Docusign Envelope ID: 102CFF74-D15E-43D3-B8DA-7948A9F1628F
**Charity Registration No. 1188419**
## **THE ROY BARD CHARITABLE FOUNDATION**
**REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
Docusign Envelope ID: 102CFF74-D15E-43D3-B8DA-7948A9F1628F
## **THE ROY BARD CHARITABLE FOUNDATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** S Bard (Chair) R Bard M Krantz G Burns **Charity number** 1188419 **Principal address** The Estate Office The Roma Building 32-38 Scrutton Street London EC2A 4RQ **Independent examiner** Kerry Gallagher FCA DChA RSM UK Tax and Accounting Limited Chartered Accountants Davidson House Forbury Square Reading Berkshire RG1 3EU **Bankers** Barclays Bank PLC Leicester Servicing Centre Leicester LE87 2BB
Docusign Envelope ID: 102CFF74-D15E-43D3-B8DA-7948A9F1628F
## **THE ROY BARD CHARITABLE FOUNDATION**
## **TRUSTEES' REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2024**
The Trustees present their report and financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 and comply with the Charity's governing document, the Charities Act 2011 and 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 (FRS102).
## **Structure, governance and management**
The Roy Bard Charitable Foundation is a Charity registered on 9 March 2020 by Sarah Bard, Rebecca Bard and Martyn Krantz, as an independent donation giving foundation. It is constituted as a Charitable Incorporated Organisation (CIO), a registered Charity governed by its constitution dated 19 February 2020. Its registered Charity number is 1188419.
Trustees must be appointed by a resolution passed at a properly convened meeting of the existing Trustees. The existing Trustees will give regard to the skills, knowledge and experience needed for the effective administration of the CIO in selecting new Trustees.
The Charity is established for the public benefit and has focused on raising funds to support other Charities.
The Charity has no paid staff. The Trustees give their time and expertise freely and no Trustee remuneration was paid in the year.
At the quarterly Trustee meetings, the Trustees agree the board strategy and areas of activity for the Charity, including consideration of donations, risk management policies and performance.
## **Organisation**
A Board of Trustees administers and controls day-to-day management of the Charity.
The following Trustees have held office during the period and up to the date of approval of the financial statements:
S Bard (Chair)
R Bard
M Krantz
G Burns
## **Recruitment and appointment of Trustees**
As set out in the Articles of Association, there should be a minimum of two members of the board. The Board of Trustees meet regularly to administer and manage the charity. The Trustees ensure that they are aware of developments to governance best practice and developments in the wider charity sector. Recruitment and appointment of new Trustees is based upon an appraisal of the skills and experience required by the Charity. New Trustees are given induction and guidance by the existing Board members. All Trustees have given their time voluntarily and receive no benefits from the charity.
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Docusign Envelope ID: 102CFF74-D15E-43D3-B8DA-7948A9F1628F
## **THE ROY BARD CHARITABLE FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Objectives and activities**
The main objectives of the Charity is to advance such charitable purposes (according to the law of England and Wales) as the Trustees see fit from time to time as set out in the governing document, and to support charitable organisations and specific projects by providing donations or grants. The Charity’s current priorities are listed below.
Our specific aims include support for:
- Newborn healthcare
- First response emergency health support
- Educational and cultural projects for young students and to consider bursary support
- Pastoral support for university students
More generally we will consider the wider community to make donations in health, education and cultural arenas.
## **Public benefit**
The Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission.
## **Achievements and performance**
The Charity has had a busy year reviewing worthwhile causes and projects presented to it. In so doing the Trustees have reviewed a number of suitable causes and donated where they think the projects’ aims fit those of the Charity.
The Trustees can report that each project has been monitored and reviewed during the year to ensure that its stated aims and objectives have been met and that the Charity's monies have been applied correctly.
The Charity has been committed to straightforward donations, however, also aim to add value to charities or charitable projects and have considered matched funding projects. Being a relatively small scale Charity, we have the benefit of carrying out our work with minimal governance costs.
As we are equipped with considerable organisational skills expertise, we have a preference to support original projects directly in areas of the community that we feel are in particular need, secondly to support existing Charities where there is a measurable outcome, where the Trustees can see that a difference being made, and lastly to provide donations to other good causes from time to time.
## **Grant Making Policies**
The Charity considers applications from a variety of charitable organisations for funding. Applications are reviewed and levels of grants payable are decided upon by the Trustees in accordance with the Charity’s objectives.
## **Financial review**
The results are set out in the Statement of Financial Activities on page 6.
The Trust made and committed to grants to institutions of £195,500 (2023: £549,589) during the period.
Care is taken to ensure that the timing of any pledges made by the Charity will be met by funds already within its possession.
The Trustees are satisfied with the results for the period which show net expenditure of £206,311 (2023: net income of £35,067). Due to the low level of operational expenses, the Trustees are satisfied that future expenditure on charitable activities will be kept within the level of its income.
Donations and gift aid on donations of £nil (2023: £594,478) were received during the period.
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Docusign Envelope ID: 102CFF74-D15E-43D3-B8DA-7948A9F1628F
## **THE ROY BARD CHARITABLE FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Reserves Policy**
In normal times, the Charity expects to receive donations during the course of the year and will have considered worthwhile causes within its objectives on an even basis.
The Charity’s policy with regard to reserves is to maintain adequate funds to deal with current and medium term objectives.
At the end of the current period, the unrestricted general fund was £254,702 (2023: £460,913).
Given the unstable economic climate, the Trustees are mindful to maintain a good level of cash flow to meet expenses (albeit minimal expenses) and worthwhile causes.
The level of donations made is dictated by the income and so there is no specific requirement as to the level of balance sheet reserves.
The reserves carried forward are £254,602 (2023: £460,913), which are considered to be satisfactory for future needs.
The Charity operates within a strict governance, especially within the unstable economic environment experienced during the year.
## **Investment Powers**
There are no specific investment powers, save that the income of the Charity shall be applied solely towards the promotion of its objectives as in the Memorandum and Articles of Association.
## **Risk Management and Role of the Trustees**
The Trustees have made an assessment of the risks to which the Charity is exposed, in particular business, operational and financial, and procedures and reporting are in place to manage and reduce identified risks.
The Trustees constantly review identified and new risks on a regular basis. The actions needed to be taken if a recognised potential risk occurs, or if a change in the likelihood of a risk occurring is identified, have also been considered and are regularly monitored and formerly reassessed by the Trustees.
The Trustees note there were no significant events that have affected the financial performance and financial
position of the Charity during the reporting period.
The main risk to the Charity is the reliance on donations from the trustees. As stated previously, the Trustees do not pledge nor donate any monies not already available as distributable funds.
## **Related Party Transactions**
The funding source is from Trustees. There were no conditions attached to these unrestricted donations that would require the Charity to significantly alter the nature of its existing activities.
There were no other related party transactions.
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Docusign Envelope ID: 102CFF74-D15E-43D3-B8DA-7948A9F1628F
## **THE ROY BARD CHARITABLE FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **Future periods and development**
The Trustees are confident that the Charity will continue to distribute funds effectively over the coming months and hope to maintain and expand their relationship with charities in the UK.
The Trustees aim to develop relationships with charities to whom they have already made donations but strictly on the basis that previous donations are measurably effective, and that any future donations are equally measurable and effective.
Whilst the intention is to stay within current areas as set out above, the Trustees will always consider new areas in which to make donations.
## **Trustees' responsibilities in relation to the financial statements**
The Trustees are responsible for preparing a Trustees' Annual Report and financial statements in accordance with applicable law and UK Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales require the Charity Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, of the Charity for that period. In preparing the financial statements, the Trustees are required to:
- Select suitable accounting practices and then apply them consistently;
- Observe the methods and principles in the applicable Charities SORP;
- Make judgements and estimates that are reasonable and prudent;
- State whether applicable accounting standards have been followed; subject to any material departures
- that must be disclosed and explained in the financial statements;
- Prepare the financial statements on the on going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees' Report was approved by the Board of Trustees and is signed on its behalf by:
.............................. **S Bard (Chair)** Trustee 27-Jan-2025 | 17:16 GMT Dated: .........................
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Docusign Envelope ID: 102CFF74-D15E-43D3-B8DA-7948A9F1628F
## **THE ROY BARD CHARITABLE FOUNDATION**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ROY BARD CHARITABLE FOUNDATION**
I report to the trustees on my examination of the financial statements of The Roy Bard Charitable Foundation (‘the charity’) for the year ended 31 March 2024, which are set out on pages 6 to 14.
## **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 2011 Act’).
I report in respect of my examination of the Charity’s financial statements carried out 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 2011 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 reasonable cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.
## Kerry Gallagher
Kerry Gallagher FCA DChA Institute of Chartered Accountants in England and Wales On behalf of: RSM UK Tax and Accounting Limited Davidson House Forbury Square Reading Berkshire RG1 3EU
> Dated: 28/01/25
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Docusign Envelope ID: 102CFF74-D15E-43D3-B8DA-7948A9F1628F
## **THE ROY BARD CHARITABLE FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024**
|||**Unrestricted funds**|**Unrestricted funds**|
|---|---|---|---|
|||**2024**|**2023**|
||**Notes**|**£**|**£**|
|**Income from:**||||
|Donations|**2**|-|594,478|
|Investments|**3**|1|-|
|**Total income**||1|594,478|
|**Expenditure:**||||
|Charitable activities|**4**|206,312|559,411|
|**Net (expenditure)/income being net movement in funds**||(206,311)|35,067|
|Total funds brought forward||460,913|425,846|
|**Total funds carried forward**|**8**|254,602|460,913|
All funds are unrestricted.
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Docusign Envelope ID: 102CFF74-D15E-43D3-B8DA-7948A9F1628F
**Charity Registration No. 1188419**
## **THE ROY BARD CHARITABLE FOUNDATION**
## **BALANCE SHEET**
## **AS AT 31 MARCH 2024**
|**Notes**
**Current assets**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**7**
Net current assets
**Income funds**
Unrestricted funds
**9**|**2024**
**£**
327,402
(72,800)|**£**
254,602
254,602
254,602|**2023**
**£**
538,833
(77,920)|**£**
460,913|
|---|---|---|---|---|
|||||460,913|
|||||460,913|
The notes at pages 9 to 14 form part of these accounts.
27-Jan-2025 | 17:16 GMT The financial statements were approved by the Trustees on ........................ and signed on their behalf by:
.............................. S Bard (Chair) **Trustee**
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Docusign Envelope ID: 102CFF74-D15E-43D3-B8DA-7948A9F1628F
## **THE ROY BARD CHARITABLE FOUNDATION**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024**
|**Notes**
**Cash flows from operating activities**
Net cash (used in)/provided by operating
activities
**10**
**Cash flows from investing activities**
Interest received
**Net cash generated from investing**
**activities**
**Net (decrease)/increase in cash and cash**
**equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2024**
**£**
**£**
(211,432)
1
1
(211,431)
538,833
327,402|**2023**
**£**
-|**£**
204,487
-|
|---|---|---|---|
||||204,487
334,346|
||||538,833|
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Docusign Envelope ID: 102CFF74-D15E-43D3-B8DA-7948A9F1628F
## **THE ROY BARD CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **1 Accounting policies**
## **Charity information**
The Roy Bard Charitable Foundation is a charity registered in England and Wales by the Charity Commission (charity number 1188419). Details of the principal address are given on the information page of the financial statements. The charity’s operations and principal activities are described in the Trustees’ Report.
## **Accounting convention**
The financial statements have been prepared under historical cost convention. 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 (effective 1 January 2019) and the Charities Act 2011.
The financial statements 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 the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The charity constitutes a public benefit entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charity, Monetary amounts in these financial statements are rounded to the nearest £.
## **Going concern**
The Trustees are not aware of any material uncertainties related to events or conditions that may cast significant doubt about the ability of the charity to continue as a going concern and have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. In the view of the Trustees, the charity has sufficient reserves to continue in operation for at least twelve months after the approval of the financial statements. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
## **Charitable funds**
Unrestricted funds are expendable at the discretion of the Trustees in the furtherance of the objectives of the Charity.
## **Income**
Income is included in the statement of financial activities when the charity is legally entitled to the income, there is sufficient probability of receipt and the amount can be quantified with reasonable accuracy.
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 before the charity is entitled to the funds, the income is deferred and not recognised until either these conditions are fully met, or the fulfillment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure heading. All expenditure is inclusive of irrecoverable VAT.
Grants payable are included within direct costs and governance expenditure is included within support costs. Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant of the amount of grant payable.
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Docusign Envelope ID: 102CFF74-D15E-43D3-B8DA-7948A9F1628F
## **THE ROY BARD CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **1 Accounting policies (Continued)**
Governance costs relate to the public accountability of the charity and regulatory compliance. Governance costs are apportioned to charitable activities.
## **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 Trust's balance sheet when the 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.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors 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.
## **Taxation**
The Foundation is a registered charity and as such its income and gains falling within Sections 466 to 493 of the Corporation Tax Act 2010 or Section 252 of the Taxation of Chargeable Gains Act 1992 are exempt from corporation tax to the extent that they are applied to its charitable objectives.
## **2 Donations**
|Donations receivable
Gift aid|**Unrestricted funds**
**2024**
**2023**
**£**
**£**
-
475,728
-
118,750
-
594,478|**Unrestricted funds**
**2024**
**2023**
**£**
**£**
-
475,728
-
118,750
-
594,478|
|---|---|---|
|||594,478|
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Docusign Envelope ID: 102CFF74-D15E-43D3-B8DA-7948A9F1628F
## **THE ROY BARD CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
|**3**
**4**|**Investments**
Bank interest
**Charitable activities**
**Direct costs**
Grants to institutions (note 5)
**Support costs**
Governanace costs:
_Fees payable to independent examiner:_
Accounts preparation
Independent Examiner's fees
Tax return preparation
Other support costs:
Bank charges
**Total expenditure on charitable activities**|**Unrestricted funds**
**2024**
**2023**
**£**
**£**
1
-
**Unrestricted funds**
**2024**
**2023**
**£**
**£**
195,500
549,589
4,530
4,800
3,600
3,120
2,580
1,800
10,710
9,720
102
102
102
102
**206,312**
**559,411**|**Unrestricted funds**
**2024**
**2023**
**£**
**£**
1
-
**Unrestricted funds**
**2024**
**2023**
**£**
**£**
195,500
549,589
4,530
4,800
3,600
3,120
2,580
1,800
10,710
9,720
102
102
102
102
**206,312**
**559,411**|
|---|---|---|---|
||||**funds**
**2023**
**£**
549,589
4,800
3,120
1,800|
||||9,720
102|
||||102|
||||**559,411**|
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Docusign Envelope ID: 102CFF74-D15E-43D3-B8DA-7948A9F1628F
## **THE ROY BARD CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **5 Grants to institutions**
|**No.**
**of grants**
**2024**
General Charitable Causes
9
Total grants payable
9
**Recipients of institutional grants**
Central Foundation Boys' School
Charitable Trust
Hackney Empire Limited
Hatzola Trust Limited
Neotree
Royal Free (Hospital) Charity
Other charitable institutions (2024: 8, 2023: 4)
Total|**Grants**
**No.**
**payable**
**of grants**
**2024**
**2023**
**£**
195,500
9
195,500
9
**2024**
**Total**
**£**
-
-
-
50,000
-
145,500
195,500|**Grants**
**payable**
**2023**
**£**
549,589|
|---|---|---|
|||549,589|
|||**2023**
**Total**
**£**
300,000
15,000
81,089
100,000
50,000
3,500|
|||549,589|
The Trustees have taken the exemption from disclosing the recipients of certain institutional grants in accordance with paragraph 16.23 of the Charities Statement of Recommended Practice FRS 102 (effective October 2019) on the grounds of serious prejudice.
## **6 Trustees**
The Trustees, who are considered to be the key management personnel, received no remuneration or expenses in the year for their services (2023: £nil).
During the year, donations totalling £nil (2023: £475,000) were received from the Trustees.
There were no employees during the year or the prior year.
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Docusign Envelope ID: 102CFF74-D15E-43D3-B8DA-7948A9F1628F
## **THE ROY BARD CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
## **7 Creditors: amounts falling due within one year**
|Grants payable
Accruals
**Movement in recognised provisions and funding**
**commitments during the year**
Grant commitments recognised as at 1 April
New grant commitments charged to the SOFA in
year
Grants paid during the year
Grant commitments recognised as at 31 March
**Movement in funds**
**Balance at 1**
**April 2023**
**£**
Unrestricted funds
460,913
**Comparative movement in funds**
**Balance at 1**
**April 2022**
**£**
Unrestricted funds
425,846|**2024**
**2023**
**£**
**£**
65,000
70,000
7,800
7,920
72,800
77,920
**Notes**
**2024**
**2023**
**£**
**£**
70,000
-
**5**
195,500
549,589
(200,500)
(479,589)
65,000
70,000
**Income**
**Expenditure**
**Balance at 31**
**March 2024**
**£**
**£**
**£**
1
(206,312)
254,602
**Income**
**Expenditure**
**Balance at 31**
**March 2023**
**£**
**£**
**£**
594,478
(559,411)
460,913|
|---|---|
## **8 Movement in funds**
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Docusign Envelope ID: 102CFF74-D15E-43D3-B8DA-7948A9F1628F
## **THE ROY BARD CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024**
|**9**|**Analysis of net assets between funds**|||
|---|---|---|---|
|||**Unrestricted Funds**||
||||**£**|
||Fund balances at 31 March 2024 are represented by:|||
||Cash at bank and in hand||327,302|
||Creditors||(72,800)|
||||254,502|
||**Analysis of net assets between funds - prior year**|||
|||**Unrestricted funds**||
||||**£**|
||Fund balances at 31 March 2023 are represented by:|||
||Cash at bank and in hand||538,833|
||Creditors||(77,920)|
||||460,913|
|**10**|**Reconciliation of net (expenditure)/income to net cash flow from**|**2024**|**2023**|
||**operating activities**|||
|||**£**|**£**|
||Net (expenditure)/income for the reporting period (as per the statement of|||
||financial activities)|(206,311)|35,067|
||Adjustments for:|||
||Investment income recognised in statement of financial activities|(1)|-|
||Movements in working capital:|||
||Decrease in debtors|-|99,000|
||(Decrease)/increase in creditors|(5,120)|70,420|
||**Net cash (used in)/provided by operating activities**|(211,432)|204,487|
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