Charity r•glstratlon number 254881 Company reglstratlon nUM￿r 00906197 (England and Wal•s) THE ABBEYFIELD BARNARD CASTLE SOCIETY LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 THE ABBEYFIELD BARNARD CASTLE SOCIETY LIMITED LEGALAND ADMINISTRATIVE INFORMATION TnK¥tees Mrs L Bird Dr J lthilo Mr S patte￿ Mr S Bethdl C Davey {Appointed 16 O¢tober 2024) (Appointed 16 October 2024) Mrs MA8qtw r•tsry Mr8L Chaffty numb•r 254881 Company numb•r 0091>3197 R•glotsr•d offlcfr Abbeyfield H¢)u8e Galgate Barnard Castto Co Durham DL12 88L Ind•p•nd•nt •xamln•r Mr John Yarrtr4¥ FCA Ahen Syk8$ Audrt Limltad 5 Hon80n C108e s￿rth Church Entwprfse Pork BJ8WAud(land Co Durtwm OL148v THE ABBEYFIELD BARNARD CASTLE SOCIETY LIMITED CONTENTS Trustses, report Indepth￿ent examineV8 rewt Stslemont of financial acllviU88 statement of flnarod p08itson Note8 to the financ1* *a1omenl8 7-15 THE ABBEYFIELD BARNARD CASTLE SOCIETY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The trustee8, WtM> are a180 the dKectors th& Purpo￿ of cryny law. wesenl their annual report and IInar￿181 statements for the year ended 31 Mwth 2025. The Iln8n¢id 8tatements have beon wepared in wwdgnce the accounting pol￿eS 88t out in note 1 to th8 financSal Statements arKI comply wrth the Comp8nies Ac* 20C6 and 'Accounting and Reporting by Charib'ès.. Statement of R￿OrnMended Practice ap￿ica￿a lo thanb&$ pyeparing thdr accounts in accordance wth Finawal Rep)rting Slandard applleable in the UK and Ropublic ol IrelarKI IFRS 1021" (effective 1 JanLtary 2019). ObJoctlv•8 •nd •ctl¥Stl8s The objéctive of the charlty is to w>vide hou¥ing in Bwnard Casde In a¢Oxdar￿E V•ith thè 8im8 and prirKiplg8 of Iho Abbeyfield Society Limited lo wt*Jm r( 18 8ffi1iatsd. Abbe￿ekI House was purthased In 1968. This proparty was extended in 1973 vthhen the fcfflier surgery al th6 rear of the kyemises was acqulred. It has been a to pgrade thè hou88 to provide Iwgh qu81ty accommodatKffl vthl¢h meets Ihe awrati¢M of the resi¢Jgnts. The tru81ge$ have pald due r8gard to i58U8d by tho Chty Commiskn In d￿ldIng vthat acttvrtO88 the charty 8houkl undertake. A¢hl•v•m•nts and perfomwnc• Abbeyfield Hou88 had high levèls of occuparw during most of year. However, the third floor has bacom vacant. this together with tsvo other vacancw has impacted on the ¢)ver811 ¢*￿PanCY bevel. There have been hh3her bvel$ of ¥￿UlneS to WKI mwketlng initiatsv88 mor• promlnent slgn8ge outsid• the ￿lIa1ng. The bungalow8 have remoined at full occuparw throU￿0th the peri¢yJ and Iwe contrilxrt&J lo the pojilfve outtum al tha Ond of Ihg year. Planned and day to day maintenance, w88 cwried out including the installation of currwrt standard double gl8zing lo the annex corrfdor and subsewent upgradir¥J of the fire alarm infraStr￿#ur8. Repairs and up9rades have bean 8rried out where there has èeen some damp and ￿￿ter Ingress. In addition. a number of r88ponsive repair8 ha been carri•J out lo ￿th Abbeyfield House arKI the ￿ng81￿. The 80ci8ty generalty hos Itw staff turnover. However. a new manoyr wa$ appointed In Augu8t 2024 and ¥ nthv I￿uSekeeper in January 2025. There were no more new apph)Intments dwng this perKid. Slaff co¥ts We￿ 55% 01 income. This repre6ents an increa86 014% from the previous year and is the eon8equènc8 of salary I￿reaSO8 to thé higher liwng wage. Con80quentty. the trustse8 am raviewng 8laffiTrJ levels and W￿￿'r￿d practices. Abbeyfidd Ergland c&￿nu•S to prw'do onlne training and d•veWnenl supwrt for 5t8ff and trustees. The welfare of our re81derts Stsff 18 aNvoy8 a priorfty. have C¢￿InUed to ddrvgr c4lebrallon8 and events throughout the year which have received powlwe fe8dl)ack frc¥n residents. have volunteers Nvho visrt regularfy ¥th0 Spend time wth individual r8$iderrt8 report that it enhancès Ihelr well￿'n9. In line ￿th the Abbeyfield movement, we ha¥8 developed a more enhanced resldent feedback questlonnaire whkh was caftied ¢xrt May 2025. Resldents were ovethelming po8itNe about servlces. staff arKI welfare su&wt. The apwntrnent ollwo trustees was confim)ed October 21r24. Abbeyfield ErvJland has continued to develop it8 offeriro to affiliate Abteyfield soeiebe3. Sttiek8 have been able to contribute through ¢)nline working grwps and regular Onli￿ hubs enable societres lo discuss uJrTenl Issues and Strateg￿ matters. Local scoelies hold reguL4r f&e to IKe meetings which ￿ble managern and tfu*ges lo discu88 more operatlonal issues and give èach other suFP￿t. Our prroribas remain upw8ding tr* proF*. maintsining a high quality 8et¥ice, Ihg pr(xnotion of tho 8co8ty, allocation of vacant rooms. r￿urtment of trustees and vdurrteer5 and ensurlng economic w&)ility of th8 Society. THE ABBEYFIELD BARNARD CASTLE SOCIETY LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Fln•nclal rgvlow Full accounts are attthd lo this repcrt detailed ￿ the Statern￿ of Finoncial Aclivllie5, the 8Ur￿￿8 fc< the year amounl&J lo £19.55412024.. £31,103). No rastricled funds wgrg ￿Cthved dunng the year. Tr balance of restri￿ funds hold remain8 at £5,525. which 18 to be used towards the creation of a sensory garden for the enjoyment of our residents. Unreslrfctèd fijnds are r)eeded'. a) to cover administration 8nd support costs with[￿ *thich Ihe chority ci)uhJ rK* fvncti¢)n and,. b) to provrdo fvnds which be deS￿nated to SFeufic F￿018¢ts to enable these projects to b8 wbjertakon al short notKe. Free r8serye8 are unrestn'cted funds rK>t held as fvnctlon81 fixed assets. The Society aims to keep free ro8erv88 of •1 least 8ix morrth8' running eosts, which equatè to roughly £80.1M)O. Thi8 would cover any gaps in oc¢upancy or un￿80tn costs, shwld any of the Fxoperb"e3 require urgent repair work. The chanty had free res8rve8 of £128,042 at 318t March 202412024. £129,717). SurpluB l￿d5 *ill be u￿d lo fiJrther improv8 Ihe faalitles for our ro*dents. Plan• frar futurn p•rlod• 81 to cMJnue lo prov￿• houwn9 In Bamard Casile In x¢udgnce ￿1th the aim8 and PrfrKlP￿ of tho Abb&yfield Soclaty Ltd. bl lo work towards occupancy. ¢) lo conllnue improvements to Atsb•yf￿1d Hou8e to ￿Sure thal tt meéts the current aTh1 fLlur6 Med8 of our r•*derts. dl to effectively Inve* and ullllso our remalnSTrJ fvfyjs to ext￿￿ crtjr bxovision older peopkn In Bamard C•sUe. è) to develop the g8rd•n, courtyard spxts and I￿ old outside ollte ￿ik11ng for our ￿dentS to On￿. Siructur•• govornance and m*n•g•m•nt The Company was incorw)raled on 18th May 1967 for the provis•on arKI managemwrt of housin9, accommodall¢)n or o$9istanc8. including Providing aThJ maintainlng or assisting in provrdlng and malnlaining houses and homes. for the relief and care of eldedy persons sullèring fYrAn the disabilthe8 of old aga Gf ¢)theM3e being in need. 1118 a Company Llmlled ty Guarantee and Th)t having a sharo capital as set out in the CompaniesAct 2008. The Sodèty is managed by ts tru8teo8 vh) are 888lstod by a M￿ger. (*pJty m*wer, three htyAgke8pers, house 88¥islanl, a handyman and ￿uSe volunteers. The tru8toes and staff ernure that risks are morwtortsj WKI a88essed. Re￿8w9 of in$urable dsks undertaken regularfy. Systems have been est8￿0$h￿d to mrtNJale identsfjgd risk$ and exFert advth is taken vthere n8ces8ary. The trustses, who are also the threGtor8 for Ihe puw of company l*w, aThl v4ho 8erv&1 during the year and up to the dale of slgnature of th8 fKwnc￿I ststements ￿le". Mr8 L Blrd DrJ I￿rte Mr S Patters Mr8 C Parker Mr S Wwell Mrs C Davey Mr8 M Asquith IReslgn&J 16 October 20241 (Apwnted 16 Ottober 20241 (Apwinba 16 October 20241 THE ABBEYFIELD BARNARD CASTLE SOCIETY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2025 Th8 appcintment, inthKtion and Irardng of tru8teos is organlsed by the injstees as a body. trustees *ork d¢)6ely with more e¥pwlwJ tntslees to familrarise tr￿ls81¥e# V*ilh Iheir rde and lo h8V8 th￿r questions answered. The Soc* ut111605 the facilitres and de¥eknpThwrt cYp￿￿nI￿Os wowded by thè Abbefftld Soc4ety to supwt the devdopment of nffw aTra exK%ting trustee8. The trust￿ a¢t 8s a mwwgemént commrftee wN¢h al80 IrKaihles the man•ger, housekee￿ng manager and volunteers as appropriats. None of the trustee8 hav6 any ben8firy.al irrterest In the c<>mpany. All of the trust885 are members of the company and guarantee to ¢ontribute £1 in tho event of a ¥•indirwJ up. Small company pro¥l$lons Trus report h86 been prepared In acc￿da￿a with th8 wovlsions appli￿ to c(xnpthes tnfftled to the small companies exempb'on. The trusteos. rew1 wa8 8pwoved by Bo•d ofTnMtees. Mr8 L &'rd Tyustse Dale.. THE ABBEYFIELD BARNARD CASTLE SOCIETY LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ABBEYFIELD BARNARD CASTLE SOCIETY LIMITED I rep￿ to the trustees ￿ my axaninatNJn of the finanaol statements of The Abtwfield Bamard cost￿ Society Llmhed (the charity) the year ￿KIed 31 Marth 2025. R•8pon8lbllltle• •nd ba81• of w•port A¥ th8 trustees of the charity {and also its th'rectors for the purpose8 of cc4npany lawl ￿ we respJn8ible for the preparation of the finar￿￿ ststements in accorda￿9 ¥•ith the requirements ￿ the CrAnp8ni&s Act 21x6 (the 2006 H8Mng 8ati$fied my8eW that the fin￿￿101 818tements of the chan.ty arn rh)t r9qUi￿ to be audit&l under Part 16 01 the 2006 Act and are eligi￿e for independent examination. I report in resFect of my examinabon of the charity's financ￿1 slatements c8rrled out undér section 145 of the ChanlKg3 Act 2011 (the 2011 Act). In Garying out my gxaminatjon I have fc41owed all the 8pplicable Directions given ty the CIHnty CommisS￿)n under secllon 145151(b} of the 2011 Act. Ind•p•ndon¢ •xamln•ts •tat•meTrt I have completed my examinallon. I c￿fim) th8t no mottern h3ve come lo my attenllon In connection wth th• examinallon giving me cause to beliève that In 3ny matefial respect accounlirKJ r¢￿rdS were not kept In respect of tho ¢*arty as rwir&1 ty secuon 386 ofthg 2006Act,' or the flnancial statements (kn not acc￿￿ V•ith those records., or the Inanei81 stslemen18 do fyx ccynply *ith ts a¢¢uJnts"rg requirements of section 396 of the 20C6 Act othgr than ary r8quirement Ihal the accounts gi￿ a true and fair view wh￿h 18 not a mattor conshlered as part of an independènt ex8minatl¢)n," or th8 Ilnandal stslemenls have not bean weFwed In acctydance with the methods and ￿nCl￿e8 of thè Statement of Recommended Practice for acccMJnting arKI repth'ng by c*Tr8rrties applicable lo charltle8 preparing Ihdr accounts in acc¢xdaw w7th thè Financ￿1 ReP￿￿'ng Standwd awicable in the UK ar(1 RePu￿re of Irelarld (FRS 102). I have Tr) concems arKJ have coma a¢r088 no other matters in connection wlth the examlnation lo which attentlon should drawn in Ihls report In ordor lo enabk a prop8f understandirKJ of the financial 8talemenl8 to be reached. Mr John Yarrow FCA for and on b•hall of Allen Syk•g A4KlIt Llmlt•d 5 Henson C108e South ChLsrch Enlery)rlse Park 818hop Auckland Co Durham DL14 6WA 2/19/2 THE ABBEYFIELD BARNARD CASTLE SOCIETY LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unr•strlct•d Restrlcled funds funds 2025 2026 Total Unrestrkted R•strict•d funds lunds 2024 2024 Total 2025 2024 Incom• fn)m: Charflable aciivth8 In¥e81ments 163,628 24.556 163,828 24,556 150,700 22.758 1 $0,700 22,756 Total InGom• 188,184 188.184 173,458 173.458 Expendlturo on: Ra18ing fvTrJs Charitable actiwUè8 6,848 185,269 6,848 185.269 3,947 15S.832 3.947 155.832 Tot•1 •xp•ndltur• 192.117 192.117 159.779 159,779 Net gain81{1088881 on investments 11 23,487 23,487 17,424 17,424 N•t Incom• •Trd mov•m•nt In funds 19.554 19,554 31,103 31,103 R•conclllatlon of lund•: Fund balan￿5 at 1 Ayil 2024 758.488 5.525 784.013 727.385 S.525 732,910 Fund b•l•nc•• at 31 M•rch 2025 778.042 5.525 783.567 758.488 5,525 764,013 The statement of finanual activ￿.￿ Ir￿ud¢S all gain$ and1088as rwTh8ed In the year. ￿1 irKomo and oxpendtbjre de￿ve from continuing actlvth'es. Tho notes on page8 7 to 1 S form part ofthese fin•￿al ststements. THE ABBEYFIELD BARNARD CASTLE SOCIETY LIMITED STATEMENT OF FINANCIAL POSITION ASAT31 MARCH 2025 2026 2024 Flxed assets Tangib￿ as8et5 Inve$lm8nl property 13 14 126,089 523,911 128,347 500,424 650.000 urronl a•8•ts Debtors Cash 01 barA( arKI in h￿d 828,771 15 5,994 130,167 5.215 132,713 136.161 Cr•dltorn: •mounl• lalllng du• wlthln one year 137.928 16 {2.594) {2.688) N•1 curr•nt a•••ts 133.567 135.242 Totsl 88Mts1088 current lknbllltl•• 783,587 764,013 Net a88•ts •xGludlng ponslon Ilablllty 783,567 764,013 The funds ofthè ch4rlty Re8trlcted income lund8 Un￿strICted fiind8 18 5.525 778.042 5,525 758,488 783,567 764.013 The company Is entitled lo the èxemption frMI 8￿Jrt roqiiwnl Contar￿ in S￿li0n 477 of the Companl•s Act 20C6, for tha year ended 31 March 2025. The director8 aCknO￿edge Ihelr respor*iLxlities for compl￿ng with the r8quiremonts of the Comparles Act 2008 ￿speCt 10 8ceounting records and the preparth.on of fina￿la1 ststemenls. membors not requlred the company to obtain an au(lit of Its flnancial statements for the year in questlon in acwdance wrth seclron 476. Thè80 ffnanuo18tatements have been in ac(xirdan¢e witrt the p￿￿910n$ applicable to CfAnpanle8 8Lt)jecl to the small companies regime. The fin?￿1￿ statements apwoved by the Irustees on........ . .... . .... Mrs L Bird Trnsts• Comp8ny registration number 00906197 {EnglarKI arKI V4*s) THE ABBEYFIELD BARNARD CASTLE SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AIARCH 2025 Accounllng Charlty Infomiatlon The Atsèayfield 8amard Castt8 Sc4iety Llmrted is a prpiale c¢Ynp8Try limited by guarantea Incorptrated in England arvj ￿1•$. The registered office ￿ Abiwfidd H￿Se. Galgale, Bamard Casllg, Co Durt)8m, DL12 8BL. 1.1 Accountlng Convontlon The financial stslemenls have been prepared In a¢ordanee wth the Compan*s Act 20C6, FRS 102 ' Financial Reporting Standard appr1¢a￿e in the UK and Repubiic of IreLgnd' {'FRS 102.1 and thè Charities SORP 'Accounling and Reporting ty Charities.. Stslement of Recornmended Practice applicable lo chadtles prèparing their 8¢c¢wnts in Kcordance wilh the Flnancial Reporting StaThJard ap￿icable in the UK and Repu￿1¢ of Ireland {FRS 102). (effeth'vo 1 January 2019). Th8 chaiity is a pU￿1C Benefit Entity as d8fined by FRS 102. The charity ha8 taken athiantsge of the pThi8lons In Ihg SORP for chari118s not to prepar• a stat￿0nt C8sh Flows. The finandal statements are prepared In sterling, wthich 13 the hJrKtional currency of the ¢harity. Mon•t8ry amounts In the88 finanaal ytatemenls are rwnded lo the nearest £. The financlal statements hav6 been prepared und91 the hi8tfft81 cost eonvenb'on, mc¥Jified lo include th8 valu8tlon of investmeni propert￿8 at falr value. The principal a￿(mantIng Pol￿89 adopted are OLrt below. 1.2 Golng conc•m Al th8 ljme of approMr*J ￿ fln•Kid 818t•ments, tru8toes a re8•onablo exFect8tKJn that th• charrty ha8 8doquate r8source5 to conts'nue In OFernlonal exist8ncé for the forese8ats￿ fiJture. Thus the trL8tee8 continue to adopt the going con¢gm ba$18 of ac¢owting ￿ wepariry the finawal 8lat8m￿ts. 1.3 Charltabl• fund• Unrestricted fund8 ar• avail*Jle use at of the truste86 in fvrtherance of their charitable objective8. Re8tricted furKI8 ar• 6ubj.ed to 8peofic corKlitv)n8 ty donors or grantors as to th)w they may b8 used. The purposes and use8 of the re8lrKt&J fijnds are ￿t out in the notes lo ts financl818tatements. 1A In¢om• Income is rgcognisad when the charity * le9glly entrfJ•d to it aftw ary perfornwrth conditbn8 have been met, the amount8 con be mu8ur•d rdiably, and it is proballe that incfjmè wll b& reC￿ed. Cash thnalions arg re¢ognised cm rpcoipt. Oth8r wnised once thg chartty ha8 teen nots'fied of the donation, unless ￿rforManCe condttion$ require deferral of ts amount. Irwme tax rewverable In relalon to donati(￿5 rec8ived under Gift or deed5 of ￿venan1 is recogThs*J at the tsme of thè donation. Legaci88 are recognis&Y on receipt or otiwwi8e rf the eharity has been nOtif￿d of an impending di8tributi¢Jn, amount is known, and recwpl is expeded. If the amount is not kno￿. the legacy is treated as contingent as¥et. THE ABBEYFIELD BARNARD CASTLE SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AIARCH 2025 AGcountlng p￿1¢1 {Contlnuedl 1.6 Expenditure Expendrture is recognO8ed orKe thw8 is a legal or con8tnKtrve obllgalion to transfer economic benefit to third paty, it 1$ wobabk8 that a transfer of ￿￿Mi¢ benefits wll b8 required wi Se￿eMent. and the amount ol the obliga￿￿ can be mèasured r8liaUy. Expenditure is clas8ifi6d by activty. The costs of each xlr¥ty are mad8 up of the lotsl of dir&t cost$ and Shared Costs. includiro suppryt costs involvad In uThJertaking each adNtty. Direct costs attributable to 8 Single vKtivity are allccated directty to that thity. Shared costs thich contribute lo more than one activity and 8UPPOrt costs 4thich are not attributable lo a activity are appr*b'oned between thosè •ctivilie8 on a basls con813tent wrth the use of resources. C*Mtral Staff costs are allocated on th8 basis of time spent. aTrJ d•predalon charps are 811¢￿8￿ on th8 ofth8 as88Y8 uae. 1.6 T•nglbl• flx•d a•••i• Tangible ffixed 888Ots are Initkglly m¢a$urgd at C08t and sulxequentry mèawJr•d at cost or valuation, nat of dyreciation and any impaimenl l¢)$808. Deprwation 18 recognised so a8 to ¢)ff ￿ cost or valuatkjn ol assets le88 t￿r r￿IdUal values over thelr U8efvl lives on the Idlowiry ba8e8'. Fr¢thold land and buildings Flxture8, fittings & equipm8nt Office fumituro & 8quipment Not depreckqt8d 15% redwng bolanGe 40% rtryucing balar Freéhold wopertt68 ar• ncl depreciot¢d as th* mkdual val￿• are not conskl•rod to bo le88 than ¢08t. The gain cff loss ari&ng on the disposal of an asset is detemine4J as the dffierenGg be￿frn th8 68b proce&J8 8nd tho c￿￿n9 value of the asset. rwnised in the stat￿nent of finanad acts'Vrt￿$. 1.7 Investrnent prop•rty Investment propety. whlch 18 prcperty to e8m rentals vhllof c8pitsI appreciation, Is IntNaHy recognl8ed al cos[ whKh indudes the purchase cost and any directty attn'txrtatje expenditure. Sub8equèntly It18 measured •1 fair value at th• reportrwJ end datè. sur￿luS or d•fiot M revaluabon Is reccgnised in ofrt or1088. 1.8 Impalrment of flx•d amots Al each rewrts.ng end dale, Ihe charrty re¥iew5 the carying amouth of it8 tangl1￿• a88ets to dot8milr+e *￿th￿r there is any indicgtw Ihat those assets have suffered an impairTnent loss. If any such indicallon exists, the recoverable amount of the asset 1$ estimated in order lo d8termine tr* extgnl of the impgirment 108s Irf any). 1.9 Flnancthl Instruments The charity ha5 elected lo ar4)ty the prowslcffls of Sectron 11 'Ba￿C FinwA￿ Instrumenls. Section 12 'Other FinancAal Instrumenl$188ue5' of FRS 102 to dl of ts financial In8trum&rts. Financial instmments are recognis&J In the ¢hariVs balance sheet wt*n ts charity boccthe$ party lo the contractual provisions of the Instrum￿ Baslc financlal assets Basic financial assets, which include deL*ors arKI cash bank balances, are inttlalty measured at Iransackncfi price induding tr8nsath.on costs and are sub5equentty camed at amortised c081 using the effedve interest method unless the arr8r•Jement corotitutes a finarKary trans8th"on, where the transaction Is measured at the p￿sent value of the fijtura receipts discounted at a market rale of interast. Finanual assets d888ified as receN0￿e knryllin on8 year are not amNtised. THE ABBEYFIELD BARNARD CASTLE SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng P￿￿1*S IContlnu•dl BaJle Ilnancklliabillti•s 8a$ic finawal liabiliti68, ir￿l￿d1￿j creditors 8rKI bank bans ar8 Inibolty r8cognised at transaction priee unles8 the aryangemenl eonstithtes a financlng transact1c￿, where debt instrumonl 18 measured al the present value of the future payments disc(xJnted at a market r8te of interesL FinarKial liabllibes cla8wfied 88 payable within one year are not amortisad. Tradg crtdilors ara obl￿allonS to pay lor gcchts or that have been a¢quffed In the crtdinwy eoursa of QP8falions fr(Yn suppliers. Amwnts payalse are dassffieil as current liabllilies if payment is due within one yoar or less. If noL they are presenlad as Mn