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2024-03-31-accounts

Docusign Envelope ID: 6310B4CA-22B8-4FC7-8A07-FF376292539A

Charity number: 1202540

NATIONAL BACK EXCHANGE

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2024

Docusign Envelope ID: 6310B4CA-22B8-4FC7-8A07-FF376292539A

NATIONAL BACK EXCHANGE

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 - 17

Docusign Envelope ID: 6310B4CA-22B8-4FC7-8A07-FF376292539A

NATIONAL BACK EXCHANGE

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 31 MARCH 2024

Trustees

Mark Baines (appointed 17 September 2023) Joanne Barker (appointed 17 September 2023) Emma Collins (appointed 17 September 2023) Paul Davis (appointed 17 September 2023) Helen Naylor (appointed 17 September 2023) Mary Anne Muir (appointed 29 March 2023) Sarah Jane Thornton (appointed 29 March 2023) Julie Rachel Hoyles (appointed 29 March 2023) Anthony Denis Walker (appointed 29 March 2023) Valerie Cynthia Phillips (appointed 29 March 2023) Sharon May Rindsland (appointed 29 March 2023) Alison Roper (appointed 29 March 2023) Kerry Kemp (appointed 29 March 2023) Melanie Furness (appointed 29 March 2023)

Charity registered number

1202540

Principal office

Unit 14 The Stottie Shed Baker's Yard Christon Road Gosforth Newcastle upon Tyne NE3 1XD

Secretary

Joanne Barker (appointed 17 September 2023)

Accountants

Kinnair Associates Limited Chartered Accountants Aston House Redburn Road Newcastle upon Tyne NE5 1NB

Bankers

Lloyds Bank Plc 98 Victoria Street London SW1E 5JL

Page 1

Docusign Envelope ID: 6310B4CA-22B8-4FC7-8A07-FF376292539A

NATIONAL BACK EXCHANGE

TRUSTEES' REPORT FOR THE PERIOD ENDED 31 MARCH 2024

The Trustees present their annual report together with the financial statements of the Charity for the period 29 March 2023 to 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity’s governing document, the Charities Act 2011 and the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Objectives and activities

Policies and objectives

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

The objectives of the National Back Exchange (NBE) are to preserve and protect good musculoskeletal health for the public benefit by providing such support as the Trustees deem appropriate for all people across the health, social care, educational systems and private industry who are concerned with the moving and handling of people and loads in order to protect their musculoskeletal health, in particular but not exclusively by promoting good practice in the moving and handling of people and loads.

Strategies for achieving objectives

NBE’s strategies are comprehensive and multifaceted, designed to support its objectives of promoting safe, effective and efficient moving and handling practices, supporting its members, and advancing the use of evidence-based best practices. By focusing on member engagement, education, advocacy, ethical practices, and continuous improvement, NBE ensures that it remains a leading organization in its field, effectively contributing to the safety and well-being of professionals and the people they serve.

Activities undertaken to achieve objectives

NBE is committed to advancing the field of moving and handling by promoting evidence-based practices and fostering knowledge exchange among professionals. Activities focus on supporting the professional community, promoting best practices, and enhancing the safety and well-being of practitioners, individuals, and the wider health and care system. Main activities undertaken by NBE to achieve these goals are:

Page 2

Docusign Envelope ID: 6310B4CA-22B8-4FC7-8A07-FF376292539A

NATIONAL BACK EXCHANGE

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024

Objectives and activities (continued)

Main activities undertaken to further the Charity's purposes for the public benefit

The National Back Exchange (NBE) furthers its charitable purposes for public benefit by promoting safe and effective moving and handling practices through education, research, and advocacy. Key activities include providing ongoing support and resources to members, hosting an annual conference to share evidence-based practices, publishing academic journals and newsletters, delivering educational webinars, and developing materials that enhance knowledge and skills in the health and care sectors. These efforts aim to improve safety, health, and well-being across all sectors within the health and care system and all individuals who require moving and handling assistance and support.

Achievements and performance

Main achievements of the Charity

The National Back Exchange (NBE) has made significant achievements, including increasing its membership base and enhancing member engagement through various initiatives. It successfully hosted a well-attended annual conference, further solidifying its reputation as a leader in safe moving and handling practices. NBE has also strengthened its financial position, ensuring sustainability for future endeavours. Additionally, NBE has built a skilled and diverse Board of Trustees, contributing to robust governance, and has developed a strong relationship with the Associations Management Team to enhance operational efficiency and strategic growth.

Review of activities

NBE has effectively executed its activities over the past year, demonstrating significant progress and an upward trajectory in membership growth, member engagement, and financial stability. Moving forward, NBE is committed to further developing and enhancing its programs and initiatives to continue advancing safe moving and handling practices within the health and care sectors.

Financial review

Financial overview

This year NBE have transitioned from an unincorporated association to a registered national charity. Whilst doing so we have achieved a positive income over expenditure position.

This has been achieved by:

The following new revenue steams were also introduced this year, contributing to further income growth:

Page 3

Docusign Envelope ID: 6310B4CA-22B8-4FC7-8A07-FF376292539A

NATIONAL BACK EXCHANGE

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024

Publication sales were 35% down against budget. The Board will manage strategies aimed to revitalise and increase sales, such as targeting marketing, targeting sales and applying required updates and edits with reprints where appropriate.

For 24/25 NBE will:

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Reserves policy

NBE must retain a capital reserve on deposit of 12 months operating funds (£80,000). Authorisation to change this threshold and utilise reserves must have the approval of the Board of Charity Trustees. The current account balance should not fall below £15,000. A running cashflow management working document will be maintained and submitted monthly to the Finance Director to manage this. In addition, the current account will not be in credit to the detriment of return on capital.

Structure, governance and management

Constitution

National Back Exchange (NBE) is a Charitable Incorporated Organisation (CIO) registered in England and Wales with the Charity Commission on 29 March 2023 with registration number 1202540. Its governing document is its constitution, adopted on 29 March 2023.

Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

Organisational structure and decision-making policies

NBE is governed by a skilled and diverse Board of Trustees responsible for strategic decision-making and overall direction. NBE operates with a clear structure that includes directorates and working groups to address specific areas of focus. Decision-making policies are designed to be transparent and inclusive, ensuring input from members and stakeholders to guide the charity’s activities and objectives effectively.

Page 4

Docusign Envelope ID: 6310B4CA-22B8-4FC7-8A07-FF376292539A

NATIONAL BACK EXCHANGE

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024

Structure, governance and management (continued)

Financial risk management

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Plans for future periods

NBE plans to continue expanding its educational programs, increasing member engagement, and developing partnerships within the health and care sectors. Future initiatives will focus on developing new resources, enhancing the annual conference, and leveraging digital platforms to reach a wider audience. NBE is also committed to strengthening its financial position and governance to ensure long-term sustainability and impact.

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees on 5 September 2024 and signed on their behalf by:

Sarah Jane Thornton

Page 5

Docusign Envelope ID: 6310B4CA-22B8-4FC7-8A07-FF376292539A

NATIONAL BACK EXCHANGE

INDEPENDENT EXAMINER'S REPORT FOR THE PERIOD ENDED 31 MARCH 2024

Independent Examiner's Report to the Trustees of National Back Exchange ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the period ended 31 March 2024.

Responsibilities and Basis of Report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Signed: Dated: 13 September 2024 Detlev Anderson FCA

Kinnair Associates Limited

Chartered Accountants Aston House Redburn Road Newcastle upon Tyne NE5 1NB

Page 6

Docusign Envelope ID: 6310B4CA-22B8-4FC7-8A07-FF376292539A

NATIONAL BACK EXCHANGE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 31 MARCH 2024

Note
Income from:
Donations and legacies
3
Charitable activities
4
Investments
5
Other income
6
Total income
Expenditure on:
Charitable activities
7
Total expenditure
Net movement in funds
Reconciliation of funds:
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
92,570
79,514
1,046
116
173,246
79,037
79,037
94,209
94,209
94,209		 Total
funds
2024
£
92,570
79,514
1,046
116
173,246
79,037
79,037
94,209
94,209
94,209

The Statement of Financial Activities includes all gains and losses recognised in the period.

The notes on pages 9 to 17 form part of these financial statements.

Page 7

Docusign Envelope ID: 6310B4CA-22B8-4FC7-8A07-FF376292539A

NATIONAL BACK EXCHANGE

BALANCE SHEET AS AT 31 MARCH 2024

Note
Fixed assets
Investments
11
Current assets
Stocks
12
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within one year
14
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
16
Unrestricted funds
16
Total funds		 9,725
47,233
99,112
156,070
(61,862)		 2024
£
1
1
94,208
94,209
94,209
94,209
-
94,209
94,209

The financial statements were approved and authorised for issue by the Trustees on 05 September 2024 and signed on their behalf by:

Sarah Jane Thornton

The notes on pages 9 to 17 form part of these financial statements.

Page 8

Docusign Envelope ID: 6310B4CA-22B8-4FC7-8A07-FF376292539A

NATIONAL BACK EXCHANGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

1. General information

National Back Exchange (NBE) is a charitable incorporated organisation, charity number 1202540. The registered office is Unit 14, The Stottie Shed, Baker's Yard, Christon Road, Newcastle upon Tyne, NE3 1XD.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

National Back Exchange meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

These financial statements are in respect of the Charity only. The Charity is not required to prepare group accounts as the group headed by it is a small group.

The financial statements are presented in pounds Sterling and rounded to the nearest pound.

2.2 Going concern

The charity has cash resources and no requirement for external funding. The Trustees have reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting is appropriate in preparing the annual financial statements.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity.

Page 9

Docusign Envelope ID: 6310B4CA-22B8-4FC7-8A07-FF376292539A

NATIONAL BACK EXCHANGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.4 Expenditure (continued)

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.7 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

2.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.9 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.11 Financial instruments

The Charity only has financial 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 at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 10

Docusign Envelope ID: 6310B4CA-22B8-4FC7-8A07-FF376292539A

NATIONAL BACK EXCHANGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.12 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the appropriate fund.

3. Income from donations and legacies

Unrestricted Total
funds funds
2024 2024
£ £
Donations 92,570 92,570

The above donations represent net assets gifted from National Back Exchange (previous unincorporated charity).

4. Income from charitable activities

Unrestricted Total
funds funds
2024 2024
£ £
Income from charitable activities 79,514 79,514

. Income from charitable activities

Membership fees
Sales of publications
Advertising
Sponsorship		 2024
£
59,500
11,435
5,704
2,875
79,514

Page 11

Docusign Envelope ID: 6310B4CA-22B8-4FC7-8A07-FF376292539A

NATIONAL BACK EXCHANGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

5. Investment income

Unrestricted Total
funds funds
2024 2024
£ £
Bank interest received 1,046 1,046

6. Other incoming resources

Unrestricted Total
funds funds
2024 2024
£ £
Other income 116 116

7. Analysis of expenditure on charitable activities Summary by fund type

Unrestricted
funds
2024
£
Direct costs - Activities
79,037
Analysis of expenditure by activities
Activities
undertaken
directly
2024
Support
costs
2024
£
£
Direct costs - Activities
37,912
41,125		 Total
2024
£
79,037
Total
funds
2024
£
79,037

8. Analysis of expenditure by activities

Page 12

Docusign Envelope ID: 6310B4CA-22B8-4FC7-8A07-FF376292539A

NATIONAL BACK EXCHANGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

8. Analysis of expenditure by activities (continued)

Analysis of direct costs

Cost of publications
Production of column digital
Membership website operation costs
Occupational Therapy Show
Other direct costs		 Activities
2024
£
4,019
25,053
2,989
3,977
1,874
37,912		 Total
funds
2024
£
4,019
25,053
2,989
3,977
1,874
37,912

Analysis of support costs

Back office support fees
IT costs
Subscriptions
Insurance
Bank charges
Board meeting costs
Disallowed VAT
Bad debts
Postage and carriage
Governance costs
Intercompany recharges		 Activities
2024
£
47,410
1,147
1,127
564
2,460
1,778
7,569
206
24
2,545
(23,705)
41,125		 Total
funds
2024
£
47,410
1,147
1,127
564
2,460
1,778
7,569
206
24
2,545
(23,705)
41,125

Governance costs above comprise fees payable to the charity's independent examiner for the preparation and independent examination of the charity's annual accounts

Page 13

Docusign Envelope ID: 6310B4CA-22B8-4FC7-8A07-FF376292539A

NATIONAL BACK EXCHANGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

9. Independent examiner's remuneration

2024
£
Fees payable to the Charity's independent examiner for the preparation and independent
examination of the Charity's annual accounts 2,500

10. Trustees' remuneration and expenses

During the period, no Trustees received any remuneration or other benefits.

During the period ended 31 March 2024, expenses totalling £ 1,325 were reimbursed or paid directly to 3 Trustees. These related to travel and board meeting expenses.

11. Fixed asset investments

Cost or valuation
Additions
At 31 March 2024
Net book value
At 31 March 2024
12.
Stocks
Stocks of publications		 Investments
in
subsidiary
companies
£
1
1
1
2024
£
9,725

Page 14

Docusign Envelope ID: 6310B4CA-22B8-4FC7-8A07-FF376292539A

NATIONAL BACK EXCHANGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

13. Debtors

Due within one year
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 2024
£
26,057
16,300
4,876
47,233

14. Creditors: Amounts falling due within one year

Trade creditors
Other creditors
Accruals and deferred income		 2024
£
7,132
3,065
51,665
61,862

15. Financial instruments

2024
£
Financial assets
Financial assets measured at fair value through income and expenditure 99,112

Financial assets measured at fair value through income and expenditure comprise bank balances.

Page 15

Docusign Envelope ID: 6310B4CA-22B8-4FC7-8A07-FF376292539A

NATIONAL BACK EXCHANGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

16. Statement of funds

Statement of funds - current period

Unrestricted funds
General Funds
17.
Summary of funds
Summary of funds - current period
General funds
18.
Analysis of net assets between funds
Analysis of net assets between funds - current period
Fixed asset investments
Current assets
Creditors due within one year
Total		 Income
£
Expenditure
£
173,246
(79,037)
Income
£
Expenditure
£
173,246
(79,037)
Unrestricted
funds
2024
£
1
156,070
(61,862)
94,209		 Balance at
31 March
2024
£
94,209
Balance at
31 March
2024
£
94,209
Total
funds
2024
£
1
156,070
(61,862)
94,209

19. Related party transactions

During the year intercompany recharges of £23,705 were received from NBE Trading Limited, a wholly owned subsidiary National Back Exchange. An amount of £26,057 was owed by NBE Trading Limited at the year end.

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Docusign Envelope ID: 6310B4CA-22B8-4FC7-8A07-FF376292539A

NATIONAL BACK EXCHANGE

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

20. Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Name Company Registered office or principal Principal activity number place of business NBE Trading Limited 14776983 Unit 14 The Stottie Shed, To organise and run Baker's Yard, Christon Road, the National Back Gosforth, Newcastle upon Tyne, Exchange’s annual NE3 1XD. conference. Class of Holding Included in shares consolidation Ordinary 100% Yes

The financial results of the subsidiary for the period were:

Name Income Expenditure Profit for Net assets
£ £ the period £
£
NBE Trading Limited 315,669 286,090 29,579 29,580

Page 17