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Annual Report - Draft
Year Ended 31 March 2023
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Email hello@kentfoundation.org
The Kent Foundation Contents Page For the year ended 31 March 2023
| Report of the Trustees | 3to 15 |
|---|---|
| Independent Examiner's Report to the Trustees | 16 |
| Statement of Financial Activities | 17 |
| Statement of Financial Position | 18 |
| Notes to the Financial Statements | 19 to 24 |
| Detailed Statement of Financial Activities | 25 |
The Kent Foundation
Summary
The Kent Foundation has become an essential part of the Kent business community, supporting innovative young people to grow new enterprises, create employment opportunities, and contribute to the economic well-being of the County. Start-ups are essential to growing a successful economy and 2023 marks our 38th anniversary - everything we have achieved has inspired, created, and successfully grown hundreds of new enterprises in Kent.
Objectives of the Trust
The Trust Fund is established for the purpose of:
1) the advancement of education of young people within Kent by the provision of encouragement and promotion of education instruction or training on professions, vocations, industries and/or crafts and trade and/or the skills needed in employment.
2) the relief of poverty of young people within Kent through the provision of assistance (including financial assistance) and encouragement whilst their education is being advanced whilst they are in the process of establishing new businesses or preparing for entering upon or engaged in any profession, trade craft or service.
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LEGAL AND ADMINISTRATIVE INFORMATION
31 March 2023
PATRON The Viscountess de L’Isle Mr Allan Mowatt OBE TRUSTEES Mr Stephen Wise - Chair Mrs Linda Garcia - Vice Chair Mr Mike Pay Mr Julian Kirkness Mrs Elizabeth Jenkins Chairman of Kent County Council Mrs Lesley Game REGISTERED OFFICE Sessions House County Hall Maidstone Kent ME14 1XQ INDEPENDENT EXAMINERS AK & Co (Accountancy Services) 19 Victoria Terrace Hove East Sussex BN3 2WB Metro Bank BANKERS 10 Week Street Maidstone Kent
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THE KENT FOUNDATION
REPORT OF THE TRUSTEES for the YEAR to 31 MARCH 2023
The Kent Foundation was formed in February 1985 and is an unincorporated charitable trust, registered with the Charity Commission. It is governed by the charitable trust deed ‘Declaration of Trust - The Kent Foundation’.
Trustees
The Trustees as at 31[st] March 2023 are listed on page 3
Julian Kirkness step down as a trustee, his last day being the 31st March 2023 Pip Lawrence stepped down as trustee, her last day being the 26th July 2022
With the exception of The Chairman of Kent County Council, new Trustees may be appointed by a majority of Trustees. The Chairman of Kent County Council may, if he/she wishes, be appointed a Trustee and hold office whilst Chairman of Kent County Council.
Investment Powers
Trustees have the discretion to invest monies in stocks, funds, shares, securities or other investments, or in property, including freehold and leasehold properties.
To deliver our objectives, and to keep in line with contemporary thinking and trends, the Kent Foundation has adopted a range of services to best meet the needs of Kent’s young business people and potential young entrepreneurs.
www.kentfoundation.org
WE SUPPORT 18 – 30’S STARTING BUSINESSES IN KENT
Business Creation: A good solid researched idea or concept that they have started to turn in to a business.
Business Startup: A trading business or sole trader that’s tested the market, has built a customer base, identified their market and product/service offering and starts to measure, review, and adapt their plan so they can grow.
Business Growth: A business or sole trader ready to take it to the next level with a strong proof of concept, customer base and product/service offering. A business here may be looking at diversifying into other products/services, employing additional staff, looking at bigger or additional premises or maybe even launching/investing into a new venture.
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Introduction:
The Kent Foundation has continued to deliver its essential services through the challenging landscape of the post Coronavirus pandemic, Brexit, and the cost-of-living crisis to provide unwavering support to businesses and entrepreneurs in Kent. This report highlights the Foundation's efforts, achievements, financial position, and prospects.
Meet some of Kents young business owners…
Devoted Homecare – Sophie
Devoted Homecare LTD is a domiciliary homecare provider based in South Kent. It was started by Sophie Shepherd in 2021 after working in various care settings both in the UK and in Australia. Sophie knew that the care sector needed change & with that thought she created Devoted Homecare. Sophie started off with just herself and 1 carer and has grown the company to now employ a fantastic team of 30.
H&B Ironmongery – Sam
H&B Architectural Ironmongery is a consultancy providing customers with the inspiration and support to ensure that their project is a perfect combination of function and style. Taking on a larger premises in Ashford during 2021 has enabled them to grow the business, create a shop front, and employ permanent staff.
Dunk Cookies – Annabel
Kent Foundation has supported Annabelle from June ‘19 when Dunk Cookies was an early stage ‘side hustle’ with a very small turnover. With the support of her mentor Annabelle established a manufacturing cell to service her rapidly growing customer base and has continued to expand the business including the opening of a shop and now supplies retailers throughout the UK.
www.kentfoundation.org
Supporting Businesses:
The Foundation's dedicated team, consisting of one full-time and two part-time staff members, actively supported 122 businesses during the reporting period through our mentoring service. They harnessed the power of our extensive network, comprising of over 87 trained Volunteer Business Mentors from the local business community. These mentors freely contributed their time, knowledge, and experience to nurture young aspiring business owners and entrepreneurs. By exploring and developing their own business ideas, these individuals ware empowered and supported to create sustainable enterprises that would significantly contribute to the economic growth of Kent.
Success:
Despite the unprecedented challenges within the economic climate, the businesses created by young people in Kent supported by our services generated an impressive annual sales figure of more than £3million. This remarkable achievement underscores the tenacity and resilience of these entrepreneurs, as well as the vital role played by the Kent Foundation in providing them with essential support and guidance. While we prioritise recruitment and support to early-stage businesses who need help in developing a business mindset and navigating the first few years of trading, we also support a significant minority of more established businesses who require support in scaling up, developing, and diversifying their service offers, nurturing and leading teams and meeting policy and regulation requirements.
Using our 2022/23 survey of members, we estimate that around two-thirds of our business (65%) are in start-up, pre-profit, and early growth stages, and just over a third are more established (35%). Most businesses (67%) are led by single directors/owners. Most operate in the creative and professional industries, retail and wholesale, health and care, and tech. Almost two-thirds
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of business owners identify as female and a third as male. A third of business owners identify as having an intermediate or lower socio-economic background based on parental occupation.
Young business owners come to the Foundation with a concept or idea but often need more knowledge and, for some, the confidence to take the next step. They approach The Foundations offers of packaged support, and a business mentor to help them understand the business better and how to run it successfully and grow it. Not knowing how to access funding and investment is another significant barrier. Mentors reflect that young business owners have great ideas, passion, and enthusiasm. However, they often need more fundamental business knowledge and a clear plan to turn their ideas into practice and develop and grow a viable business.
“I had a business idea but didn't know where to start, how to market it and how to meet the right people to make it a business. […] I wanted a mentor to help me understand my business better and how to run it successfully and how to grow.” Member respondent to Kent Foundation’s member survey 2022/23.
“Young people often have great ideas for a business but don't have the experience to put the ideas into practice. The Foundation gives them the opportunity to do this.” Mentor respondent to Kent Foundation’s mentor survey 2022/23.
Our Impact
We are proud of the feedback we receive from our members, who tell us that they value the guidance and support from their mentors and being part of a supportive community and network. In our members survey, 91% of members rated their mentoring as good (31%) or excellent (60%), and 83% rated the overall support from KF as good (29%) or excellent (54%). Members gave the Foundation a net promoter score of 89 NPS, well above the average NPS score in professional services (40-50).
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“The Kent Foundation have been an incredible support to us thank you very much. We truly appreciate the opportunity to have a great mentor to guide and encourage us and to feel so supported by The Kent Foundation and the Kent Foundation community as a whole. Meeting face to face for a Christmas drink in Maidstone was lovely!”
“To have someone to chat too, to bounce ideas off has been great. A is fantastic and always calm, thinks about his answers and genuinely cares! […] Our great mentor R, keeps us focussed, advises us and supports us.”
“Always there when I needed them.”
Business support findings
Our research tells us we are making a significant and valued contribution to the local business community, helping empower young business owners, unlock their potential, and equip them with business mindsets, resources, and knowledge to develop and grow their businesses and make informed decisions. The Foundation has the infrastructure, expertise, and networks to respond to the business community’s short and longer-term support needs while meeting possible mentor gaps in retail and wholesale, the creative industries, health and care, and digital and social media, and diversifying its mentor network.
The cycle of supporting a young entrepreneur to launch a business, build stability and reach a level to create sustainable employment is circa 2-3 years. Aspiring business owners have an idea but need support understanding how to create and launch their business. In the start-up phase, businesses face challenges in creating initial sales and financial and operational challenges. Our more established and stable businesses need support focusing on income stability, greater control of the business and achieving initial growth. Entrepreneurs who have been trading for 3-5 years need support to reach the next stage of growth.
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Members’ top business concerns and barriers include access to funding and finance and issues and challenges relating to personal development, such as overcoming fear of failure, confidence and an effective business mindset. Reported barriers and concerns in our members survey included:
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Funding and finance, cashflow and security
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Confidence, resilience, and focus
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Time management and juggling competing pressures (balancing
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delivery & customer fulfilment with new business development)
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Overcoming fear of failure
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Cost of living crisis
Along with personal support and guidance, our business owners are looking for support in the fundamentals for starting up and growing value creation, marketing, sales, value delivery, and finance. Our mentors tell us that a lack of awareness and grounding in these areas can be a significant barrier to success, as well as access to finance and capital when starting up.
Events:
Throughout the reporting period, the Kent Foundation hosted 16 events, comprising workshops, masterclasses, networking, and the highly anticipated annual awards presentation. These events served as invaluable platforms for entrepreneurs to connect, learn, and gain exposure. The Foundation organizing a mix of in-person and online events, ensuring a wide reach and participation from over 200 attendees.
KentBizFest 6[th] July 2022
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www.kentfoundation.org
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Regular Networking Events
The Kent Foundation Awards Evening 26[th] January 2023 Celebrating the achievements of 2022
www.kentfoundation.org
Marketing and Promotion:
The Foundation effectively utilized various channels to promote its mission and services. Its website served as the primary source of information and contact point for individuals seeking support or interested in supporting the foundation. Additionally, the Foundation leveraged social media platforms such as Facebook, Twitter, LinkedIn, and Instagram to increase awareness presence, disseminate information, and engage with a broader audience. Example below is from our Facebook activity report December 2022.
Financial Position and Future Outlook:
The Kent Foundation began the year with reserves amounting to £ 55,903 . However, due to various factors, the reserves decreased by £ 16,460 , resulting in a closing balance of £ 39,443 , with £ 5,006 of reserves being restricted. The Trustees acknowledged the need for increased income from commercial sources, sponsorships, and events like KentBizFest. Consequently, a working party and external support has embarked on
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building a robust strategy to focus on growing and diversifying income generation while maintaining the Foundation's commitment to delivering sustainable and effective services. We are currently 1 year into a comprehensive two-year plan which outlines our objectives, priorities, and structural enhancements to create a more sustainable charity with expanded service offerings.
Risk Management and Trustees' Responsibilities:
The Trustees recognized the major risk posed by the continued lack of income from commercial sources, donations, and sponsorships. In response, strategic actions were taken to sustain the Foundation's services to young entrepreneurs. The Trustees diligently fulfilled their responsibilities, including preparing accurate financial statements, maintaining proper accounting records, and safeguarding the Charity's assets to prevent fraud and ensure compliance with laws and regulations.
Conclusion:
Despite the ever-changing economic landscape, and the many challenges the charity sector faces, the Kent Foundation remained resolute in its commitment to supporting young entrepreneurs and businesses in Kent. Through the dedicated efforts of our board of trustees, staff and volunteers, the Foundation continues to provide crucial guidance to foster sustainable enterprises that contribute positively towards the local economy. By our commitment of our volunteers, effective marketing channels, a range of networks of support, and continuing to evolve and formulate robust plans, the Foundation is well-positioned to expand its support and services to meet the evolving needs of young people and continues to be instrumental in inspiring, informing and education the next generation of entrepreneurs and business owners in Kent.
www.kentfoundation.org
Signed
Board of Trustees
Chair………………………………………………….
Date…………………………………………………...
www.kentfoundation.org
The Kent Foundation
Independent Examiners Report to the Trustees
For the year ended 31 March 2023
I report to the trustees on my examination of the accounts of the charity for the year ended 31 March 2023.
Responsibilities and basis of report
As the charity trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my 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 examiners statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination 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 2. 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.
Matthew Bugby
AK & Co (Accountancy Services) 19 Victoria Terrace Hove East Sussex BN3 2WB
23 August 2023
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The Kent Foundation Statement of Financial Activities
For the year ended 31 March 2023
| Notes Income and endowments from: Donations and legacies 2 Investments 3 Total Expenditure on: Charitable activities 4/5 Total Net expenditure Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted funds £ 62,205 138 62,343 (73,797) (73,797) (11,454) 45,963 34,509 |
Restricted funds £ 12,216 - 12,216 (17,222) (17,222) (5,006) 9,940 4,934 |
2023 £ 74,421 138 74,559 (91,019) (91,019) (16,460) 55,903 39,443 |
2022 £ 75,345 42 |
|---|---|---|---|---|
| 75,387 | ||||
| (81,833) | ||||
| (81,833) | ||||
| (6,446) 62,349 |
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| 55,903 |
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The Kent Foundation Statement of Financial Position
As at 31 March 2023
| Notes Current assets 10 Debtors Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Net assets The funds of the charity Restricted income funds 12 Unrestricted income funds 12 Total funds |
£ 2023 3,795 49,215 53,010 (13,567) 39,443 39,443 39,443 4,934 34,509 39,443 |
£ 2022 775 56,024 |
|---|---|---|
| 56,799 | ||
| (896) 55,903 |
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| 55,903 | ||
| 55,903 | ||
| 9,940 45,963 |
||
| 55,903 |
The financial statements were approved and authorised for issue by the Board and signed on its behalf by:
Stephen Wise Trustee
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The Kent Foundation Notes to the Financial Statements
For the year ended 31 March 2023
1. Accounting Policies
Basis of accounting
The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and in accordance with the Charities SORP (FRS 102) ‘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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Charities Act 2011.
The Kent 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).
Going concern
The accounts have been prepared on a going conern basis as the Trustees are of the view that the level of reserves will support the charity going forward.
Statement of cash flows
The Trustees have taken advantage of the exemption in SORP FRS 102 from including a cash flow statement in the financial statements on the grounds that the charity is small.
Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their chairtable objectives unless the funds have been designated for other purposes.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of restricted funds are set out in the notes to the financial statements.
Incoming resources
All incoming resources are included in the statement of financial activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Donated goods, services and facilities
Kent County Council donates the following services for which no monetary amount has been included in these accounts: - officers' time for directorial and administrative duties
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office accommodation and related services
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office furniture and equipment
Resources expended
Liabilities are recognised as resources expended when there is a legal or constructive obligation committing the Charity to the expenditure:
Taxation
The charity is exempt from tax on its charitable activities.
Pensions
The charity operates a defined contribution pension scheme and the pension charge represetned the amounts payable by the charity to the fund in respect of the year.
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The Kent Foundation Notes to the Financial Statements Continued
For the year ended 31 March 2023
2. Income from donations and legacies
| Donations received Grants received Subscriptions received |
2022 2023 Restricted funds Unrestricted funds £ £ £ £ 7,945 946 - 946 63,300 68,015 12,216 55,799 4,100 5,460 - 5,460 75,345 74,421 12,216 62,205 |
|---|---|
3. Investment income
| Unrestricted funds Bank interest receivable |
2023 £ 138 138 |
2022 £ 42 |
|---|---|---|
| 42 |
4. Costs of charitable activities by fund type
| osts of charitable activities by fund type | ||||
|---|---|---|---|---|
| Unrestricted | Restricted | 2023 | 2022 | |
| funds | funds | |||
| £ | £ | £ | £ | |
| Training and development | 73,293 | 17,222 | 90,515 | 81,353 |
| Support costs | 504 | - | 504 | 480 |
| 73,797 | 17,222 | 91,019 | 81,833 |
5. Costs of charitable activities by activity type
2023 2022 £ £ Activities undertaken directly Training and development 91,019 81,833 6. Analysis of support costs 2023 2022 £ £ Governance costs 504 480
6. Analysis of support costs
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The Kent Foundation Notes to the Financial Statements Continued
For the year ended 31 March 2023
7. Net income/(expenditure) for the year
This is stated after charging/(crediting):
| This is stated after charging/(crediting): | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Accountancy fees | 504 | 480 |
| Staff pension contributions | 2,326 | 2,258 |
8. Staff costs and emoluments
Total staff costs for the year ended 31 March 2023 were:
| Salaries and wages Social security costs Pension costs Staff members omparative for the Statement of Financial Activities Income and endowments from: Donations and legacies Investments Total Expenditure on: Charitable activities Total Net income/expenditure Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted funds £ 59,343 42 59,385 (72,771) (72,771) (13,386) 59,349 45,963 |
2023 £ 70,760 1,349 2,326 74,435 2023 3 3 Restricted funds £ 16,002 - 16,002 (9,062) (9,062) 6,940 3,000 9,940 |
2022 £ 68,208 1,761 2,258 |
|---|---|---|---|
| 72,227 | |||
| 2022 3 |
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| 3 | |||
| 2022 £ 75,345 42 |
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| 75,387 | |||
| (81,833) | |||
| (81,833) | |||
| (6,446) 62,349 |
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| 55,903 |
9. Comparative for the Statement of Financial Activities
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The Kent Foundation Notes to the Financial Statements Continued
For the year ended 31 March 2023
10. Debtors
| Amounts due within one year: Trade debtors Prepayments and accrued income Creditors: amounts falling due within one year Other creditors Other creditors Accruals and deferred income |
2023 £ - 3,795 3,795 2023 £ 430 13,137 13,567 |
2022 £ 775 - |
|---|---|---|
| 775 | ||
| 2022 £ 416 480 |
||
| 896 |
11. Creditors: amounts falling due within one year
12. Movement in funds
Unrestricted Funds
| General General Unrestricted Funds - Previous year General General |
Balance at 01/04/2022 £ 45,963 45,963 Balance at 01/04/2021 £ 59,349 59,349 |
Incoming resources £ 62,343 62,343 Incoming resources £ 59,385 59,385 |
Outgoing resources £ (73,797) (73,797) Outgoing resources £ (72,771) (72,771) |
Balance at 31/03/2023 £ 34,509 |
|---|---|---|---|---|
| 34,509 | ||||
| Balance at 31/03/2022 £ 45,963 |
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| 45,963 |
Purpose of unrestricted Funds
General
The general fund is for the furtherance of the charity's objectives.
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The Kent Foundation Notes to the Financial Statements Continued
For the year ended 31 March 2023
Restricted Funds
| Balance at | Incoming | Outgoing | Balance at | |
|---|---|---|---|---|
| 01/04/2022 | resources | resources | 31/03/2023 | |
| £ | £ | £ | £ | |
| Dartford Project | - | 10,549 | (5,615) | 4,934 |
| Frank Brake Trust | 1,607 | - | (1,607) | - |
| Henry Smith Charity | 8,333 | 1,667 | (10,000) | - |
| 9,940 | 12,216 | (17,222) | 4,934 | |
| Restricted Funds - Previous year | ||||
| Balance at | Incoming | Outgoing | Balance at | |
| 01/04/2021 | resources | resources | 31/03/2022 | |
| £ | £ | £ | £ | |
| Crowdfund | - | 1,902 | (1,902) | - |
| Frank Brake Trust | - | 4,100 | (2,493) | 1,607 |
| Henry Smith Charity | - | 10,000 | (1,667) | 8,333 |
| Kent Community | 3,000 | - | (3,000) | - |
| Foundation | ||||
| 3,000 | 16,002 | (9,062) | 9,940 |
Purpose of restricted funds
Frank Brake Trust
Frank Brake Trust Fund was for sponsorship for Kent Biz Fest 2021. The remaining surplus was carried forward and, with agreement of the Trust, allocated against the event in 2023.
Crowdfund
Crowdfund Restricted fund was to fund the purchase of equipment for the production and broadcast of podcasts. This fund closed 31 March 2022.
Henry Smith Charity
Henry Smitth charity grant is to fund staff salary costs related to works supporting young people in business in East Kent.
Kent Community Foundation
Kent Community Foundation (Employability, Skills & Enterprise). The project aimed to support young people aged 18 - 30, whether long term unemployed or affected more recently by redundancy / job loss due to Covid - 19 to develop skills and knowledge to progress towards running their own business as a viable career choice.
Dartford Project
The Dartford Fund is for a specific project that is being funded by Dartford Borough Council. The program is open to anyone aged 18 to 30 who has a business idea, or is already trading and wants to grow their company. It provides workshops, support tailored to their business needs and full access to the Charity's business mentoring service.
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The Kent Foundation Notes to the Financial Statements Continued
For the year ended 31 March 2023
13. Analysis of net assets between funds
| Unrestricted funds General General Restricted funds Dartford Project Previous year Unrestricted funds General General Restricted funds Frank Brake Trust Henry Smith Charity |
Net current assets / (liabilities) Net Assets £ £ 34,509 34,509 4,934 4,934 |
|---|---|
| 39,443 39,443 |
|
| Net current assets / (liabilities) Net Assets £ £ 45,963 45,963 1,607 1,607 8,333 8,333 |
|
| 55,903 55,903 |
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The Kent Foundation Detailed Statement of Financial Activities For the year ended 31 March 2023
| INCOME AND ENDOWMENT Donations and legacies Donations Grants receivable Services Investments Bank interest receivable Total incoming resources EXPENDITURE Charitable activities Staff costs - wages & salaries Staff costs - social security costs Staff costs - pension contributions Advertising Bank and processing fees Sundry expenses Insurance Office running costs Podcast equipment Telephone and internet Travel costs Awards night Direct costs Kent BizFest Computer and IT costs Professional fees SUPPORT COSTS Governance costs Accountancy fees Total resources expended Net Expenditure |
£ 2023 946 68,015 5,460 74,421 138 138 74,559 (70,759) (1,349) (2,326) (3,912) (120) (108) (259) (381) - (585) (670) (976) (752) (1,812) (360) (6,146) (90,515) (504) (504) (91,019) (16,460) |
£ 2022 7,945 63,300 4,100 |
|---|---|---|
| 75,345 42 |
||
| 42 | ||
| 75,387 (68,208) (1,761) (2,258) (2,766) (334) (124) (604) (195) (1,895) (531) (184) - - (2,493) - - |
||
| (81,353) (480) |
||
| (480) | ||
| (81,833) | ||
| (6,446) |
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This page does not form part of the statutory financial statements