|||**Page no.**|
|---|---|---|
|**A**|**Chairman’s Statement**|**1**|
|**B**|**Festival Reports**|**2-5**|
|**C**|**Directors’ Annual Report**|**6-11**|
|**D**|**Independent Auditor’s Report**|**12-15**|
|**E**|**Statement of Financial Activities**|**16-17**|
||**(also summary income and expenditure report)**||
|**F**|**Balance sheet**|**18**|
|**G**|**Statement of Changes in Equity**|**19**|
|**H**|**Cash Flow Statement**|**20**|
|**I**|**Notes to the Financial Statements**|**21-36**|





## 

## 

## 



## 

## 

## 

## 

## 

## 



## 

## 

## 



## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 



## 

## 

## 

||**2020**|**2019**|
|---|---|---|
|**Income**|**£**|**£**|
|Ticket Sales|152,523|2,937,261|
|Sponsorship: Cash and in-kind|736,789|1,591,266|
|Grants and Donations - Trusts, Culture Recovery Fund and Others|1,752,683|749,697|
|Grant - Arts Council|421,480|213,551|
|In-kind Support||25,900|
|Patrons and Members|427,684|551,326|
|Miscellaneous|6,454|395,900|
|CF Productions ticket booking fee|2,108|69,644|
|**Total Income**|**3,499,721**|**6,534,545**|
|**Expenditure**|||
|Programme Costs|661,048|3,458,213|
|Fees and Salaries|1,533,175|1,755,032|
|Marketing and Sponsorship|226,453|454,962|
|Administration|247,877|770,654|
|Unwind of discount on interest free loans|(16,314)|15,810|
|**Total Expenditure**|**2,652,240**|**6,454,671**|
|**Movement in Reserves**|**847,481**|**79,874**|



## 



## 

## 

## 

## 

## 

## 



## 

## 

## 




## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 



## 



## 

## 



## 

## 

||**Note**|**Unrestricted**|**Restricted**|**Total**|Total|
|---|---|---|---|---|---|
||**No.**|**Funds**|**Funds**|**2020**|2019|
|||**£**|**£**|**£**|£|
|**INCOME AND ENDOWMENTS FROM:**||||||
|Donations and Legacies|2|2,154,392|312,937|**2,467,329**|1,380,915|
|Income from Charitable||||||
|Activities|5|291,973|-|**291,973**|3,491,528|
|Other Trading Activities|3|738,897|-|**738,897**|1,660,910|
|Investments|4|1,522|-|**1,522**|1,192|
|**TOTAL INCOME AND**||||||
|**ENDOWMENTS**||3,186,784|312,937|**3,499,721**|6,534,545|
|Raising Funds|6|514,183||**514,183**|776,386|
|Charitable Activities|7|1,843,430|310,941|**2,154,371**|5,662,475|
|**TOTAL EXPENDITURE**|8,9|2,357,613|310,941|**2,668,554**|6,454,671|
|**NET INCOMING RESOURCES**||829,171|1,996|**831,167**|95,684|
|Other gains/(losses)|10|16,314|-|**16,314**|(15,810)|
|**NET MOVEMENT IN FUNDS**||845,485|1,996|**847,481**|79,874|
|Total Funds brought forward at||||||
|31 December 2019||180,651|76,090|**256,741**|176,867|
|**Funds carried forward at**||||||
|**31 DECEMBER 2020**||1,026,136|78,086|**1,104,222**|256,741|





## 

## 

||**Note**|**Unrestricted**|**Restricted**|**Total**|Total|
|---|---|---|---|---|---|
||**No.**|**Funds**|**Funds**|**2020**|2019|
|||**£**|**£**|**£**|£|
|**INCOME AND ENDOWMENTS FROM:**||||||
|Donations and Legacies|2|2,154,392|312,937|**2,467,329**|1,380,915|
|Income From Charitable||||||
|Activities|5|291,973|-|**291,973**|3,491,528|
|Other Trading Activities|3|736,789|-|**736,789**|1,591,267|
|Investment Income|4|11,464|-|**11,464**|9,551|
|**TOTAL INCOME AND**||||||
|**ENDOWMENTS**||3,194,618|312,937|**3,507,555**|6,473,261|
|Raising Funds|6|357,258||**357,258**|528,838|
|Charitable Activities|7|1,878,230|310,941|**2,189,171**|5,941,552|
|**TOTAL EXPENDITURE**|8,9|2,235,488|310,941|**2,546,429**|6,470,390|
|**NET INCOMING RESOURCES**||959,130|1,996|**961,126**|2,871|
|Other gains/(losses)|10|16,895|-|16,895|(14,688)|
|**NET MOVEMENT IN FUNDS**||976,025|1,996|**978,021**|(11,817)|
|Total Funds brought forward at||||||
|31 December 2019||204,003|76,090|**280,093**|291,910|
|**Funds carried forward at**||||||
|**31 DECEMBER 2020**||1,180,028|78,086|**1,258,114**|280,093|





## 

## 

## 

|**F Balance Sheets**||||||
|---|---|---|---|---|---|
|||**Consolidated**||**Cheltenham **|**Festivals**|
||**Note**|**2020**|2019|**2020**|2019|
|||£|£|**£**|**£**|
|**Fixed Assets**||||||
|Tangible Assets|11|**75,653**|71,818|**74,730**|70,313|
|Investments|12|||**1**|1|
|||**75,653**|71,818|**74,731**|70,314|
|**Current Assets:**||||||
|Debtors|13|**436,026**|514,630|**597,303**|554,234|
|Cash in hand||**1,391,681**|826,061|**1,370,529**|792,486|
|||**1,827,707**|1,340,691|**1,967,832**|1,346,720|
|**Creditors: Amounts falling due**||||||
|**within one year**|14|**(667,499)**|(979,484)|**(652,810)**|(968,407)|
|**Net Current Assets**||**1,160,208**|361,207|**1,315,022**|378,313|
|**Total Assets less current**||||||
|**Liabilities**||**1,235,861**|433,025|**1,389,753**|448,627|
|**Creditors: Amounts falling due**||||||
|**after more than one year**|16|**(131,639)**|(176,284)|**(131,639)**|(168,534)|
|**Net Assets**||**1,104,222**|256,741|**1,258,114**|280,093|
|**Funds:**||||||
|**Unrestricted Funds:**||||||
|General Reserve|17|**1,026,136**|180,651|**1,180,028**|204,003|
|Total Unrestricted Funds||**1,026,136**|180,651|**1,180,028**|204,003|
|**Restricted Funds:**||||||
|Education Reserves|17|**78,086**|76,090|**78,086**|76,090|
|Total Restricted Funds||**78,086**|76,090|**78,086**|76,090|
|**Total Funds**||**1,104,222**|256,741|**1,258,114**|280,093|





## 

## 

## 

||**Restricted**|||**Total**|
|---|---|---|---|---|
||**Funds**|**Unrestricted **|**Funds**||
|**Consolidated**|**Education**||**Patrons**|**Restricted and**|
||**Reserves**|**General Reserve**|**Resilience**|**Unrestricted**|
||||**Fund**|**Funds**|
||**£**|**£**|**£**|**£**|
|Opening Balances at 1 January|76,090|180,651|-|256,741|
|2020|||||
|Surplus for the year|1,996|525,128|320,357|847,481|
|**Closing Balances at 31**|||||
|**December 2020**|**78,086**|**705,779**|**320,357**|**1,104,222**|



||**Restricted**|||**Total**|
|---|---|---|---|---|
||**Funds**|**Unrestricted **|**Funds**||
|**Cheltenham Festivals**|**Education**|**General Reserve**|**Patrons**|**Restricted and**|
||**Reserves**||**Resilience**|**Unrestricted**|
||||**Fund**|**Funds**|
|Opening Balances at 1 January|||||
|2020|76,090|204,003|**-**|280,093|
|Surplus for the year|1,996|655,668|320,357|978,021|
|**Closing Balances at 31**|||||
|**December 2020**|**78,086**|**859,671**|**320,357**|**1,258,114**|





## 

|**H Cash Flow Statement**||||||
|---|---|---|---|---|---|
||||**2020**||**2019**|
||**Note**|**£**|**£**|**£**|**£**|
|**Cash provided by**||||||
|**operating activities**|**19**||**668,038**||7,685|
|**Cash flows from investing activities**||||||
|**Interest income**||**1,522**||1,192||
|**Purchase of tangible fixed assets**||**(33,609)**||(59,594)||
|**Cash provided by/(used in ) investing**||||||
|**activities**|||**(32,087)**||(58,402)|
|**Cash flows from financing activities**||||||
|**Repayment of loans**|**(70,331)**|||(50,333)||
|**Cash provided by/(used in) financing**||||||
|**activities**|||**(70,331)**||(50,333)|
|**(Decrease)Zincrease in cash and cash equivalents in**||||||
|the year|||**565,620**||(101,050)|
|**Cash and cash equivalents at the beginning**||||||
|**of the year**|||**826,061**||927,111|
|**Total cash and cash equivalents at the end**||||||
|**of the year**|||**1,391,681**||826,061|





## 

## 

## 

## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 



## 

## 

## 

## 

||**2020**|2019|
|---|---|---|
|**Unrestricted Funds:**|**£**|£|
|Donations / Charitable Trusts|**753,917**|249,067|
|Culture Recovery Fund|**391,970**|-|
|Job Retention Scheme|**240 871**|-|
|Grants - Arts Council|**421,480**|213,551|
|In-kind Support|**-**|25,900|
|Patrons|**323,066**|327,977|
|Legacies|**8,000**|-|
|Education|**15,088**|63,790|
|**Total Unrestricted Funds**|**2,154,392**|880,285|
|**Restricted Funds**|**312,937**|500,630|
|**Total Donations and Legacies**|**2,467,329**|1,380,915|



## 

||**2020**|2019|
|---|---|---|
|**Unrestricted Funds:**|**£**|£|
|Donations / Charitable Trusts|**753,917**|249,067|
|Culture Recovery Fund|**391,970**|-|
|Job Retention Scheme|**240,871**|-|
|Grants - Arts Council|**421,480**|213,551|
|In-kind Support|**-**|25,900|
|Patrons|**323,066**|327,977|
|Legacies|**8,000**||
|Education|**15,088**|63,790|
|**Total Unrestricted Funds**|**2,154,392**|880,285|
|**Restricted Funds**|**312,937**|500,630|
|**Total Donations and Legacies**|**2,467,329**|1,380,915|





## 

|||**2020**|2019|
|---|---|---|---|
||**Unrestricted Funds:**|**£**|£|
||Sponsorship|**594,389**|1,324,186|
||Sponsorship-In-kind|**142,400**|267,080|
||Ticket Booking Fee|**2,108**|69,644|
||**Total Unrestricted Funds**|**738,897**|1,660,910|
||**Restricted Funds**|**-**|-|
||**Total Other Trading Activities**|**738,897**|1,660,910|
||**Income and Endowments from Other Trading Activities - Cheltenham **||**Festivals**|
|||**2020**|2019|
||**Unrestricted Funds:**|**£**|£|
||Sponsorship|**594,389**|1,324,187|
||Sponsorship-In-Kind|**142,400**|267,080|
||**Total Unrestricted Funds**|**736,789**|1,591,267|
||**Restricted Funds**||-|
||**Total Other Trading Activities**|**736,789**|1,591,267|
|**4 **|**Income and Endowments from Investments - Consolidated**|||
|||**2020**|2019|
||**Unrestricted Funds:-**|**£**|£|
||Bank interest|**1,522**|1,192|



## 

|||**2020**|2019|
|---|---|---|---|
|**Unrestricted Funds:-**||**£**|£|
|Bank interest||**1,522**|1,192|
|Interest on loan to CF Productions Limited||**9,942**|8,359|
|||**11,464**|9,551|
||25|||





## 

|**5 **|**Income and Endowments from Charitable Activities - Consolidated**|**Income and Endowments from Charitable Activities - Consolidated**||
|---|---|---|---|
|||**2020**|2019|
||**Unrestricted Funds:**|**£**|£|
||Box Office Ticket Sales|**152,523**|2,937,261|
||Commission|**6,306**|134,987|
||Memberships|**104,618**|223,349|
||Broadcast Fees|**-**|250|
||Programme Book|**-**|2,220|
||Other Income (see Note 6)|**28,526**|193,461|
||**Total Unrestricted Funds**|**291,973**|3,491,528|
||**Restricted Funds**||-|
||**Total Income and Endowments from Charitable Activities**|**291,973**|3,491,528|
|**5 **|**Income and Endowments from Charitable Activities - Cheltenham **||**Festivals**|
|||**2020**|2019|
||**Unrestricted Funds:**|**£**|£|
||Box Office Ticket Sales|**152,523**|2,937,261|
||Commission|**6,306**|134,987|
||Memberships|**104,618**|223,349|
||Broadcast Fees|**-**|250|
||Programme Book|**-**|2,220|
||Other Income (see Note 6)|**28,526**|193,461|
||**Total Unrestricted Funds**|**291,973**|3,491,528|
||**Restricted Funds**|**-**||
||**Total Income and Endowments from Charitable Activities**|**291,973**|3,491,528|





## 

## 

||**2020**|2019|
|---|---|---|
|**Unrestricted Funds:**|**£**|£|
|Salaries - Fundraising Team|**309,458**|293,764|
|Salaries - Box Office|**99,807**|146,904|
|Fundraising Team Expenses|**16,037**|52,646|
|Box Office Expenses|**57,118**|100,644|
|Other Expenditure|**31,763**|182,428|
|**Total Unrestricted Funds**|**514,183**|776,386|
|**Restricted Funds**|**-**|-|
|**Total Expenditure on Raising Funds**|**514,183**|776,386|



||**2020**|2019|
|---|---|---|
|**Unrestricted Funds:**|**£**|£|
|Salaries|**309,458**|293,764|
|Fundraising Team Expenses|**16,037**|52,646|
|Other Expenditure|**31,763**|182,428|
|**Total Unrestricted Funds**|**357,258**|528,838|
|**Restricted Funds**|**-**|-|
|**Total Expenditure on Raising Funds**|**357,258**|528,838|





## 

||**2020**|2019|
|---|---|---|
|**Unrestricted Funds:**|**£**|£|
|Fees & Salaries|**999,387**|1,196,512|
|Production|**384,897**|1,789,142|
|Artistic Programme|**26,188**|977,487|
|Administration|**183,975**|699,680|
|Marketing|**210,416**|402,316|
|CBC In-Kind Support|**-**|25,900|
|Education|**10,274**|39,013|
|Commissions|**9,433**|17,458|
|Programme Book|**-**|7,900|
|Audit Fee|**8,800**|8,904|
|Governance|**10,060**|21,183|
|**Total Unrestricted Funds**|**1,843,430**|5,185,495|
|**Restricted Funds**|**310,941**|476,980|
|**Total Expenditure on Charitable Activities**|**2,154,371**|5,662,475|



## 

||**2020**|2019|
|---|---|---|
|**Unrestricted Funds:**|**£**|£|
|Fees & Salaries|**999,387**|1,196,512|
|Production|**384,897**|1,789,142|
|Artistic Programme|**26,188**|977,487|
|Administration|**220,475**|736,179|
|Box Office Commission|**-**|243,481|
|Marketing|**210,416**|402,316|
|CBC In-Kind Support|**-**|25,900|
|Education|**10,274**|39,013|
|Commissions|**9,433**|17,458|
|Programme Book|**-**|7,900|
|Audit Fee|**7,100**|8,000|
|Governance|**10,060**|21,183|
|**Total Unrestricted Funds**|**1,878,230**|5,464,572|
|**Restricted Funds**|**310,941**|476,980|
|**Total Expenditure on Charitable Activities**|**2,189,171**|5,941,552|





## 

## 

## 

||**2020**|2019|
|---|---|---|
||**£**|£|
|Salaries|**1,304,409**|1,412,708|
|National insurance costs|**118,261**|128,970|
|Pension costs|**60,940**|65,936|
|**Total Staff Costs & Emoluments**|**1,483,610**|1,607,614|



|||**2020**|2019|
|---|---|---|---|
|£60,001|-£70,000|**1**|-|
|£70,001|-£80,000|**1**|1|
|||**2**|1|



## 

## 



## 

## 

|||**Unrestricted Funds**|**Unrestricted Funds**|||
|---|---|---|---|---|---|
|**Consolidated**|**Furniture and**||**Plant and**|**Computing**|**Total**|
|||**Fittings**|**Equipment**|**Costs**|**Tangible**|
||||||**Fixed Assets**|
|||**£**|**£**|**£**|**£**|
|**Cost**||||||
|As at 1 January 2020||33,201|46,981|556,585|636,767|
|Additions in year||-|-|33,609|33,609|
|**As at 31 DECEMBER**||||||
|**2020**||**33,201**|**46,981**|**590,194**|**670,376**|
|**Accumulated**||||||
|**Depreciation**||||||
|As at 1 January 2020||30,673|21,770|512,506|564,949|
|Charge for year||1,486|7,598|20,690|29,774|
|**As at 31 DECEMBER**||||||
|**2020**||**32,159**|**29,368**|**533,196**|**594,723**|
|**Net Book Value**||||||
|**As at 31 DECEMBER**||||||
|**2020**||**1,042**|**17,613**|**56,998**|**75,653**|
|As at 31 December 2019||2,528|25,211|44,079|71,818|
|**Cheltenham Festivals**||||||
|||**£**|**£**|**£**|**£**|
|**Cost**||||||
|As at 1 January 2020||20,622|46,981|361,610|429,213|
|Additions in year||-|-|33,609|33,609|
|**As at 31 DECEMBER**||||||
|**2020**||**20,622**|**46,981**|**395,219**|**462,822**|
|**Accumulated**||||||
|**Depreciation**||||||
|As at 1 January 2020||19,479|21,771|317,650|358,900|
|Charge for year||1,024|7,598|20,570|29,192|
|**As at 31 DECEMBER**||||||
|**2020**||**20,503**|**29,369**|**338,220**|**388,092**|
|**Net Book Value**||||||
|**As at 31 DECEMBER**||||||
|**2020**||**119**|**17,612**|**56,999**|**74,730**|
|As at 31 December 2019|__|1,143|25,210|43,960|70,313|





## 

## 

||**Consolidated**|**Consolidated**|**Cheltenham **|**Festivals**|
|---|---|---|---|---|
||**2020**|2019|**2020**|2019|
||**£ **|**£ **|**£ **|**£**|
|Investment in Subsidiary|-|-|11||
|**Market value at 31 December**|||**1**|**1**|
|**Historic cost at 31 December**|**-**||**11**||



|Investments comprise:-|||||
|---|---|---|---|---|
||**Consolidated**||**Cheltenham **|**Festivals**|
||**2020**|2019|**2020**|2019|
||**£**|£|**£**|£|
|Shares in CF Productions Limited|**-**|-|**1**|1|
|**Investments at 31 December**|**_________-**|-|**1**|1|



## 

||**Consolidated**|**Consolidated**|**Cheltenham **|**Festivals**|
|---|---|---|---|---|
||**2020**|2019|**2020**|2019|
||**£**|£|**£**|£|
|Payments in advance|**15,778**|25,542|**15,778**|25,542|
|Trade and other debtors|**420,248**|489,088|**419,326**|488,166|
|Inter-company debtor|**-**|-|**162,199**|40,526|
|**Total Debtors**|**436,026**|514,630|**597,303**|554,234|



## 

||**Consolidated**|**Consolidated**|**Cheltenham **|**Festivals**|
|---|---|---|---|---|
||**2020**|2019|**2020**|2019|
||**£**|£|**£**||
|Trade and other creditors|**258,092**|390,045|**251,996**|387,564|
|Deferred income (note 15)|**369,243**|503,420|**369,243**|503,240|
|Loans from individuals|**8,331**|50,334|**-**|42,000|
|Other taxes and social security costs|**31,833**|35,685|**31,571**|35,423|
|**Total Creditors**|**667,499**|979,484|**652,810**|968,407|





## 

## 

||**Consolidated**|**Consolidated**|**Cheltenham **|**Festivals**|
|---|---|---|---|---|
||**2020**|2019|**2020**|2019|
||**£**|**£**|**£**|**£**|
|Opening Balance at 1 January 2020|**503,420**|409,125|**503,420**|409,125|
|Amount released to Incoming Resources|**(503,240)**|(409,125)|**(503,240)**|(409,125)|
|Amount accruing during year|**369,243**|503,420|**369,243**|503,420|
|**Closing Balance at 31 DECEMBER 2020**|**369,243**|503,420|**369,243**|503,420|



## 

||**Consolidated **|**Consolidated **|**Cheltenham **|**Festivals**|
|---|---|---|---|---|
||**2020**|2019|**2020**|2019|
||**£**|£|**£**|£|
|Loans from individuals|**131,639**|176,284|**131,639**|168,534|



## 

## 



## 

## 

## 

||**Restricted**||||
|---|---|---|---|---|
||**Funds**|**Unrestricted **|**Funds**|**Total**|
|**Consolidated**||||**Restricted and**|
||**Education**|**General**|**Patrons**|**Unrestricted**|
||**Reserves**|**Reserve**|**Resilience**|**Funds**|
||||**Fund**||
||**£**|**£**|**£**|**£**|
|Opening Balances at 1 January|76,090|180,651|**-**|256,741|
|2020|||||
|Surplus / (Deficit) for the year|1,996|525,128|320,357|847,481|
|**Closing Balances at 31**|||||
|**December 2020**|**78,086**|**705,779**|**320,357**|**1,104,222**|
||**Restricted**||||
||**Funds**|**Unrestricted **|**Funds**|**Total**|
|**Cheltenham Festivals**||||**Restricted and**|
||**Education**|**General**|**Patrons**|**Unrestricted**|
||**Reserves**|**Reserve**|**Resilience**|**Funds**|
||||**Fund**||
||**£**|**£**|**£**|**£**|
|Opening Balances at 1 January|76,090|204,003|**-**|280,093|
|2020|||||
|Surplus / (Deficit) for the year|1,996|655,668|320,357|978,021|
|**Closing Balances at 31**|||||
|**December 2020**|**78,086**|**859,671**|**320,357**|**1,258,114**|





## 

## 

||**Restricted**||||
|---|---|---|---|---|
||**Funds**|**Unrestricted **|**Funds**|**Total**|
|**Consolidated**|||||
||||**Patrons**|**Restricted and**|
||**Education**|**General**|**Resilience**|**Unrestricted**|
||**Reserves**|**Reserve**|**Fund**|**Funds**|
||**£**|**£**|**£**|**£**|
|Tangible Fixed|||||
|Assets||75,653||75,653|
|**Current Assets**|||||
|Debtors||436,026||436,026|
|Cash in hand|219,186|852,138|320,357|1,391,681|
||**219,186**|**1,288,164**|**320,357**|**1,827,707**|
|**Creditors:**|||||
|**amounts falling**|||||
|**due within one**|||||
|**year**|(141,100)|(526,399)||(667,499)|
|**Net Current**|||||
|**Assets/(Liabilities)**|**78,086**|**761,765**|**320,357**|**1,160,208**|
|**Total Assets less**|||||
|**Current**|||||
|**Liabilities**|**78,086**|**837,418**|**320,357**|**1,235,861**|
|**Creditors:**|||||
|**amounts falling**|||||
|**due after one year**||(131,639)||(131,639)|
|**Total Net Assets**|**78,086**|**705,779**|**320,357**|**1,104,222**|





## 

## 

## 

||**Restricted Funds**|**Unrestricted Funds**|**Unrestricted Funds**|**Total**|
|---|---|---|---|---|
|**Cheltenham**|||||
|**Festivals**||**General**|**Patrons**||
||**Education**|**Reserve**|**Resilience**|**Restricted and**|
||**Reserves**||**Fund**|**Unrestricted Funds**|
||**£**|**£**|**£**|**£**|
|Tangible Fixed|||||
|Assets|-|74,730|**-**|74,730|
|Investments|-|1|**-**|1|
|||**74,731**|**-**|**74,731**|
|**Current Assets**|||||
|Debtors||597,303||597,303|
|Cash in hand|219,186|830,986|320,357|1,370,529|
||**219,186**|**1,428,289**|**320,357**|**1,967,832**|
|**Creditors:**|||||
|**amounts falling**|||||
|**due within one**|||||
|**year**|(141,100)|(511,710)||(652,810)|
|**Net Current**|||||
|**Assets/(LiabiIities)**|**78,086**|**916,579**|**320,357**|**1,315,022**|
|**Total Assets less**|||||
|**current liabilities**|**78,086**|**991,310**|**320,357**|**1,389,753**|
|**Creditors:**|||||
|**amounts falling**|||||
|**due after one year**||(131,639)||(131,639)|
|**Total Net Assets**|**78,086**|**859,671**|**320,357**|**1,258,114**|





## 

## 

||**2020**|2019|
|---|---|---|
||**£**|£|
|Net incomeZ(expenditure) before other recognised|||
|gains and losses|847,481|79,874|
|Interest (received)/paid (net of interest receivable)|(17,836)|14,618|
|Depreciation|29,774|28,994|
|(Increase)Zdecrease in debtors|78,604|(270,423)|
|(Decrease)Zincrease in creditors|(269,982)|154,622|
|Net cash provided by operating activities|668,038|7,685|