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2025-12-31-accounts

REGISTERED CHARITY NUMBER: 233908

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

RSPCA STORT VALLEY BRANCH

RSPCA STORT VALLEY BRANCH

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Page
Report of the Trustees 1 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Statement of Financial Position 8
Notes to the Financial Statements 9 to 12
Detailed Statement of Financial Activities 13 to 14

RSPCA STORT VALLEY BRANCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

The trustees present their report with the financial statements of the charity for the year ended 31 December 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

The terms 'Board' and 'Committee' are used interchangeably to mean the group of Trustees appointed to govern and direct the Charity.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Charity's objectives follow those of the National RSPCA. The branches of the RSPCA follow the RSPCA Branch Rules, with the aim to support the animal rescue work of the RSPCA Inspectorate.

We additionally support our local communities through the rescue and rehoming of animals, and provide the provision of an animal welfare clinic and neutering and microchipping schemes. We also work with other national rescue charities within the Stort Valley, such as Cats Protection.

Our Branch area includes Saffron Waldron, Bishops Stortford, Harlow, Hoddesdon, Broxbourne, Wormley and the surrounding villages along the M11 corridor. We also work with neighbouring RPSCA branches in providing a seamless service for animal welfare and to support some pet owners in their nearby towns such as Epping and Hertford through our clinic services.

We support the RSPCA inspectors and animal rescue officers who collect animals from within our Branch area in need of help. As with the majority of RSPCA branches, as well as other charities, the pressure on finances means that we have to priortise funding for emergency care and for those animals who we treat at our clinic in Harlow.

Our staff and volunteers at the clinic continue to liaise with other local vet practices, animal rescue centres and the local councils to support each other with enquiries from members of the public who can no longer care for their pet either short or long term.

Our clients are required to be registered with a private practice, as our Branch does not offer the full range of veterinary care nor 24x7 services. Clients accepted by us must have a primary vet in place and be receiving welfare benefits and/or state pension to qualify for our subsidised treatments. We do not offer treatment for clients who don't meet these criteria.

We have several local veterinary practices who will perform procedures that are outside of our clinic's capabilities at a reduced rate for our clients. We continue to fund an emergency Out-of-Hours Service with Forest Veterinary Services when our clinic is closed.

All animals taken into Branch care receive any necessary vet treatment, vaccinations, neutering, microchipping, flea & worm treatment and are then assessed for rehoming. The Branch funds this activity, working with the boarding and rehoming facilities of RSPCA Danaher Animal Home.

Public benefit

The trustees monitor our progress and impact throughout the year, to ensure that our work remains focused on our charitable aims and that we continue to deliver benefits to the public and to animals in the area.

The clinic continues to see an increase in the number of new client registrations. For 2025 we saw 3,264 clients at the clinic in Harlow. In addition to this, we continued to support owners in providing a repeat prescription service.

In some previous years, the Branch was able to offer a neutering support scheme for dogs. With the high cost of neutering dogs at local vet practices and a reduction in financial donations to the Branch, we were unable again to sustain the neutering voucher scheme.

The Branch will review its capacity to offer neutering vouchers during 2026 with the intention to reintroduce these as soon as it is financially sustainable.

Page 1

RSPCA STORT VALLEY BRANCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

OBJECTIVES AND ACTIVITIES

Staff and Volunteers

The Branch is resourced with both paid staff and volunteers. At the end of 2025 we had five paid staff with eight volunteers, 1 contract veterinary nurse, and two contract veterinary surgeons. At the clinic, we have two part-time receptionists, and six volunteers in administrative and care assistant roles. At our charity shop, we have the Shop Manager, two part-time sales staff and four volunteers.

Recruiting volunteers for the shop remained challenging since 2023, and 2025 was no exception. The lack of volunteers to support fundraising has meant we have not been able to operate with fewer volunteers than is ideal. We continue to increase our local advertising and outreach to potential volunteers.

Paid Staff Management Roles and Responsibilities

Our Charity shop manager is still acting up as an Interim Branch Manager to oversee both locations and manage all the staff. It is expected for this to continue until the Board of Trustees review the budget for 2026, and consider whether a Branch Manager is needed, and if this can be a shared role with another RSPCA branch.

Our Clinic Receptionist and Admin Supervisor, oversees the day to day activities for the Clinic and contracted Veterinary Nurse and Vets.

Recruitment

The Branch continues to offer volunteering opportunities for those who wish to support our work, including trusteeship, fundraising and assisting within our clinic and shop. We advertise for volunteer roles at each location, on social media, the Reach volunteering website, the RSPCA National website and occasionally with posters in local shops & venues.

There continues to be a shortage of veterinary surgeons and nurses across the UK. The Branch committee would like to extend the clinic opening hours if we are able to secure the employment of a full-time vet and nurse in the future. We will keep this under review through 2026 and will initiate a recruitment campaign if appropriate.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

The year saw an increase in animal welfare activities delivered through our Harlow vet clinic. In 2025 due to a decrease in donations from the public, sadly we had to continue to suspend our dog neutering voucher scheme for another year for financial reasons. Income from our retail operations at our Bishops Stortford shop and online improved slightly.

We continue to review our operating costs, and whilst we report a profit, for 2026 we have had to budget for an increase in our rent at Harlow Clinic, and continue to provide animal welfare support to the local RSPCA inspectorate, boarding for unwanted or abandoned animals as well as well as provisions to support emergency assistance for animal owners.

The Branch continued to have a good understanding of its risks and an adequate reserves level to address foreseeable risks. Negotiations for renewal of the clinic lease is still in progress and we are waiting for the Harlow Council legal team to respond. We know that there will be an increase in rent, but we will still be able to secure a rent charity grant.

As Trustees, we take this opportunity to record our gratitude to our dedicated team of staff and volunteers who make this all possible

Page 2

RSPCA STORT VALLEY BRANCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

FINANCIAL REVIEW

Financial position

Our income for 2025 was £260,251. This represented a slight increase from 2024, where income was £257,927. Our expenditure for 2025 was £231,418 vs £248,312 in 2024.

The Branch continued to receive substantial support from the National RSPCA in 2025 amounting to £20,519. This comes mainly from our share of RSPA national fundraising and also from donations to the national RSPCA from within our branch area and membership fees. The RSPCA anticipates national fundraising income falling over the coming years and we will need to increase our local fundraising efforts to compensate.

The slight increase in turnover and decrease in expenditure vs 2024 improved the branch's profit to £28,833 from £9,615 in 2024. Our aim in 2026 is to ensure we continue to manage our expenditure without adversely affecting our resources, as we look to expand our animal welfare activities with the local RSPCA inspectorate.

Annually, the Branch reviews all staff wages in line with government guidelines, local market rates and to the role and responsibilities of each employee. This ensures a fair process is applied for all staff. We aim to pay within the market range for comparable roles, keeping in mind that we are a small charity. Pay changes will be effective April 2026.

Local income

At the charity shop, we continue to see members of the public seeking bargains. We also saw an increase in the number of items being donated which were not suitable for resale; fortunately, the majority of these items were sold for recycling. Our retail team increased their efforts with online sales, especially via eBay, and are seeing a slight increase. We are somewhat limited by the very limited space available to hold items ready to post while online sales run their course. We continue to look at options to further increase our online presence.

The clinic continues to run at an operating loss, which is as intended by its mission to offer subsidised treatment. We have identified some key elements of clinic operations and costs that can be improved and are working on these at pace.

Debtors

A proportion of our clinic clients struggle with paying in full for treatments. This has an adverse impact on clinic finances. We have introduced a more robust process with the Trustees reviewing aged debts each month and more chasing of outstanding amounts. Year on year we see an increase in the number of clients who are struggling to pay for their animal care. In 2025 we did had to write off bad debts

Lease commitments

The Clinic lease has expired. The Branch is waiting on the landlord, Harlow Council, to progress with a renewal. The Council has given assurances that the lease will be renewed, albeit with a slight increase in the rent. The trustees have checked with the Council regarding renovation of the Stow, which was first proposed in 2018, and have confirmed that if this were to go ahead, we would be involved and would be offered alternative accommodation. We see this as a potential opportunity to expand our Harlow operations if the situation of the Branch at the time permits.

The Shop current lease is until 2029, with a break clause of 2 years should the branch wish to move to larger premises.

Both the clinic and charity shop continue to receive substantial business rates rebates from their respective councils, which helps with their running costs.

OPERATIONS

Clinic

There was no significant expenditure required in 2025. Some improvements to IT equipment and maintenance to our premises is planned in 2026.

We continued to offer nurse appointments one day each week in addition to the vet consultations. This released vet time, enabling us to see more animals and to reduce the cost to clients of simple procedures that the nurse can perform.

Staff, volunteers and contractors work extremely well together to provide the services needed at the clinic to the public, despite the challenges they face daily with animals and pet owners who are in need of our help.

Page 3

RSPCA STORT VALLEY BRANCH

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

The clinic does not have any facilities for boarding or re-homing direct to the public but works with the local RSPCA inspectorate and RSPCA Danaher Animal Home in the co-ordination of boarding and re-homing of unwanted, abandoned and mistreated animals collected by the inspectors.

Regular maintenance minor works were carried out to keep the clinic safe and pleasant for staff and visitors.

Shop

An improvement plan for refurbishment of the shop of £3.5K was proposed, however due to finances, this was put on hold. It will be reviewed again in 2026.

Staff and volunteers at the shop continue to work hard and we saw an improvement in sales and donations. Profits from the shop go towards the running costs of the clinic.

Reserves policy

Our reserves at the end of 2025 were £177K. The committee revised and approved the Branch's Reserves policy and set reserve levels for 2026. Our view, in line with this policy, is that the Branch has sufficient reserves in place to ensure a safe and orderly closure of the Branch should the need arise or to cover foreseeable major risks in ongoing operations. Of course, our intention is to continue to maintain the services needed by the community for as long as needed.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

2025 was the first year of the branch being back under local control. The branch consists of 6 trustee board members.

The accounts for 2025 produced by Bradshaw Johnson Ltd have been accepted by the Board of Trustees with the caveat that prior to our respective appointments we each had no involvement in the running of the branch.

Health & Safety

The committee agreed to continue with the Health & Safety and HR Support of Acton and Jennings for 2024/2025. Annual H&S checks were carried out as planned and no significant issues were noted. Annual fire equipment checks were carried out by F&J Fire for both the shop and clinic, with no need for replacement equipment required.

Governance

The activities of the Branch, and the temporary trustees, are overseen by National RSPCA to ensure compliance with RSPCA Branch Rules and the Charities Commission. This is managed by the RSPCA Branch Partnership Manager, who attends all Committee Meetings and there is oversight from RSPCA national management.

Risk

As Trustees we are aware of our responsibilities to the Charity and consider these prior to making decisions that may, or may not, impact on the Charity's finances, staff, risks and objectives.

We review our risks and financial situation in Committee meetings and in 2023 we introduced an additional meeting for the Management Team in which risks and issues are reviewed alongside the operations of the clinic and shop.

The committee reviewed its Finance and Risk policies in 2024.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

233908

Principal address

23 The Stow Harlow Essex CM20 3AN

Page 4

RSPCA STORT VALLEY BRANCH

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31 DECEMBER 2025

Trustees

D Cleaver J Thompson S M Craker (resigned 27.9.25) M Barber D Welsh (resigned 10.4.25) S Wade (resigned 16.2.25) A Omowon P Stack (appointed 25.9.25) Mrs S Orpen (appointed 25.9.25)

Independent Examiner

Neil Harding FCA Bradshaw Johnson Chartered Accountants Croft Chambers 11 Bancroft Hitchin Hertfordshire SG5 1JQ

Charity Reg Number 233908

Bankers

Natwest PLC Bishops Stortford Branch 7 North Street, Bishops Stortford Herts CM23 2TJ

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ M Barber - Trustee

Page 5

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RSPCA STORT VALLEY BRANCH

Independent examiner's report to the trustees of RSPCA Stort Valley Branch

I report to the charity trustees on my examination of the accounts of RSPCA Stort Valley Branch (the Trust) for the year ended 31 December 2025.

Responsibilities and basis of report

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

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

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no material 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 Trust as required by Section 130 of the 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.

Neil Harding FCA

Bradshaw Johnson Chartered Accountants Croft Chambers 11 Bancroft Hitchin Hertfordshire SG5 1JQ

Date: .............................................

Page 6

RSPCA STORT VALLEY BRANCH

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025

31.12.25 31.12.24
Unrestricted Total
fund funds
Notes £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 35,005 24,723
Charitable activities
Charitable activity 136,459 151,156
Other trading activities 2 84,679 77,782
Investment income 3 4,108 4,266
Total 260,251 257,927
EXPENDITURE ON
Raising funds 71,850 69,576
Charitable activities
Charitable activity 159,568 178,736
Total 231,418 248,312
NET INCOME 28,833 9,615
RECONCILIATION OF FUNDS
Total funds brought forward 148,144 138,529
TOTAL FUNDS CARRIED FORWARD 176,977 148,144

The notes form part of these financial statements

Page 7

RSPCA STORT VALLEY BRANCH

STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2025

31.12.25
Unrestricted
fund
Notes
£
CURRENT ASSETS
Stocks
6
6,173
Debtors
7
11,926
Cash at bank and in hand
173,590
191,689
CREDITORS
Amounts falling due within one year
8
(14,712)
NET CURRENT ASSETS
176,977
TOTAL ASSETS LESS CURRENT
LIABILITIES
176,977
NET ASSETS
176,977
FUNDS
9
Unrestricted funds
176,977
TOTAL FUNDS
176,977
31.12.24
Total
funds
£
6,223
17,028
164,106
187,357
(39,213)
148,144
148,144
148,144
148,144
148,144

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

.............................................

M Barber - Trustee

The notes form part of these financial statements

Page 8

RSPCA STORT VALLEY BRANCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Stocks

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

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Irrecoverable vat

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Cash & cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

continued...

Page 9

RSPCA STORT VALLEY BRANCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

2. OTHER TRADING ACTIVITIES

OTHER TRADING ACTIVITIES
31.12.25 31.12.24
£ £
Shop income 82,212 73,798
Shop recycling income - 866
Shop online sales 2,467 3,118
84,679 77,782
INVESTMENT INCOME
Interest receivable - trading 31.12.25
£
4,108
31.12.24
£
4,266

3. INVESTMENT INCOME

4. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2025 ( year ended 31 December 2024: £0).

5. 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM Unrestricted
fund
£
Donations and legacies 24,723
Charitable activities
Charitable activity 151,156
Other trading activities 77,782
Investment income 4,266
Total 257,927
EXPENDITURE ON
Raising funds 69,576
Charitable activities
Charitable activity 178,736
Total 248,312
NET INCOME 9,615
RECONCILIATION OF FUNDS
Total funds brought forward 138,529

continued...

Page 10

RSPCA STORT VALLEY BRANCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

5. 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
fund
£
TOTAL FUNDS CARRIED FORWARD 148,144
6. STOCKS
Stocks
31.12.25
£
6,173
31.12.24
£
6,223
7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments
31.12.25
£
2,798
4,250
4,878
31.12.24
£
7,585
4,250
5,193
11,926 17,028
8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Taxation and social security
Other creditors
31.12.25
£
12,911
481
1,320
31.12.24
£
39,110
431
(328)
14,712 39,213
9. MOVEMENT IN FUNDS
Unrestricted funds
General fund
At 1.1.25
£
148,144
Net
movement
in funds
£
28,833
At
31.12.25
£
176,977
TOTAL FUNDS 148,144 28,833 176,977
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Incoming
resources
£
260,251
Resources
expended
£
(231,418)
Movement
in funds
£
28,833
TOTAL FUNDS 260,251 (231,418) 28,833

continued...

Page 11

RSPCA STORT VALLEY BRANCH

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

9. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At 1.1.24
£
Unrestricted funds
General fund
138,529
TOTAL FUNDS
138,529
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
257,927
TOTAL FUNDS
257,927
Net
movement
At
in funds
31.12.24
£
£
9,615
148,144
9,615
148,144
Resources
Movement
expended
in funds
£
£
(248,312)
9,615
(248,312)
9,615

10. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2025.

Page 12

RSPCA STORT VALLEY BRANCH

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025

31.12.25 31.12.24
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 14,486 2,907
RSPCA HQ contribution D2D 20,519 21,816
Other trading activities 35,005 24,723
Shop income 82,212 73,798
Shop recycling income - 866
Shop online sales 2,467 3,118
Investment income 84,679 77,782
Interest receivable - trading 4,108 4,266
Charitable activities
Income from charitable activities 136,459 151,156
Total incoming resources 260,251 257,927
EXPENDITURE
Raising donations and legacies
Insurance 1,114 359
Shop rates 1,139 746
Equipment not capitalised 1,058 255
Misc expenses/homing 1,176 787
Wages and salaries 43,386 43,256
Shop - general waste 340 504
Light and heat 1,612 3,512
Rent 18,417 16,717
Shop storage facility 2,881 2,608
Card and online sales fees 727 832
Charitable activities 71,850 69,576
Vet fees and drug costs 98,747 110,189
Boarding shelter costs 1,293 1,876
Medical and neutering costs 1,164 2,427
Clinic waste disposal (9) 1,534
External testing 4,754 3,957
Out of hours provisions 3,940 4,509
Rent 4,214 3,781
Wages 26,794 28,249
140,897 156,522

This page does not form part of the statutory financial statements

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RSPCA STORT VALLEY BRANCH

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025

31.12.25 31.12.24
£ £
Support costs
Other
Light and heat 1,050 1,742
PPS and telephone 3,109 3,376
Annual contribution 110 110
HR, H+S and security 2,507 2,747
Sundry 305 333
Repairs and servicing 1,438 558
Cleaning 157 178
IT and software support 943 666
Miscellaneous expenses 658 519
General waste 124 289
Bad debts 928 1,395
Bank, card and link charges 3,505 3,804
Governance costs 3,837 6,497
18,671 22,214
Total resources expended 231,418 248,312
Net income 28,833 9,615

This page does not form part of the statutory financial statements

Page 14