THE ROWING FOUNDATION
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
FOR YEAR ENDED 31 DECEMBER 2021
Charity Number: 281688
THE ROWING FOUNDATION TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR YEAR ENDED 31 DECEMBER 2021
| CONTENTS | Page |
|---|---|
| Legal and administrative information | 2 |
| Trustees’ Report | 3-6 |
| Independent Examiner’s Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to Financial Statements | 10-15 |
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LEGAL AND ADMINISTRATIVE INFORMATION
ADDRESS 10 Heath Road Weybridge KT13 9YQ TRUSTEES Dr I Reid (Chair) R Smith S Goodey F J L Dale M Briegal A G Constantinidi SECRETARY R A Moore TREASURER A Gregory-Jones (to April 2021) K Long (from April 2021) REGISTRATION NUMBER 281688 GOVERNING INSTRUMENT Declaration of Trust Dated 4 November 1980 CONSTITUTION Unincorporated Association BANKERS CAF Bank Limited 25 Kings Hill Avenue West Malling Kent ME19 4JQ SOLICITORS Farrer & Co 66 Lincoln’s Inn Fields London WC2A 3LH INDEPENDENT EXAMINER Thomas Wilson Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG
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TRUSTEES’ REPORT FOR YEAR ENDED 31 DECEMBER 2021
The Trustees present their annual report and accounts (financial statements) of the Charity for the year ended 31 December 2021. The accounts have been prepared under the historical cost convention with items recognised at cost of 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 of Ireland (FRS 102)” and the “Charities Act 2011”.
LEGAL AND ADMINISTRATIVE INFORMATION
This information is provided on page 2.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity is administered and managed by a Committee of the Trustees, plus a Treasurer and Secretary appointed by them, all of whom work on a voluntary basis. The Trustees meet three times per annum to assess grant applications. The Secretary, Treasurer and Chair deal with day-to-day matters.
The Trustees aim to distribute all income generated by the Charity less administrative costs. The Trustees decide on the distributions to be made and will only support applications from clubs and organisations.
Information about the work of the Charity and contact details are available on the Charity’s website: www.therowingfoundation.org.uk. The Trustees are spread geographically around the country and also encourage applications from clubs in their areas. The website holds details about the application process and the online application form. The Charity awards grants to successful applicants, normally up to 50% of the project subject to a maximum grant of £3,000.
Methods of Recruiting & Appointing, and Induction & Training, of Trustees
Prospective Trustees are approached on personal recommendation by existing Trustees and also on advice from the wider rowing community.
Induction
All new Trustees are provided with background information on the Charity including the constitution. They are also provided with Charity Commission guidance on the responsibilities of being a trustee.
Risk Management
The Trustees consider possible risks at their regular meetings. No major risks to which the Charity is exposed have been identified. The Treasurer reports to the Trustees at every meeting on the cash balance and investments.
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
The Rowing Foundation generates and administers funds to support participation in water sports, especially rowing, by young people (i.e. those under 18 or under 23 if still in full time education) and the disabled of all ages by giving
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grants to enable clubs to adapt existing equipment or purchase new equipment, eg boats and oars/sculls. It does not make grants to individuals, but to rowing clubs and other organisations.
The Charity’s original Declaration of Trust specifically provides that the Trustees shall assist in the organisation or provision of facilities which will enable and encourage young persons, receiving education or undergoing training in the United Kingdom, to row or to scull. The Charity now also considers applications for grants to support adaptive rowing, for both junior and adult participation. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives, and in planning future activities and setting the grant making policy for the year.
The aims of the Charity are reviewed each year and the Trustees examine in detail what has been achieved over the previous 12 months. This review looks at the success of each supported activity and the benefits that have been brought to the people involved.
ACHIEVEMENTS AND PERFORMANCE
For 2021, grants were as usual predominantly made to schools, student bodies and for the junior sections of rowing clubs. In addition, one grant was approved to promote adaptive rowing. During the year, the Charity approved 29 grants (2020: 35 grants) totalling £66,464 (2020: £81,552) although a number of the grants awarded had yet to be paid by 31[st] December.
FINANCIAL REVIEW
The Charity received a number of substantial bequests and donations in previous years which form the basis of the longer term investments held. Around that time, the Trustees established designated funds to the value of £268,078 for investment.
The Charity continues to benefit from donations from the Henley Royal Regatta’s Charitable Trust. In 2021, the Charity received a donation from the virtual running of the Schools’ Head of the River Race. Donations are also received on an ongoing basis from generous supporters. Other donations are received from time to time, including via the Charity’s Just Giving account.
There are no restrictions on the Charity's power to invest. The Trustees' investment policy for the designated funds is to provide a sufficient total return in a relatively predictable manner in order to supplement the expenditure envisaged by the Trustees in accordance with the objectives of the Charity.
RESERVES POLICY AND REVIEW
The Charity does not seek to accumulate funds, but it does wish to utilise the assets held which are in excess of grants allocated on an ongoing basis.
The Trustees consider it prudent to hold immediately available free reserves to meet likely expenditure on grants for the ensuing 12 month period. This policy has been met at the year end.
Those funds currently earmarked for later use are held in investment accounts to increase their income producing
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potential and to provide some protection against inflation. All income received is committed towards the Charity’s aims and objectives.
GOING CONCERN
The Trustees are of the opinion that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties regarding the Charity's ability to do so.
INVESTMENTS AT THE BALANCE SHEET DATE
The Charity’s investments are as follows:
| Value as at | Value as at | |
|---|---|---|
| 31 December 2021 | 31 December 2020 | |
| CAF Equity Fund | £220,373 | £194,986 |
| CAF Fixed Income Fund | £131,036 | £137,425 |
| Total | £351,409 | £332,411 |
The Charity’s investment policy aims to generate investment income and to provide some protection against inflation.
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial 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 these 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 principals in the charities SORP;
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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 disclosed and explained in the financial statements and;
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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 enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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PUBLIC BENEFIT STATEMENT Section 17 of the Chclllties Act 2011 i-equires the Charity's Trustees to comply witb their duty to have due regard to public benefit gLiidance published by the Charity Commission iii exercisiiig thcir poweiE or duties. Tlic Trustee.8 (Ire very mindfiil of this obligation and have becn referring to the guidancc wheii L-cvicwiIig our aiins and objectives and in plannin(y our future activities. In Pdrticular, we have coiisidered how pl(Inned activities will contribute to the aims and objectives we Iiave set. ON BEHALF OF THE TRUSTEES Dr l. Reid Chair Datc: gt
INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 DECEMBER 2021
I report to the Trustees on my examination of the financial statements of the Rowing Foundation (the Charity) for the year ended 31 December 2021.
Respective responsibilities of trustees and examiner
The Trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the 2011 Act”). The Trustees are satisfied that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and have chosen instead to have an independent examination.
I report in respect of my examination of the Foundation’s accounts as carried out under section 44(1)(c) of the 2005 Act and section 145 of the 2011 Act. In carrying out my examination I have followed the requirements of the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signature
Dated 01/04/22
Thomas Wilson ACA for and on behalf of Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG
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STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2021
| Notes Income from: Donations Investments 2 Total Income Expenditure on: Charitable Activities 3 Total Expenditure Net income (loss) before gains (losses) on investments Other recognised gains (losses): Net gains (losses) on investments 5 Net Movement in funds Reconciliation of funds: Total funds bought forward on 1 January 6 Total funds carried forward on 31 December |
Total Funds As restated 2021 2020 £ £ 52,629 42,162 7,264 8,548 |
|---|---|
| 59,893 50,710 |
|
| 68,412 83,453 |
|
| 68,412 83,453 |
|
| (8,519) (32,743) 18,998 (9,683) |
|
| 10,479 (42,426) 464,510 506,936 |
|
| 474,989 464,510 |
The results for the year and the previous year as set out above have been derived entirely from continuing operations.
There are no recognised gains or losses other than those passing through the Statement of Financial Activities.
The notes on page 10 to 15 form part of these financial statements.
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BALANCE SHEET AS AT 31 DECEMBER 2021 Ivotes As restated 2020 2021 IIYVESTMENTS 351.409 332,411 CURRFNT ASSETS Cash at hand CCLA COIF Charities Deposit Funcl CAF Bank accoiints 90,037 63,525 90,026 57,453 153,562 147.479 CREDITORS: amounts falling due within one year Grants payable Accrued expenses (28,572) (1,410) (14,120) (1,260) NET CURREIYT ASSEI'S 123,580 132,OC)9 NET ASSETS 474,989 464.510 UNRESTRICTED FUNDS General Funds Desigynated Funds 206,911 268,078 474,989 196,432 268,078 464,510 The fin<oncial statements were appi.ovcd and authorised t-or issue by tlie Board of Trustccs on 28 March 2022 aiid wcrc .signed below on its bclialf by: Dr l. Rcid Cliair , %0 ¢?& goz3 The notes 011 pages l O to 15 form of these financial statcmcnts
The Rowing Foundation Year ended 31 December 2021
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31[st] DECEMBER 2021
1. ACCOUNTING POLICIES
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
(a) Basis of accounting
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 102) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Rowing Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
(b) Preparation of the accounts on a going concern basis
Having considered future budgets and cash flows, the trustees confirm that they have no material uncertainties about the entity's ability to continue as a going concern for the foreseeable future.
- (c)
Income
All income is included in the Statement of Financial Activities when the Charity has entitlement to the income, it is probable that the income will be received and the amount of income can be measured reliably. The following specific policies are applied to particular categories of income:
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Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the Charity is entitled to the funds, the income is deferred and not recognised until those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
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Investment income is credited to income when it is receivable and the amount can be measured reliability by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
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The Rowing Foundation Year ended 31 December 2021
(d) Fund accounting
Unrestricted funds
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The general fund is available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity. The general fund includes a revaluation reserve representing the restatement of investments at market value.
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The designated fund is an unrestricted fund created by the Trustees at their discretion for a specific purpose. The Trustees have decided to accumulate various large donations to form a capital fund, the Designated Investment Fund. This fund will be invested and the income arising used to provide grants for the Charity’s purposes.
(e) Cash and cash equivalents
Cash and cash equivalents includes cash and short term highly liquid investments with short term materiality of three months or less from the date of acquisition or opening or the deposit or similar account.
Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised that transaction value and subsequently measure date their settlement value.
(g)
Expenditure
Liabilities are recognised as expenditure as soon as there is legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of obligation can be measured reliably.
Expenditure is recognised on an accruals basis as a liability is incurred, inclusive of VAT, which cannot be recovered.
Charitable activities comprise mainly of grants payable, other costs and governance costs. Grants payable are made to third parties in the furtherance of the charitable objects of the Charity. In the case of an unconditional grant offer it is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to the grant is outside the control of the Charity.
Governance activities comprise organisational administration and compliance with constitutional and statutory requirements. Costs include direct costs of external examination, legal fees and other professional advice.
(h) Investments
Investments are a form of basic financial instruments and are shown in the financial statements at market value. Movements in the market values of investments are shown
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The Rowing Foundation Year ended 31 December 2021
as unrealised gains and losses in the Statement of Financial Activities.
Profits and losses on the realisation of investments are shown as realised gains and losses in the Statement of Financial Activities. Realised gains and losses on investments are calculated between sales proceeds and their opening carrying values 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.
(i)
Estimates and judgements
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. Although these estimates are based on the trustee's best knowledge of the amount, events or actions actual results ultimately differ from these estimates. The Trustees do not consider there to be any material estimates and judgements
(j)
Creditors and provisions
Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
2. INVESTMENT INCOME
| NVESTMENT INCOME Interest on cash deposits Distributions from investments |
2021 16 7,248 7,264 |
2020 278 8,270 8,548 |
|---|---|---|
3. CHARITABLE ACTIVITIES
| As restated | ||
|---|---|---|
| Grant Awarded to | 2021 | 2020 |
| 3rd Portchester Scout Group | 3,000.00 | |
| Ancholme RC | 1,100.00 | |
| Ardingly RC | 3,000.00 | |
| Avon County RC | 3,000.00 | |
| Barts & Royal London RC | 3,000.00 | |
| Becket RC | 2,750.00 | |
| Bewl Bridge RC | 3,000.00 | |
| Bideford ARC | 2,600.00 | |
| Bristol RC | 2,898.00 | |
| Burton Lander RC | 3,000.00 | |
| Cambois RC | 1,700.00 | |
| Cambridge 99 BC | 3,000.00 | |
| Cantab RC | 2,520.00 | |
| Carrick RC | 1,113.00 | |
| Champion of the Thames RC | 2,160.00 | |
| City of Peterborough RC | 3,000.00 |
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The Rowing Foundation Year ended 31 December 2021
| Dart Totnes RC Durham University BC Falcon RC Firhill Youth Project Fulham Reach RC Globe RC Grosvenor RC Hastings RC Henley RC Hexham RC Hinksey Sculling School Isle of Ely RC Itchen Imperial RC Just Row Gloucester Kingston RC Liverpool & Victoria RC Newcastle University BC Molesey BC Mossbourne HS RC Northwich RC Oundle Town RC Poole Gig RC Poole Sea Cadets Portadown RC Portishead Gig Club Queens Park HS RC Reading RC Rob Roy RC Roseland Gig Club Ryde RC Sheffield Univ BC Shoreham RC Southampton Coalporters ARC Southampton Sea Cadets Stirling RC Stourport RC Sunderland RC Team Keane RC Tideway Scullers School Truro River RC Tyne Amateur RC Tyne United RC University of Bristol BC University of Plymouth BC Walbrook RC Walton RC York City RC Total Grants Other Costs Governance Costs - Independent Examiner's Fee Total |
3,000.00 1,300.00 3,000.00 2,336.00 1,900.00 3,000.00 2,642.00 2,100.00 915.00 1,200.00 3,000.00 1,420.00 2,000.00 900.00 3,000.00 1,135.00 1,600.00 3,000.00 3,000.00 3,000.00 3,000.00 1,500.00 1,000.00 3,000.00 1,080.00 2,350.00 870.00 4,984.00 1,966.00 1,382.00 3,000.00 1,520.00 2,337.00 2,876.47 450.00 3,000.00 2,000.00 1,600.00 2,263.20 2,152.00 1,480.00 1,500.00 1,883.00 2,200.00 2,000.00 3,000.00 3,000.00 2,854.00 766.20 2,713.00 |
|---|---|
| 66,463.87 81,552.00 |
|
| 538.38 491.00 1,410.00 1,410.00 |
|
| 68,412.25 77,453.00 |
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The Rowing Foundation Year ended 31 December 2021
| Grants Creditor | As restated | |
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Grants brought forward | 14,120 | 7,203 |
| Adjustments to previous year creditors | 2,750 | - |
| Grants committed in the year | 66,464 | 81,552 |
| Grants paid in the year | (54,762) | (74,635) |
| Grants yet to be paid at year end | 28,572 | 14,120 |
| Adjustments to previous year creditors | Adjustments to previous year creditors | £ |
|---|---|---|
| Becket RC | Cheque lost | 2,750 |
| Included in the above creditors at year end | £ | |
| Becket RC | 2,750 | |
| Poole Sea Cadets | 1,000 | |
| Portadown RC | 3,000 | |
| Grosvenor RC | 2,642 | |
| Southampton Sea Cadets | 450 | |
| Ryde RC | 3,000 | |
| Queens Park High School BC | 2,350 | |
| Tyne ARC | 1,500 | |
| Stourport RC | 2,000 | |
| Just Row Gloucester | 900 | |
| Portishead Gig Club | 1,080 | |
| Globe RC | 3,000 | |
| University of Plymouth BC | 3,000 | |
| Fulham Reach RC | 1,900 |
Two grants, both for £3,000, awarded to Moseley BC and Oundle Town RC were incorrectly omitted from the 2020 financial statements. These have been restated in the above list of grants, see note 7 for further details.
A number of the trustees are connected with a number of rowing clubs and similar organisations. All trustees are made aware of any connections prior to awarding any grants.
The Charity did not pay any salary costs in the current or previous years.
4. TRUSTEES' REMUNERATION AND RELATED PARTY TRANSACTIONS
No Trustee received any remuneration during the year (2020: £Ni1). No trustee received reimbursed expenses during the year (2020: £Nil).
No Trustee or other person related to the Charity had any personal interest in any transaction entered into by the Charity during the year (2020: £Nil).
5. INVESTMENTS
| NVESTMENTS | ||
|---|---|---|
| 2021 | 2020 | |
| Market Value as at 1 January | 332,411 | 342,094 |
| Net Investment Gain | 18,998 | (9,683) |
| Market Value as at 31 December | 351,409 | 332,411 |
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The Rowing Foundation Year ended 31 December 2021
All investment assets were held in two CAF income funds, the custody of which is within the UK. All of the above investments are used in the furtherance of the Charity's objects.
6. INVESTMENT FUNDS
| As restated | |
|---|---|
| 2021 2020 |
|
| General £ Designated £ General £ Designated £ |
|
| Funds are represented by the | |
| following assets and liabilities | |
| 236,893 268,078 211,812 268,078 |
|
| Cash at bank and investments | |
| Other net assets and liabilities | (29,982) - (15,380) |
| 206,911 268,078 196,432 268,078 |
7. PRIOR YEAR ADJUSTMENT
It was noted during 2021 that two grants awarded in the year to 31 December 2020 were omitted from the prior year financial statements. These grants totalled £6,000 (see note 3 for grant details) and have been adjusted for as a prior year adjustment in these financial statements. The impact on the previously reported results is an increase to grant expenditure for the period to 31 December 2020 by £6,000 and a respective increase in grant creditors and reduction in reserves of this amount at 31 December 2020.
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