Registered number: 13931696 Charity rtumr: 1200949 nfrsa THE NATIONAL FOUNDATION FOR RETIRED SERVICE ANIMALS (A company limited by guarantee UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS (A ¢¢)mpany Ilmltsd by guarnntso) CONTENTS Page Reference and administrative details of the Company. its Tnmtees and advisers Trust88s' r8port 2-10 Ind•p•nd•nt •xamlno¢s roport 11-12 Statsment of flnancial activltlos Balance sh88t 14-15 NotM to th• financlal $tatom•Dts 16-29
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS (A ¢¢)mpany Ilmltsd by guarnntso) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trust88S The Countess Sara Lualle Bathursl Nigel Batchelor Jill Bradley Graham Coxell (Appointed 21 Mar¢h 20231 Rodney Hansen Jane Muller Neil Odin Company rggS$t*r•d number 13931696 Charlty r8glstor•d number 1200949 R8gist8rod office Bathurst E$tste Office Cirencester Park Cirencesler Glou¢eslershire GL7 28U Indepgndgnt gxamlngr David Sedgw¢k FCCA CTA Saffery LLP St Catherine's Court Berkeley Pbace Clifton Bristol BS8 18Q BankorB Lloyds Bank 98 Vietoria Street London SW1E 5JL Page 1
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS (A ¢¢)mpany Ilmltsd by guarnntso) TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees, tho are also Directors of the charity for the purposes of the Companies Act, present their annual report tO9ether with the financial statements of the The National Foundats'on for Retired Service Animals for the year 1 January 2023 10 31 December 2023. The Annual report serves the purpcses of both a Trustees, report and a director5, report under cornpany law. The Trustees confirm that the Annual report and financial stslements of the charitable company comply with the ¢uNent stslutory requ1Ments, the requirements of the charitsble company's governin9 document and the provisions of the Statement of Recommended Pracb'ce ISORPI applicable to charitses preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffects.ve 1 January 20191. Since the Company qualifies as small under sects'on 382 of the Companies Act 2006. the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objec¥08 and actlvltles . Alm$ and obl•ctlv68 The charity is registered wth the Charty Commission in England and Wales Ino. 12009491 and is constituted as company limited by guarantee, incorporated on 22 February 2022, and 1$ governed by its Memorandum and Articles of Association. The charity's purposes as set out in the Memorandum and Art"cles of Assttiation are lo relieve the sufferlng of retired service animals in need of re and attention for reason of sickness, poor circumstance, or welfare by providing finanaal assistance lo their owners. The National Foundation for Retired Service Animals INFRSAI gives financial assistance lo the owners of retired seNice animals by giving grants lo cover the medical and velennarian needs of dogs and horses from the Police, Border Force, Prison. and Fire & Rescue. In setting objectives and planning for activrties, Ihe Trustees have given due consideration to general guidance published by the Chanty Commission relating lo public benefit, iicluding the guidance 'Public benefit.. running a charity IPB21'. b. Grantwmaking process and 5mpact Al the heart of our charity's mission is the financial support we provide through our grants, vthich we regard as gifts never to be repaid. When a Tets'red serwce animal requires urgent treatment or medical attents'on, the owner can submit a grant application that is prompuy reVie*d by our Grants Panel. This panel is composed of Members of the Board, the Management Committee, ar senior independent veterinarian5, ensuring that every application is given full and fair consideration. Our grants process is designed to be as streamlined and Stress-f as pgssible. Once an application is submitted, a decision is usually made within seven working days, allowing us to act quickly and alleviate any unnecessary stress for the owner during what can be a very emotional time. We place a strong emphasis on personal regard and sensitsvity throughout the proce55, ensuring that owners never have lo wail long lo apply or cewe assistsnce. Very rarely is an application declined, and no animal is exduded based on criteria such as length of service or age. In fact, we are proud to support up to g0°k of each claim, depending on the specrfics of the case. Our policy is reviewed annualty to ensure fairness lo all registered members and to strengthen the charty's resilience, enabling us lo continue providing this vrtal support to those who need rt most. Page 2
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS (A ¢¢)mpany Ilmltsd by guarnntso) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Objèctivos and activities Icontinuadl c. Voluntsers and related entities The Board of Trustees remains particularty mindful of the need to keep costs to a minimum. The trustees, grant panel and management team are all volunteers. and the charity deeply values the contribution each member makes lo ils successful running. This commrtmenl is never taken for granted. and a (Jelemined lo ensure the continued well-being of our volunteers by developing an empalhelic and supportive tlfare programme. As the charity grows, however. we have idenb'fied the need to create one fUltIMe and fv40 part-time positions to ensure we maintain professional standards and effectively support the charitys expansion. Despite this, the 8oard's primary obje¢bve remains lo keep adminislralive costs as low as possible, ensurin9 most funds raised are directed towards fulfilling the charty's purpose. This is pa.¢ladY important to everyone at NFRSA, especially considering the financial challenges we anticipate over the next three years. The Board and management team are committed to en$uring thal every donats'on and fund rai$ed is Spent wlh re and purpose. The NFRSA enjoys an incre(Jibly ckse and relakn"onship Warmv the Association of Retired Police Dog Charities. a network of individual chari(ies an¢J non-profil organisalions %tho %w)rk on a regional basis, and the Trustees are alway$ keen to promote mutual support wthin the se¢lor. During the year, over 24 dedicated volunteers, including trustees. generously Contributed 6,640 hours lo support the charity's aclivilies. We extend our heartfelt thanks to all our volunteers for their loyal service and Invaluable contributions, essential lo fulfilling our mission. d. Maln actlvltles und•rtaken to further Charlty's purposos for th• publlc b•n•fit The Trustee$ confim that they have complied the Charities Act 2011 and have had due regard to the Charity Commission's general guidance on public benefit. The principal areas of public benefit provided by the charty are fsed on supporting the owners of retired service animals who are unable lo secure adequate Insurance for the care of their animals. We offer fin8n¢ial grants, which are Considered grfts. to cover medical and veterinary needs. both in emergencies and for ongoing treatment. This vital support alleviates the risk of ffinancial hardship for the owners. %thich in tum helps lo relieve mental health challenges and stress Ihat can arise in such diificult circumstances. The charity is deeply aware that these circumstances are often highly emotional, and we work tirele551y to provide one-lTrone welfare support lo ovmers during their lime of need. Our goal is to ensure that both the owner and the retired service animal receive the care and assistance they require, with compassion and understanding at every step of the vrny. e. Principal funding sources In addition to sponsorship, legacy, and personal donations, the charty also benefits from a variety ol other fvnding stream5. Our fundraising events, vthich are organised by dedicated volunteer5, play a significant role in generating income. These even15 not only raise crucial funijs but also help lo strengthen community engagement and raise awareness of our mission_ We a extremely fortunate to have the support of individuals and businesses who contribthe both financi31ty and through i'nd donats'ons of tsme and resources. Page 3
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS (A ¢¢)mpany Ilmltsd by guarnntso) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Objèctivos and activities Icontinuadl We are delighted to ackno¥Medge a generous £10,000 donation from The Julia and Hans Rausing Trust, a renowned charrtable foundation knovm for ts remarkable support of numerous cause5 that enrich society and promote well-being. This donab.on has been instrumental in helping us fvrther our mission during our first full year of operation. supporting retsred serwce animals and theic owners. We extend our deepest gratitude to The Julia and Hans Rausing Trust for their invaluable contribution and shared commitment to improving live$. Merchandise sales a150 provide a valuable source of income, with profits reinvested into the charty's work. Our merchandise help5 to Promote the ¢harrty and expand our visibility, %thile offering supporters a way lo contribute through their purchases. In addition. we have begun to explore Corporate partnerships. securing sponsorships th* align with our ¢au$e. These partnerships not only provide financial support but also help raise our profile among larger audiences. We are a150 building relation5hip5 with grant-making bodies and charitable trusts. with a view to applying for grants that align wlh our objectives lo ensure continue lo secure sustainable funding. Together, these diverse fvnding sources allow us to meel the growng demands of the charity and ensure that the majority of funds raised go directly toward suppoffj'ng the ovfflers ol rets'red service animals and their welfare needs. Achlavements and yrfom)anc8 . Maln a¢hlev•ments of the Charlty In 2023, the charity made significant strides towards this goal through three major aclivilies.. fundraising, promoting the charity, and processing grants effiuently and supports"vely. Fundral$lng Fundraising in 2023 has been both challenging and re%rdrding. We are pleased to report that the charrty received widespread support from corporate partners and individual donors. This support came through various special fundraising events. which are detailed later In this report. These efforts generated £94,089, while personal donations and Independent fundraising actsvrtie5 (excluding Gift Aidl brought in £84.072. We are deeply grateful lo all who conlribute(I their b"me. energy. and financial SoUrCes. making our first ftjll year a tremendous success. The charity also explored merchandise sales as a secondary revenue stream. We invested £10,515 in stock, ilh £5,000 of unsold stock carried over into 2024. Merchandise sales yelded a respectable profit margin of 21 %, contributing further lo the chartyy income and visibility. Promotlon of tho Charlty Building public awareness and a posthve brand image VAS deemed critical in our first full year. To achieve this, we engaged a PR consultant iasked wth establishing the charity's presence and securing media opportunities. We are proud to report widespread coverage, full-length articles featured in Country Life, Countryside, Horse and Hound, Sunday Express. and Sunday Mail. among olhets. Addttsonally. the ¢hanty was highlighted in television inlerviwts and podcasts. helping to extend our message lo a broad audience. A notable promots'onal highlight was our launch event wlh Christie's, the international auctioneers, which raised £31,000. Furthermore, we secured the support of 16 dedicated ambassadors 0 actively promote the charity and advocate for our cause. Page 4
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS (A ¢¢)mpany Ilmltsd by guarnntso) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Achiavamonts and pgrfom)anc8 Icontinuad) Grant Processing One of the charity's key focuses is the timely and supportive processing of grants which lotslled £37.48212022". £8,854). We understand the emotional strain that owners of retired service animals experience when their beloved companions need care, and we strive to provide compassionate and personalized support during these difficult times. The chanty has developed strong relationships wth veterinary practices to ensure that we receive the best value for money while settling invoice5 quickly lo minimise any additional stress for the owners. b. Pgrfomian¢e of fundraislng a¢tlvities aga•n$t oblgctlves Sot The charity has adopted a highly proaebve approach lo fundraising. re¢ognising that as a young organis81ion. il is vital lo promote and execute professional ftjndraising events that are not only enjoyable bul also rewarding and mutually beneficial. Our aim is lo create memorabk experiences that fo$ler communty engagement and support our mission. One of our slandoul events this year wa5 the successful launch at Christie's Auctioneers. which raised an impressive 33Oh of the lolal funds for 2023. The evening was filled exulemenl and generosity, thanks lo the numerous donors vtho contributed auction items. Their support made this event not only possible bul truly special. In the fourth quarter of 2023, the charity organised a challenging bike ride from John O'Groals to Lands, End. While physically demanding, this endeavour provided a fanlasts"¢ Opportunity lo visit vanou5 police headquarters and prisons. alltswng us lo promote our charity e¥tensively. Our Chaiman, Lady Balhursl, undertook this challenge and successfulty raise<l 40% of the overall event funils. We also strategically selected ihe fundraising events to attend in 2023. Our psence al Crufts was particularly noteworthy. as we received ¥%r)nderful lelevision coverage wth Claire Balding and enjoyed the support of the Wesl Midlands Police, the Fire Service, and our ambassador, Ben Miller. This event not only raised crueial lunds but also significantly boosted our wsibility and promobon. In addition. we participated in the cOtsvld Show. Ofganised the entirety of the Fonthill$ Show, and attended the Police Dog Trials. Collectively, these events contributed 16.5% of the total fvnds raised through special events, demonstratin9 the effectiveness of our oLeaCh and engagement efforts. Overall, our fundraising strategy has seen a balanced distribution of funds raised through sponsorship and donations. nearly reaching a 50150 split funds generated from events. The Board understsnds the importance of placing emphasis on building long-term sponsorships and partnerships. as these relationships provide sustainable support for our mission. While fundraising events are essential for immediate income, they can be resource-intensive and do not aVaYS guarantee success. Additionally. we are mindlul of the financial landscape and understand that our supporters may face their own financial limrtations. By diversrfying our funding strategies and focusing on lon*term relationships, we can Create a more stable foundation for the charty's fuiure. As we move fotvArd. we will continue to evaluate the effectiveness of our fundraising activrties against our objeth'ves and adjust as needed to maximise our impact. Page S
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS (A ¢¢)mpany Ilmltsd by guarnntso) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Financial rovi a. Golng ¢on¢•rn The Trustees have a reasonable expectatson that the charity has adequate resources lo continue its operations for the foreseeable future, and for at least months from the dale of approving this repDrt and the financial statements. Accordingly, the Trustees have adopted the going con¢ern basis in preparing the financial stslements. In reaching this conclusion, the Trustees have considered the charty's strong financial position, its current cash reserves, and the ongoing support from donors, corporate partners, and fundraising activities. The charity has demonstrated steady growth in income over the past year, and ils focus on prudent cost management ènsure5 that general expenses remain low. This financial stability. combined with the charity's abilty lo adapt and diversify rts funding streams. gives the Truslees Confidence in ils ability to meet future obligations. The Trustees also acknoge that vknile uncertainties may arise in the broader economic environment, the charity's proactive planning and careful management of resources position it well to respond to potential challenges. This give5 additional reassurance that the charty wll continue to meet rts objectives and fulfi'l ils commitments to the owners of retired service animals in the year ahead and beyond. b. Flnanclal r8vl•w and roserves pollcy The overall financial position of the charity continues lo demonslrale excellent progress, wlh Trustees confident that the charity's objectives wll be successlulty carried into its third year. As of the end of the second year, totsl unrestricted funds carried forward stand at £152.394,12022,' £61.9721 a substantial increase. Restricted funds of £6.055 brought forward from the previous year have been fully utilised during the year on 5UPPOrting the charities aclivits"es, as intended. This groYAh rellecls the chanty's ¢ommilmenl lo financial prudence and ils ability lo effectively fundraise and manage regources. The 8oard of Trustees remains focused on keeping general costs low to maximise the fvnds available for grant applications. In line this, the Board is proud to report Ihat general support costs accounted for less than 18% of the total income during our first accounting period. It is deeply grateful for the Nvo generous donations £10,000 specifically given the Charws stsrtup costs. Page 6
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS (A ¢¢)mpany Ilmltsd by guarnntso) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 As the charity gains momentum during 2023, in the current year, general support costs accounted for 14% of total income. the breakdown of vknich as follows.. 2Q23 2022 Govemance co$ liThlependeni ex8minerf$feesl Aceountancy PrintinA post•Re and stationery A(fvertising 1.740 l.ybb 2.4% 1.531 12.600 13.945 2.855 4.657 1.216 1.169 27.529 17.845 1.200 Dèpreci•iion 8nd amonisau.on Other supp)rt costs The charity recognises that. given the unpredictsble nature of grant demand. il is challenging lo accurately fore¢asl the number of grants that wll be awarded in Ihe fvIu. However. as we ¢onlinue lo operate and ¢ollecl more data, wll be in a better posrtj'on to make more a¢¢urate proje¢tion$ regarding future financial needs. In terms of reseNe$, the Trustees have not yel set a specific tsrget level tsjl are ath'vely considering this as part of the charity's ongoing financial planning. The charity recognises the importance ol maintaining a prudent level of reserves lo ensure that rt can meet ils objectives. pa'Cul8rfy in the face of unforeseen increases in demand. Reserve$ provide financial slabilty. enabling the ¢harty to respond to higher-than-expected grant applications while continuing to support the welfare needs of relired service animals. Going forward, we will conlinue to review and develop our reserves policy to align wth the charity's gr0h and future commitrnents. ¢. Rlsk management obJe¢tlv•$ and poll¢l The Trustees actively review the major risks that the charity faces on a regular basis. One of the primary challenges lor a granl-making organisalion like ours is the unpredictability of demand for our services. While our reserves a currendy healthy, we recognise the importance of enstjring that we can consislenlly meet these demands. Grant requests can. at times, amount to significant sums, making rt crucial lor the charity to maintain a robust financial position. The ¢harty has implemented a comprehensive risk management strategy to rn"gate these risks. This Includes regular financial performance assessments. estsblishing transparent budgeting processes. and ongoing monitoring of fundraising ath'vilies. Additionally, the charity adopts a low-risk management strategy for inveslmenls. As a charity, we prioritise preserving our caprtal over Seeking high returns, aligning our investment approach with our mission and values. By focusing on Iow-risk options, we can ensure the stability of our financ1 resources. We are committed to maintaining a high level of fundraising to secure the resources needed to support our mission. This involves exploring diverse income streams, such as corporate partnerships and grant applications, alongside our traditi'onal fundraising efforts. Moreover, we priorib.se building strong relab"onships wth our supportets and the wider communtty. We understand that our abilty to support retld animals hinges on the generous contributions of our donors, and we are deeply gratefLbl for their kindness. Page 7
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS (A ¢¢)mpany Ilmltsd by guarnntso) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees also recognise the importance of transparency in managing risks. By openly communicating With stakeholders about our financial posttion and the challenges we face, y cullivale trust and encourage ongoin9 support. Vve regularfy review our policies and proceilures to ensure they remain effective in addressing emerging risks, enhancing the charitys 5111ence and abilrty to Spond to future challenges. Overall, the Trustees are commbtted to proactive risk management, ensuring that the charity can continue 11$ vital work in supporb'ng owners of retired service animals. regardless of the uncertainties that may arise. Stru¢tur•, govornanco and managoment •. Constltutlon The organisation is a ¢harrtabl8 compary limrted by guarantee, incorporated on 22 February 2022 and registered as a charity on 09 November 2022. The company was established under a Memorandum of A550cialion, which outlines the charitable company's objects and powers, and is governed by Articles of As$o¢ialion. as amended by a Spttial Resolution dated 21 October 2022. In the event of the Company being wound up, members are required lo contribute an amount not exceeding £10. b. Organlsatlonal structure and dfrclslon4nakln9 pollcl•¥ The Board of Trustee$ comprises the key management personnel of the charity, responsible for the overall govemance. direction, and control ol the charity's activibes. The Trustees are committed to upholding high Standards of governance. ensuring that the charity meets its objectives and operates in cornpliance wlh both legal and regulatory requirements. All Trustees ¢ontribule their lime and expertise voluntarily, wlh no remuneration paid lo any Twslee during the year. The Trustees meet regularly to review the charty's operation$, financial perfomian¢e. and strategy. These meetings provide an opportunty to discuss key issues and ensure that the charity is on track to achieve its goals. The Board has also established a management commrttee, compri5in9 a mix of Trustees and volunteers, lo support the operational and dalVaY a"v"e8 of the charTty, ensuring that decisions are implemented efficiently. The charity's governance framework is regularly rewewed to ensure rt Temains fit for purpose, and Trustees undergo regular training and development to stay infom)ed about Ihe latest best practices in charity govemance. The charity is also committed lo ensuring transparency and accountability in its operations, and the Trustees recognise their responsibility lo afvlays act in the best interests of the charity and ils beneficianes. 115hould be noted that we a gIstered wlh the Fundraising Regulator and follow their guidelines. Looking ahead, the Trustees are considering the expansion of the Board to include individuals wth additional skills and expertise lo support the growng needs of the charity. This will help ensure the charity continues to operate effectively and deliver on its mis510n. Page 8
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS (A ¢¢)mpany Ilmltsd by guarnntso) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Structure. govornanc• and manag8m•nt Icontinuad) c. Trustees of the Charity The Trustees of the charity are listed on page 1. All Trustees also setve as Directors of the company, and there are no additional Directors. The charity can appoint new Trustees through an ordinary resoluts'on, allowing it to determine the rotation for retiring Trustees as needed. The minimum number of Trustees required is three, while no maximum limit ha5 been established under the Arb"cles of Associats"on, providing flexibility for future growth. The skill$et of the Board of Trustees is reviewed at least annualty to ensure that the collective expertise align$ th the charity's needs and strategic objectives. This proactive approach enables the Board to identify any skills gaps and recruit new Trustees wth the appropnate backgrounds and experiences to enhance the charity's gtsvemance and operational capa¢ity. Induction and training are provided to all new Trustees by an independent advisor. ensuring they are well- informed about their roles and responsibilibes. This training includes familiarisation wth the charity's policies, procedures, and governance framework, %thich are shared comprehensively wth all Trustees. Ongoing professional development opportunities are also made available to the Board. helping them stay updated on best pracllces in Charty govemance and the specffic challenges facing the sector. The Trustees value diversity and inclusivty swlhin the Board land the Management Team) and actively seek lo represent a range of perspectives and experience$. Thi$ commitment not only enriches discussions and decision-making but also reflects the diverse community that the charity serves. The Board is dedicated to maintaining a strong governance structure that sup3 the charity's mission and enhances its impact on the Ilves of retired servi¢e animals and their owners. Plans for futurn p•rlods L¢)oking ahead, the charty plans to build on the successes of 2023 by continuing lo focus on the core activities of fundraising. promotion, and grant PressIng. Several strategic developments are planned for 2024.. Expansion ol the Board of Trustees.. The charty plans lo broaden the skillset of the Board of Trustees by recruiting individuals wth commercial etrkS and experience. This will help the charity grow in ils capacity to engage wlh larger-%ale fundraising inilialives and ¢orrK)rate sw)sorships. Growth of the Management Committee". Plans are underway to expand Ihe management commrttee lo include individuals with expertise in fundraising, commerce, and volunteer management. This wll enhance the charity's ability to manage larger campaigns and ensure Ihe smooth operation of volunteer activf(ies, which will become increasingly important as the charty grows. The Iruslees are confident that these str*egic initiatives wll strengthen the Charity's ability lo fulfil its objectives in the ¢oming years. UMatelY benefiting more retired service animals and their owners. The year 2023 has been an extraordinary year of growth and achievement for the charity. The trustees would like lo extend their heartFell thanks to everyone who has supported our cause and contributed to our success. Together, we are making a tsngible drffeTen¢e in the lives of reti service animals and their devoted owners. Page 9
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS (A ¢¢)mpany Ilmltsd by guarnntso) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Statsmènt of Trustees. responsibilities The Trustees (who are also the directors of the Company for the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements in a¢¢ordan¢e wth applicable law and United Kingdom Accounty'ng Standards (Unrted Kingdom Generally Apted A¢¢ounting Pra¢ticel. Company law requires the Trustees to prepare financial statements for each financial year. Under company law. the Trustees musl not approve the financial stslements unless they are sab"sfied that they give a true and fair view of the stale of affairs of the Company and of its incoming resources and applicab'on of resources, including its income and expenditure, for that period. In preparing these ffinancial statements. the Trustees are required to.. select suitable accounting policies and then appty them consistentty., observe the meth8 and principles of the charib.es SORP IFRS 1021", make judgments antj ac¢ountsng ests'males that are reasonable and prudent., state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures dis¢lose(J and explained In the financial stalemenls". prepare the financial statements on the going concem ba$is unless it is inappropriate to presume that the Company will continue In business. The Twslees are responsible for keeping adequate a¢¢ountsng records that are sufficient lo $how and explain the Company's iransactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and Signed on their behaff by.. The Countess Sara Lucillo Bathurst (Trusleel Dale.. 3011012024 Page 10
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS (A ¢¢)mpany Ilmltsd by guarnntso) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Indopondont Examlnorf$ Roport to tho TN$tsg$ of Tlw Matlonal Foundatlon for R•tlrod Sgrvlco Animals I'thè Company'l I report lo the chanty Trustees on my examination of the accounts of the Company for the year ended 31 December 2023. Rosponslbilitios and Basi$ of Rept)rt As the Trustees of the Company land r(s directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Acl'l. 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 examinats'on of the Company's accounts carried out under section 145 of the Charth'es Act 20111.the 2011 Acri. In carrying out my examination I have lollowed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent ExamSngrf¥ Statwngnl My examination was carried out in accordance wrth the general directions given by the Charity Commission. An examination includes a rewew ol the accountsng COrdS kept by the charity and a comparison of the accounts presented wth those record$. It also includes consideration of any unusual item$ or disclosures in the accounts and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and lair vievl and the report is limited lo those matters sel out in the stslement below. I have completed my examination. I confimi that no matters have come lo my attention in connection with the examination giving me cause lo believe.. accounting records were not kept in respecl of the Company as required by section 386 of the 2006 Act,. or the accounts do not accord vath those records., or the accounts do not Comply wrth the a¢un.ng requirements of se¢bon 396 of the 2006 Ad other than any requirement that the accounts give a Iwe and fair, view ¥thi¢h is not a matter considered as part of an independent examinion,' or the accounts have not been prepared in accordance wth the methods and principles of the Statement of Recommended Practice for accounting and reFKrting by charits"e5 lapplicable lo charities preparing their accounts in accordance wrth the Financial Reports"ng Standaid applicable in the UK and Republi¢ of Ireland IFRS 10211. I have no concerns and have me across no otheT matters in conne¢ts"on wlh the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the a¢counls lo be reached. Page 11
THE NATIONAL FOUNDATION FOR RETIRED SERVICE ANIMALS IA cownpany limited by guardnteel INDEPENDENT EXAhllNER'S REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Thi5 report Is mad& solely to the Comp3ny'5 Tnjstees. as a body. in accortjance Wih Part 4 of the Charities (Accounts and Reportsl Regula:ions 2008. My wowk has been undertaken $0 that I might state lo the CDrnpany's Truslees Ih05e m3tte'5 1 aw iequirea lo stale lo them In an Independeni examiner's report and for no other purpose. To Ine lullest extent permitted by law I do nol accept or assume Fesponsibility to afjyone other than the Cornpany sr.d the CoTr.pany's Trustees as a body. for my work or for th15 report. Signed-. Dated. 3011012024 David Sedgwck FCCA CTA Saffery LLP st Ca*herine's Court, Berkdey Place. Clrfton. BnstrA, 8S8 1 LIQ Page 12
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS (A ¢¢)mpany Ilmltsd by guarnntso) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDuRE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2023 Unrnstricted funds 2023 Restricted funds 2023 Total Total funds funds 2023 2022 Restated Noto Incom8 from: Donations and legacies Other trading active$ 92,164 107.468 92,164 107,468 81,425 19,475 Total incom8 199,632 199,632 100,840 Expgndlture on: Raising funds Charitable aclivrties 50,2S4 58.956 50,254 65,011 6,114 26,699 6.055 Total 8xp8ndlture 109,210 6,055 115,265 32,813 Not movement Sn funds 90,422 16,0551 84,367 68,027 Re¢on¢lllatlon of funds: Total funds brought forward Nel movernenl in funds 61.972 90.422 6.055 16.0551 68,027 84,367 68,027 Total funds carrl8d foTh4ard 1S2,394 152,394 68,027 The Statement of Financial Acb'vrties includes all gains and losses recognised in the year. The notes on pages 16 to 29 lom part of these financial statements. Page 13
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS IA company limitèd by guarantaol REGISTERED NUMBER: 13931696 BALANCE SHEET AS AT 31 DECEMBER 2023 2022 Restated 2023 Mot• Flxed a$$ets Intangible assets Tangible assets 10 4,333 6,575 6,500 4,884 10,908 11.384 Current assets Stocks Debtors Cash al bank and in hand 12 13 5,746 143,047 55,980 153,793 60.980 Credilor$.' amounts falling due wthin one year 14 112,3071 14,337) Not current a88ets 141,486 56,643 Total assots 1088 curr•nt1Sabilltle8 1S2,394 68,027 Total not ass•tJ 152,394 68.027 Charlty fund$ Restricted funds 16 16 6,055 61,972 Unrestricted funds 152,394 Totsl funds 152,394 68.027 The Company was entitted to exemption from audit under section 477 of the Companies Art 2006. The members have not required the company lo obtain an audit for the year in question in accordance with Section 476 of Companies Act 2006. The Trustees ackned9e their sponsibl11es for cffl)plying wth the requirements of the Act with respect lo accounting records and preparation of financial statements. Page 14
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS IA company limitèd by guarantaol REGISTERED NUMBER: 13931696 BALANCE SHEET ICONTINUEDI AS AT 31 DECEMBER 2023 The financial statements have been prepared in accordance the provisions applicable to entities subject to the small companies regime. The financial stslements N%ere approved and aulhorise(I for issue by the Trustees and signed on their behalf by.. Thè Countos$ Sara Lu¢lll• Bathurnt (Trusleel Dale.. 3011012024 The notes on pages 16 to 29 lomi part of these financial statements. Page 15
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS (A ¢¢)mpany Ilmltsd by guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 G•n•ral Infomiatlon The National Foundation for Retired Service Animals is a registered company limf(ed by guarantee Ino. 139316961 and a registered charity Ino. 12009491. The Trustees, as members of the company, would contribute up to £10 each to the company in the event that the company was wound up. The charty's purpose is lo relieve the suffenny of retired service animals in need of care and attention for reason of $i¢kness, poor ¢ircumslance, or vdfare by providing finan¢ial assistance lo their owners. Ac¢ountlng pollcl•8 2.1 8asis of preparation of financial stat•m•nls The financial slalemenls have been prepared in accordance wlh the Charf(ies SORP IFRS 1021 Accounting and Reportsn9 by Charthes." Slalemenl of Recommended Praetice applicable to charities preparing their accounts in accordance wth the Financial Repong Standard applicable in the UK and Republic of Ireland IFRS 1021 leffe¢live 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Aci 2006. The National Foundation for Retired Service Animals meets the definition of a public benefit èntity under FRS 102. Assets and liabilthes are inthally recognised al historical cost or Iransacllon value unless olherwse stsled in the levant accounting policy. 2.2 Income All income is recognised once the Company has entitlement to the income. rt is probablè that the income wll be received an¢J the amount of Income receivable can be measured reliably. Grants are included in the Slalement of finan¢wl activities on a re1Vable basis. The balance of income received for specffic purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, ils recognition is deferred and included in creditors a5 deferred income. Where enlillemenl occurs before income is received. the income ig accnjed. 2.3 Expgndlturn Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit to a third party. rt is probable that a transfer of economic benefits wll be required In settlement and the amount of the obligation ¢an be measured reliably. Expenditure is classified by activity. The costs ol each activity are made up of the total of direct costs and shared costs. including support costs involved in undertaking each activty. Direct costs attributable to a single activity are allocated directly to that activty. Shared costs which contribute to more than one activity and support costs vknich are not attributable to a single activity are apportioned beknen those activities on a basis consistent wlh the use of resources. Central staff costs are allocated on the basis of tsme spent. and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expendibjre incurred by the Company to raise funds for its charitable purposes and includes costs of all fvndraising activilies events and non<haritable trading. Expenditure on charitsble acb"vrtie5 is incurred on directly undertsking the aclivTb"e5 which further the Company's obje¢live$. as well as any asso¢iale(I support $ts. Page 16
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS (A ¢¢)mpany Ilmltsd by guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUnng poll¢l•$ {¢ontlnuod} 2.3 exnditUre Icontlnued Grants payable are charged in the year vthen the offer is made except in those cases where the offer is condbt'onal, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to condrtions which have not been met at the year end are noted as a commitment. bul not accrued as expendrture. All expenditure is inclusive ol irrecoverable VAT. 2.4 Inlangible ass•ts and amortisation Intangible assets costsng ÈNIL or MO are caprtalised and reeognised en future economic benefits are probable. and the cost or value of the asset can be measured reliably. Intangible assets are inth'alty recognised at $1. After recognition, under the cost model, intangible a$$ets are measured al cost less any accumulated am¢)th'$alion and any accumulated impairment losses. Amortisalion is provided on intangible assets al rates calculated lo write off the cost of each asset on a slraighl-line basis over its eKpecle<l useful life. Arnorb'salion is provided on the followng basis.. Webyile development 33% 2.5 Tanglbl• flxed a880ts and depreclatlon Tangible fixed assets costing £NIL or more are capitalised and recognised then future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible frxed assets are inrts.alty recognised at cost. After recognition. under the cost model. tangible fixed assets are MeasUd al cost less accumulated depreciation and any accumulated impaimienl losses. All costs incurred to bring a tsngible fixed asset into ts intended working condits'on should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets les5 their residual value over their eslimaled useful INes. using the slraighl-line meth¢xl. Depreciation is prOded on the followng basi$= Fixtures and fittings Computer equipment 25% 33% 2.6 Sto¢k$ Stocks are valued at the loN%tr of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Page 17
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS (A ¢¢)mpany Ilmltsd by guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUnng poll¢l•$ {¢ontlnuod} 2.7 DèbtOTS Trade and other debtors are recognised at Ihe setuemenl amount after any trade discount offered. Prepayments are valued at the amount prepa net of any trade discounts due. 2.8 C•$h at bank and In hand Cash al bank and in hand includes cash and short-lemi highly liquid investments a short maturity of three months or less from the date of a¢qui*tion or ¢)pening of the deposit or Similar account. 2.9 Llabllltlos and provlslon8 Liabilities are recognised when there is an obligation at the Balance sheet dale as a resutt of a past event, it 1$ probable that a transfer of enOmiC benefit wll be required in settlement, and the amount of the settlemenl be estsmated reliably. Liobililies are recognised al the amount that the Company anlicipale5 rt wll pay to settle the debt or the amount it has ieceived as advanced payments for the goods or services il must provide. Provisions are measured at the best e$timale of the amounts required lo settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value ol those amounts, discounted al the pr&tax discount rate that reflects the risks specific to the liability. The unwnding ol the discount is recognised In the Statement of financial activitie5 as a finance cost. 2.10 Flnan¢lal In8trum•nts The Company only has finanal assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their setllemenl value with the exception of bank loans which are subsequently measure(J al aMOrti cost using the effective interest method. 2.11 Fund accounllng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objects"ve5 of the Company and lch have not been designated for other purposes. Restricted funds are funds which a to be used in accordance specrfic restriction$ imposed by donors or thich have been raised by the Company for parb'cular 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 note5 to the financial stslemerts. Page 18
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS (A ¢¢)mpany Ilmltsd by guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income Irom donatlons and lèga¢l•s Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Corporate donations Individual donations 9,602 82,562 9,602 82.562 92.164 92.164 Unreslncted funds Reslncled funds Total lunds 2022 2022 2022 Corporate donation$ Individual donations Gifts in kind 10,000 10,000 17,500 57.425 4T.425 61.425 20,000 81,425 Incomè Irom othtr trading activities Income from fundrnising ew•nts Unrestricted funds 2023 Total funds 2023 Fundraising events Merchandise sales 94,089 13,379 94,089 13,379 107,468 107,468 Page 19
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS (A ¢¢)mpany Ilmltsd by guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income Irom other trading a¢tlvlti•s l¢ontlnu•d} Incom• from fundrdising 8v•nts Icontinuad) Unreslncled funds Total funds 2022 2022 Merchandise sales 19,475 19,475 Expendlture on ralslng fund8 Costs of ralsing voluntary incom8 Unr••trl¢t•d funds 2023 Totsl funds 2023 Fundraising events Merchandise costs Transaction costs 3B,154 10,515 1,585 38.154 10,515 1,585 SO.254 $0.254 Page 20
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS (A ¢¢)mpany Ilmltsd by guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Exp¢ndltur• on ralslng funds Icontlnued) Costs of raising voluntary incom& Icontinuad) AS Trstated Unreslncled funds As restated Total funds 2022 2022 Fundraising events Mer¢handise $ts Transaction costs 5S2 4,922 630 562 4,922 630 6.114 6.114 Analy818 of grants Grant$ to Institutions 2023 Totsl funds 2023 Animal weNare 37,482 37,482 Grants lo Institutions 2022 Total funds 2022 Animal weware 8.854 8.854 Page 21
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS (A ¢¢)mpany Ilmltsd by guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis ol •xpondltur• by a¢tivltl•s Grant funding of activtties 2023 Support costs Total funds 2023 2023 Animal welfare 37,482 27,529 65,011 As r8slaled Grant As r8st81ed As rest81ed fundAng ol Support Tolal activrties costs funds 2022 2022 2022 Animal weware 8.854 17.845 26,699 Analys18 of support costs Animal Welfare 2023 Total funds 2023 Depre¢iab'on l amortisalion Information technology Advertising Printing, postage and stationery Other support Professional fees Governance costs 4,657 2,855 12,600 2,496 1,216 1,965 1,740 4,657 2.855 12,600 2.496 1.216 1.965 1,740 27.529 27,$29 Page 22
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS (A ¢¢)mpany Ilmltsd by guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis ol •xpondltur• by a¢tivltl•s lcontlnuedl Analysis of support costs Icontinuad As restated As reslated Animal Total Wema funds 2022 2022 Advertising Printing. postsge and stslionery Other support Governance costs 13,945 1,531 1, 169 1,2tKI 73,945 1,531 1, 169 1,200 17,845 17,845 Governance costs for both 2023 and 2022 consist of fees payable lo the independent examiner. Indapandont oxamln•r's r•mun8ratlon 2023 2022 Fees payable to the Company's independent examiner for Ihe independent examination of the Company's annual accounts 1.740 1,200 Trustees. romuneration and oxpenses During the year, no Trustees re¢eive(l any remunerali¢)n or other benefits (2022- £NIL). During the year ended 31 December 2023. expenses totalling rJ,739 were reimbursed or paid directly to 2 Trustees (2022- £NILI. These expenses were in relats.on lo general operats.ng expenses. Page 23
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS (A ¢¢)mpany Ilmltsd by guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Intanglble ass•ts Wobslts development Cost At 1 January 2023 las previousty stated) Prior Year Adjustment 6.500 Al 1 January 2023 las restsledl 6.500 Al 31 December 2023 6.500 Amortisation Charge for the year 2.167 Al 31 Oecember 2023 2,167 Not book valu• At 31 December 2023 4.333 Al 31 December 2022 (as restaled) 6,500 11. Tangible fixod assets Flxturès and frttings Computer quipment Total Cost or valuatlon At 1 January 2023 las previousty stated} Prior Year Adjustment 2.200 9,184 16,5001 11,384 16,5001 At 1 January 2023 las restated) Additions 2,200 4.181 2,684 4,884 4,181 Al 310ecember 2023 6.381 2,684 9,065 Page 24
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS (A ¢¢)mpany Ilmltsd by guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Tangibl• fixod assets Icontinutrdl Fixturns and fittings Computer equipment Total Doprgciation Charge for the year 1,59S 895 2,490 Al 31 December 2023 1.595 895 2,490 Not book value Al 31 Oecember 2023 4,786 1,789 6,575 At 31 December 2022 fas resta18d) 2.200 2,684 4,884 12. Stocks 2023 2022 Merchandise 5,000 5,OQO 13. Dobtors 2023 2022 Prepayments and accrued income 5.746 S,746 14. Creditors: Amounts falling du• within ong yaar 2023 2022 Trade creditors 8,574 211 3,522 Other creditors Accruals and deferred income 3,633 12,307 4,337 Page 25
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS (A ¢¢)mpany Ilmltsd by guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Prfor yoar adlustm•nts The financial statements include a prior year adjustment to reclassify website development costs that should have been included vthhin intangible fixed assets in the prior year. As a resurt of this restatement, tangible fixed assets have reduced. and intangible fixed assets have increased, by £6,500. In addition, income and expenditure allocatson ha5 been updated lo be In line wlh the activrties of the charity and charty SORP 19. The surplus as previousty reporte<l remains unchanged. Page 26
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS (A ¢¢)mpany Ilmltsd by guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Statom•nt of funds Statsmont of funds - current yr Balance at 31 Decembor 2023 Balance at 1 January 2023 In¢omo Expondlturo Unr6*trlctsd funds General Funds- all fvnds 61.972 199.632 1109.2101 152,394 Rostrictsd funds Restricted Fund$- all funds 6.055 16.0551 Totsl of funds 68.027 199,632 1115,2651 152,394 Reslricled fund$ comprise of dallonS received in the prior year of £10,000 each. They are restricted for the express purpose of setting up the charity and initial administrab'on costs of the charity. Page 27
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS (A ¢¢)mpany Ilmltsd by guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16. Statom•nt of funds (continu) Statsmont of funds - prior y•ar Balance at 31 Dec&mber 2022 Income Expenditure Unr6*trlctsd funds General Funds- all fvnds 80.840 (18.868) 61,972 R•stdctsd fund$ Reslricled Funds- all funds 20,000 (13,945) 6,055 Totsl of funds 100.840 f32.873? 68,027 17. Summary of funds Summary of funds - current year Balance at 31 D8C8mbar 2023 Balance •1 I January 2023 Income Expondlturn General funds Restricted funds 61.972 6.055 199.632 1109,210) 16,OSSI 152.394 68.027 199.632 {115.265) 152.394 Page 28
THE NATIONAL FOUNOATION FOR RETIRED SERVICE ANIMALS (A ¢¢)mpany Ilmltsd by guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Summary of funds l¢ontinuodl Summary of funds- priorYr Balance at 31 Dec&mber 2022 Income Expenditure General funds Reslricled funds 80,840 20.LIJO (18,868) (13.945? 61,972 6,055 100,840 (32,813) 68,027 18. Analy818 ol not •180ts botwtèn lund• Analys18 of not a88ots betn funds- ¢urrenl year Unrnstrlct•d funds 2023 Total funds 2023 Tangible fixed a$$ets Intangible fixed assets Current assets Creditors due wthin one year 6,575 4,333 153,793 112,3071 6,575 4.333 153.793 112.3071 Total 152,394 152,394 Analysis ol net assets between lunds- prlor y•ar As Restated Unrestncted Restricted runds funds 2022 2022 As Restated Total funds 2022 Tangible fixed assets Intangible fixed assets Current assets Creditors due vAthin one year 4.884 4,884 54.925 {4,337) 6.055 60.980 (4,337J Totsl 61.972 6,055 68,027 Page 29