## **WETWO FOUNDATION C.I.O.** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 4 APRIL 2025** The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 4 April 2025. The trustees have adopted the provisions of 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). ## **Overview** The Trustees report outlines the activities, achievements and financial performance of the WeTwo Foundation C.I.O., a registered charity (Charity Number: 1196799) focused on empowering underprivileged young people through life-changing adventures. ## **OBJECTIVES AND ACTIVITIES Objectives and aims** The primary objectives of the WeTwo Foundation C.I.O. are to: - Give underprivileged young people from deprived areas, the chance to partake in once-in-a-lifetime expeditions in unique countries and eco-systems to enhance their CVs with vital life skills, boost their confidence and become role models for their peers and local communities. - Encourage, develop and foster the young people to partake and start environmental and sustainable projects that will benefit their local communities (our "Pay it Forward" pledge that all participants agree to work towards). - Mentor the next generation of climate-conscious explorer to create more diversity in the adventure community. ## **Significant activities** During the reporting period, the WeTwo Foundation C.I.O.: - Worked with 10 underprivileged young people (aged 16-19) from deprived areas of Scotland, Wales, Northern and Southern England to help them improve their local communities through environmental/sustainable projects. - Took the 10 young people to the Galapagos on a carbon neutral (eventually becoming negative) expedition where they undertook conservation work including removing invasive species, planting endemic species, beach cleans collecting micro plastics, volunteered at the Jocotoco bird reserve where they worked for the day helping to create a habitat for the Critically Endangered Galapagos Petrel. They also undertook physical challenges including a day-long volcano hike and two snorkels. - Planted wild flower seeds in Wakehurst – Kew Gardens wild botanical garden to continue to work to offset our carbon emissions from expeditions. - Highlighted the need for diversity within the adventure fields across multiple media platforms and events - including Sky News, Travel Weekly, the RGS and various Scouts talks. - Provided references for several of our young people - two of whom secured places at university being the first in their families to do so, the other secured a paid work placement which resulted in a job offer. - Premiered #WeTwo: Changing the Face of Adventure film in London at Kew Gardens at a special event, bringing some of our young people together from Antarctica for a reunion on stage for a Q&A, proving to sponsors and donors the difference the charity makes in our YP's lives and securing additional fundraising. - Began planning for our 1-day fundraiser to increase donations into the Foundation for the next expedition. - Became registered for Gift Aid. Page 1 ## **WETWO FOUNDATION C.I.O.** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 4 APRIL 2025** ## **OBJECTIVES AND ACTIVITIES** ## **Beneficiaries and Impact** - **PAY IT FORWARD PROJECTS** : Each of the 10 participants who journeyed to the Galapagos undertook environmental projects in their local communities. These included: Seed collecting and planting in Leeds, organised litter picks in Surrey, High Wcyombe (with youth group), Manchester (with youth group), Wales (Borders), Hampstead, Birmingham (organised with the school), work in the local community gardens of north London, south London and Glasgow, joining local climate change programme (London). - **OPPORTUNITY AND MENTORING** : The Foundation provided further references for several of the young people from the Antarctica programme, with one getting a full time paid work placement thanks to networking through the Foundation's contacts. - **YOUTH TALKS** : One of our YP from Scotland continues to give talks across the country inspiring other young people as a positive role model from their region, he has gone on to volunteer as a Scout leader. Additionally, three of the young people from the Galapagos have already given talks to their schools and Scout groups to showcase their learning from the trip. The remainder of the YP plan to do the same. ## **Key Priorities** To achieve the WeTwo Foundation's C.I.O. strategic priorities in the coming year, the charity proposed to implement the following strategic actions: - Enhance the relationship with existing partners and foster new contacts to secure further funding for future expeditions and opportunities for our young people. - To take a further 10 YP on another lifechanging expedition - this time to Morocco – to help rebuild a village road post-earthquake, walk and camp in the Sahara and climb Toubkal the highest peak in North Africa. - Increase fundraising activities throughout the year and encourage all our young people to help. - Launch the Galapagos film in a venue TBC to encourage further donations with key donors and make the charity more visible. - We are still in need of a Finance Officer - this is a priority for the coming 12 months, and continues to be difficult to recruit for. We also need a fundraiser and a administrator potentially. ## **FINANCIAL REVIEW** ## **Reserves policy** The WeTwo Foundation C.I.O. maintains a Reserves Policy of a minimum of £5,000 to ensure sufficient funds are available to cover operational costs and unexpected expenses. When on overseas expeditions the Reserves Policy increases to cover any unforeseen costs relating to the health and safety of young people (i.e. upfront costs of an emergency evacuation etc). ## **Going concern** The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for twelve months from the date of signing of these financial statements. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is governed by a board of trustees who are responsible for the strategic direction and oversight of the charity. Trustees are appointed on their expertise and commitment to the charities mission. Day-to-day operations are managed by the trustees. ## **Recruitment and appointment of new trustees** Trustees are re-appointed at their end of their individual tenure at the Annual General Meeting and all are eligible for re-election. Potential trustees can declare their interest and relevant expertise and will be voted on by the existing trustees. ## **Organisational structure** All the decisions pertaining to the charity is by the mutual agreement of the existing trustee. Page 2 ## **WETWO FOUNDATION C.I.O.** ## **REPORT OF THE TRUSTEES** ## **FOR THE YEAR ENDED 4 APRIL 2025** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Fund Structure** Unrestricted income funds are general funds that are available for use at the trustee's discretion in furtherance of the objectives of the charity. ## **Staff** No staff are employed and no remunerations were paid to trustees during the year. **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** CE027367 (England and Wales) **Registered Charity number** 1196799 ## **Registered office** 8 Sapling Lodge Montalt Road Woodford Green IG8 9SW ## **Trustees** Ms P Smith Trustee & Chair Ms M Woolcock Trustee D Piercy Trustee D Fields Trustee ## **Independent Examiner** AGK Partners Chartered Accountants 1 Kings Avenue London London N21 3NA Approved by order of the board of trustees on 3/2/26 and signed on its behalf by: .......................................................................... Ms P Smith - Trustee Page 3 **REGISTERED COMPANY NUMBER: CE027367 (England and Wales) REGISTERED CHARITY NUMBER: 1196799** ## **REPORT OF THE TRUSTEES AND** **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2025** **FOR** **WETWO FOUNDATION C.I.O.** AGK Partners Chartered Accountants 1 Kings Avenue Winchmore Hill London N21 3NA **WETWO FOUNDATION C.I.O.** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2025** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|3| |**Independent Examiner's Report**||4|| |**Statement of Financial Activities**||5|| |**Statement of Financial Position**||6|| |**Notes to the Financial Statements**|7|to|9| |**Detailed Statement of Financial Activities**||10|| **WETWO FOUNDATION C.I.O.** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 4 APRIL 2025** The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 4 April 2025. The trustees have adopted the provisions of 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). ## **Overview** The Trustees report outlines the activities, achievements and financial performance of the WeTwo Foundation C.I.O., a registered charity (Charity Number: 1196799) focused on empowering underprivileged young people through life-changing adventures. ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The primary objectives of the WeTwo Foundation C.I.O. are to: - Give underprivileged young people from deprived areas, the chance to partake in once-in-a-lifetime expeditions in unique countries and eco-systems to enhance their CVs with vital life skills, boost their confidence and become role models for their peers and local communities. - Encourage, develop and foster the young people to partake and start environmental and sustainable projects that will benefit their local communities (our "Pay it Forward" pledge that all participants agree to work towards). - Mentor the next generation of climate-conscious explorer to create more diversity in the adventure community. ## **Significant activities** During the reporting period, the WeTwo Foundation C.I.O.: - Worked with 10 underprivileged young people (aged 16-19) from deprived areas of Scotland, Wales, Northern and Southern England to help them improve their local communities through environmental/sustainable projects. - Took the 10 young people to the Galapagos on a carbon neutral (eventually becoming negative) expedition where they undertook conservation work including removing invasive species, planting endemic species, beach cleans collecting micro plastics, volunteered at the Jocotoco bird reserve where they worked for the day helping to create a habitat for the Critically Endangered Galapagos Petrel. They also undertook physical challenges including a day-long volcano hike and two snorkels. - Planted wild flower seeds in Wakehurst - Kew Gardens wild botanical garden to continue to work to offset our carbon emissions from expeditions. - Highlighted the need for diversity within the adventure fields across multiple media platforms and events - including Sky News, Travel Weekly, the RGS and various Scouts talks. - Provided references for several of our young people - two of whom secured places at university being the first in their families to do so, the other secured a paid work placement which resulted in a job offer. - Premiered #WeTwo: Changing the Face of Adventure film in London at Kew Gardens at a special event, bringing some of our young people together from Antarctica for a reunion on stage for a Q&A, proving to sponsors and donors the difference the charity makes in our YP's lives and securing additional fundraising. - Began planning for our 1-day fundraiser to increase donations into the Foundation for the next expedition. - Became registered for Gift Aid. Page 1 **WETWO FOUNDATION C.I.O.** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 4 APRIL 2025** ## **OBJECTIVES AND ACTIVITIES** ## **Beneficiaries and Impact** - **PAY IT FORWARD PROJECTS** : Each of the 10 participants who journeyed to the Galapagos undertook environmental projects in their local communities. These included: Seed collecting and planting in Leeds, organised litter picks in Surrey, High Wcyombe (with youth group), Manchester (with youth group), Wales (Borders), Hampstead, Birmingham (organised with the school), work in the local community gardens of north London, south London and Glasgow, joining local climate change programme (London) . - **OPPORTUNITY AND MENTORING** : The Foundation provided further references for several of the young people from the Antarctica programme, with one getting a full time paid work placement thanks to networking through the Foundation's contacts. - **YOUTH TALKS** : One of our YP from Scotland continues to give talks across the country inspiring other young people as a positive role model from their region, he has gone on to volunteer as a Scout leader. Additionally, three of the young people from the Galapagos have already given talks to their schools and Scout groups to showcase their learning from the trip. The remainder of the YP plan to do the same. ## **Key Priorities** To achieve the WeTwo Foundation's C.I.O. strategic priorities in the coming year, the charity proposed to implement the following strategic actions: - Enhance the relationship with existing partners and foster new contacts to secure further funding for future expeditions and opportunities for our young people. - To take a further 10 YP on another lifechanging expedition - this time to Morocco - to help rebuild a village road post-earthquake, walk and camp in the Sahara and climb Toubkal the highest peak in North Africa. - Increase fundraising activities throughout the year and encourage all our young people to help. - Launch the Galapagos film in a venue TBC to encourage further donations with key donors and make the charity more visible. - We are still in need of a Finance Officer - this is a priority for the coming 12 months, and continues to be difficult to recruit for. We also need a fundraiser and a administrator potentially. ## **FINANCIAL REVIEW** ## **Reserves policy** The WeTwo Foundation C.I.O. maintains a Reserves Policy of a minimum of £5,000 to ensure sufficient funds are available to cover operational costs and unexpected expenses. When on overseas expeditions the Reserves Policy increases to cover any unforeseen costs relating to the health and safety of young people (i.e. upfront costs of an emergency evacuation etc). ## **Going concern** The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for twelve months from the date of signing of these financial statements. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is governed by a board of trustees who are responsible for the strategic direction and oversight of the charity. Trustees are appointed on their expertise and commitment to the charities mission. Day-to-day operations are managed by the trustees. ## **Recruitment and appointment of new trustees** Trustees are re-appointed at their end of their individual tenure at the Annual General Meeting and all are eligible for re-election. Potential trustees can declare their interest and relevant expertise and will be voted on by the existing trustees. ## **Organisational structure** All the decisions pertaining to the charity is by the mutual agreement of the existing trustee. Page 2 **WETWO FOUNDATION C.I.O.** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 4 APRIL 2025** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Fund Structure** Unrestricted income funds are general funds that are available for use at the trustee's discretion in furtherance of the objectives of the charity. ## **Staff** No staff are employed and no remunerations were paid to trustees during the year. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** CE027367 (England and Wales) ## **Registered Charity number** 1196799 ## **Registered office** 8 Sapling Lodge Montalt Road Woodford Green IG8 9SW ## **Trustees** Ms P Smith Trustee Ms M Woolcock D Piercy Trustee D Fields Trustee ## **Independent Examiner** AGK Partners Chartered Accountants 1 Kings Avenue Winchmore Hill London N21 3NA Approved by order of the board of trustees on 3 February 2026 and signed on its behalf by: Ms P Smith - Trustee Page 3 **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WETWO FOUNDATION C.I.O.** ## **Independent examiner's report to the trustees of Wetwo Foundation C.I.O. ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 4 April 2025. ## **Responsibilities and basis of report** As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. ## **Independent examiner's statement** 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: 1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ## Michael Michaelides AGK Partners Chartered Accountants 1 Kings Avenue Winchmore Hill London N21 3NA 3 February 2026 Page 4 **WETWO FOUNDATION C.I.O.** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 4 APRIL 2025** |2025
Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
16,644
Investment income
2
399
**Total**
17,043
**EXPENDITURE ON**
**Charitable activities**
Trip to Galapagos
35,934
Trip to Antarctica
-
Other
5,799
**Total**
41,733
**NET INCOME/(EXPENDITURE)**
(24,690)
**RECONCILIATION OF FUNDS**
Total funds brought forward
31,728
**TOTAL FUNDS CARRIED FORWARD**
7,038|2024
Total
funds
£
31,071
348| |---|---| ||31,419| ||-
3,979
3,678| ||7,657| ||23,762
7,966| ||31,728| The notes form part of these financial statements Page 5 **WETWO FOUNDATION C.I.O.** ## **STATEMENT OF FINANCIAL POSITION 4 APRIL 2025** |2025
Unrestricted
fund
Notes
£
**CURRENT ASSETS**
Cash at bank
8,478
**CREDITORS**
Amounts falling due within one year
4
(1,440)
**NET CURRENT ASSETS**
7,038
**TOTAL ASSETS LESS CURRENT LIABILITIES**
7,038
**NET ASSETS**
7,038
**FUNDS**
5
Unrestricted funds
7,038
**TOTAL FUNDS**
7,038|2024
Total
funds
£
34,608
(2,880)| |---|---| ||31,728| ||31,728| ||31,728| ||31,728| ||31,728| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 4 April 2025. The members have not required the company to obtain an audit of its financial statements for the year ended 4 April 2025 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 3 February 2026 and were signed on its behalf by: P Smith - Trustee The notes form part of these financial statements Page 6 **WETWO FOUNDATION C.I.O.** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 APRIL 2025** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **2. INVESTMENT INCOME** |**INVESTMENT INCOME**||| |---|---|---| ||2025|2024| ||£|£| |Deposit account interest|399|348| ## **3. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 4 April 2025 nor for the year ended 4 April 2024. ## **Trustees' expenses** During the year, total expenses of £13,943 were reimbursed to, or paid directly on behalf of the charity's trustees (2024: £4,940). These expenses related mainly to travel and subsistence costs incurred by trustees while carrying out their duties and reimbursement of costs originally paid personally by a trustee for expenditure on behalf of the CIO. Page 7 continued... **WETWO FOUNDATION C.I.O.** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 4 APRIL 2025** ## **4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |**4.**|**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||| |---|---|---|---|---| ||||2025|2024| ||||£|£| ||Accrued expenses||1,440|2,880| |**5.**|**MOVEMENT IN FUNDS**|||| ||||Net|| ||||movement|At| |||At 5.4.24|in funds|4.4.25| |||£|£|£| ||**Unrestricted funds**|||| ||General fund|31,728|(24,690)|7,038| ||**TOTAL FUNDS**|31,728|(24,690)|7,038| ||Net movement in funds, included in the above are as follows:|||| |||Incoming|Resources|Movement| |||resources|expended|in funds| |||£|£|£| ||**Unrestricted funds**|||| ||General fund|17,043|(41,733)|(24,690)| ||**TOTAL FUNDS**|17,043|(41,733)|(24,690)| ||**Comparatives for movement in funds**|||| ||||Net|| ||||movement|At| |||At 5.4.23|in funds|4.4.24| |||£|£|£| ||**Unrestricted funds**|||| ||General fund|7,966|23,762|31,728| ||**TOTAL FUNDS**|7,966|23,762|31,728| ||Comparative net movement in funds, included in the above are as follows:|||| |||Incoming|Resources|Movement| |||resources|expended|in funds| |||£|£|£| ||**Unrestricted funds**|||| ||General fund|31,419|(7,657)|23,762| ||**TOTAL FUNDS**|31,419|(7,657)|23,762| Page 8 continued... **WETWO FOUNDATION C.I.O.** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 4 APRIL 2025** ## **5. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined position is as follows: |Net
movement
At 5.4.23
in funds
£
£
**Unrestricted funds**
General fund
7,966
(928)
**TOTAL FUNDS**
7,966
(928)|At
4.4.25
£
7,038| |---|---| ||7,038| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: ||Incoming|Resources|Movement| |---|---|---|---| ||resources|expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|48,462|(49,390)|(928)| |**TOTAL FUNDS**|48,462|(49,390)|(928)| ## **6. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 4 April 2025. Page 9 **WETWO FOUNDATION C.I.O.** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 4 APRIL 2025** ||2025|2024| |---|---|---| ||£|£| |**INCOME AND ENDOWMENTS**||| |**Donations and legacies**||| |Donations|16,644|31,071| |**Investment income**||| |Deposit account interest|399|348| |**Total incoming resources**|17,043|31,419| |**EXPENDITURE**||| |**Charitable activities**||| |Excursions|35,934|3,979| |**Support costs**||| |**Management**||| |Catering|2,267|-| |Filming|1,156|704| |Accomodation|-|1,027| ||3,423|1,731| |**Finance**||| |Bank charges|27|6| |**Information technology**||| |Computer expenses|180|155| |**Other**||| |Insurance|329|296| |Advertising|176|50| |Travel and subsistence|224|-| ||729|346| |**Governance costs**||| |Accountancy fees|1,440|1,440| |Total resources expended|41,733|7,657| |**Net (expenditure)/income**|(24,690)|23,762| This page does not form part of the statutory financial statements Page 10