THE HARRY AND KATIE POLLARD TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 DECEMBER 2023
Registered Charity Number 255080
Registered Charity No. 255080
THE"; HARRY AND KATIE POLLARD TRUST
CONTENTS
| Page | |
|---|---|
| Legal and administrative information | |
| Trustees' annual report | 2-3 |
| Statement of trustees' responsibilities | 4 |
| Independent Examiner's report | 5 |
| Statement of Financial Activities | 6 |
| Statement of Financial Activities for 2022 | 7 |
| Balance Sheet | 8 |
| Statement of Cash Flows | 9 |
| Notes to the Financial Statements | l0-15 |
THE' HARRY AND KATIE POLLARD TRUST
Registered Charity No. 255080
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees: | Mrs C Epsom (Chair) |
|---|---|
| MrMWoods | |
| Father Darren Smith | |
| Father Martin Ennis | |
| Mr R Morgan (appointed I May 2024) | |
| Father David Fisher (appointed I March 2024) | |
| Registered Office: | The Church Union |
| 16 Commercial Street | |
| Birmingham | |
| BI IRS | |
| Bankers: | Natwest Bank Pie |
| Shepherds Bush | |
| 25 Shepherds Bush Green | |
| London | |
| Wl2 8PR | |
| Investment Managers: | CCLA |
| Essex | |
| CM69DL | |
| Independent Examiner: | Nicholas Simkins FCA |
| Butts Farm | |
| Staffordshire | |
| STI8 0TF |
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Registered Charity No. 255080
For the year ended 31 December 2023
THE" HARRY AND KATIE POLLARD TRUST
TRUSTEES' ANNUAL REPORT
The Trustees present their annual report and financial statements of the charity for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply 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 (effective January 2019).
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Reverend Harry Pollard Trust is constituted under the terms ofa Will dated 25 February 1959. On 26 October 2008 the Reverend Harry Pollard Trust amalgamated, and the funds were transferred to the Mrs Katie Pollard Trust. On 20 March 2007 the Mrs Katie Pollard Trust changed its name to The Harry and Katie Pollard Trust. This Trust is constituted under a will dated 6 May 1952 and codicil dated 21 October 1953.
The Objects of the Trust were amended by Scheme dated 29 November 2022.
Our Trustees are appointed by the Council of the Church Union
OBJECTIVES AND ACTIVITIES
The object of the Charity is to apply the income for relief of inform, sick or aged persons who are retired clergy or any adult unmarried dependents of deceased clergy
The Charity meets these objects by giving grants.
PUBLIC BENEFIT
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities and that they remain committed to supporting individuals through grant-making. In considering such grants, the Trustees naturally look for demonstrable public benefit.
GRANT MAKING POLICY
The Charity has established its grant making policy to achieve its objects for the public benefit. Applications for grants are considered, with reference to the charity's objectives, on a case by case basis by the Board of Trustees. In 2023, I grant was made totalling £1,000 (2022 1 grant - £2,300).
FINANCIAL REVIEW
The year saw the charity generate net income of £35,817 (2022: £32,826 net income). Income arising on the investments held for restricted funds was wholly re-invested.
Unrealised gains arising from the investment portfolio in 2023 were £107,711 (2022: £161,685 loss)
The investment policy agreed and actioned in the past remained in place throughout the year. The Trustees are satisfied with the perfonnance of the portfolio having regard to the risk profile adopted.
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Registered Charity No. 255080
For the year ended 31 December 2023
THE HARRY AND KATIE POLLARD TRUST
TRUSTEES' ANNUAL REPORT (Continued)
RESERVES POLICY
The Trustees are aware of the Charity Commission requirement in regard to Reserves Policy and are satisfied that the level ofreserves currently held is warranted to enable them to maintain the objectives of the Charity.
The Trustees review regularly the level of reserves, and the underlying investments and the returns being received on these investments. At the 31 December 2023 unrestricted reserves amounted to£ I,325,404 (2022: £ l, 181,876). This represents several years' of ongoing expenditure. It is the policy of the Trustees to maintain at least one year's expenditure in unrestricted reserves.
The Trustees may pennit funds to be invested in such a manner as they see fit, provided that such powers if investment are only exercised for the purpose of attaining the objects of the Trust, and in a manner that is legally charitable. The Trustees· agreed Investment Policy is to maintain a balanced portfolio with medium risk.
GOING CONCERN
The Trustees consider that the level and nature of the financial reserves at 31 December 2023 does not impact upon the assumption that the organisation is a going concern.
KEY MANAGEMENT
The day to day management of the Charity is the responsibility of the Trustees.
RISK FACTORS
During the year the Trustees continued to monitor the major risk factors facing the Charity and they remain satisfied that existing systems and controls are sufficient to mitigate those risks. During the year under review the Charity maintained sound systems of internal financial control, including procedures for authorisation of all transactions projects. Such procedures are kept under on-going review in order to ensure that they meet the Charity's needs.
This report was approved by the Trustees on 14 October 2024 and signed on its behalf by
Mrs C Epsom - Chair
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Registered Charity No. 255080
For the year ended 31 December 2023
THE HARRY AND KATIE POLLARD TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
TRUSTEES' RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS
The Charity Trustees are responsible for preparing a Trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Charity Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the charity and financial infonnation included on the charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.
Approved by the Trustees on 14 October 2024 and signed on its behalf by
Mrs C Epsom - Chair
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Registered Charity No. 255080
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HARRY AND KATIE POLLARD TRUST
For the year ended 31 December 2023
I report to the trustees on my examination of the accounts of The Harry and Katie Pollard Trust (the Charity) for the year ended 31 December 2023.
This report is made solely to the charity's trustees, as a body, in accordance with Regulation 31 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent pennitted by law, I do not accept or assume responsibility to anyone other than the charity's trustees as a body, for my work, for this report, or for the statement I have made.
Responsibilities and basis for report
As the Charity Trustees of the 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 ofmy examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confinn that no material matters have come to my attention in connection with the examination giving me cause to believe:
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l. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements concerning the form and content of the 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.
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.
Nicholas Simkins FCA
Butts Fann Staffordshire ST18 0TF
I4 October 2024
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THE HARRY AND KATIE POLLARD TRUST
Registered Charity No. 255080
STATEMENT OF FINANCIAL ACTMTIES (Incorporating Income and Expenditure Account)
For the year ended 31 December 2023
| Note INCOME AND ENDOWMENTS FROM: Voluntary income: Income from investments 4 Total incoming resources EXPENDITURE ON: Charitable activities 5 Total resources expended Net income/(expenditure) before gains and losses on investments Unrealised (losses)/gains from investments 7 NET INCOMEI(EXPENDITURE) Reconciliation of funds Total funds brought forward Total funds carried forward |
Restricted Funds £ |
Unrestricted Funds £ Total Funds 2023 £ 38,309 38,309 |
Total Funds 2022 £ 36,540 |
|---|---|---|---|
| 38,309 38,309 |
36,540 | ||
| 2,492 2,492 |
3,714 | ||
| 2,492 2,492 ===== ======= |
3,714 ==== |
||
| ==== | 35,817 35,817 ===== ======= 107,711 107,711 |
32,826 | |
| (161,685) | |||
| 143,528 143,528 |
(128,859) | ||
| 1,181,876 1.181,876 |
1,310,735 | ||
| === | 1,325,404 1,325,404 === ===== |
1,181,876 |
The notes on pages I O to 15 fonn part of these financial statements.
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Registered Charity No. 255080
THE HARRY AND KATIE POLLARD TRUST
STATEMENT OF FINANCIAL ACTIVITIES (Incorporating Income and Expenditure Account)
For the year ended 31 December 2022 (for comparative purposes)
| Note INCOME AND ENDOWMENTS FROM: Voluntary income: Income from investments 4 Total incoming resources EXPENDITURE ON: Charitable activities 5 Total resources expended Net income/(expenditure) before gains and losses on investment!> Unrealised (losses)/gains from investments 7 NET INCOME/(EXPENDITURE) Reconciliation of funds Total funds brought forward Total funds carried forward |
Restricted Funds £ |
Unrestricted Funds £ 36,540 |
Total Funds Total Funds 2022 £ 2021 £ 36,540 35,114 |
|---|---|---|---|
| 36,540 | 36,540 35,114 === 3,714 7,914 |
||
| 3,714 | |||
| ===== | 3,714 | 3,714 7,914 |
|
| 32,826 ==--=== (161,685) |
32,826 27,200 === (161,685) 152,679 |
||
| (128,859) | (128,859) 179,879 |
||
| 1,310,735 | 1,310,735 1,130,856 |
||
| 1,181,876 | 1,181,876 1,310,735 ===== |
The notes on pages 10 to 15 form part of these financial statements.
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Registered Charity No. 255080
THE HARRY AND KATIE POLLARD TRUST
BALANCE SHEET For the year ended 31 December 2023
| FIXED ASSETS Note Investments 7 CURRENT ASSETS Cash at bank and in hand 8 CREDITORS:Amounts falling due within one year 9 Net current assets Net assets FUNDS Unrestricted funds 11 |
2023 £ £ 1,285,038 41,116 41,116 (750) 40,366 1,325,404 1,325,404 1,325,404 ======= |
2023 £ £ 1,285,038 41,116 41,116 (750) 40,366 1,325,404 1,325,404 1,325,404 ======= |
2022 £ 20,305 |
£ I.162,327 19,549 |
|---|---|---|---|---|
| 20,305 (756) |
||||
| 1,325,404 1,325,404 1,325,404 ======= |
1,181,876 | |||
| 1,181,876 | ||||
| l, l 81,876 ======= |
The notes on pages 10 to 15 form part of these financial statements.
ln accordance with section 145 of the Charities Act 2011, the charity is exempt from the requirement for an audit. The constitution does not require the charity to obtain an audit of its accounts for the year in question; the exemption from audit has therefore been claimed
The financial statements were approved by the Trustees on 14 October 2024
Mrs C Epsom (Chair). r
...................................................
Fathe, Damn Smith (Trustee ............. ..,0..":'.:::::..... ........
Registered Charity No. 255080
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Registered Charity No. 255080
THE HARRY AND KATIE POLLARD TRUST
STATEMENT OF CASHFLOWS
For the year ended 31 December 2023
| Note Cash flows from operating activities: Net cash provided by/(used in) operating activities 13a Net cash provided by/(used in) operating activities Cash flows from investing activities: Dividends and interest from investments Purchase of investments Net cash provided by/(used in) investing activities Change in cash and cash equiulents in the reporting period Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the reporting period 13b |
2023 £ (2,498) |
2022 £ (3,648) |
|
|---|---|---|---|
| (2,498) ==== 38,309 (15,000) |
(3,648) ======= 36,540 (25,000) |
||
| 23,309 20,811 20,305 41,116 |
11,540 | ||
| 7,892 | |||
| 12,413 20,305 |
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Registered Charity No. 255080
THE HARRY AND KATIE POLLARD TRUST
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
I. CIU.RITY INFOR.l'\1ATION
The Harry and Katie Pollard Trust is a charity registered in England and Wales No. 255080. The registered office is 16 Commercial Street, Binningham, Bl IRS.
2. ACCOUNTING POLICIES
a) BASIS OF PREPARATION
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic oflreland (FRS 102) (effective January 2019) and the Charities Act 2011. The functional and presentational currency is GBP and the accounts are rounded to the nearest £1.
b) L COME RECOGNITION
All income is recognised once the charity has entitlement to the income. it is probable that the income will be received and the amount of income recei,·able can be measured reliably.
c) PREPARATION OF THE Fl.'.\A.'."CIAL STATEMENTS ON A GOING CONCERN BASIS
The financial statements ha\'e been prepared on a going concern basis. The charity has achieved an operating surplus in 2023 including changes in the market value of investments.
At 31 December 2023. net assets amounted to £1,325,404 which included £41,116 in the bank and an investment portfolio with a market value of £1.285,038. It is recognised that the market value of the investment portfolio may fluctuate in the next year which may affect the overall level of reserves.
The Trustees consider that the level and nature of the financial reserves at 31 December 2023 does not impact upon the assumption that the Charity is a going concern.
d) RESOURCESEXPE DED
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 settlement will be required and the amount of the obligation can be measured reliably.
Expenditure is charged on the accruals basis.
Expenditure included in charitable activities comprises costs of promoting and supporting the objects of the charity. Grants are charged at the point a commitment is made by the Trustees and in the case of ongoing support when there is an expectation by the grantee that a grant will be received.
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Registered Charity No. 255080
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 December 2023
THE HARRY AND KATIE POLLARD TRUST
e) INVESTMENTS
Investinents are a fonn of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Trust does not acquire options, derivatives or other complex financial instruments. The main fonn of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of im·estors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
f)
INVESTMENT GAINS A. D LOSSES
All gains and losses are taken to the Statement ofFinancial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities
g) FINANCIAL INSTRUMENTS
The charity only has financial assets and financial liabilities of a kind that clearly qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Financial Activities.
h) JUDGMENTS IN APPLYING ACCOUNTING POLICIES M"D KEY SOURCES OF ESTIMATION UNCERTAINTY
In preparing the Financial Statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
There are no key assumptions or other sources of estimation that have a significant risk of causing a material adjustment to the carrying values of assets and liabilities within the next financial year.
THE HARRY AND KATIE POLLARD TRUST
Registered Charity No. 255080
For the year ended 31 December 2023
NOTES TO THE FINANCIAL STATEMENTS (Continued)
3. RELATED PARTY TRANSACTIONS AND KEY MANAGEMENT PERSONNEL
The key management personnel of the Charity are the Trustees. The Charity's policy is not to remunerate Trustees other than reimbursement for expenses incurred. There were no staff costs incurred in the year.
During the year £742 (2022 - £658) was reimbursed for travel cost expenses to 6 Trustees {2022 - 5).
There were no outstanding balances due to or from Trustees at the year-end (2022 - nil).
Father Darren Smith and Father Martin Ennis are both Trustees of the Church Union. The Church Union acts as custodian trustee of the CCLA investment portfolio of the Charity (note 12).
There were no payments made to the Church Union in the year (2022: £nil).
4. INVESTMENT l COME
| 4. INVESTMENT l COME |
|||||
|---|---|---|---|---|---|
| Dividends and bank interest 5. CHARITABLE ACTIVITIES Grants Trustee travel expenses Independent examination |
2023 £ 38,309 38,309 2023 £ 1,000 742 750 2,492 |
2022 £ 36,540 |
|||
| 36,540 2022 £ 2,300 658 756 3,714 |
|||||
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THE HARRY AND KATIE POLLARD TRUST
Registered Charity No. 255080
For the year ended 31 December 2023
NOTES TO THE FINANCIAL STATEMENTS (Continued)
6. INDEPENDENT EXAMINER'S REMUNERATION
The Independent Examiner's remuneration was £750 (2022: £756) for the preparation and examination of the accounts.
7. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| CCLA | |
| Investments | |
| Market value at l January 2023 | 1,162,327 |
| Unrealised (Losses)/ gains in the year | 107,711 |
| Additions | 15,000 |
| Market value at 31 December 2023 | 1,285,038 |
| Historical cost at 31 December 2013 £715,243 | |
| MarketvalueatI January 2022 | 1,299,012 |
| Unrealised (Losses)/ gains in the year | (161,685) |
| Additions | 25,000 |
| Market value at 31 December 2022 | 1,162,327 |
Historical cost at 31 December 2022 £700,243
8. CASH AT BANK
| ASH AT BANK | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Bank accounts | 19,541 | 20,305 |
| CCLA Deposit account | 21,575 | |
| 41,116 | 20,305 |
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Registered Charity No, 255080
THE HARRY AND KATIE POLLARD TRUST
'.'lOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 December 2023
9. CREDITORS: Amounts falling due within one year
| REDITORS: Amounts falling due within one year | |||
|---|---|---|---|
| Accruals | 2023 2022 £ £ 750 756 750 756 |
||
| IO. A |
=== NALYSIS OF NET ASSETS BETWEEN FUNDS 2023 2022 £ £ Investments 1,285,038 1,162,327 Current assets 41,116 20,305 Creditors: amounts falling due within one year (750) (756) 1,325,404 1,181,876 |
IO. ANALYSIS OF NET ASSETS BETWEEN FUNDS
11. FUNDS RECONCILIA TIO
| Unrestricted Funds | Balance at Incoming IJan 2023 Resources 1.181,876 38,309 1,181,876 38,309 ----- |
Outgoing Investments Resources gains/(losses) (2,492) 107,711 |
Balance at 31 Dec 2023 1,325.404 |
|---|---|---|---|
| (2,492) 107,711 ===== ======= |
1,325,404 |
12. FUNDS HELD BY A THIRD PARTY
The Trustees of the Church Union act as custodian trustees for the Harry & Katie Pollard Trust. The market value of the portfolio at the year end was £1,285,038 (2022: £1,162,327).
The portfolios are held only in the capacity of custodian trustee, they are not reflected in the.Balance Sheet or Statement of Financial Activities of the Church Union.
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THE HARRY AND KATIE POLLARD TRUST
Registered Charity No. 255080
NOTES TO THE FINANCIAL STATEMENTS (Continued)
For the year ended 31 December 2023
| 13. NOTES TO THE CASH FLOW STATEMENT a. Reconciliation of net income/(expenditure) to net cash flow from operating activities Reconciliation of net income/( expenditure) for the reporting period (as per the statement of financial activities) Adjustments for: Losses/(Gains) on investments Dividends and interest from investments Increase/(decrease) in creditors Net cash (used in) operating activities b. Analysis of cash and cash equivalents Cash at bank and held in invesnnents Total cash and cash equivalents |
2023 £ 143,528 (107.711) (38,309) {6) |
2023 £ 143,528 (107.711) (38,309) {6) |
2022 £ (128,859) 161,685 (36,540) 66 |
2022 £ (128,859) 161,685 (36,540) 66 |
|
|---|---|---|---|---|---|
| (2,498) 2023 £ 41,116 |
(3,648) 2022 £ 201305 |
||||
| 41,116 | 20,305 |
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