Charity number: 1191861
ST MARGARET'S PRE-SCHOOL (A Charitable Incorporated Organisation)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
ST MARGARET'S PRE-SCHOOL
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 - 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Notes to the financial statements | 9 - 18 |
ST MARGARET'S PRE-SCHOOL
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023
Trustees Georgina Martin, Chair Gill Rees, Trustee Claire Young, Trustee Hayley Woods, Trustee Sara Cook, Trustee (resigned 11 March 2023) Sarah King, Trustee (appointed 5 September 2023) Charity registered number 1191861 Principal office St Margarets Centre Kenwin Close Swindon Wiltshire SN3 4NY Accountants Regulatory Accounting Limited Vicarage Court 160 Ermin Street Swindon Wiltshire SN3 4NE Pre-School Manager Hayley Woods Independant Examiners Regulatory Audit Vicarage Court 160 Ermin Street Swindon Wiltshire SN3 4NE
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ST MARGARET'S PRE-SCHOOL
TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023
The Trustees present their annual report together with the financial statements of the St Margaret's Pre-School for the 1 September 2022 to 31 August 2023.
Objectives and activities
a. Policies and objectives
The aims of the Pre-School are to enhance the development and education of children primarily under statutory school age by encouraging parents to understand and provide for the needs of their children through community groups.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Strategies for achieving objectives
By offering appropriate play, education and care facilities, family learning and extended hours groups, together with the right of parents to take responsibility for and to become involved in the activities of such groups, ensuring that such groups offer opportunities for all children whatever their race, culture, religion, means or ability.
Encouraging the study of the needs of such children and their families and promoting public interest in and recognition of such needs in the local areas.
Instigating and adhering to the Statutory Framework for the Early Years Foundation Stage and furthering the aims and objects of the Early Years Alliance.
Achievements and performance
a. Main achievements of the Charity
Another busy year for St Margaret's Pre-School. We have celebrated our normal events such as the nativity, easter bonnet and sports day. Then we spoke to the children about the queen dying and placed flowers and a card at the momorial in Stratton. We celebrated the King's coronation, went on a summer outing to farmer Gows and attended the local church fete.
In the year, we were full in nearly every session and had a good waiting list for this academic year. We also held an open day in June which was successful and finally helped 20 children transition into 5 local schools.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees believe that although the charities reserves are not currently at the required levels (3 months worth of expenditure), the charity does have adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
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ST MARGARET'S PRE-SCHOOL
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
b. Reserves policy
The trustees feel that the charity need to hold sufficient levels of reserves to ensure the long term security and success of the charity. The trustees feel that 3 months running costs (£24,000) is a sufficient level of reserves to hold for the long term security of the charity.
The current level of unrestricted reserves are £19,801 (2022: £32,740), although this falls below the charities expected level of reserves we do not expect this to be a detriment to the charity and will not affect its ability to operate for the foreseeable future.
The charity also holds a restricted reserve for the maintenance of the school facilities.
Structure, governance and management
a. Constitution
St Margaret's Pre-School is a registered charity, number 1191861, and a CIO foundation incorporated on 16 October 2020, company number CE024107.
There is 5 trustees who have entrusted the pre school manager, who is also a trustee, with the running of the charity activities.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Members' liability
The Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up.
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ST MARGARET'S PRE-SCHOOL
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) 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 in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and 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 order of the members of the board of Trustees on _______ and signed on their behalf by:
Georgina Martin Chair of Trustees
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ST MARGARET'S PRE-SCHOOL
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2023
Independent Examiner's Report to the Trustees of St Margaret's Pre-School ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 August 2023.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
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ST MARGARET'S PRE-SCHOOL
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
Independent Examiner's Statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the 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.
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.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 an Independent examiner's 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 or for this report.
Signed: Dated: Robert Stokes FCCA, ACA For and on behalf of Regulatory Audit
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ST MARGARET'S PRE-SCHOOL
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023
| Note Income from: Charitable activities 3 Total income Expenditure on: Charitable activities 4 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2023 £ - - - - - 325 - 325 |
Unrestricted funds 2023 £ 98,077 98,077 111,017 111,017 (12,940) 32,740 (12,940) 19,800 |
Total funds 2023 £ 98,077 98,077 111,017 111,017 (12,940) 33,065 (12,940) 20,125 |
Total funds 2022 £ 104,418 104,418 |
|---|---|---|---|---|
| 99,849 99,849 |
||||
| 4,569 | ||||
| 28,496 4,569 33,065 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 18 form part of these financial statements.
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ST MARGARET'S PRE-SCHOOL
BALANCE SHEET AS AT 31 AUGUST 2023
| 2023 Note £ Fixed assets Tangible assets 9 3,168 3,168 Current assets Debtors 10 1,333 200 Cash at bank and in hand 17,630 32,550 18,963 32,750 Creditors: amounts falling due within one year 11 (2,005) (1,643) Net current assets 16,958 Total assets less current liabilities 20,126 Net assets excluding pension asset 20,126 Total net assets 20,126 Charity funds Restricted funds 12 325 Unrestricted funds 12 19,801 Total funds 20,126 The financial statements were approved and authorised for issue by the _______and signed on their behalf by: |
2022 £ 1,958 1,958 31,107 33,065 33,065 33,065 325 32,740 33,065 Trustees on |
|---|---|
Georgina Martin Chair of Trustees
The notes on pages 9 to 18 form part of these financial statements.
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ST MARGARET'S PRE-SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
1. General information
The charity is a charitable incorporated organisation, limited by guarantee, in England and Wales.
The address of the charity is:
St Margarets Centre Kenwin Close Swindon Wiltshire SN3 4NY
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
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 the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
St Margaret's Pre-School 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.
The presentational currency of these financial statements is pound sterling and rounded to the nearest whole number.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
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ST MARGARET'S PRE-SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
2. Accounting policies (continued)
2.3 Expenditure (continued)
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.4 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following basis:
Fixtures and fittings - 10% Straight Line / 20% Straight Line Computer equipment - 20% Straight Line
2.5 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.6 Cash at bank and in hand
Cash at bank and 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 or similar account.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
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ST MARGARET'S PRE-SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
2. Accounting policies (continued)
2.8 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
3. Income from charitable activities
| Income from charitable activities - Pre-School Activities Total 2022 |
Restricted funds 2023 Unrestricted funds 2023 £ £ - 98,077 2,500 101,918 |
Total funds 2023 £ 98,077 104,418 |
Total funds 2022 £ 104,418 |
|---|---|---|---|
4. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2023 £ Pre-School Activities 111,017 Total 2022 99,849 |
Total 2023 £ 111,017 99,849 |
Total 2022 £ 99,849 |
|---|---|---|
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ST MARGARET'S PRE-SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
5. Analysis of expenditure by activities
| Pre-School Activities Total 2022 |
Activities undertaken directly 2023 £ 99,726 90,114 |
Support costs 2023 £ 11,291 9,734 |
Total funds 2023 £ 111,017 99,848 |
Total funds 2022 £ 99,848 |
|---|---|---|---|---|
Analysis of direct costs
| Staff costs School Equipment Health and Safety Uniform Subscriptions Printing, postage & stationery Software Trips Sundry Travel & Subsistence Repairs and Renewals Legal and Professional Outsourced Teaching Total 2022 |
Pre-School Activities 2023 £ 89,211 3,852 687 409 1,214 109 506 539 136 1,790 - 198 1,075 99,726 90,114 |
Total funds 2023 £ 89,211 3,852 687 409 1,214 109 506 539 136 1,790 - 198 1,075 99,726 90,114 |
Total funds 2022 £ 79,969 2,050 263 934 950 138 2,274 1,047 89 1,732 23 645 - 90,114 |
|---|---|---|---|
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ST MARGARET'S PRE-SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
5. Analysis of expenditure by activities (continued)
Analysis of support costs
| Pre-School Activities 2023 £ Depreciation 575 Rent 8,543 Accountancy 1,770 Telephone 403 11,291 Total 2022 9,734 6. Independent examiner's remuneration Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts |
Total funds 2023 £ 575 8,543 1,770 403 11,291 9,734 2023 £ 819 |
Total funds 2022 £ 218 8,361 764 391 9,734 |
|---|---|---|
| 2022 £ 650 |
| 7. Staff costs 2023 £ Wages and salaries 87,623 Social security costs - Contribution to defined contribution pension schemes 1,588 89,211 The average number of persons employed by the Charity during the year was as follows: 2023 No. Average Number of employees 6 |
2022 £ 78,413 61 1,494 |
|---|---|
| 79,968 | |
| 2022 No. 6 |
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ST MARGARET'S PRE-SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
7. Staff costs (continued)
No employee received remuneration amounting to more than £60,000 in either year.
8. Trustees' remuneration and expenses
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Hayley Woods | Remuneration | 21,270 | 19,885 |
| Pension contributions paid | 451 | 396 |
Hayley is paid as the pre-school manager and does not recieve remuneration in her role as trustee.
During the year ended 31 August 2023, no Trustee expenses have been incurred (2022 - £NIL) .
9. Tangible fixed assets
| Cost or valuation At 1 September 2022 Additions At 31 August 2023 Depreciation At 1 September 2022 Charge for the year At 31 August 2023 Net book value At 31 August 2023 At 31 August 2022 |
Fixtures and fittings £ 2,175 309 2,484 218 279 497 1,987 1,958 |
Computer equipment £ - 1,476 1,476 - 295 295 1,181 - |
Total £ 2,175 1,785 3,960 |
|---|---|---|---|
| 218 574 792 |
|||
| 3,168 | |||
| 1,958 |
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ST MARGARET'S PRE-SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
10. Debtors
| Due within one year Other debtors Prepayments and accrued income |
2023 £ 200 1,133 1,333 |
2022 £ 200 - |
|---|---|---|
| 200 |
11. Creditors: Amounts falling due within one year
| Other taxation and social security Other creditors Accruals and deferred income |
2023 £ 616 426 963 2,005 |
2022 £ 665 327 651 |
|---|---|---|
| 1,643 |
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ST MARGARET'S PRE-SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
12. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds - all funds Restricted funds Restricted Funds - all funds Total of funds |
Balance at 1 September 2022 £ 32,740 325 33,065 |
Income £ 98,077 - 98,077 |
Expenditure £ (111,016) - (111,016) |
Balance at 31 August 2023 £ 19,801 |
|---|---|---|---|---|
| 325 | ||||
| 20,126 |
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ST MARGARET'S PRE-SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
12. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds - all funds Restricted funds Restricted Funds - all funds Total of funds |
Balance at 1 September 2021 £ 28,496 - 28,496 |
Income £ 101,918 2,500 104,418 |
Expenditure £ (99,849) - (99,849) |
Transfers in/out £ 2,175 (2,175) - |
Balance at 31 August 2022 £ 32,740 |
|---|---|---|---|---|---|
| 325 | |||||
| 33,065 |
13. Summary of funds
Summary of funds - current year
| General funds Restricted funds |
Balance at 1 September 2021 £ 28,496 - 28,496 |
Balance at 1 September 2022 £ 32,740 325 33,065 Income £ 101,918 2,500 104,418 |
Income £ 98,077 - 98,077 Expenditure £ (99,849) - (99,849) |
Expenditure £ (111,016) - (111,016) Transfers in/out £ 2,175 (2,175) - |
Balance at 31 August 2023 £ 19,801 325 20,126 |
|---|---|---|---|---|---|
| Balance at 31 August 2022 £ 32,740 325 33,065 |
|||||
| Summary of funds - prior year | |||||
| General funds Restricted funds |
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ST MARGARET'S PRE-SCHOOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
14. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Current assets Creditors due within one year Difference Total |
Restricted funds 2023 Unrestricted funds 2023 £ £ 325 2,844 - 18,963 - (2,005) - (1) 325 19,801 |
Total funds 2023 £ 3,169 18,963 (2,005) 1 20,126 |
|---|---|---|
Analysis of net assets between funds - prior year
| Tangible fixed assets Current assets Creditors due within one year Total |
Restricted funds 2022 £ - 325 - 325 |
Unrestricted funds 2022 £ 1,958 32,425 (1,643) 32,740 |
Total funds 2022 £ 1,958 32,750 (1,643) 33,065 |
|---|---|---|---|
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