## **Annual Report**
**Registered charity number 276264 Year ended 30 June 2023**
## CONTENTS
1. Reference and administrative information
2. Report of the trustees
3. Structure, governance and management
4. Independent examiners’ report
5. Financial information
2
REFERENCE AND ADMINISTRATIVE INFORMATION
**Council of Trustees** (as at 30 June 2023)
Dr. James Thompson (Chair) Amalia Cebreiro Sir Paul Lever Michael Stephen (Vice-Chair) Ian Henderson Marina Murray Michael Bach Dr. Sarah Ingham Julian Turner Martyn Baker Christopher Lenon David Waddell
## **Principal professional advisers**
The Chelsea Society’s principal professional advisers include the following:
## **Bankers**
Metro Bank PLC, One Southampton Row, London WC1B 5HA Barclays Bank PLC, 1 Churchill Place, London E14 5HP
## **Independent examiner**
Angela Ktistakis, GMAK Chartered Accountants, 5-7 Vernon Yard, London W11 2DX
## **Solicitors**
Cripps LLP, 2nd Floor, 80 Victoria Street London SW1E 5JL
**Leadership team** (as at 30 June 2023)
Chairman: Treasurer: Planning: Website, Bulletins and Instagram: Annual report: Events:
Dr. James Thompson Christopher Lenon Sir Paul Lever Michael Stephen Sarah Ingham Gaye Murdoch
## **Principal office**
30 Paradise Walk, Chelsea, London SW3 4JL
## **Contact details**
T: 07860 911 589 E: enquiries@chelseasociety.org.uk
W: www.chelseasociety.org.uk
CORPORATE DIRECTORY 3
## REPORT OF THE TRUSTEES
The Trustees present their report, together with financial statements, for the year ended 30 June 2023.
The beneficiaries of the Charity are those who live, study, or work in Chelsea, as well as those who visit Chelsea, own property in Chelsea, or benefit from Chelsea in any other way. The Society regards Chelsea as an asset of national importance.
## **Trustees**
The members of the Council of the Society are the Trustees for the purpose of charity law, and throughout this report are collectively referred to as the Trustees.
The Trustees serving during the year and up to the date of approval of the financial statements were as follows:
Dr James Thompson Michael Stephen Michael Bach Martyn Baker Amalia Cebreiro Fleur de Villiers (resigned 07/02/2023) Dr. Sarah Ingham Ian Henderson (appointed 02/11/2022) Christopher Lenon Sir Paul Lever Marina Murray (appointed 02/05/2023) Julian Turner David Waddell
## **Trustee induction and training**
All Trustees are advised to read the guidance on the Charity Commission’s website at https://www.gov.uk/topic/running-charity/Trustee-role-board.
New Trustees take part in an informal induction process. New guidance and good-practice information from the Charity Commission is communicated to Trustees.
## **How we raised and spent the Society’s money in 2022/2023**
## **Income**
Total income decreased by £9,039 to £30,345 in 2022/2023 (2021/2022: £39,384). This income derives principally from membership fees, event income, advertising, interest and Gift Aid from HMRC.
Membership fees were up last year at £21,411 (2021/2022: £20,989), Gift Aid income decreased to £1,241 (2021/2022: £2,655) and donations decreased to £500 (2021/2022: £7,692). A detailed analysis of income is shown in the consolidated Statement of Financial Activities (SOFA) and Notes 2, 3 and 5 to the accounts.
REPORT OF THE TRUSTEES 4
## REPORT OF THE TRUSTEES
## **Expenditure**
The Statement of Financial Activities (SOFA) shows the analysis of charitable activities split between development, fundraising, event, support and governance costs. Total spending on charitable activities, at £27,783 (2021/2022: £24,468), representing a 13.6% increase, primarily due to higher newsletter and inflationary costs.
## **Events**
The Society organises public meetings, lectures, internal meetings, and visits to places of interest. Further details of event profitability are set out in Note 5.
## **General Data Protection Regulation (GDPR)**
From 25 May 2018, data-processing in the EU has been governed by the General Data Protection Regulation 2016/679 (“GDPR”), which replaced the UK Data Protection Act 1998, and has implications for all organisations which control and process personal data.
The Chelsea Society holds on computer the name and address, and in some cases also the e-mail address and telephone number, of its members (all of whom are adults), and records whether the member has made a valid Gift Aid declaration. The Data Controller is the Chairman of the Society but any request for information about data, or for any amendment or deletion, is dealt with by the Membership Secretary, acting on behalf of the Data Controller.
The Society does not share any information with third parties except in compliance with Article 28 of GDPR, regarding the legal conduct of processing of information. The Society has always published the names (but not addresses) of its members in its Annual Report.
A Data Protection notice has been placed on the website at http://chelseasociety.org.uk/join-us-2/. Members are advised that they have a statutory right of complaint to the Information Commissioner.
REPORT OF THE TRUSTEES
5
## STRUCTURE, GOVERNANCE AND MANAGEMENT
## **GOVERNANCE**
The management of the registered charity (No. 276264) and its assets is vested in the Trustees. The Charity is governed by its current constitution, adopted on 21 November 2016.
Article 4 of the Constitution provides that there shall be a Council of the Society which shall comprise Elected Councillors, Co-opted Councillors, and Officers. Elected Councillors shall be elected to be Members of Council by Members of the Society at a General Meeting, and at any time there shall be no more than twelve Elected Councillors. The Council may by resolution co-opt further persons to be Members of Council. The term of each appointment shall be such as may be determined by resolution of Council but not exceeding one year. At any time, there shall normally be no more than four Co-opted Councillors.
The Council is required to appoint appropriate persons to the offices specified in Article 5 and on such appointment such persons shall be Members of Council for the duration of their terms of office. The specified offices are Chairman, Vice-chairman; Secretary, Membership Secretary, and Treasurer.
## **OBJECTIVES AND ACTIVITIES**
Much has changed in the world since The Chelsea Society was established in 1927 but it remains grounded in a commitment to preserve and improve the amenities of Chelsea for the public benefit.
We implement this commitment through, lectures, exhibitions, publications, events, campaigns fundraising activities and appeals, and by making representations to the proper authorities. We will further preserve and improve the amenities of Chelsea by encouraging interest in the history and traditions of Chelsea, focusing on architecture, town planning and civic design, the planting and care of trees and the conservation and proper maintenance of buildings and open spaces, and the abatement of nuisances.
The Trustees hold the charitable funds, and apply the income, and at their discretion, the capital, for any charitable purposes for which the Society is established. The receipt given for donations and legacies states that the funds will be used for the general purposes of the Charity, unless the Society accepts a donation for a special purpose which is stated by the donor and confirmed in the receipt given.
## **RISK MANAGEMENT**
The Trustees have overall responsibility for ensuring that the Society has an appropriate system of controls, financial and otherwise. Systems of financial control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss.
The Trustees carry out an annual review of the following categories of risk; governance and management, operational, external factors and compliance with laws and regulations. The Trustees will identify the primary risks applicable to the Society in each category and develop action plans to mitigate the risks identified.
## **ACHIEVEMENTS**
During the year, the Society’s funds supported a wide range of charitable activities in and relating to Chelsea for the public benefit, and are reported in the Chairman’s report to members at the AGM, which is also published in the Society’s Annual Report.
## **FINANCIAL REVIEW**
The Society derives its main income from Members’ subscriptions. Lectures and visits also make a contribution, together with some donations, legacies and Gift Aid receipts.
Net increase in funds in the year was £2,562 (2021/2022: £14,916). Funds carried forward at the year end totalled £91,746.
Cash and cash equivalents at the year-end was £75,899 (2021/2022: £103,934).
## **Reserves policy**
The Trustees have established a policy that the unrestricted funds not committed or invested in fixed assets should be approximately £40,000, which is the cost of a major exhibition. This is considered prudent since the reserve also protects the Society from any legal challenges against it on planning matters, and enables it to pay for legal advice on planning and other matters. At present the free reserves are slightly above target, but future plans for charitable activities in schools and for an architecture and photography prize will reduce the reserves.
STRUCTURE, GOVERNANCE AND MANAGEMENT
6
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Society has in the past organised public exhibitions, and for future exhibitions advice will be taken as to whether the Society could benefit from Museums and Galleries Tax Relief granted by Schedule 6 of the Finance (No.2) Act 2017, also as to whether the Society is entitled to VAT relief on purchases of goods or services.
## **PLANS FOR FUTURE PERIODS**
The Society intends to contribute to school prizes and projects, as well as architectural competitions, and to monitor and if thought fit oppose, planning applications. A major exhibition will also be held within the next three years.
## **STATEMENT OF TRUSTEE’S RESPONSIBILITIES**
The Trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Society and enable them to ensure that the financial statements comply with the Charities Act 2011; the Charity (Accounts and Reports) Regulations 2008/629 (Regulation 8); and the provisions of the Society’s Constitution. They are responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year, and in preparing these financial statements the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities Statement of Recommended Practice (SORP) http://www.charitysorp.org/;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on a going-concern basis unless it is inappropriate to assume that the Charity will continue in operation.
## **PUBLIC BENEFIT STATEMENT**
Charity Trustees have a duty to report in their Annual Report on their Charity’s public benefit, and they should be clear about what benefits are generated by the activities of the Charity. The benefits must be related to the objectives of the Charity. The Trustees consider that The Chelsea Society meets the public benefit requirements, and they confirm that they have taken into account the guidance contained in the Charity Commission’s general guidance on public benefit published at https://www.gov.uk/government/collections/charitable-purposes-andpublic-benefit.
Approved by the Trustees on 1 November 2023 and signed on their behalf by:
Dr James Thompson Chairman
1 November 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
7
## INDEPENDENT EXAMINERS’ REPORT
## **Independent examiner’s report to the Trustees of The Chelsea Society**
I report on the accounts of The Chelsea Society for the year ended 30 June 2023 which are set out on pages 9 to 16.
## **Respective responsibilities of Trustees and Independent Examiner**
The Charity’s Trustees are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this year under section 144(2) of the Act, but that an independent examination is needed under section 145 (1)(a).
It is my responsibility to:
- (i) examine the accounts under section 145(1)(a) of the 2011 Act;
- (ii) to follow the procedures laid down in general Directions given by the Charity Commission under section 145(5)(b) of the Act; and
- (iii) to state whether particular matters have come to my attention.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with the general directions given by the Charity Commission and published at the following location:
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/672779/CC32Independent_examination_of_charity_accounts.pdf.
The examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the Trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view,’ and the report is limited to those matters set out in the statement below.
## **Independent examiner’s statement**
No matter has come to my attention:
- (1) which gives me reasonable cause to believe that in any material respect the following requirements of the Act have not been met:
- to keep accounting records in accordance with section 130 of the Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements, or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Angela Ktistakis ACA, FCCA For and on behalf of GMAK Chartered Accountants 5-7 Vernon Yard, London W11 2DX
2 November 2023
INDEPENDENT EXAMINERS’ REPORT
8
## FINANCIAL INFORMATION
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2023**
|**TATEMENT OF FINANCIAL ACTIVITIES**
**OR THE YEAR ENDED 30 JUNE 2023**||
|---|---|
|**Note**
**Income and endowments**
Donations and legacies
2
Other trading activities
3
Investment income
**Total income**
**Expenditure**
Charitable activities
4
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds**
Funds brought forward at 1 July 2022
**Funds carried forward at 30 June 2023**|**Total Funds**
**Total Funds**
**2023**
**2022**
**£**
**£**
23,152
31,336
7,193
7,956
−
92|
||30,345
39,384|
||27,783
24,468|
||27,783
24,468|
||2,562
14,916
89,184
74,268|
||**91,746**
**89,184**|
There is no material difference between the net income/(expenditure) above and the historical cost equivalent. All activities are continuing.
The notes on pages 11 to 16 form part of these financial statements.
THE CHELSEA SOCIETY ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023
9
## FINANCIAL INFORMATION
## **STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2023**
|**TATEMENT OF FINANCIAL POSITION**
**S AT 30 JUNE 2023**||
|---|---|
|**Note**
**Current assets**
Cash at bank and in hand
Investments
8
Debtors
9
**Current liabilities**
Creditors due within one year
10
**Net assets**
**Funds of the charity:**
General funds
**Total charity funds**|**2023**
**2022**
**£**
**£**
75,899
103,934
35,000
−
2,500
6,560|
||113,399
110,494|
||(21,653)
(21,310)|
||91,746
89,184|
||91,746
89,184|
||**91,746**
**89,184**|
The notes on pages 11 to 16 form part of these financial statements.
The financial statements on pages 9 to 10 were approved by the Trustees on 1 November 2023 and signed on their behalf by:
Dr James Thompson Chairman Charity No. 276264
1 November 2023
THE CHELSEA SOCIETY ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023
10
FINANCIAL INFORMATION
## **NOTES ON THE FINANCIAL STATEMENTS**
## **1. ACCOUNTING POLICIES**
## **(a) Basis of preparation**
These accounts have been prepared in accordance with Financial Reporting Standard 102 – ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (‘FRS 102’) and with the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ FRS 102 as revised in 2015 (the ‘SORP 2015’), together with the reporting requirements of the Charities Act 2011.
The Trustees have chosen to adopt the Update Bulletin 1 issued by the Charities Commission on 2 February 2016 which exempts the charity from the need to prepare a Statement of Cash-flows.
The financial statements have been prepared on the historical-cost convention.
The accounts have been prepared on the going-concern basis. There are no material uncertainties in respect of the charity’s ability to continue as a going-concern for the foreseeable future, based on latest strategic plans and financial budgets.
The accounting policies have been applied consistently throughout the accounts and for the prior year.
## **(b) Fund accounting policy**
Unrestricted income funds are general funds that are available for use at the Trustees’ discretion in furtherance of the objectives of the charity. The Charity is a public benefit entity.
## **(c) Income and endowments**
Income is recognised in the period in which entitlement is established, when economic benefit is probable (but not virtually certain), and the value can be measured reliably.
## **(d) Donations and legacies**
Donations of cash, which include regular giving, public donations and appeals, are recognised as income once the Charity has the right to receive the donation, when it is probable that the economic benefits will be received, and the amount of the donation can be measured reliably.
Income from Gift Aid is included in income when there is a valid Gift Aid declaration in relation to donations made prior to the year-end.
## **(e) Other trading activities**
Retail income, including income from the sale of Christmas cards, and the sponsorship of events is accounted for when the sale or event takes place and there is an entitlement to income. Events tickets sales are recognised when the event takes place. Expenditure on other trading activities covers the costs of goods sold, including Christmas Cards. Events merchandise is accounted for when the sale occurs.
## **(f) Expenditure on charitable activities**
Expenditure on charitable activities performed directly by the charity are accounted for as they are incurred. These activities include events, advocacy, and costs associated with the local management of programmes to promote the amenity of Chelsea.
## **(g) Expenditure on raising funds**
Expenditure on raising funds comprises the costs incurred in commercial trading activities, fundraising, and managing investments. Expenditure on raising donations includes the costs of advertising and website costs to promote the Society’s activities.
## **(h) Governance costs**
Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to fees the independent examiner’s fee together with costs relating to compliance and statutory requirements, including directors and officers’ insurance.
THE CHELSEA SOCIETY ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023
11
FINANCIAL INFORMATION
## **NOTES TO THE FINANCIAL STATEMENTS**
- ……. continued
## **(i) Fund accounting**
General reserves are unrestricted funds that are available for use at the Trustees’ discretion in furtherance of the objects of the charity.
## **(j) Investments**
Unlisted investments are included on the balance sheet at their fair value. Current asset investments have a maturity date or expected disposal date of less than one year and are not held for long-term investment purposes.
## **(k) Provisions and accruals**
Provisions for future liabilities are recognised when the Charity has a legal or constructive financial obligation that can be reliably estimated and for which there is an expectation that payment will be made.
## **(l) Accounting estimates and key judgements**
Critical estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
- (i) **Gift Aid receivable:** The charity has estimated the probable receipt of Gift Aid from HMRC. The rationale behind this is disclosed in note 1(d) above and 1(k)(ii) below. Management believe that the amount accrued is appropriate based on information currently available.
- (ii) **Income recognition of Gift Aid:** Gift Aid has been recognised by assessing membership income. Management have provided for a percentage of the income over the last four (4) years. Currently the donation benefit rules are broadly as follows:
|**Threshold**|**Gift Aid Benefit**|
|---|---|
|Up to £100|25% of the donation|
|Between £100 and £1,000|Benefit value is set at £25|
|More than £1,000|5% of the donation, to a maximum benefit of £2,500|
In terms of valuing the benefits for Gift Aid purposes, newsletters or reports distributed by the Charity to provide their members with a regular update about the charity’s work are excluded.
## **(m) Related party transactions**
During the year, £903.85 was released to the income statement as administrative costs being amounts due from Dr James Thompson (Chairman) (or persons connected with him) that were erroneously classified as a related party transaction. This amount was previously included in other debtors (2021/2022: £903.85). There were no other related party transactions during the year.
## **(n) Taxation**
The charity is exempt from tax on income and gains falling under section 521 to 536 of the Income Tax Act 2007 to the extent that these are applied to its charitable objects.
THE CHELSEA SOCIETY ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023
12
## FINANCIAL INFORMATION
## **NOTES TO THE FINANCIAL STATEMENTS**
## ……. continued
|**2.**
**Donations and legacies**
Donations
Gift Aid
Membership fees
**3.**
**Other trading activities**
Event income (see note 5)
**4.**
**Expenditure on charitable activities**
Annual report
Event costs (see note 5)
Governance costs (see note 6)
Newsletter costs
Support costs (see note 7)|**Total Funds**
**Total Funds**
**2023**
**2022**
**£**
**£**
500
7,692
1,242
2,655
21,411
20,989|
|---|---|
||23,153
31,336|
||**Total Funds**
**Total Funds**
**2023**
**2022**
**£**
**£**
7,193
7,956|
||7,193
7,956|
||**Total Funds**
**Total Funds**
**2023**
**2022**
**£**
**£**
6,344
5,898
6,452
6,345
1,577
1,366
5,267
2,720
8,144
8,139|
||27,784
24,468|
## **5. Event analysis**
|**Date**
**Event**
17-Jul-2022
Brompton Cemetery
27-Oct-2022
Chelsea Walk: London Blue Badge
13-Nov-2022
Remembrance Sunday
14-Nov-2022
Photo Competition
15-Nov-2022
2022 Annual General Meeting
16-Jan-2023
Putin’s Wars: why he invaded Ukraine
20-Feb-2023
Gen. Sir Nick Carter
22-Mar-2023
Charterhouse in London
27-Mar-2023
Camilla
18-Apr-2023
The Chelsea Arts Club
24-Apr-2023
Mercers’ Hall
23-May-2023
The College of Arms
21-Jun-2023
Spencer House|**Total**
**income**
**Total**
**expenses**
**Net income /**
**(loss)**
**2023**
**2023**
**2023**
**£**
**£**
**£**
12
(200)
(188)
156
(6)
150
-
(45)
(45)
-
(181)
(181)
-
(713)
(713)
1,490
(351)
1,139
1,660
(400)
1,260
665
(840)
(175)
740
(411)
329
180
(452)
(272)
400
(329)
71
810
(900)
(90)
1,080
(1,714)
(634)|
|---|---|
||**7,193**
**(6,452)**
**741**|
THE CHELSEA SOCIETY ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023
13
FINANCIAL INFORMATION
## **NOTES TO THE FINANCIAL STATEMENTS**
## ……. continued
|**6.**
**Governance costs**
Independent examiners’ fees
Insurance
**7.**
**Support costs**
Accounting fees
Internet costs
Meeting costs
Membership administration costs
Postage costs
Subscriptions and donations
**8.**
**Current asset investments**
CAF UK Equitrack Fund|**Total Funds**
**Total Funds**
**2023**
**2022**
**£**
**£**
990
990
587
376|
|---|---|
||1,577
1,366|
||**Total Funds**
**Total Funds**
**2023**
**2022**
**£**
**£**
2,285
2,318
287
441
645
603
3,452
3,309
1,407
1,400
68
68|
||8,144
8,139|
||**2023**
**2022**
**£**
**£**
35,000
−|
||35,000
−|
The CAF UK Equitrack Fund is managed by Legal & General (Unit Trust Managers) Limited. As units in the fund are held in listed securities and cash, the historical cost is equal to the fair value. As at 30 June 2023, the market value of the investment was £35,723.60.
|**9.**
**Debtors**
Gift Aid receivable
Trade debtors
Other debtors
**10.**
**Creditors due within one year**
Accruals
Deferred income
Trade creditors|**2023**
**2022**
**£**
**£**
2,500
5,352
−
304
−
904|
|---|---|
||2,500
6,560|
||**2023**
**2022**
**£**
**£**
7,890
7,890
13,283
12,852
480
568|
||21,653
21,310|
THE CHELSEA SOCIETY ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023
14
FINANCIAL INFORMATION
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2023**
|**Income and expenditure account**
**Incoming resources**
Annual membership subscriptions
Donations received
Event income
Gift Aid
Interest received
**Resources expended**
Accounting fees
Cost of annual report
Cost of newsletters
Event costs
Membership administration costs
Printing, postage and miscellaneous costs
Subscriptions and donations
Sundry expenses
Website and internet
**Governance costs**
Independent examiners’ fee
Insurance
Total governance costs
Total resources expended
Net incoming/(outgoing) movement in funds
**Reconciliation of funds**
Funds brought forward at 1 July 2022
**Funds carried forward at 30 June 2023**|**2023**
**2022**
**£**
**£**
21,411
20,989
500
7,692
7,193
7,956
1,241
2,655
−
92|
|---|---|
||30,345
39,384|
||2,285
2,318
6,343
5,898
5,267
2,720
6,452
6,345
3,452
3,309
1,407
1,400
68
68
645
603
287
441|
||26,206
23,102|
||990
990
587
376|
||1,577
1,366|
||27,783
24,468|
||2,562
14,916
89,184
74,268|
||**91,746**
**89,184**|
All incoming resources and resources expended derive from continuing activities.
The charity has no recognised gains or losses for the year other than the results above.
THE CHELSEA SOCIETY ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023
15