Registered number 213312
St Sepulchre (Finsbury) United Charities
Report and Unaudited Accounts
31 March 2021
Smithfield Accountants LLP Chartered Accountants Suite 1, Unit 2, Stansted Courtyard Parsonage Road, Takeley, Essex, CM22 6PU
St Sepulchre (Finsbury) United Charities Registered number: 213312 Trustees' Report
The Trustees present their report and accounts for the year ended 31 March 2021.
Legal Status
The Charity is governed by the Scheme of 10th July 1973, which forms the rules and regulations of the Charity, as amended by various later Schemes approved by the Charity Commission. The appointment and proceedings of the Trustees are dealt with in the Schemes, which also set out the qualifications required. There is no formal training given to Trustees, but all Trustees are given a copy of the Schemes on appointment, so that they are familiar with their duties and obligations.
Method of Recruitment of Trustees
The Trustees are appointed by recommendation of the existing Trustees.
Objectives
The Charity was established to grant relief by way of pensions and grants to persons residing in or formerly employed in the Ecclesiastical Parish of St. Sepulchre or the former Metropolitan Borough of Finsbury.
Organisation and Decision Making
The Trustees delegate the day to day responsibility of achieving the Charity's objectives to the clerk and the staff of Smithfield Accountants LLP who administer the day to day transactions and maintain the books and statutory records, and the Chairman of the Trustees, who makes decisions on grants and pensions. The Trustees regularly meet to review these activities and make decisions as to the strategic direction the Charity should take, and communicate this to those responsible for delivery.
Review of Activities and Achievements
The Trustees are pursuing ways of increasing distributions from income including supplementing the beneficiary base from which payments can be made. The distributions have in the past been governed primarily by the number of pensioners to whom the Charity can make payments, but the Charity is now collaborating with the Cripplegate Foundation and L.B. Islington to make grants to qualifying individuals in addition to the payment of pensions. This is resulting in a greater distribution of funds to qualifying recipients.
The Charity made a deficit of £4,568 before gains/(losses) after making charitable payments of £57,375. That deficit has been deducted from the Accumulation Income from previous years.
The Charity did not approve the payment of any grants to organisations operating within the catchment area during the year, due to the economic uncertainty. The charity intends to resume paying these grants in the following year. The Charity deals directly with the organisations for these grants, and one of the Trustees will visit each of them before grants are approved.
Future Plans
The charity intends to raise income from property letting and continue distributing funds to its beneficiaries in the same way going forward.
Public Benefit Statement
Having due regard to the guidance published by the Charity Commission on Public Benefit, the Trustees are of the opinion that the Charity continues to provide benefits to the persons residing or formerly employed in the Ecclesiastical Parish of St. Sepulchre or the former Metropolitan Borough of Finsbury by way of grants or pensions.
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St Sepulchre (Finsbury) United Charities Registered number: 213312 Trustees' Report
Investment Powers and Policy
The Trust Deed authorises the Trustees to make and hold investments using the general funds of the Charity.
The Charity's fundamental investment policy over the long term is to maintain the real value of capital.
Equity Investment Accounting Policy
In order to comply with the Charity Commission's Accounting and Reporting by Charities: Statement of Recommended Practice (SORP), the trustees are including investments at Market Value. This has resulted in an unrealised gain of £4,427 on listed investments. The accounts have been prepared so that they accord with best practice as recommended by the SORP.
Principal Funding Sources
The principal source of funding for the Charity is the income on its investments, which are principally rents, supplemented by investments in managed funds and bank deposits. The Charity also receives regular grants from The Henry Smith Charity.
Reserves Policy
At the present time, the Charity retains sufficient reserves to meet all its obligations for at least one year.
Risk Management
The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining reserves at current levels combined with an annual review of the controls over key financial systems will provide sufficient resources in the event of adverse conditions.
Freehold Property Revaluation
A professional valuation of 117 Charterhouse Street as at 31st March 2021 was obtained. Stonehouse Farm was professionally valued during the year to 31st March 2015. The Open Market Value at those dates is shown in the accounts.
It is the charity's policy to revalue every three years, however in previous years revaluations were delayed as the value of Stonehouse Farm was likely to change substantially due to an agreement being drawn up between the charity and the tenant to modify the lease. The change to the lease was finalised in the current year, however due to the ongoing planning perission aplication and change of use, any revaluation is likely to not be relevant for long . It has also not been practical to revalue the farm at the year end due to the COVID-19 pandemic. Therefore the trustees do not think it is appropriate to revalue at the current year end.
Grant Making Policy
The constitution gives the Trustees the right to give grants to successful applicants having fulfilled all conditions stipulated for such grants. All grants are made to persons residing or formerly employed in the Ecclesiastical Parish of St. Sepulchre or the former Metropolitan Borough of Finsbury, or to other organisations or institutions for such persons.
Independent Examiner
FJM Accountancy Ltd was appointed as independent examiners during the year and, being eligible, offered themselves for future re-appointment.
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st Sopulchre (Finsbury) United Charities Reglstered numb¢r: 213312 Trustees. Report Statoment of th• Tru•t•M' R••pon•lbllltl The Trustees are responsible for preparing the Trustees, Annuel report and the accounts in accordance wth the applicable law and United Kingdom Accountong Standards {United Klngdom Generalty A£ceptsd Accounting Practice}. The law applicable to charities In England and Wales require the Trustees to prepare financial statements for each financial year %thich give a true and lair of the finan¢lal a¢livitie$ durlng the year and of the financ*1 positlon at the end of the year. In prepartng those financk41 ststements, th6 TnJsle88 are required to.. Select suitable accounting policies and apply them consistently. Observe the methods and principles in the Charities SORP Make judgements and eslimales that are reasonable and prudent. Stale whether applicable accounting standards and statements of recommended practice have been followed, subject lo any material departures di$Glosed and tsxplained in the finan¢ial slalements., and Prepare the fin8n¢i81 statements on a going concern baws, unio88 It18 Inapproprlate to assume the Charity will Gontinue in 0ratIon. The TN81ees are re3pon8lble for keeplng prowr accountlng records, whlch dlsclose with reasonsble accuracy the flnandal poslllon of the Chaflty and enable them lo ensure that the fin8ncial slatemen18 compty with the Chariti8S Act 2011, the Charity IAc¢ounis and Report8} regUlaOnS 2008 and the provisions of the trust deed. They are also responsible for safeguardlng the asse15 Of the Charity and hence for taking reasonable Stops for the prevention and detection of fraud and breach?s of l&¥ and reguLalSons. The Trustees are r8spon8lbl8 for thè malntsnanca and Integrity of th8 chadty and Ilnanclal Information Included on the Charltys web81te. Leglslallon In the Unlled lQngdom governlng the pr¢parab"on and disseminalton ol the finanGial ststemenls may differ from legislation in other iurisdiclions. Thls reportwas approved by Ihe IJ)ard on 11 J8nu8ry 2022 and slgned on tt8 behalf. D Sandell Cholrman
St Sepulchre (Finsbury) United Charities Charity Information
Trustees
The Mayor of Islington D. Sandell (Chairman) J. Trotter R. Hussein Councillor M. Hamitouche Councillor C. Webbe (resigned 23.09.2020) Councillor T. Gallagher (appointed 24.09.2020) E Poli (appointed 01.04.2021)
Clerk
Elias Poli (resigned 31.03.2021) Simon Poli (appointed 01.04.2021)
Accountants
Smithfield Accountants LLP Suite 1, Unit 2, Stansted Courtyard Parsonage Road, Takeley, Essex, CM22 6PU
Bankers
COIF Charities Deposit Fund Senator House 85 Queen Victoria Street London EC4V 4ET
HSBC PLC 1-3 Bishopsgate London EC2N 3AQ
Clydesdale Bank PLC Unit B, 3 The Chase John Tate Road Hertford SG13 7NN
Nationwide Building Society Kings Park Road Moulton Park Northampton NW3 6NW
Investment Advisers & Portfolio Nominee Account Holders
CCLA Investment Management Ltd Senator House 85 Queen Victoria Street London EC4V 4ET
Registered office
Smithfield Accountants LLP Suite 1, Unit 2, Stansted Courtyard Parsonage Road, Takeley, Essex, CM22 6PU
Registered charity number
213312
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Independent Examiners report to the Trustses of St Sewlchre (Flnsbury) United Charities I report lo the Tnjstees on rny exaninabon of the lUnts of St. Sepulthre (Finsbjryi United Charities Ilhe Tnjst) forthe year end&1 31 March 2021. Responsibilities and basis of rgport The Chartys Trustees a reSF)nSib for the weparabon of the accounts in accordanoe with the requiromenls of the charit Act 2011 (the Act). The Chartys Tntstees consider that an audit is not required for this yaar under Sectbjn 14412) of the Act and that an independenl examinat?n is needed. I report in respect of my examination of the charitrfs accourrts on pages 6 to 15 carried out under section 145 of the 2011 Act and in carying out my examination. I have folhjwgd all the ¥pliable Directions given by the Charrty Commiss•Jn under secttt 145(5llbl of the Act. The Charity is preparing Ued ac¢x)unts l an qualffied to undertake the examination by being a qualified FT. Independent Exarnin*s Statement I have completed my exinatn. I confiftn that material matters have come to my attenti( in COnnectn wrth Ihe examination gNes me eause to bdEve that in. any material resp¥t." the accounting rS were not kept in accordanee lIh seLkn 130 of the Charitss Act,. or the accounts did not attC(d with the acc¢nting reeords,. c the accounts did not compty with the app.Cable requirements conceming the fomi and content of accounts set Crtrt in the Charrties {Accounts and Reports) Regulations 2008 other than any requirwment that the accounts give a and fairf VP4V whh is not a matter considered as part of an irtdependent exaninatkjn. I have no concerns and have come ac5$ other matters in conneckn with the examination lo which attention should be drawn in this ret#)rt in ¢yderto enab5e a pr(yer understsnding of the accounts lo be reached. F J MeDowell FMAAT FJM Accountancy Ltd 23 ShaCklon Court 2 Maritime Quay London E143QF 11 January 2022
St Sepulchre (Finsbury) United Charities Statement of Financial Activities for the year ended 31 March 2021
| 2021 £ Unrestricted General Fund Incoming resources Investment income (notes 8 and 9) 121,175 Bank deposit interest 2,352 Voluntary income 8,000 Total incoming resources 131,527 Resources expended Charitable activities (Notes 10 and 11) 58,322 Cost of generating funds (note 13) 42,904 Governance costs (Note 14) 34,869 Total resources expended 136,095 (4,568) - - 76,240 71,672 Reconciliation of funds Total funds brought forward 541,468 Total funds carried forward 613,140 Loss on investment property (note 2) Gain/(loss) on equity investments (note 3) Net movement in funds Net outgoing resources for the year Interaccount transfers |
2021 £ Unrestricted Capital Fund - - - - - - - - - (125,000) 4,427 (76,240) (196,813) 3,783,924 3,587,111 |
2021 £ Unrestricted Total Funds 121,175 2,352 8,000 131,527 58,322 42,904 34,869 136,095 (4,568) (125,000) 4,427 - (125,141) 4,325,392 4,200,251 |
2020 £ Unrestricted Total Funds 95,241 4,356 8,000 107,597 60,759 19,631 27,412 107,802 (205) - (1,194) - (1,399) 4,326,791 4,325,392 |
|---|---|---|---|
There were no recognised gains or losses for 2020 or 2021 other than those included in the statement of financial activities.
None of the Charity's activities were acquired or discontinued in the above two financial years.
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st Sepulchre {Finsbury) Unit•d Charitios Registered numbor: 213312 Balance Sheet •• at 31 March 2021 Note• 2021 2020 Flxed assets Inv8stmenti)rop8rty 117 Charterhouse Street Stonehouse Fami- Farmland and Cottage8 1,875.000 2,OlXI,000 1,13S,000 3,010,000 1,690,000 3,090,000 Equlty Inv8stm8nts 1,233.44 COIF Income Shara$ 22,111 3.032,111 17,884 3,707,884 Current 89th Investment property- Stonehouse Farm 8ulldlngB 08btor8 C88h at bank - Current Account - HSBC Deposit Account - COIF Deposit Fund - Nalionwde Deposit - CWdesdale-Deposll - CWe$daltrA¢¢ount 555,000 3,386 13,382 81,260 11.701 389,605 88.082 85,132 18 855,798 53,725 17.200 389,143 87.713 83,619 18 831,418 1.214,183 844,800 CMdltor•: mount• hlllng du• wlthln on• y•ar {46,0431 (27,0921 N•t ¢urr•nt •M•t• 1,108,140 017,708 4 200,251 4,326,392 Ch•rlty fund¥ Unrestricted capital fund Unre8lricled income fund 3.S87,111 613,140 3,783,924 $41,468 Ch•rlty fund8 le 4.200 251 4,325,392 Th& accounts Vpr• approved by the boaid on 11 January 2022 and swned on it8 behalf. O Sandell Chaiman Approved by the board on 11 J3nuary 2022
St Sepulchre (Finsbury) United Charities Statement of Cash Flows for the year ended 31 March 2021
| Operating activities Deficit for the financial year Adjustments for: Loss on revaluation of investments Interest receivable Dividend income Other income Decrease in debtors Increase/(decrease) in creditors Cash generated by/(used in) operating activities Investing activities Interest receivable Dividend income Other income Cash generated by investing activities Net cash generated/(used) Cash generated by/(used in) operating activities Cash generated by investing activities Net cash generated/(used) Cash and cash equivalents at 1 April Cash and cash equivalents at 31 March Cash and cash equivalents comprise: Cash at bank |
2021 £ (125,141) 120,573 (2,352) (646) (513) 9,997 18,951 20,869 2,352 646 513 3,511 20,869 3,511 24,380 631,418 655,798 655,798 655,798 |
2020 £ (1,399) 1,194 (4,356) (633) (501) 568 (19,906) (25,033) 4,356 633 501 5,490 (25,033) 5,490 (19,543) 650,961 631,418 631,418 631,418 |
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St Sepulchre (Finsbury) United Charities Notes to the Accounts for the year ended 31 March 2021
1 Accounting policies
Accounting Convention
The financial statements have been prepared in accordance with the charity's trust deed, the Charities Act 2011 and "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)".
St Sepuclhre (Finsbury) United Charities 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 notes.
The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
Depreciation
No provision is made for depreciation of freehold buildings as they are considered to be investments.
Fixed Assets – Investment Property
117 Charterhouse Street was professionally revalued by Chartered Surveyors on the open market value basis at 31st March 2021.
117 Charterhouse Street, London, EC1M 6AA by Messrs'. Robert Wilson FRICS, hb Surveyors & Valuers Ltd - £1,875,000 - subject to existing tenancies.
Stonehouse Farm was last revalued during the year ended 31st March 2015. The trustees did not wish to revalue the farm at the year end, as the charity is currently reviewing the future use of the farm. The trustees intend to seek a valuation when the future use has been determined.
Stonehouse Farm, Frindsbury, Rochester, Kent by Messrs'. J.S. Calcutt (FRICS FAAV), Complete Land Management - £1,690,000 - subject to existing tenancies.
Curent Assets – Investment Property
Part of the Stonehouse Farm site was transferred to current assets during the year as the intention is to sell or be marketing to sell this privately within the next twelve months. The valuation for the transfer was determined by the trustees with reference to market conditions and existing tenancies.
Direct Charitable Expenses
Grants & Pensions payable are accounted for on the accruals basis when approved by the Trustees. Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Investments
Investments are stated at market value at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year. All investments are held in the UK and are held primarily to provide an investment return for the Charity.
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St Sepulchre (Finsbury) United Charities Notes to the Accounts for the year ended 31 March 2021
Governance Costs
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and costs linked to management of the Charity.
Fund Accounting – details the funds and purpose of each fund:
Capital Account - this represents the original capital of the Charity and accumulated growth, including revaluations and unrealised gains and losses on investments. There are no restrictions to its use, and the Trustees try to maintain this at a level which will generate sufficient income to cover annual expenditure.
Income Account - this represents accumulated income, less expenditure. The fund is primarily used to meet the annual expenditure and generate further income.
Income
Income is credited to the statement of financial activities when the Charity has entitlement to the resources and to the extent that the resources will be received.
Charitable Activities
Grants payable are accounted for on the accruals basis when approved by the Trustees. Liabilities are recognised as resources are expended or as soon as there is a legal or constructive obligation committing the charity to the expenditure.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Charity. The grants are charged in the year when formally awarded by the Charity and communicated to the recipient irrespective of the period covered by the grant as they are regarded by the Trustees as financial obligations.
Annual grants are payable to beneficiaries on a quarterly basis and are reviewed annually by the Trustees.
The annual grants are at the discretion of the Trustees and therefore are provided as they accrue.
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St Sepulchre (Finsbury) United Charities Notes to the Accounts for the year ended 31 March 2021
2 Fixed assets - investment property
| Valuation At 1 April 2020 Additions Reclassification as current asset investment Revaluation Disposals At 31 March 2021 Depreciation At 1 April 2020 Charge for the year Surplus on revaluation On disposals At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 |
Stonehouse Farm £ 1,690,000 - (555,000) - - 1,135,000 - - - - - 1,135,000 1,690,000 |
117 Charterhouse Street £ 2,000,000 - - (125,000) - 1,875,000 - - - - - 1,875,000 2,000,000 |
Total £ 3,690,000 - (555,000) (125,000) - 3,010,000 - - - - - 3,010,000 3,690,000 |
|---|---|---|---|
Details of the property revaluations are disclosed in note 1 (Fixed Assets - Investment Property).
The charity has held the properties for many years and the historic costs are not available.
3 Fixed assets - equity investments
| Valuation At 1 April 2020 Additions Revaluation Disposals At 31 March 2021 |
£ 17,684 - 4,427 - 22,111 Common Investment Fund (COIF) |
2021 Total £ 17,684 - 4,427 - 22,111 |
2020 Total 18,878 - (1,194) - 17,684 |
|---|---|---|---|
The cost of the Common Investment Fund (COIF) was not known due to being combined with the JP Morgan Fund. However it was estimated with reference to market values at £13,206. The shareholding of the COIF Fund as at 31st March 2021 was 1,233.44 shares.
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St Sepulchre (Finsbury) United Charities Notes to the Accounts
for the year ended 31 March 2021
| 4 Debtors Rent receivable Other debtors 5 Creditors: amounts falling due within one year Grants approved but not yet paid Tenancy deposit V.A.T. Other creditors Accountancy Fees – current year Independent Examiner’s Fee Rent Prepaid 6 Unrestricted capital fund At 1 April 2020 Loss on revaluation of land and buildings Gain/(loss) on revaluation of equity investments Interaccount transfers At 31 March 2021 7 Unrestricted income fund At 1 April 2020 Net outgoing resources for the year Interaccount transfers At 31 March 2021 |
2021 £ - 3,385 3,385 2021 £ 9,542 9,750 7,499 12 1,890 1,100 16,250 46,043 2021 £ 3,783,924 (125,000) 4,427 (76,240) 3,587,111 2021 £ 541,468 (4,568) 76,240 613,140 |
2020 £ 3,350 10,032 13,382 2020 £ - - 5,794 2,108 1,860 1,080 16,250 27,092 2020 £ 3,785,118 - (1,194) - 3,783,924 2020 £ 541,673 (205) - 541,468 |
|---|---|---|
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St Sepulchre (Finsbury) United Charities Notes to the Accounts for the year ended 31 March 2021
| 8 Analysis of investment income Rents receivable Distributions receivable SEB Wayleave income Income receivable 9 Analysis of investment income Rents receivable Distributions receivable SEB Wayleave income Income receivable 10 Expenditure on charitable activities Activities Undertaken Directly Quarterly Pensions - Grants to Individuals - Grants to Organisations - - Property income (note 17) Equity investment income Property income (note 17) Equity investment income |
74,216 - 69,214 - Grant Giving Activities 16,750 40,625 - 57,375 117 Charterhouse Street 117 Charterhouse Street Fledgling Charity Fund 100% Fledgling Charity Fund 100% |
45,800 646 513 24,893 633 501 Support Costs 332 615 - 947 Stonehouse Farm & Cottages Common Investment Fund 100% Power Networks Stonehouse Farm & Cottages Power Networks Common Investment Fund 100% |
2021 £ 120,016 646 513 121,175 2020 £ 94,107 633 501 95,241 2021 £ Total 17,082 41,240 - 58,322 |
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St Sepulchre (Finsbury) United Charities
Notes to the Accounts for the year ended 31 March 2021
11 Expenditure on charitable activities
| 11 Expenditure on charitable activities Activities Undertaken Directly Quarterly Pensions - Grants to Individuals - Grants to Organisations 12,500 12,500 12 Analysis of support costs Grant administration fees Printing, postage & stationery Travel & subsistence Bank charges 13 Cost of generating funds Repairs Gas, electric and rates Insurance Management fees Legal and professional fees (see note 18) 14 Goverence costs Legal and professional fees (see note 18) Independent examiner’s fee Accountancy fees Clerk’s fee |
Grant Giving Activities 17,900 29,253 - 47,153 |
Support Costs 273 642 191 1,106 2021 £ - 728 - 219 947 2021 £ 6,497 10,564 3,495 14,459 7,889 42,904 2021 £ 26,119 1,100 1,890 5,760 42,758 |
2020 £ Total 18,173 29,895 12,691 60,759 2020 £ - 720 170 216 1,106 2020 £ - - 2,720 8,269 8,642 19,631 2020 £ 18,736 1,056 1,860 5,760 36,054 |
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15 Trustees' remuneration and expenses
The trustees are not remunerated and claimed expenses of £0 in the year (2020 - £170).
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St Sepulchre (Finsbury) United Charities Notes to the Accounts
for the year ended 31 March 2021
| 16 Analysis of net assets by fund 2021 2021 £ £ Capital Income Account Account Fixed Assets 3,032,111 - Current Assets 555,000 659,183 Current Liabilities - (46,043) Total 3,587,111 613,140 17 Analysis of property income 117 Charterhouse Street Ground and Basement Floor First, Second and Third Floor Stonehouse Farm Farm and Farm Buildings 1 Stonehorse Cottage White Cottage 18 Legal and professional fees 2021 and 2020 Cost of generating funds (note 13) Modification of agriculatural tenancy for Stonehouse Farm New lease for 117 Charterhouse Street Governance costs (note 14) Planning permission application for Stonehouse Farm Other The legal and professional fees for the years ended 31st March 2021 and 31st March 2020 related to the following: |
2021 £ Total 3,032,111 1,214,183 (46,043) 4,200,251 2021 £ Total 65,000 9,216 74,216 26,000 9,600 10,200 45,800 2021 £ - 7,889 7,889 26,119 - 26,119 |
2020 £ Total 3,707,684 644,800 (27,092) 4,325,392 2020 £ Total 65,000 4,214 69,214 8,256 9,600 7,037 24,893 2020 £ 7,382 1,260 8,642 13,798 4,938 18,736 |
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