Charlty Reglstratlon No. 1192048 THE SHANDFORD TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2021 Lentells Chartered Certified Accounianis
THE SHANDFORD TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tw$t•¢$ Mr Marc Jobson (Appointgd 28 O¢tober 20201 (Appointed 28 October 2D201 (Appointed 28 October 20201 (Appointed 28 October 20201 Mrs Joanne E Varbslone (Treasurer) (Appointed 28 October 20201 (Appointed 28 October 20201 (Appointed 28 October 20201 (Appointed 28 October 20201 Mr Christopher Davis Ichairnianl Dr Rhard Mejzner Mr Paul Boult Professor Louise Jacques Mrs Penelope Leather Mrs Jackne Collins Charlty numbor 1192048 Principal address Clo Public Hall Station Road Budeigh Salterton Devon EX9 6RJ Independent examiner Lentells Limited 17- 18Lea¢h Road Chard Business Park Chard Somer5el TA20 1FA Bankers CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4TA Solicitors Tozers Solicitors LLP BToadwalk House Southemhay W Exeter EX1 1UA
THE SHANDFORD TRUST CONTENTS Page Trustees. report ststement of trustees, $)nsIbil.es Independent examinerfs port Statement of financial activities Balance sheet Statement of cash flows Notes to the finanual ststements 10-14
THE SHANDFORD TRUST TRUSTEES, REPORT FOR THE PERIOD ENDED 31 DECEMBER 2021 Thè trusteès prèsent their annual rep and finanual statemènts for thè Peri(xl ènded 31 D&cemr 2021. The financial stslemenls have been prepared in accordan with the accounting policies set out in note 1 to the financial statements and comply wth the chartvs Igoverning documenll. the Charities Act 2011 and "Accounting Reporting by Charilie5'. Stslerllenl of Recommended Pradice applicable to Gharilies preparing their 8¢counts in 8c¢ordan¢e with the Finan81 Reporting Stsr8rd applicable in the UK and Republic of Irel8nd IFRS 1021. (effective 1 January 20191. Objectives and activities The charills objects are lo provide financial as5i5tsnce toward5 the (K)sl of care and home serviS, facilities and associated amenikn'es and to fund the provision of residenb.al care to 5UPFKJrt older person5 of limited means in Budleigh Sallerton, East Budleigh, Otterton. Colalon Raleigh and Bicton. There a no significant restricted funds or endowment funds. The poli¢ies adopted in ftJrtheran¢e of these obje¢ts are to provide grant fvnding to older people for their a¢¢ommodation or Care, particularly those in finan¢ial need, those who are frail or with disabilities, who live in Budleigh Salterton, East Budleigh, Otterton, Colalon Raleigh or Biclon. It is indiscriminate as to age, disability, gender reassignment, marriage and avil partnership. ra. religion or belief, sex or sexual orientation and there has been no change in Ihese during the Period. The charity is still to Commen its activities for reasons set oul in the achievements and perf0mlan paragraphs below. The trustees have paid due gard to guidance iSSL*d by the Charity Commission in deading what activities the charity should undertake. Achievements and performance The New CIO The CIO was registered on 28 October 2020. This was done in anticipation of an agreement with The Abbeyfield Sociely ITASI for the transfer of the proceeds of the sale of the Shandford Residential Care Home {SRCHI, which they operated in Budleigh Salterton, and of legacy funds toialling £196,000 held by the home. The home was closed in April 2020 by TAS as il was considered no longer finanually viable. Prior to this, in 2012, Shandford Residential Care Home Ltd, which operated as a community benefit sociely, had transferred the Shandford Residential Home to TAS. That transfer deed stipulated that, if the home was subsequently closed then any assets realised had to continue lo be used in accordance with that deed. The deed defined the use of the funds as to providing housing and associated amenities for elderty persons of limited means on lem7s appropriate to theirmeans in Budleigh Salterton, East Budleigh, Otterton, Colaton Raleigh and Bicton,. The CIO was estsblished as the enb'ty to re1ve these funds and fulfil this purpose. The Trustees will fund the provision of care, as well as accommodation, for that vulnerable group of people. Proceeds from th8 $818 ofthe resA"dents"81 ¢8re home In the period from the founding of the CIO unlil reIpt of funds on 16th December 2021, the Trust was in near ¢onslanl Communication with TAS regarding the sale of the home, the amount obtained for the sale, the timing and transfer of the pro¢eeds lo our CIO. The PrOrtY was sold at auction under TAS, inslru¢tions on 16 De¢ember 2020 for £700,000. The CIO received £729,000 on 16th December 2021, a year after the sale of the propety. The sum was made up of £196,000 ol legacy funds and £533,000, being the nel amount of the propety sale after deduction of closure costs by TAS of £167,000. The delay in transferring the funds was caused by failures in TAS. administration, the death of their CEO in the Spring of 2021, and the dispute between TAS and our CIO regarding the deduction of closure costs, with which we vehemently disagreed.
THE SHANDFORD TRUST TRUSTEES, REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2021 Thè Trustèes, vièw was that it was TAS. business deusion to dosè the home. In Clause 3.5 of the original Transfer Deed between TAS and SRCH dated 1st March 2012 is stated 'tin the event that it (TAS) disposes of any of the Pmperty, -... the pmceeds are to be applied for specific poSe, (as staled in the Objects).. There is no mention of closure costs deductions, and therefore, any deduction should reasonably only include sales costs (agents and legall, as had previously been agreed between TAS and the CIO. nol business Closu costs. In the event, and at a meeting of TST Trustees in August 2021 it was deaded that there was no option but to accept TAS, proposal with deduction of the dosure costs. Methodology forapplying funds in accordan with the Objects When registering the new CIO, a grants w)licy was also submrtted to the Charity Commission. sin receipt of the funds did not occur until the end of 2021, the CIO was nol able to consider the practical application of the funds before the end of the reporting peri¢yJ. Plans forFulure Periods Going fornard, the CIO is ¢onsidering one main possible option. and one subsidiary one. for the application of funds in accordance with its Objects. Firstly, the CIO does not have sufficient fijnds or reSoUrS to purchase a propety and provide accommodation and care on its own. It will explore the possibility of a Joinl Venture with a housing assoaation, whereby the CIO would purchase a suitable property, either in the fomi of a plot or an existing building, for an amount not exceeding £500,000, with the housing association developing and administering Ihe site for up to 6 sheltered homes for older people of limited means from Budleigh Salterton and the named surrounding villages. Rent charged for the property purchased will provide a SOUT of IrMe on the investment made. The intention is that the property is named after the Shandford Trust. Secondly, whilst the trustees recognise the need of individua15 in the COTnmunity who would benefit from extra resources to help them in their own homes. for example wth minor improvements or refurbishment, or in the provision of Care. Identifying these people and acting lairfy would be a very difficutt tssk. However, il is the intention of the CIO lo hold b8ck some £200,000 for emer9en¢y ffle8sures of this type. Financial review The CIO first received funds from the sale of the then c105ed Shandford Residential Care Home of £729,000 on 16th December 2021. Changes during the year Prior to that, on 3 Dember 2020, the then Treasurer had deposited into the account by way of loan £1,000 to cover the Trust's initial expenses. Apart from 12 monthly accoLJnt fees of £8 each. Ihere were no other transactions in the year. The balan at the year-end was £729.904.(M). There an no restricted fijnds. There are no commitments on the funds held. Going Concem No material uncertainties related to events or conditions that may cast doubt about the ability of the charity to continue as a going concern have been identified by the Trustees. ReseNes The CIO considers the amount of funds held to be sufficient for the achievement of its Objects. Once an initial investmenl into a Joinl Venture project of some £500.0(K) has been made. it is the intention to hold some £200,000 for emergency grants to qualifying persons in the community-
THE SHANDFORD TRUST TRUSTEES, REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2021 Structur•, gov•manc• and managèmènt The charity is a Charitable incorporated organisation registered with Ihe charity commission. It was formed with a model Charity Commission Conslitutson of a Charitable IncorrKJraled Organisation whose only voting members are its trustees. dated 24 October 2020. The trustees who served during the Period an(J up to the date of signature of the financial statements were.. Mr Marc Jobson {Appointed 28 October 20201 Mr Christopher Davis (Chairman) {Appointed 28 October 20201 Dr Richard Mejzner {Appointed 28 October 20201 Mr Paul Boult {Appointed 28 October 20201 Mrs Joanne E Vanstone (Treasurer) {Appointed 28 October 20201 Professor Louise Jacques IAppointed 28 October 20201 Mrs Penelope Leather {Appointed 28 October 20201 Mrs Jackie Collins {Appointed 28 October 20201 Mr KR Ward {Appoinled 28 October 2020 and resigned 7 February 20221 The existing trustees were recruited a view to providing a cross section of skills and experience relevant to the Objects of the CIO. They indude a past senior bank executive and board mernber. a professor of medicine, a medical practitioner, a lawyer, an HR executive and pasl chair of a care charity. a health and wellbeing community hub manager, the local town clerk, a prewous NHS area manager and care home executive. Future Trustees will be recruited with the same principle in mind. Trustee5 are appointed variously for a period of 2 to 4 yea, and are eligible for reelection. 11 is not the intention that Trustees should serve more than 3 (x)n5ecutive lerTns. Trustees will be offgred appropriats training where necessary. No training gaps have yel been identrfie(J. The minimum number of trustee5 is 3 anij the maximum is 12. Should the number fall below 3 then the remaining Iruslees may act only lo call 8 meeb'ng of the charity trustees lo appoint 8 new ch8Thty trustee. Govemance The CIO acts in accordance with rts goveming do(yJmer)t. the Model Constitution referred to above. Meetings are scheduled lo be held not less than quarterfy_ Initially meeb'ngs of Trustees We held on an ad ho¢ basis. pending the CeIpt of funds at the end of 2021. The first formal meeting was held in August 2021 once the Truslees had made awa of the funds available for transfer from the Abbeyfield Society. All decisions are taken either at a meeting or by resolution in writing. A simple majority ofTrustees is required. An Annual General Meeting is held to approve the Trustees, Rerx)rt and Accounts. All Minutes and Accounting records are held by two of the Chairman. Secretary and Treasurer as appropriate. Management The CIO consists of a Chairman and Treasurer. drawn from the Trustees. The Secretary is employed on a part lime basis. There is a Grants Committee consisting of 4 Trustees. with one Trustee the Chair. Now that funds have been received a Finan. Investrnenl and Propety Committee will be fomied in the following year. This committee will also develop a Reserves Policy.
THE SHANDFORD TRUST TRUSTEES, REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2021 The trustees. report was approved by Ihe Board of Trustees. Signed on 1 1101 17-.30 Mr Christopher Davis IChairm8nl Trustèè Dale..
THE SHANDFORD TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE PERIOD ENDED 31 DECEMBER 2021 Thè truste8s ar8 rèsponsible for preparing the Trusteès. Repc*l arKI the ffinanual statements in accordanc8 with applicable law and United ngdoM Accounting Standards {United lQngdom Generally Accepted Accounting Practicel. The law applicable to charities in England and Wales requires the truslees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resour8 and applicalion of resources of the charity for that Period. In preparing these finanaal statements, the trustees are required to.. select suitable accounting poliues and Ihen apply them consislenlly.. - observe the methods and prinaples in the Charities SORP.. make judgements and estimates that are reasonable and prudent- state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements- and prepare the financial ststements on the going concem basis unless tt is inappropriate lo presume that the charity will continue in operation. The trustees are responsible for keeping sufficient 8c(x)unting recor(15 that disclose with reasonable ac¢ur8¢y at any lime the financial p05ib.on of the Gharty enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity IA¢¢ounts and Reports) Regulab"on$ 2008 and the provisions of the ttusl deed. They are also responsible for safeguarding the assets of the ¢harity and hence for tsking reasonaL>le steps for the prevention and detection of fraud and other irregularibes.
THE SHANDFORD TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SHANDFORD TRUST I report to tha trustees on my examination of the finanual statements of Thè Shandford Trust {the tharityl for thè Period ended 31 Dember 2021. Responsibilities and basis of report As the trustees of the Charity you are responsible for the pparat)n of the finanual ststements in accordance with the requirements of the Charities Art 2011 (the 2011 Actl- I report in respect of my examinath.on of the charity's financial statemen15 carried out under section 145 of the 2011 Act. In carrwng out my examination I have followed all the appli(zble Direction5 gtven by the Charty Commission under section 14515llbl of the 2011 Act. Independent examinerfs statement Since the charity's gross income eXede¢j £250.(0 your examiner wnusl be a member of a body listed in section 145 of the 2011 Act. I confirm that l awn qualtfied to underlake the examination because l am a member of FCCA, which is one of the listed bodies. Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in Preferen lo the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations bul has now been withdrawn. l understsnd that this ha5 been done in order for financial stslements lo provide a tnje and fair view in accordance with Generally Accepted Accounting Practice effective for rep(yting periods beginning on or after 1 January 2015. I have completed my examinabon. I confirni that no matters have come lo my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act,. or the financial statements do not accord with those records- or the financial statements do not comply wilh 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 ConMS and have come across no other matters in connection with the examination to which attention should be drawn in this rerK)rt in order to enable a proper understanding of the finanoal statements to be rea¢hed. Couniersoned on 1&1101 @ 08.01 Ir R Wegner FCCA Lentells Limited 17- 18LeachRoad Chard Business Park Chard Somerset TA20 1 FA Dated..
THE SHANDFORD TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 31 DECEMBER 2021 Unrèstrlct8d funds 2021 Notes Income from: Donations and legacies 729,000 Ex nditur• on: Charitable activities 696 Net income for the Periodl Net movement in funds 728,304 Fund balances at 28 October 2020 Fund balan¢o$ at 31 0a¢¢mb¢r 2021 728,304 The ststsmenl of finan¢ial activities in¢ludes all gains and losses recognised in the Peri(hJ. All income and expendtture derive from continuing activities.
THE SHANDFORD TRUST BALANCE SHEET ASAT31 DECEMBER 2021 2021 Notes Current assets Cash at bank and in hand 729,904 Creditors.. amounts falling due within one year 11,60DI Net current assets 728,304 In¢¢me fvnds Unrestricted funds 728,304 728,304 The financial siatements were approved by the Trustees on ......................... Signed on I 17-.30 Mr Christopher Davis (Chairman) Trustee
THE SHANDFORD TRUST STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2021 2021 Notes Cash flows from op•ratlng actlvltl•s Cash generated fromllabsorbed by) operations 11 728,904 Net ¢ash used in investing a¢tivities Financing activities Repayment of borrowings 1,000 Net cash generated fromllused inl financing activities 1,000 Nat Increase In cash and cash equlvalents 729,904 C8sh 8nd cash equiv81ents at beginning of Period Cash and cash equivalents at end of Period 729,904
THE SHANDFORD TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2021 Accountlng pollelès Charity infomiation The Shandford Trust is a Charitab incorpovatéd organisation which was règistèred with thè charity commission on 28 October 2020 (charity number 11920481. The principal contact address is shown on the legal and administrab've infom)ation page of these ffinanoal ststements. 1.1 Reporting period These are the charity's first finanoal statements which have been ppared for the period from registration as a charity on 28 O¢tober 2020 to 31 December 2021 to align with the ¢alendar year. There are no ¢omparative amounts to present. 1.2 Accounting convention The financial statements have been prepared in accordance with the charity's tgoverning documentl, the Charities Act 2C>11, FRS 102 "The Finanal Reporting Siandard applicable in the UK and Republic of Ireland" I'FRS 102.1 and the Charities SORP "Accounting and Rewrbng by Charilies.. Statement of Recommended Practice applicable to charities preparing their accounis in accordance with the Financial Repon9 Standard applicable in the UK and Republic of Ireland IFRS 102)" leffeclive 1 January 20191. The tharity is a Public Benefit Entity as defined by FRS 102. The finanoal stslemenls have departe(l from the Charities (Accounts and Rep)rtsl Regulations 2008 only to the exlenl reqUId lo provide a true and fair view. This departure has involved following the Ststemenl of Recommended Pra¢ti¢e for ¢harities applying FRS 102 rather than the version of the Stslemenl of Recommended Practice which is referred to in the Regulations but which has Sin been withdrawn. The financial ststements are prepared in sterfing. which is the functional cuThency of the charity. Monetsry amounts in these financial stslemenls are rounded lo the nearest £. The financial statements have been prepared under the hislorical cost convention. Imodified to include the revaluation of freehold properties and to indude inveslment properties and rtain financial instruments at fair valuel. The principal accounting policies adopted are set out below. 1.3 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. Thus the trustees continue to adopt the goir)g conrn basis of accour)ling ir) preparing the financial statements. 1.4 Charitable funds Unrestricted funds are available for use at the dis(xetion of the trustees in fvrtherance of their Charitsble objectives. Restricted funds are subject to speafic 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. Endowment funds are subject to specific coThlitions by donors that Ihe capital must be maintained by the charity. 1.5 Income Income is cOgnised when the tharity is legally enb.ued to it after any perfomiance conditions have been met, the amounts can be measured reliably. and it is probable thal income will be received. Cash donations are re¢ognised on rlpL Other donations a recniSed once the charity has been notified of the donation, unless perfomiance conditions require deferral of the amount. Income tax recoverable in relation to donatsons received under Gift or deeds of covenant is recognised at the time of the donation. 10-
THE SHANDFORD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2021 Accounting policies (Continued) Legacies are recognised on receipt or otherwise if ihe charity has been notified of an impending distribLJtion, the amount is known, and receipt is expecled. If the amount is not known. the legacy is treated as a contingent asset. 1.6 Expenditure Expenditure is recognised On there is a legal or constructive obligab.on to transfer economic benefit to a third party. il 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 w5ts of each aclivity are made up of the lolal of direct costs and shared costs. including support costs involved in undertaking each adivity. Direct costs attributsble to a single activity are allocated dire¢dy to that activity- Shared costs which contribute to rnore than one activity and support costs which are not attributable to a single a¢tivity a apportioned between those activities on a basis Consistent with the use of iesour¢es. Central staff Costs are allocated on the basis of time spent, and depCiatIon Charges are allocated on the rK)rtion of the asset's use. 1.7 Cash and cash equlvalents Cash and cash equivalents indude 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 borrowngs in current liabilities. Basic financial assats Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constilules a finanung Iransaclion. where the transaction is measured al the present value of the future reiptS discounted al a market rale of interest. Financial assets classified as receivable wthin one year are not amortised. Basic financial liabilitios Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constrtutes a financing transaction. where the debt instrument is measured al the present value of the future payrnents discounted al a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are 5ubsequenUy carried at amortised cost. using the effective interest rale method. Trade creditors a obligations to pay for goods or seNces that have been 8¢quired in the ordinary course of operations from suppliers. Amounts payable a ¢lassffie¢J as Curn1 liabilities rf payment is due within one ye8r or less. If not, they a psented as non-current liabilities. Trade ¢ditorS are re¢ognised initially al Iransa¢tion price and subsequenuy measured at amortised Cost using the effe¢live interest method. Derecognition of financial liabilities Finan¢ial liabilities are dere¢ognised when the tharity's contraciual obligations expire or are discharged or ¢an¢elled. 1.8 Employee benefits Thé cost of any unused holiday entitlement is re¢tyJnised in the riod in whi¢h the employee's services are received. Temiination benefits a recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide temination benefits. 11
THE SHANDFORD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2021 Crltleal aecountlng ostlmatos and Judg•m•nts In the application of the charty's accounting policies. the trustees are required to rllake judgements, eslimales and assumptions about the Garrying amount of assets and liabilrties that are not readily apparent from other sources. The estimates and ¥ssoGialed assumptions are based on historic81 experience 8nd other f8¢tors that are considered to be relevant_ Actual $11$ may drffer from these esbmates_ The eskn'mates and undedwng assumptions are reviewed on an ongoing basi5. Revisions lo accounting estimates are recognised in the period in whith the e5b.mate is remsed where the revision affects only that period. or in the period of the revision and luture riodS where the revision afftrcls both current and future periods. Donations and legacies Unrestricted funds 2021 Donations and gifts 729,000 Donations and gifts The Abbeyfield Society 729,000 729,000 Under a legal agreement dated 13 December 2021 The Abbeyfield Society (a charitable company limited by guarantee, company number 574816 and charity number 2007191 transferred a cash asset to The Shandford Trust amounling to £729,000. The funds are to be used for the provision of residential care or housing for the elderfy and financial assistance towards the costs of care for the elderty who are of limited means upon terms appropriate to their means in Budleigh Safterton. East Budleigh, Otterton, Colaton Raleigh and Bicton. Charltsbl¢ a¢tlvltl¢s Elderly care 2021 Share of support Costs Isee note 5) 696 12-
THE SHANDFORD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2021 Support costs Support Governance costs costs 2021 Bank charges Accountancy 96 600 96 600 696 696 Analysed beeen Charitable activities 696 696 Governance costs indudes payments to the independent examiners of £6001- £0) for accountancy fees for ServIS rendered to prepare and examine the financial stalements. Trustees None of the trustees lor any persons Connected with theml r1Ved any MUneration or benefits from the Charity during the Period. Employees The average monthly number of employees during the Period was.. 2021 Number Totsl There were no employees whose annual remuneration Was more than £60.000. Loans and overdrafts 2021 Other loans 1,000 Payable within one year 1,000 A fomier trustee (Mr K R Ward) loaned £1,000 to the charity on 2 December 2020. The loan is interest free and repayable on demand. 13-
THE SHANDFORD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2021 Cr•dltors: amounts falllng duè wlthln onè year 2021 Borrowings Accruals and deferred income 1,000 600 1,600 10 Related party transactlons The were no dis¢los8ble related p8ty transactions during the Period (- none). 11 Cash generated from operations 2021 Surplus for the Period 728,304 Movements in working capital= Incre8se in Creditors 600 Cash generated fromllabsorbed by) operations 728,904 12 Analy$l$ of ¢hang¢$ In net fvndsl{d¢bt) At 28 October 2020 Cash flows At 31 Dtcèmber 2021 Cash al b8nk and in h8nd 729,904 729,904 Loans falling due within one year 11,0001 11,0001 728,904 728,904 14-