Docusign Envelope ID: 29CDBD4E-4A36-4C7D-A8A8-6ECE1B47E1CF
Charity number: 311022
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
RANDS EDUCATIONAL FOUNDATION
Docusign Envelope ID: 29CDBD4E-4A36-4C7D-A8A8-6ECE1B47E1CF
RANDS EDUCATIONAL FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 - 15 |
| The following pages do not form part of the statutory financial statements: | |
| Pages 16-18 |
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RANDS EDUCATIONAL FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024
Trustees P Hurworth, Co-opted - Chairman J Carlyle, Co-opted - Vice Chairman - J Barker, Co opted P Crowe, Ickleford Parish Council W Harris, Holwell Parish Council (resigned 4 April 2025) - J Hayes, Co opted P Lazenby, Stondon Parish Council N Rowe, Pirton Parish Council - C Strong, Co opted - C Thurstance, Co opted
Charity registered number 311022 Principal office Suite 7, Regal Chambers 49-51 Bancroft Hitchin Hertfordshire SG5 1LL Accountants Menzies LLP Chartered Accountants Richmond House Walkern Road Stevenage SG1 3QP Independent Examiner Janice Matthews FCA Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP
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RANDS EDUCATIONAL FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their annual report together with the financial statements of the Charity for the 1 January 2024 to 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts inaccordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Objectives and activities
a. Objectives and activities for the public benefit
The Foundation's objects are to promote education (including social and physical training) of young persons under the age of 25 years who live in the Parishes of Holwell, Ickleford, Stondon and Pirton.
The Trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the Foundation's aims and objectives, in planning future activities. The foundation furthers its charitable purposes for the public benefit through the grants provided.
The principal aims of the Foundation are to support young persons in full time education fromthe age of 16-25 and when sufficient funds are available to support local voluntary groups providing recreational and social activities.
An annual grant is awarded to the three primary schools and the pre school groups in the residential area.
The grants awarded to full time students are based on a recognised scheme administered by the Clerk. The level of grant is reviewed periodically with an annual review of the takeup. Students have to provide documentary evidence of their attendance on the course and end of year reports in order for a grant to be renewed.
Voluntary organisations are encouraged to submit applications on an annual basis.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the foundation should undertake.
b. Public benefit
The trustees have complied with the duty in section 4 of the Charities Act 2011 and have regard to the public benefit guidance as issued by the Charity Commission as shown in the objectives above.
We have referred to the guidance on public benefit when reviewing our aims and objectives and in planning our future activities in particular, the Trustees consider how planned activities will contribute to the aims and objectives that they have set.
This public benefit statement forms the basis for all judgements regarding operational reports to the Board meetings, in order to be reassured that the facilities and services currently managed by the charity continue to meet these criteria. At these meeting, the Financial Controller also presents the quarterly financial position including taking account of any restricted funds and the Charity's status as a going concern.
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RANDS EDUCATIONAL FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
Achievements and performance
a. Achievements and performance
During the year under review the Foundation provided grants to local institutions and individuals totalling £104,739 (2023: £104,170).
In addition to this it received rents from its investment properties, dividends from various quoted investments and interest from its cash funds held.
Rental income has increased slightly from £115,066 to £123,755, whilst rental costs have decreased from the previous year, from £77,381 to £48,544. Income from listed investments have increased from £61,485 to £62,163.
Overall the management of the investment portfolio performed in line with the market trend over the year.
It is the policy of the Trustees to invest, when appropriate, surplus cash in investments and to fund the grant programme from the investment income and capital growth in the portfolio.
b. Future plans
The Foundation are continually reviewing the future requirement of funds in light of a growing population in the local area, continuous consideration is given to new housing developments in the area and the impact that may have on future grants. The Foundation will continue to carefully manage its investments and monitor its reserve requirements in the future to ensure that there is sufficient funds available for the Foundation to achieve its objectives.
The Local Plans for North Hertfordshire District Council and Central Bedfordshire Council has outlined a number of potential new houses to be built in the local area. The Foundation has taken a long term view and invested further funds in their investment portfolio. The resulting increase in investment income will be used to meet the anticipated increase in grant applications as a result of the increased local population.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Structure, governance and management
a. Governing document
The Foundation was established by the will of John Rand who died in 1706, but is now regulated by a charitable trust deed dated 8 August 1986, as amended 21st June 2021.
The Trustees meet four times a year with the annual meeting in June. All major policy decisions are taken by the Trustees.
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RANDS EDUCATIONAL FOUNDATION
INDEPENDENT EXAMINERS' REPORT
Independent Examiner's Report to the Trustees of Rands Educational Foundation ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2024.
Responsibilities and Basis of Report
As the Trustees of the Charity 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 the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the Charity has prepared the accounts 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 in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
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:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
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.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 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 permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
DocuSigned by: Signed: Dated: 13-Jun-2025 Janice Matthews FCA [Janie634F24DE92A4471... Mattlews
Menzies LLP
Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP
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RANDS EDUCATIONAL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
| Note Income from: Investments 3 Total income Expenditure on: Charitable activities 5 Total expenditure Net income/(expenditure) before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 187,494 187,494 176,323 176,323 11,171 138,349 149,520 5,746,138 149,520 5,895,658 |
Total funds 2024 £ 187,494 187,494 176,323 176,323 11,171 138,349 149,520 5,746,138 149,520 5,895,658 |
Total funds 2023 £ 177,113 177,113 200,841 200,841 (23,728) 90,993 67,265 5,678,873 67,265 5,746,138 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 8 to 15 form part of these financial statements.
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Docusign Envelope ID: 29CDBD4E-4A36-4C7D-A8A8-6ECE1B47E1CF
RANDS EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. Accounting policies
- 1.1 Basis of preparation of financial statements
The financial statements have been prepared 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Rands Educational 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.
1.2 Income
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 receivable can be measured reliably.
All income arising is from investment activities carried out in the United Kingdom.
- 1.3 Expenditure
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
1.4 Taxation
The charity is exempt from tax on its charitable activities.
1.5 Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially measured at cost and subsequently measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in net income/(expenditure) for the year.
1.6 Fixed assets investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.
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RANDS EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. Accounting policies (continued)
1.7 Financial instruments
The Foundation has elected to apply the provisions of Section11 'Basic Financial Instruments' and section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments.
Financial instruments are recognised when the Foundation becomes party to the contractual provisions of the instrument.
Financial assets are offset, with the net amounts presented in the accounts when there is a legally enforceable right to set off the recognised amounts and there is an inflation to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
2. Critical accounting estimates and areas of judgment
In the application of the Foundation's accounting policies, the governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
Critical accounting estimates and assumptions:
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period inwhich the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3. Investment income
| Rents received Income from listed investments Interest receivable |
Unrestricted funds 2024 £ 123,755 62,163 1,576 187,494 |
Total funds 2024 £ 123,755 62,163 1,576 187,494 |
Total funds 2023 £ 115,066 61,485 562 177,113 |
|---|---|---|---|
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RANDS EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
- Analysis of grants
| Grants to individuals Other organisations School facilities Total 2023 |
Grants to Institutions 2024 £ - 12,239 17,710 29,949 29,610 |
Grants to Individuals 2024 £ 74,790 - - 74,790 74,560 |
Total funds 2024 £ 74,790 12,239 17,710 104,739 104,170 |
Total funds 2023 £ 74,560 12,290 17,320 104,170 |
|---|---|---|---|---|
- Analysis of expenditure by activities
| Insurance Sundries Repairs and maintenance Commissions and legal fees Investment management fees Wages and salaries Grants to individuals Other organisations School facilities Total 2023 |
Grant funding of activities 2024 £ - - - - - - 74,790 12,239 17,710 104,739 104,170 |
Support costs 2024 £ 14,005 5,301 21,139 13,035 14,039 4,065 - - - 71,584 96,671 |
Total funds 2024 £ 14,005 5,301 21,139 13,035 14,039 4,065 74,790 12,239 17,710 176,323 200,841 |
Total funds 2023 £ 8,351 4,175 56,861 12,169 12,048 3,067 74,560 12,290 17,320 200,841 |
|---|---|---|---|---|
6. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £3,750 (2023 - £3,500).
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RANDS EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. Staff costs
| 2024 £ Wages and salaries 4,065 4,065 The average number of persons employed by the Charity during the year was as follows: 2024 No. Employees 1 |
2023 £ 3,067 |
|---|---|
| 3,067 | |
| 2023 No. 1 |
No employee received remuneration amounting to more than £60,000 in either year.
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).
During the year ended 31 December 2024, expenses totalling £102 were reimbursed or paid directly to trustees. (2023 - £102).
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RANDS EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
- Investment property
| Valuation At 1 January 2024 At 31 December 2024 |
Investment property £ 3,495,000 |
|---|---|
| 3,495,000 |
| Investment properties 1 & 2 Rands Cottages, Holwell Road, Holwell 3 Rands Cottages, Pirton Road, Holwell 4 - 6 Rands Cottages, Pirton Road, Holwell New Rectory, Holwell 47 The Broadway, Mill Hill, London 49 The Broadway, Mill Hill, London 374 Brixton Road, London Other property: Holwell Village Hall John Rand Recreation Ground, Holwell |
Unrestricted funds 2024 £ 300,000 300,000 430,000 480,000 575,000 500,000 800,000 60,000 50,000 3,495,000 |
Total funds 2024 £ 300,000 300,000 430,000 480,000 575,000 500,000 800,000 60,000 50,000 3,495,000 |
Total funds 2023 £ 300,000 300,000 430,000 480,000 575,000 500,000 800,000 60,000 50,000 3,495,000 |
|---|---|---|---|
Investment property comprises 12 properties situated in Hertfordshire and London. These properties have been revalued at tenanted market value as at 31 December 2018 by the Trustees having taken advice from Rumball Sedgwick Chartered Surveyors. Types of occupancy range from statutory tenants to assured shorthold tenancies and as with some charities, the word rent was not mentioned as the Trustees accepted a contribution towards the overall costs by the occupiers. The properties will be restricted under the Rands Educational Foundation scheme and prevailing legislation as to the user and sale rights. The above is therefore prepared on the understanding these properties are unlikely to be sold and does not take into account the benefit of alternative use, particularly that of residential development subject to any changes in planning use. Accordingly the Trustees consider that these values remain appropriate at the balance sheet date.
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RANDS EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. Social investments
| Social investments | ||
|---|---|---|
| Cost or valuation At 1 January 2024 Additions Disposals Revaluations Net book value At 31 December 2024 At 31 December 2023 |
Programme related investments £ 2,116,553 474,341 (481,486) 142,725 2,252,133 2,252,133 2,116,553 |
Total £ 2,116,553 474,341 (481,486) 142,725 |
| 2,252,133 | ||
| 2,252,133 | ||
| 2,116,553 |
Fidelity Ucits ICA shareholding amounts to 7.88% of total shareholding. Cost or valuation at 31st December 2024 is represented by:
| Equity | Total | Total | |
|---|---|---|---|
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Social Investments | 2,252,133 | 2,252,133 | 2,116,553 |
| 11. | Debtors | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Other debtors | 8,930 | 14,752 |
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Docusign Envelope ID: 29CDBD4E-4A36-4C7D-A8A8-6ECE1B47E1CF
RANDS EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
- Creditors: Amounts falling due within one year
| Other creditors 13. Statement of funds Statement of funds - current year |
2024 £ 4,500 |
2023 £ 3,900 |
|---|---|---|
| Statement of funds - current year | |||||
|---|---|---|---|---|---|
| Unrestricted funds General fund Revaluation reserve Statement of funds - prior year Unrestricted funds General fund Revaluation reserve |
Balance at 1 January 2024 £ 3,028,123 2,718,015 5,746,138 Balance at 1 January 2023 £ 2,960,858 2,718,015 5,678,873 |
Income £ 187,494 - 187,494 Income £ 177,113 - 177,113 |
Expenditure £ (176,323) - (176,323) Expenditure £ (200,841) - (200,841) |
Gains/ (Losses) £ 138,349 - 138,349 Gains/ (Losses) £ 90,993 - 90,993 |
Balance at 31 December 2024 £ 3,177,643 2,718,015 5,895,658 |
| Balance at 31 December 2023 £ 3,028,123 2,718,015 5,746,138 |
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RANDS EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Investment property Social investments Current assets Creditors due within one year Total |
Unrestricted funds 2024 £ 3,495,000 2,252,133 153,025 (4,500) 5,895,658 |
Total funds 2024 £ 3,495,000 2,252,133 153,025 (4,500) 5,895,658 |
|---|---|---|
Analysis of net assets between funds - prior period
| Investment property Social investments Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ 3,495,000 2,116,553 138,485 (3,900) 5,746,138 |
Total funds 2023 £ 3,495,000 2,116,553 138,485 (3,900) 5,746,138 |
|---|---|---|
15. Related party transactions
The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 December 2024.
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RANDS EDUCATIONAL FOUNDATION
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024
| Investment income Rents received Income from listed investments Interest receivable Gains on investments Gains/(Losses) on investments Gross income in the reporting period Less: Charitable activities Grants to institutions Grants to individuals Support costs Insurance Sundries Repairs and maintenance Salaries Commissions Investment management fees Total expenditure Net income for the reporting period Surplus for the reporting period Surplus brought forward at 1 January 2024 Surplus carried forward at 31 December 2024 |
2024 £ 123,755 62,163 1,576 138,349 29,949 74,790 14,005 5,266 21,139 4,065 13,070 14,039 |
2024 £ 187,494 138,349 325,843 104,739 71,584 176,323 149,520 149,520 5,746,138 5,895,658 |
2023 £ 115,066 61,485 562 90,993 29,610 74,560 8,351 4,175 56,861 3,067 12,169 12,048 |
2023 £ |
|---|---|---|---|---|
| 177,113 | ||||
| 90,993 | ||||
| 268,106 | ||||
| 104,170 | ||||
| 96,671 | ||||
| 200,841 | ||||
| 67,265 | ||||
| 67,265 5,678,873 |
||||
| 5,746,138 |
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RANDS EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
----- Start of picture text -----
NET RENTS SCHEDULE 2024 2023
£ £ £ £
Income
Rents and charges received 123,755 115,066
Property outgoings
Repairs & Maintenance 21,139 56,861
Insurance 14,005 8,351
Commissions & legal fees 13,035 12,169
48,179 77,381
75,576 37,685
----- End of picture text -----
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RANDS EDUCATIONAL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2024
NET RENTS ANALYSIS
| Income Rents and charges received Expenses Repairs & Maintenance Insurance Sundry Commissions & legal fees Surplus/(Deficit) 2024 Surplus/(Deficit) 2023 |
Miscellaneous Brixton Road The Broadway Meadow View Rands Cottages £ £ £ £ £ 35,018 22,100 65,457 550 630 4,858 5,369 7,047 3,865 - 3,933 1,971 8,034 67 - - 364 - - - 4,202 2,652 6,131 50 - 12,993 10,357 21,212 3,981 - 22,025 11,743 44,245 (3,431) 630 19,353 (7,107) 25,409 32 - |
Total £ 123,755 21,139 14,005 364 13,035 48,543 75,212 37,685 |
|---|---|---|
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