AUTHORS’ AWARDS AND ADVANCEMENT TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE
YEAR ENDED 31 DECEMBER 2023
CHARITY No. 1182586
AUTHORS’ AWARDS AND ADVANCEMENT
Charity Information
| Trustees | The Management Committee of |
|---|---|
| The Society of Authors | |
| Andrew Subramaniam (Chair) | |
| (appointed 7 May 2024) | |
| Naresh Shah (resigned 18 January | |
| 2024) | |
| Sarah Olex | |
| Zoey Forbes | |
| Owen Atkinson | |
| Charity Number | 1182586 |
| Charity Offices | c/o The Society of Authors |
| 24 Bedford Row | |
| London WC1R 4EH | |
| Independent Examiner | Simon Goodridge FCA |
| Knox Cropper LLP | |
| Chartered Accountants | |
| 65 Leadenhall Street | |
| London EC3A 2AD | |
| Bankers | HSBC |
| The Peak | |
| 333 Vauxhall Bridge Road | |
| Victoria | |
| London SW1V 1EJ | |
| Investment Managers | LGT Wealth Management UK LLP |
| 14 Cornhill | |
| London | |
| EC3V 3NR |
AUTHORS’ AWARDS AND ADVANCEMENT
Contents
| Page | |
|---|---|
| Trustees' Report | 1 - 2 |
| Independent Examiner’s Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 – 12 |
REPORT OF THE TRUSTEES OF THE AUTHORS’ AWARDS AND ADVANCEMENT
YEAR ENDED 31 DECEMBER 2023
The Trustees present their report and financial statements for the year ended 31[st] December 2023. The Trustees have adopted the provisions of the 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) (second edition effective 1 January 2019).
Trustees
The Trustees of the charity throughout the year and up to the date of approval of these financial statements were:
The Management Committee of The Society of Authors Andrew Subramaniam (Chair) (Appointed 7 May 2024) Naresh Shah (resigned 18 January 2024) Sarah Olex Zoey Forbes Owen Atkinson
Constitution, objects and policies
-
The charity is a charitable incorporated organisation (CIO) that was registered as a charity on 21 March 2019. The charity’s objects are restricted specifically to promote the art of literature for the benefit of the public by: 1. the establishment, support, maintenance and award of prizes;
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the provision of advice, training, coaching and mentoring to new authors, unpublished authors, literary executors and beneficiaries and by engaging in or supporting relevant research and ensuring that the useful results of such research are disseminated to the public; and
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the relief of authors suffering financial hardship.
Public Benefit
In reviewing the charity’s aims and objectives and in planning future activities, the Trustees refer to the Charity Commission’s general guidance on public benefit.
Reserves Policy
The Trustees policy is to operate on the basis of being able to continue to generate sufficient incoming resources to use toward meeting their charitable objectives and to accord with their principal terms. The Trustees are of the opinion that the funds remain sufficient to enable them to continue this ongoing objective. The charity has sufficient but not excessive funds to service its objective of making future charitable distributions.
Financial Review
The results for the year ended 31[st] December 2023 are attached and show a Net decrease in funds of £94,689 (2022: £340,407 increase) after investment gains and losses. The grants and awards paid during the year were £42,884 (2022: £5,750) and other expenditure amounted to £141,761 (2022: £62,084). The capital movement on Unrestricted investments consisted of unrealised gains in market value of £25,397 (2022: £56,441 decrease).
Total Funds carried forward at the year-end stand at £723,089 (2022: £817,778) including Restricted funds amounting to £170,297 (2022: £269,104) and Designated funds amounting to £346,869 (2022: £356,159). The Trustees consider that the charity has sufficient income and capital to meet its obligations in the foreseeable future.
1
REPORT OF THE TRUSTEES OF THE AUTHORS’ AWARDS AND ADVANCEMENT
YEAR ENDED 31 DECEMBER 2023
Statement of Trustees' Responsibilities
The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.
The law applicable to charities in England and Wales, the Charities Act 2011, 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 its incoming resources and application of resources for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and the principles of the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue to operate.
The Trustees are responsible for keeping 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 governing document of the CIO. 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 board of Trustees on 7 May 2024 and signed on their behalf by:
Andrew Subramaniam
Andrew Subramaniam (Jun 5, 2024 10:57 GMT+1)
Andrew Subramaniam – Chair of Trustees
05/06/24
2
AUTHORS’ AWARDS AND ADVANCEMENT
YEAR ENDED 31[st] DECEMBER 2023
Independent Examiner’s Report to the Trustees of Authors’ Awards and Advancement
I report to the trustees on my examination of the accounts of the CIO for the year ended 31[st] December 2023.
Responsibilities and basis of report
As the trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Act). The Trustees are satisfied that that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and have chosen instead to have an independent examination.
I report in respect of my examination of the CIO’s accounts as required under section 145 of the 2011 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.
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 which give me cause to believe that in any material aspect:
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a) accounting records were not kept in respect of the CIO as required by section 130 of the Act; or
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b) the accounts do not accord with those records; or
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c) the accounts 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 the requirement that the accounts give a “true and fair view” which is not a matter considered as part of an independent examination.
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.
Simon Goodridge FCA Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD Date: 05/06/24
3
AUTHORS’ AWARDS AND ADVANCEMENT
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 31[st] DECEMBER 2023
| Notes Income from Grants, donations and legacies 2 Investment income 3 Total incoming resources Expenditure on Cost of generating funds Investment Management Fees Charitable activities 4 Total resources expended Net income/(expenditure) before investment gains/(losses) Net gains/(losses) on Investments 7 Net income/(expenditure) Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted Restricted Total General Funds Designated Funds Funds 2023 £ £ £ £ - 5,759 39,613 45,372 7,602 11,585 - 19,187 7,602 17,344 39,613 64,559 1,201 2,034 - 3,235 2,341 40,649 138,420 181,410 3,542 42,683 138,420 184,645 4,060 (25,339) (98,807) (120,086) 9,348 16,049 - 25,397 13,408 (9,290) (98,807) (94,689) 192,515 356,159 269,104 817,778 £205,923 £346,869 £170,297 £723,089 |
Total 2022 £ 452,801 11,881 |
|---|---|---|
| 464,682 2,977 64,857 |
||
| 67,834 | ||
| 396,848 (56,441) |
||
| 340,407 477,371 |
||
| £817,778 |
The notes form part of these Financial Statements
4
AUTHORS’ AWARDS AND ADVANCEMENT
BALANCE SHEET
31[st] DECEMBER 2023
| Notes FIXED ASSETS Quoted Investments at Market Value 5 CURRENT ASSETS Debtors 7 Cash held by investment managers Cash at bank CURRENT LIABILITIES Amounts due within one year 8 Net Current Assets TOTAL NET ASSETS 11 Represented by: ACCUMULATED FUNDS Unrestricted Funds General 10 Designated funds 10 Restricted Funds 9 TOTAL FUNDS |
2023 £ £ 523,337 9,125 35,074 231,240 275,439 (75,687) 199,752 £723,089 205,923 346,869 552,792 170,297 £723,089 |
2022 £ £ 497,940 - 19,824 310,697 330,521 (10,683) 319,838 £817,778 192,515 356,159 548,674 269,104 £817,778 |
2022 £ £ 497,940 - 19,824 310,697 330,521 (10,683) 319,838 £817,778 192,515 356,159 548,674 269,104 £817,778 |
|---|---|---|---|
| £817,778 | |||
| 548,674 269,104 |
|||
| £817,778 |
Approved by the Trustees on 7 May 2024 and signed on their behalf by:
Andrew Subramaniam
Andrew Subramaniam (Jun 5, 2024 10:57 GMT+1)
Andrew Subramaniam – Chair of Trustees
05/06/24
The notes form part of these Financial Statements
5
AUTHORS’ AWARDS AND ADVANCEMENT
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] DECEMBER 2023
1. ACCOUNTING POLICIES
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a) These financial statements have been prepared in accordance with the Financial Reporting Standard 102 and the Charities SORP (FRS102 second edition) and in compliance with the Charities Act 2011. The charity is a public benefit entity under FRS102.
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b) Grants and donations are credited to incoming resources on the earlier date of when they are received or when they are receivable, unless they relate to a specific future period, in which case they are deferred. All other incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount is quantified with reasonable accuracy.
-
c) Awards paid include all amounts payable in the year in accordance with the terms of the CIO’s governing document.
-
d)
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Other expenditure is included on the basis of amounts payable for the year.
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e) General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objects of the charity.
Designated funds are unrestricted funds set aside by Trustees for particular purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the charity for particular purpose.
-
f) The quoted investments are included in the Financial Statements at market value to comply with the Statement of Recommended Practice.
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g) The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events and conditions that might cast significant doubt on the ability of the charity to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements.
The Trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
| 2. GRANTS AND DONATIONS 2023 General £ TA First Translation - Hawthornden Literary Retreat - Arts Council - Amazon - Drusilla Hervey - Gift aid on donations - Other Translation income - £- |
2023 Designated £ - - - - 5,634 125 - £5,759 |
2023 Restricted £ 8,650 - - 15,000 - 2,163 13,800 £39,613 |
Total 2023 £ 8,650 - - 15,000 5,634 2,388 13,800 £45,372 |
Total 2022 £ 2,500 259,821 24,705 15,000 150,150 625 - |
|---|---|---|---|---|
| £452,801 |
6
AUTHORS’ AWARDS AND ADVANCEMENT
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] DECEMBER 2023
2. GRANTS AND DONATIONS (continued)
| Prior year TA First Translation Hawthornden Literary Retreat Arts Council Amazon Drusilla Hervey Gift aid on donations |
2022 General £ - - - - 123,000 - £123,000 |
2022 Designated £ - - - - 27,150 - £27,150 |
2022 Restricted £ 2,500 259,821 24,705 15,000 - 625 £302,651 |
Total 2022 £ 2,500 259,821 24,705 15,000 150,150 625 |
|---|---|---|---|---|
| £452,801 |
3. INVESTMENT INCOME
| 2023 Unrestricted 2023 Designated £ £ NON GOVERNMENT BOND FUNDS ASC (Offshore) Global Fixed Interest Fund Z Income 1,153 1,617 ASC (Offshore) Sterling Fixed Interest Fund Z Income 777 1,144 MULTI ASSET CHARITY INVESTMENT FUNDS ASC Income Fund Z 4,805 8,583 Bank interest 867 241 £7,602 £11,585 Prior year 2022 Unrestricted 2022 Designated £ £ NON GOVERNMENT BOND FUNDS ASC (Offshore) Global Fixed Interest Fund Z Income 599 1,062 ASC (Offshore) Sterling Fixed Interest Fund Z Income 366 742 MULTI ASSET CHARITY INVESTMENT FUNDS ASC Income Fund Z 2,849 6,238 Bank interest 5 20 £3,819 £8,062 |
2023 Restricted £ - - - - £- 2022 Restricted £ - - - - £- |
Total 2023 £ 2,770 1,921 13,388 1,108 £19,187 Total 2022 £ 1,661 1,108 9,087 25 £11,881 |
Total 2022 £ 1,661 1,108 9,087 25 |
|---|---|---|---|
| £11,881 | |||
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AUTHORS’ AWARDS AND ADVANCEMENT
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] DECEMBER 2023
4. CHARITABLE ACTIVITIES
| Direct Awards and Grants paid Indirect Administration costs Accessibility Costs Project fees (including judges, freelancers) Awards Ceremony Contribution Other Expenses Governance Independent examination fee Prior year Direct Awards paid Indirect Administration costs Accessibility Costs Project fees (including judges, freelancers) Awards Ceremony Contribution Other Expenses Governance Independent examination fee |
Unrestricted Designated Restricted Total 2023 Total 2022 £ £ £ £ £ - 15,384 27,500 42,884 5,750 - 15,575 29,075 44,650 35,730 - - - - 970 - 3,000 79,445 82,445 14,950 - 2,400 7,200 4,800 1,231 - - 1,231 257 1,110 1,890 - 3,000 2,400 |
|---|---|
| £2,341 £40,649 £138,420 £181,410 £64,857 |
|
| Unrestricted Designated Restricted Total 2022 £ £ £ £ - 2,750 3,000 5,750 - 18,030 17,700 35,730 - - 970 970 - 3,000 11,950 14,950 - 2,400 2,400 4,800 257 - - 257 888 1,512 - 2,400 £1,145 £27,692 £36,020 £64,857 |
5. INVESTMENTS
| 5. INVESTMENTS | ||
|---|---|---|
| NON GOVERNMENT BOND FUNDS ASC (Offshore) Global Fixed Interest Fund Z Income ASC (Offshore) Sterling Fixed Interest Fund Z Income MULTI ASSET CHARITY INVESTMENT FUNDS ASC Income Fund Z Totals at – 31 December 2023 31 December 2022 |
Cost £ 56,262 55,295 430,577 |
2023 Market value £ 50,174 47,818 425,345 |
| £542,134 | £523,337 | |
| £542,134 | £497,940 |
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AUTHORS’ AWARDS AND ADVANCEMENT
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] DECEMBER 2023
6. INVESTMENT MOVEMENTS
| Cost Cost at 1 January 2023 Additions ASC Income Fund Z ASC (Offshore) Global Fixed Interest Fund Z Income ASC (Offshore) Sterling Fixed Interest Fund Z Income Cost at 31 December 2023 Market value Market Value at the beginning of the year Additions - Investment Gains/(losses) 25,397 Market Value at End of Year Unrealised gains/(losses) 7. DEBTORS Grants receivable 8. CREDITORS AND ACCRUALS Investment Management Fees Professional Fees Accruals |
Cost Cost at 1 January 2023 Additions ASC Income Fund Z ASC (Offshore) Global Fixed Interest Fund Z Income ASC (Offshore) Sterling Fixed Interest Fund Z Income Cost at 31 December 2023 Market value Market Value at the beginning of the year Additions - Investment Gains/(losses) 25,397 Market Value at End of Year Unrealised gains/(losses) 7. DEBTORS Grants receivable 8. CREDITORS AND ACCRUALS Investment Management Fees Professional Fees Accruals |
2023 2022 £ £ £ £ 542,134 295,959 - 191,389 - 27,875 - 26,911 - 246,175 £542,134 £542,134 2023 2022 £ £ 497,940 308,206 246,175 (56,441) 25,397 189,734 £523,337 £497,940 25,397 (56,441) £25,397 £(56,441) 2023 2022 £ £ 9,125 - £9,125 £- 2023 2022 £ £ 848 783 3,000 2,400 71,839 7,500 £75,687 £10,683 |
2023 2022 £ £ £ £ 542,134 295,959 - 191,389 - 27,875 - 26,911 - 246,175 £542,134 £542,134 2023 2022 £ £ 497,940 308,206 246,175 (56,441) 25,397 189,734 £523,337 £497,940 25,397 (56,441) £25,397 £(56,441) 2023 2022 £ £ 9,125 - £9,125 £- 2023 2022 £ £ 848 783 3,000 2,400 71,839 7,500 £75,687 £10,683 |
£ 191,389 27,875 26,911 |
2022 £ 295,959 246,175 £542,134 2022 £ 308,206 189,734 |
2022 £ 295,959 246,175 £542,134 2022 £ 308,206 189,734 |
|---|---|---|---|---|---|---|
| £497,940 | ||||||
| (56,441) | ||||||
| £(56,441) | ||||||
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AUTHORS’ AWARDS AND ADVANCEMENT
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] DECEMBER 2023
9. RESTRICTED FUNDS
| TA Translation Prize The Hawthornden Literary Retreat Arts Council (ADCI Prize) Other Translation Prizes Total |
Balance at 1 January 2023 Income Expenditure Balance at 31 December 2023 £ £ £ £ 2,098 10,813 (1,500) 11,411 228,271 - (105,511) 122,760 23,735 - (11,265) 12,470 15,000 28,800 (20,143) 23,657 |
|---|---|
| £269,104 £39,613 £(138,420) £170,297 |
The restricted income has been received to support Prizes and other projects.
The Hawthornden Literary Retreat restricted funds are to support the Paul Torday Memorial Prize, the Translation Prizes and the Imison Award for the next three years as well as a number of other projects.
Prior year
| TA Translation Prize The Hawthornden Literary Retreat Arts Council (ADCI Prize) Amazon (Translation Prize) Total |
Balance at 1 January 2022 Income Expenditure Balance at 31 December 2022 £ £ £ £ 2,473 3,125 (3,500) 2,098 - 259,821 (31,550) 228,271 - 24,705 (970) 23,735 - 15,000 - 15,000 |
|---|---|
| £2,473 £302,651 £(36,020) £269,104 |
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AUTHORS’ AWARDS AND ADVANCEMENT
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] DECEMBER 2023
10. UNRESTRICTED FUNDS
| Designated Funds Volcano Prize ADCI Prize DH Access Grants General Fund Prior year Designated Funds Volcano Prize ADCI Prize DH Access Grants General Fund |
Balance at 1 January 2023 Income Expenditure Investment Gains/ (Losses) Balance at 31 December 2023 £ £ £ £ £ 315,839 11,585 (25,274) 16,049 318,200 13,170 - (4,175) - 8,995 27,150 5,759 (13,235) - 19,674 |
|---|---|
| 356,159 17,344 (42,683) 16,049 346,869 192,515 7,602 (3,542) 9,348 205,923 |
|
| £548,674 £24,946 £(46,225) £25,397 £552,792 |
|
| Balance at 1 January 2022 Income Expenditure Investment Gains/ (Losses) Balance at 31 December 2022 £ £ £ £ £ 375,238 8,062 (24,930) (42,531) 315,839 18,000 - (4,830) 13,170 - 27,150 - - 27,150 |
|
| 393,238 35,212 (29,760) (42,531) 356,159 81,660 126,819 (2,054) (13,910) 192,515 |
|
| £474,898 £162,031 £(31,814) £(56,441) £548,674 |
11. NET ASSETS
| Fixed investments Net current assets Prior year Fixed investments Net current assets |
Unrestricted General Designated Restricted £ £ £ 192,882 330,455 - 13,041 16,414 170,297 £205,923 £346,869 £170,297 Unrestricted General Designated Restricted £ £ £ 183,533 314,407 - 8,982 41,752 269,104 £192,515 £356,159 £269,104 |
2023 Total £ 523,337 199,752 |
|---|---|---|
| £723,089 | ||
| 2022 Total £ 497,940 319,838 |
||
| £817,778 |
11
AUTHORS’ AWARDS AND ADVANCEMENT
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31[st] DECEMBER 2023
12. TRUSTEES REMUNERATION
No Trustee received any remuneration in respect of their services as trustees during the year (2022: £0). No Trustees were reimbursed for our of pocket travelling expenses in the year (2022: none).
13. RELATED PARTY DISCLOSURES
The Society of Authors, which is a corporate Trustee of the charity, carried out management services for the charity and charged a management fee for the year amounting to £44,650 (2022: £35,730). In addition, the charity reimbursed The Society of Authors for costs totalling £55,119 (2022: £0) incurred on behalf of the charity.
The Hawthornden Literary Retreat grants totalling £259,821 in the prior year were received by The Society of Authors from CAF America and regranted to the charity.
There were no other related party transactions in the year.
14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Income from: Grants, donations and legacies Investment income Total Income Expenditure on: Cost of generating funds Charitable activities Total Expenditure Net Income before investment gains/(losses) Net gains/(losses) on investments Net income/(expenditure) Reconciliation of funds: Total funds brought forward Total Funds Carried Forward |
Unrestricted General Unrestricted Designated Restricted Total Funds Funds Funds 2022 £ £ £ £ 123,000 27,150 302,651 452,801 3,819 8,062 - 11,881 |
|---|---|
| 126,819 35,212 302,651 464,682 |
|
| 909 2,068 - 2,977 1,145 27,692 36,020 64,857 |
|
| 2,054 29,760 36,020 67,834 |
|
| 124,765 5,452 266,631 396,848 (13,910) (42,531) - (56,441) |
|
| 110,855 (37,079) 266,631 340,407 81,660 393,238 2,473 477,371 |
|
| £192,515 £356,159 £269,104 £817,778 |
12