**Charity registration number 1172027**
**Company registration number 10380826 (England and Wales)**
## **T. D SEMINARY LTD**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024**
## **T. D SEMINARY LTD**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Mr D Saurymper Mr I Traube Mr A Zonszajn **Charity number** 1172027 **Company number** 10380826 **Registered office** 43 Durley Road London N16 5JR **Independent examiner** Mr J Silver FCCA Precision Ltd 32 Castlewood Road London N16 6DW
## **T. D SEMINARY LTD**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Statement of cash flows|6|
|Notes to the financial statements|7 - 15|
## **T. D SEMINARY LTD**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
The trustees who are also the directors for the purposes of company law, present their report and financial statements for the year ended 30 September 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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 objects of the charity
- the advancement of the Orthodox Jewish religion
- the advancement of Jewish education through the establishment and running of a college
- the relief of poverty amongst the Orthodox Jewish community.
The charity achieves these objectives primarily through operating a college and nursery and providing grants to educational institutions.
The trustees confirm their compliance with the duty to have due regard to the public benefit guidance issued by the Charity Commission when reviewing the Charity's aims and objectives and in deciding what future activities the charity should undertake.
## **Achievements and performance**
The charity continued operating the College and Nursery and provided grants to institutions to promote the advancement of orthodox Jewish religious education.
In the year under review the charity generated income of £631,852 and incurred expenses of £608,763 resulting in net incoming resources of £23,089.
## **Financial review**
The trustees are satisfied with the progress made this year, in increasing the charity's income and reducing the deficit.
The trustees do not seek to maintain reserves of the charity in regard to unrestricted funds which have not been designated for a specific use other than to ensure that they can continue the activities of the charity.
The trustees intend to further their fund-raising efforts to recover the shortfall in funds in the short term and meet
the above reserves policy.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Structure, governance and management**
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.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr D Saurymper Mr I Traube Mr A Zonszajn
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
- 1 -
## **T. D SEMINARY LTD**
## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
The power to appoint new trustees is vested in the current board. It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures. The trustees administer the day to day running of the charity.
The trustees' report was approved by the Board of Trustees. LQ. Trauhe
..............................
## **Mr I Traube**
Trustee Dated: ......................... Jul 28, 2025
- 2 -
## **T. D SEMINARY LTD**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF T. D SEMINARY LTD**
I report to the trustees on my examination of the financial statements of T. D Seminary Ltd (the charity) for the year ended 30 September 2024.
## **Responsibilities and basis of report**
As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ACCA, which is one of the listed bodies.
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:
- 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements 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 financial statements 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 financial statements to be reached.
## **Mr J Silver FCCA Independent Examiner Precision Ltd**
Dated: .........................
- 3 -
## **T. D SEMINARY LTD**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**Notes**
**£**
**£**
**Income from:**
Donations and
legacies
**3**
201,377
-
Charitable activities
**4**
335,561
94,914
**Total income**
536,938
94,914
**Expenditure on:**
Raising funds
**5**
1,129
-
Charitable activities
**6**
512,719
94,914
**Total expenditure**
513,848
94,914
**Net income for the year/**
**Net movement in funds**
23,090
-
Fund balances at 1 October
2023
(34,905)
-
**Fund balances at 30**
**September 2024**
(11,815)
-|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
201,377
230,457
-
430,475
262,848
72,555
631,852
493,305
72,555
1,129
2,472
-
607,633
486,084
72,555
608,762
488,556
72,555
23,090
4,749
-
(34,905)
(39,654)
-
(11,815)
(34,905)
-|**Total**
**2023**
**£**
230,457
335,403
565,860
2,472
558,639
561,111
4,749
(39,654)
(34,905)|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 4 -
## **T. D SEMINARY LTD**
## **BALANCE SHEET**
## _**AS AT 30 SEPTEMBER 2024**_
||||**2024**|||**2023**||
|---|---|---|---|---|---|---|---|
||**Notes**|**£**||**£**|**£**||**£**|
|**Fixed assets**||||||||
|Tangible assets|**12**|||8,646|||11,529|
|**Current assets**||||||||
|Debtors|**13**|4,800|||-|||
|Cash at bank and in hand||20,983|||8,134|||
|||25,783|||8,134|||
|**Creditors: amounts falling due within**||||||||
|**one year**|**15**|(24,688)|||(28,264)|||
|Net current assets/(liabilities)||||1,095|||(20,130)|
|**Total assets less current liabilities**||||9,741|||(8,601)|
|**Creditors: amounts falling due after**||||||||
|**more than one year**|**16**|||(21,556)|||(26,304)|
|**Net liabilities**||||(11,815)|||(34,905)|
|**Income funds**||||||||
|Unrestricted funds||||(11,815)|||(34,905)|
|||||(11,815)|||(34,905)|
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2024.
The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the 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 company.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on .........................
> .............................. WL. Tnaube Mr I Traube **Trustee**
## **Company Registration No. 10380826**
- 5 -
## **T. D SEMINARY LTD**
## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
|**Notes**
**Cash flows from operating activities**
Cash generated from/(absorbed by)
operations
**18**
**Investing activities**
Purchase of tangible fixed assets
**Net cash used in investing activities**
**Financing activities**
Repayment of bank loans
**Net cash used in financing activities**
**Net increase/(decrease) in cash and cash**
**equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2024**
**£**
-
(4,648)|**£**
17,497
-
(4,648)
12,849
8,134
20,983|**2023**
**£**
**£**
(5,698)
(562)
(562)
(4,153)
(4,153)
(10,413)
18,547
8,134|
|---|---|---|---|
- 6 -
## **T. D SEMINARY LTD**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **1 Accounting policies**
## **Charity information**
T. D Seminary Ltd is a private company limited by guarantee incorporated in England and Wales and is a registered charity in England and Wales. The registered office is 43 Durley Road, London, N16 5JR.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future, notwithstanding that the company has net liabilities, due to the ongoing support from the community. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.4 Incoming resources**
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
- legacy income is recognised when receipt is probable and entitlement is established.
- income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
- income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
- 7 -
## **T. D SEMINARY LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 Resources expended**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on raising funds includes the costs of all fundraising activities, events, non charitable trading activities, and the sale of donated goods.
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment 25% on Reducing Balance Computers 25% on Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.7 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.8 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.9 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash 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. Financial assets classified as receivable within one year are not amortised.
- 8 -
## **T. D SEMINARY LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **1 Accounting policies**
**(Continued)**
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **1.10 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.11 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There have been no material adjustments based on estimations and assumptions during the financial year.
## **3 Donations and legacies**
||**Unrestricted **|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Donations and gifts|201,377|230,457|
- 9 -
## **T. D SEMINARY LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **4 Charitable activities**
|**Early Years**
**Nursery**
**Educational**
**Courses**
**2024**
**2024**
**£**
**£**
Provision of
Educational
Services
265,471
165,004
**Analysis by fund**
Unrestricted funds
170,557
165,004
Restricted funds
94,914
-
265,471
165,004|**Total**
**2024**
**Early Years**
**Nursery**
**Educational**
**Courses**
**2023**
**2023**
**£**
**£**
**£**
430,475
185,003
150,400
335,561
112,448
150,400
94,914
72,555
-
430,475
185,003
150,400|**Total**
**2023**
**£**
335,403|
|---|---|---|
|||262,848
72,555|
|||335,403|
## **5 Raising funds**
||**Unrestricted**|Unrestricted|
|---|---|---|
||**funds**|funds|
||**2024**|2023|
||**£**|£|
|Fundraising and publicity|||
|Other fundraising costs|395|1,657|
|Interest payable|734|815|
||1,129|2,472|
- 10 -
## **T. D SEMINARY LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **6 Charitable activities**
||**Charitable**|
**Charitable**|
|---|---|---|
||**Expenditure**|**Expenditure**|
||**2024**|**2023**|
||**£**|**£**|
|Staff costs|332,214|277,546|
|Depreciation and impairment|2,883|3,844|
|Nursery & College Expenses|238,343|225,366|
||573,440|506,756|
|Grant funding of activities (see note 7)|12,795|28,725|
|Share of support costs (see note 8)|15,234|13,680|
|Share of governance costs (see note 8)|6,164|9,478|
||607,633|558,639|
|**Analysis by fund**|||
|Unrestricted funds|512,719|486,084|
|Restricted funds|94,914|72,555|
||607,633|558,639|
|**For the year ended 30 September 2023**|||
|Unrestricted funds|486,084||
|Restricted funds|72,555||
||558,639||
- 11 -
## **T. D SEMINARY LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **7 Grants payable**
||**Charitable**|Charitable|
|---|---|---|
||**Expenditure**|Expenditure|
||**2024**|2023|
||**£**|£|
|Grants to institutions:|||
|Kupat Ezer Lenisuin Beis Yisroel|5,500|3,500|
|Inspirations|1,700|-|
|Friends of Wiznitz Limited|-|1,600|
|Amud Hatzdoko Trust|556|1,000|
|VHLT Ltd|-|1,350|
|Bnois Jerusalem Schools Ltd|2,500||
|Chasdei Aharon Limited|-|325|
|Chasdei Yoel Charitable Trust|-|500|
|British Friends of Chatzer Hakodesh Viznitz|-|250|
|Kehal Chareidim Trust|-|14,000|
|Other|2,539|1,200|
||12,795|28,725|
-
## **8 Support costs**
|**Support costs**|||
|---|---|---|
|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Support costs
15,234
-
Accountancy
-
2,640
Legal and professional
-
2,000
Bank Charges
-
1,524
15,234
6,164
Analysed between
Charitable activities
15,234
6,164|**2024**
**Support**
**costs**
**Governance**
**costs**
**£**
**£**
**£**
15,234
13,680
-
2,640
-
5,070
2,000
-
2,965
1,524
-
1,443
21,398
13,680
9,478
21,398
13,680
9,478|**2023**
**£**
13,680
5,070
2,965
1,443|
|||23,158|
|||23,158|
## **9 Trustees**
None of the trustees received any remuneration or benefits from the charity during the year.
- 12 -
## **T. D SEMINARY LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
## **10 Employees**
The average monthly number of employees during the year was:
|**Employment costs**
Wages and salaries
Other pension costs|**2024**
**Number**
37
**2024**
**£**
331,561
653
332,214|**2023**
**Number**
42|
|---|---|---|
|||**2023**
**£**
276,842
704|
|||277,546|
No employees received emoluments in excess of £60,000.
There were no employees whose annual remuneration was more than £60,000.
## **11 Taxation**
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
## **12 Tangible fixed assets**
|**Tangible fixed assets**||
|---|---|
|**Plant and**
**equipment**
**Computers**
**£**
**£**
**Cost**
At 1 October 2023
24,803
10,076
At 30 September 2024
24,803
10,076
**Depreciation and impairment**
At 1 October 2023
15,685
7,665
Depreciation charged in the year
2,280
603
At 30 September 2024
17,965
8,268
**Carrying amount**
At 30 September 2024
6,838
1,808
At 30 September 2023
9,118
2,411|**Total**
**£**
34,879|
||34,879|
||23,350
2,883|
||26,233|
||8,646|
||11,529|
- 13 -
## **T. D SEMINARY LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
|**13**
**Debtors**
**Amounts falling due within one year:**
Other debtors
**14**
**Loans and overdrafts**
Bank loans
Payable within one year
Payable after one year|**2024**
**£**
4,800
**2024**
**£**
25,806
4,250
21,556|**2023**
**£**
-|
|---|---|---|
|||**2023**
**£**
30,454|
|||4,150
26,304|
The above bank loan is guaranteed by the government under the Bounce back loan scheme.
The loan accrues interest at 2.5% per annum.
## **15 Creditors: amounts falling due within one year**
|**Creditors: amounts falling due within one year**|||
|---|---|---|
|**Notes**
Bank loans
**14**
Other taxation and social security
Other creditors
Accruals and deferred income|**2024**
**£**
4,250
35
18,243
2,160
24,688|**2023**
**£**
4,150
2,353
19,601
2,160|
|||28,264|
## **16 Creditors: amounts falling due after more than one year**
|||**2024**|**2023**|
|---|---|---|---|
||**Notes**|**£**|**£**|
|Bank loans|**14**|21,556|26,304|
## **17 Related party transactions**
During the year the college and nursery paid rent of £106,000 (2023: £96,000), for the use of its leased premises to Talmud Torah D'Chasidei Gur Ltd, a charity with one common Trustee.
During the year, the charity employed the following close family members of the trustees;
Mr A Traube, a son of a trustee. Remuneration for the year totalled £9,094 (2023:£8,286). Mrs R Weinberg a daughter of a trustee. Remuneration for the year totalled £9,094 (2023:£7,978).
Other than the above there were no disclosable related party transactions during the year (2023 - none).
- 14 -
## **T. D SEMINARY LTD**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2024**_
|**18**|**Cash generated from operations**||**2024**|**2023**|
|---|---|---|---|---|
||||**£**|**£**|
||Surplus for the year||23,090|4,749|
||Adjustments for:||||
||Depreciation and impairment of tangible fixed assets||2,883|3,844|
||Movements in working capital:||||
||(Increase) in debtors||(4,800)|-|
||(Decrease) in creditors||(3,676)|(14,291)|
||**Cash generated from/(absorbed by) operations**||17,497|(5,698)|
|**19**|**Analysis of changes in net (debt)/funds**||||
|||**At 1 October**|**Cash flows At 30 September**||
|||**2023**||**2024**|
|||**£**|**£**|**£**|
||Cash at bank and in hand|8,134|12,849|20,983|
||Loans falling due within one year|(4,150)|(100)|(4,250)|
||Loans falling due after more than one year|(26,304)|4,748|(21,556)|
|||(22,320)|17,497|(4,823)|
- 15 -