of activities
Donations totaling £250,500 (2022: 247,250) were made during the year.
Investment policy and performance
The value of the investments decreased significantly in the period under review, due to ongoing market pressures. The Trustees are monitoring the performance of the portfolio along with the investment manager in light of global events.
Financial Review
Results
The Trust had a net decrease in funds of £640,882, reducing total funds from £5,785,061 to £5,144,179.
Reserves policy
The trustees will maintain sufficient reserves to meet unforeseen requirements but at this stage no formal amount has been set.
Plans for future
There are no significant changes planned for the charity which will continue with its current objectives.
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The Outhwaite Charitable Trust
Trustees’ Report
Statement of trustees’ responsibilities
The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable 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 charity and of the incoming resources and application of resources, including 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 apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate.
The trustees are responsible for keeping sufficient accounting records that 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 deed. They 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.
Approved by the Trustees and signed on their behalf by:
Mr M Duncan Trustee Date: 29 January 2024
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Independent Examiners Report to the Trustees of
The Outhwaite Charitable Trust
Independent Examiner’s Report to the Trustees of Outhwaite Charitable Trust
I report to the trustees on my examination of the financial statements of Outhwaite Charitable Trust (‘the charity’) for the year ended 5 April 2023 which comprise the Statement of Financial Activities, the Balance Sheet and related notes.
This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 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.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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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 financial statements to be reached.
Russell Joseph Bourner Bullock Chartered Accountants 114 St. Martin’s Lane Covent Garden London WC2N 4BE 29 January Date……………….. 2024
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The Outhwaite Charitable Trust
Statement of Financial Activities for the year ended 5 April 2023
| Note Income from: Investments 3 Transfers to income Total income Expenditure on: Raising funds 4 Charitable activities 5 Total expenditure Realised (losses)/gains on investments 9 Unrealised (losses)/gains on investments 9 Net Income and net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted Funds Expendable Endowment Funds Total Funds 2023 Unrestricted Funds Expendable Endowment Funds Total Funds 2022 £ £ £ £ £ £ 170,066 - 170,066 202,200 - 202,200 17,175 (17,175) - 15,486 (15,486) - |
|---|---|
| 187,241 (17,175) 170,066 217,686 (15,486) 202,200 |
|
| - 40,176 40,176 - 44,221 44,221 267,724 - 267,724 262,736 - 262,736 |
|
| 267,724 40,176 307,900 262,736 44,221 306,957 |
|
| - (29,355) (29,355) - 43,488 43,488 - (473,693) (473,693) - 54,423 54,423 |
|
| - (503,048) (503,048) - 97,911 97,911 |
|
| (80,483) (560,399) (640,882) (45,050) 38,204 (6,846) 156,703 5,628,358 5,785,061 201,753 5,590,154 5,791,907 76,220 5,067,959 5,144,179 156,703 5,628,358 5,785,061 |
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The Outhwaite Charitable Trust
Balance Sheet as at 5 April 2023
| Note Fixed assets Investments 9 Current assets Cash at bank and in hand 10 Creditors: Amounts falling due within one year 11 Net current assets Net assets The funds of the charity: Expendable Endowment funds Unrestricted funds Reconciliation of funds 12 |
2023 2022 £ £ 5,087,935 5,660,958 70,604 137,002 |
|---|---|
| 70,604 137,002 (14,360) (12,899) |
|
| 56,244 124,103 |
|
| 5,144,179 5,785,061 |
|
| 5,067,959 5,628,358 76,220 156,703 5,144,179 5,785,061 |
Approved by the Trustees on 29[th] January 2024 and signed on their behalf by:
Mr M Duncan Trustee Date: 29 January 2024
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The Outhwaite Charitable Trust
Notes to the Financial Statements for the year ended 5 April 2023
1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Outhwaite Charitable 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 trustees consider there are no material uncertainties about the charity’s ability to continue as a going concern. The review of the financial position, reserves levels and future plans gives trustees confidence the charity remains a going concern for the foreseeable future.
Charitable funds
Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose.
Expendable Endowment
Endowment funds comprise of the initial donation made upon establishment of the Trust. The fund is an expendable endowment and so the Trustees have the power to convert all or part of the fund into income which can be spent in accordance with the charitable objectives. Income generated from the endowment fund investments is spent on furthering the Charity’s objectives.
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The Outhwaite Charitable Trust
Notes to the Financial Statements for the year ended 5 April 2023
Incoming resources
All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Investment income is recognised on a receivable basis.
Grants Payable
Grants payable are payments made to third parties in the furtherance of the charitable objectives. Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specific service or output.
Grants payable without performance conditions are only recognised in the financial statements when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity.
Resources expended
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.
Governance costs
Governance costs include costs of the preparation and examination of the statutory financial statements, the costs of trustee meetings and the cost of any legal advice to trustees on governance or constitutional matters.
Investments
Fixed asset investments which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Fixed asset investments which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the statement of the financial activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the statement of financial activities based on the market value at the year end.
Cash held for investments purposes is included within investments.
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The Outhwaite Charitable Trust
Notes to the Financial Statements for the year ended 5 April 2023
Financial instruments
Basic financial instruments, which include debtors, creditors, equity investments and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
The trust only has basic financial instruments.
Cash and cash equivalents
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 and similar account.
Creditors
Creditors 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 are normally recognised at their settlement amount after allowing for any discounts due.
2 Judgments
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the trustees’ opinion there are no significant judgements and there have been no material sources of key estimation uncertainty.
3 Investment income
| Deposit interest Income from investments |
2023 2022 £ £ 234 35 169,832 202,165 170,066 202,200 |
|---|---|
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The Outhwaite Charitable Trust
Notes to the Financial Statements for the year ended 5 April 2023
| 4 Expenditure on raising funds Investment management fees 5 Charitable activities Governance costs Independent examiner’s fees Administration fees Trustee expenses Charitable activities Charitable donations (note 7) 6 Charitable donations by category Advancement of health and saving of lives Education/training Prevention or relief of poverty Disability Accommodation/housing Religious activities Animals Arts/culture/heritage Armed Forces Human rights General charitable purpose Total |
2023 2022 £ £ 40,176 44,221 2023 2022 £ £ 1,680 1,620 15,495 13,866 49 - |
|---|---|
| 17,224 15,486 250,500 247,250 267,724 262,736 |
|
| 2023 £ 2022 £ 150,000 169,750 30,000 14,000 18,000 30,500 9,500 10,000 4,000 4,000 7,500 4,000 6,500 15,000 3,500 - 4,500 - 1,500 - 15,500 - 250,500 247,250 |
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The Outhwaite Charitable Trust
Notes to the Financial Statements for the year ended 5 April 2023
7 Charitable Donations
| Charitable Donations | |
|---|---|
| ABF - The Soldiers' Charity | 1,500.00 |
| Acorns Children's Hospice Trust | 2,000.00 |
| Action for Kids | 2,000.00 |
| Action Medical Research | 1,500.00 |
| Aid to the Church in Need | 2,000.00 |
| Alzheimer's Research | 2,000.00 |
| Alzheimers Society | 1,500.00 |
| Anaphylaxis UK | 2,000.00 |
| Asthma and Lung UK | 2,000.00 |
| Asthma UK | 2,000.00 |
| Autistica | 2,000.00 |
| Barts and the London Charity | 1,500.00 |
| BBC Children in Need | 2,000.00 |
| Beat | 2,000.00 |
| Bloodwise | 10,000.00 |
| Breast Cancer Care | 1,500.00 |
| Breast Cancer Haven | 2,000.00 |
| British Heart Foundation | 10,000.00 |
| C Potential Trust | 1,500.00 |
| CAFOD | 1,500.00 |
| CALM | 2,000.00 |
| Cancer Research UK | 10,000.00 |
| Canine Partners for Independence | 1,500.00 |
| Carers Trust | 1,500.00 |
| Centre for Women's Justice | 1,500.00 |
| Cerebral Palsy Plus | 1,500.00 |
| Changing Tunes | 2,000.00 |
| Child Bereavement UK | 2,000.00 |
| Child Brain Injury Trust | 1,500.00 |
| Childhood Eye Cancer Trust | 2,000.00 |
| Childrens Burns Trust | 1,500.00 |
| Children's Liver Disease Foundation | 1,500.00 |
| Concern Worldwide (UK) | 2,000.00 |
| Corn Exchange Theatre Company | 500.00 |
| Corpus Christi College | 1,000.00 |
| CRISIS UK | 2,000.00 |
| Cruse Bereavement Support | 1,500.00 |
| Cystic Fibrosis Trust | 2,000.00 |
| Deafblind UK | 2,000.00 |
| Demelza House Children's Hospice | 1,500.00 |
| Disability Challengers | 1,500.00 |
| East Anglia's Children's Hospice | 2,000.00 |
| Evergreen Care Trust | 500.00 |
| Fight Bladder Cancer | 2,000.00 |
| Friends of the Holy Land | 2,000.00 |
| Grief Encounter | 1,500.00 |
| Hearing Dogs for Deaf People | 2,000.00 |
| Help for Heroes | 1,500.00 |
| HENRY | 2,000.00 |
| Home-Start UK | 1,500.00 |
| Hope UK | 2,000.00 |
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| Inter Care Limited | 2,000.00 |
|---|---|
| IntoUni | 1,000.00 |
| L'Arche UK | 1,500.00 |
| London's Air Ambulance Limited | 2,000.00 |
| Macmillan Cancer Support | 2,000.00 |
| Make-A-Wish Foundation | 1,500.00 |
| Marie Curie | 2,000.00 |
| Mary's Meals | 2,000.00 |
| Medair UK | 1,500.00 |
| Meningitis Now | 2,000.00 |
| Meningitis Research Foundation | 2,000.00 |
| MIND | 2,000.00 |
| Mindspace (Stamford) Limited | 2,000.00 |
| Mindspace (Stamford) Limited | 2,000.00 |
| Missing People Limited | 2,000.00 |
| Motor Neurone Disease Association | 2,000.00 |
| NSPCC | 1,500.00 |
| One25 Limited | 1,500.00 |
| Open Doors | 2,000.00 |
| Pancreatic Cancer UK | 1,500.00 |
| Passage 2000 | 2,000.00 |
| Peterborough Area Down's Syndrome Group | 2,000.00 |
| Prostate Cancer UK | 4,000.00 |
| Refuge | 2,000.00 |
| RENEWABLE WORLD | 1,500.00 |
| Royal Mencap Society | 2,000.00 |
| Rutland Rotoract Family Support | 1,500.00 |
| Samaritans | 1,500.00 |
| Scope | 2,000.00 |
| Second Helpings | 2,000.00 |
| Shelter, National Campaign for Homeless People Limited | 1,000.00 |
| Shelterbox Trust | 2,000.00 |
| Shine | 2,000.00 |
| Spanned | 1,500.00 |
| St Georges PCC Stamford - SHEP | 1,500.00 |
| St Therese of Lisieux Catholic Multi Academy English Martyrs | 2,000.00 |
| St Therese of Lisieux Catholic Multi Academy Trust - St. Augustine's | 1,500.00 |
| School | |
| Stamford Choral Society | 2,000.00 |
| Stamford Civic Society | 500.00 |
| Stamford Shakespeare Company | 500.00 |
| Stamford Singers | 500.00 |
| Sue Ryder | 500.00 |
| T21 | 2,000.00 |
| Teens Unite Fighting Cancer | 1,500.00 |
| The Big Yellow Bus Project | 2,000.00 |
| The Bliss Trust | 1,500.00 |
| The Brainwave Centre Limited | 2,000.00 |
| The British Red Cross Society | 1,500.00 |
| The Calvert Trust | 1,500.00 |
| The Camphill Village Trust Limited | 1,500.00 |
| The Children's Air Ambulance | 2,000.00 |
| The Children's Trust | 1,500.00 |
| The Condor Trust for Education | 2,000.00 |
| The Cure Parkinsons Trust | 2,000.00 |
| The Friends of the Connection at St Martin-in-the-Fields | 2,000.00 |
| The Grantham Sandon School | 2,000.00 |
| The Herpes Viruses Association | 1,500.00 |
| The Lodge Trust CIO | 1,500.00 |
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| The Mission to Seafarers The National Centre for Young People with Epilepsy Charitable Trust The National Deaf Children's Society The Royal Marsden Cancer Charity The Royal Society for Blind Children The Salvation Army The Sick Children's Trust The Smile Train UK The Soldiers, Sailors, Airmen and Families Association The Stamford Gilbert and Sullivan Players The Stamford Shoestring Theatre The Trussell Trust Tiny Tickers Limited Toynbee Hall Wellspring Counselling Ltd Whizz-Kidz Wiltshire Air Ambulance Charitable Trust Wood Green the Animals Charity World Child Cancer UK Your Sanctuary |
1,500.00 2,000.00 1,500.00 2,000.00 1,500.00 1,500.00 1,500.00 3,500.00 2,000.00 1,500.00 500.00 500.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 5,000.00 2,000.00 250,500.00 |
|---|---|
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The Outhwaite Charitable Trust
Notes to the Financial Statements for the year ended 5 April 2023
8 Trustees' remuneration and expenses
No trustees received any remuneration or claimed expenses during the period (2022– NIL). Two trustees received expenses totaling £49 during the year (2022 – no trustees received expenses).
There were no employees during the period.
9 Investments held as fixed assets
| Market value Brought forward Additions Disposals Profit/loss on disposal Revaluation Net book value Cash available to invest As at 5 April 2021 |
Listed Investments 2023 £ Listed Investments 2022 £ 5,589,392 5,591,944 316,833 938,566 (403,453) (1,039,029) (29,355) 43,488 (473,693) 54,423 |
|---|---|
| 4,999,724 5,589,392 88,211 71,566 5,087,935 5,660,958 |
Material Investments
At 5 April 2023, one holding had a value greater than 5% of the quoted securities portfolio value as follows:
| Holding | Value |
|---|---|
| £ | |
| BNY Mellon Global Funds – US Sustainable Growth B GBP | 295,000 |
Investment assets can be further analysed as follows:
| Listed investments Cash deposits |
UK £ Overseas £ Total 2023 £ Total 2022 £ 3,421,344 1,578,380 4,999,724 5,589,392 88,211 - 88,211 71,566 3,509,555 1,578,380 5,087,935 5,660,958 |
|---|---|
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The Outhwaite Charitable Trust
Notes to the Financial Statements for the year ended 5 April 2023
10 Analysis of cash and cash equivalents
| Analysis of cash and cash equivalents | Analysis of cash and cash equivalents | |
|---|---|---|
| 2023 2022 |
||
| £ £ |
||
| Cash available to invest | 88,211 71,566 |
|
| Cash at bank and in hand | 70,604 137,002 |
|
| 158,815 208,568 |
||
| Creditors: Amounts falling due within one year Accruals Analysis of funds 2023 Unrestricted Funds £ Investments 10,109 Current assets 70,604 Accruals (4,493) Assets 76,220 |
2023 2022 £ £ 14,360 12,899 |
|
| Expendable Endowment Funds Total Funds 2023 £ £ 5,077,826 5,087,935 - 70,604 (9,867) (14,360) |
||
| 76,220 | 5,067,959 5,144,179 |
11 Creditors: Amounts falling due within one year
12 Analysis of funds
| 2022 Investments Current assets Accruals Assets |
Unrestricted Funds Expendable Endowment Funds Total Funds 2022 £ £ £ 22,011 5,638,947 5,660,958 137,002 - 137,002 (2,310) (10,589) (12,899) |
|---|---|
| 156,703 5,628,358 5,785,061 |
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The Outhwaite Charitable Trust
Notes to the Financial Statements for year ended 5 April 2023
13 Related parties
During the period Druces LLP provided administration services to the Outhwaite Charitable Trust amounting to £15,495 (2022 - £13,886). Trustees Mr M Duncan and Mr P Campbell are also partners of Druces LLP.
These services are not related to the Mr P Campbell and Mr M Duncan’s trusteeship and therefore are not deemed to be Trustees’ remuneration. At the balance sheet date the amount due to Druces LLP was £2,813 (2022 - £690).
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