Charity Registration No. 515637
THE EGYPTIAN CHRISTIAN ORTHODOX ASSOCIATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE EGYPTIAN CHRISTIAN ORTHODOX ASSOCIATION
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Dr K T Moussa Dr F N Youssef Dr A Salama Dr M Youssef Dr Y Gabriel Dr R Gabriel Dr A Michael Dr M Mina Charity number (England and Wales) 515637 Independent examiner Jerroms Lumaneri House Blythe Gate Blythe Valley Park Solihull West Midlands B90 8AH Bankers Barclays Bank plc 10 High Street Solihull West Midlands B91 3TE
THE EGYPTIAN CHRISTIAN ORTHODOX ASSOCIATION
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Statement of cash flows | 6 |
| Notes to the financial statements | 7 - 14 |
THE EGYPTIAN CHRISTIAN ORTHODOX ASSOCIATION
TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their annual report and financial statements for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities
The charity is governed by a declaration of trust dated 11 September 1984 and updated by a supplemental deed dated 14 April 1989.
The objectives of the charity are the continuance and furtherance of Orthodox Christian religion.
This has been achieved under the direction of Bishop Missael and his representatives within the Midlands.
The charity continues to meet its objectives through Christian teaching, Church services, Sunday schools, Retreat homes and activities for Children.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Activities
The Charity continues to provide activities in pursuit of its main objects and with the generosity of its members continues to prosper.
Achievements and performance
Significant activities and achievements against objectives
During the year the Coptic Othodox Church has seen growth in donations and covenants in both the Birmingham and Derby areas. The church continues to develop year on year with the support of it's parishioners who remain focused on delivering the overall objectives of the charity. It is foreseen that the funds available to the church will improve with time.
Financial review
Reserves policy
The trustees continue to hold cash reserves in low risk funds, as they consider that reserves at this level will ensure that they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
Major risks
The trustees have identified no major risks in the continuance of its objects.
Structure, governance and management
The charity is governed by a declaration of trust dated 11 September 1984 and updated by a supplemental deed dated 14 April 1989.
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THE EGYPTIAN CHRISTIAN ORTHODOX ASSOCIATION
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees who served during the year were: Dr K T Moussa Dr F N Youssef Dr A Salama Dr M Youssef Dr Y Gabriel Dr R Gabriel Dr A Michael Dr M Mina
Recruitment and appointment of trustees
The Charity's Secretary is responsible for the briefing and training of trustees. A trustee "induction pack" is available providing an introduction to the legal requirement and responsibilities of trustees and a comprehensive statement of the objectrs, values and beliefs of the church.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
There are no specific investment powers established by the trustees.
Relationship with related parties
Law applicable to charities in England and Wales requires the Trustees to prepare statements for each financial year which give a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statement giving a true and fair view, the Trustees should follow best practice and;
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ascertain the financial position of the charity and which enable them to ensure that the financial statements comply with 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.
The Trustees report was approved by the Board of Trustees.
Dr F N Youssef
4 June 2025
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THE EGYPTIAN CHRISTIAN ORTHODOX ASSOCIATION
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE EGYPTIAN CHRISTIAN ORTHODOX ASSOCIATION
I report to the trustees on my examination of the financial statements of The Egyptian Christian Orthodox Association (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 financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of Chartered Certified Accountant, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements 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 now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
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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1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 financial statements to be reached.
Richard Alan Horton F.C.C.A Jerroms
Chartered Certified Accountants Lumaneri House Blythe Gate Blythe Valley Park Solihull West Midlands B90 8AH
Dated: 4 June 2025
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THE EGYPTIAN CHRISTIAN ORTHODOX ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 2 | 411,615 | 348,982 |
| Investments | 3 | 1,429 | 1,022 |
| Total income | 413,044 | 350,004 | |
| Expenditure on: | |||
| Charitable activities | 4 | 427,771 | 422,373 |
| Other expenditure | 9 | 57,153 | 57,147 |
| Total expenditure | 484,924 | 479,520 | |
| Net expenditure and movement in funds | (71,880) | (129,516) | |
| Reconciliation of funds: | |||
| Fund balances at 1 January 2024 | 2,782,299 | 2,911,815 | |
| Fund balances at 31 December 2024 | 2,710,419 | 2,782,299 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE EGYPTIAN CHRISTIAN ORTHODOX ASSOCIATION
BALANCE SHEET
AS AT 31 DECEMBER 2024
| Notes Fixed assets Tangible assets 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 15 Net assets Income funds Unrestricted funds |
2024 £ £ 3,405,656 58,672 132,031 190,703 (63,132) 127,571 3,533,227 (822,808) 2,710,419 2,710,419 2,710,419 |
2023 £ £ 3,535,011 49,222 140,136 189,358 (110,323) 79,035 3,614,046 (831,747) 2,782,299 2,782,299 2,782,299 |
|---|---|---|
The financial statements were approved by the Trustees on 4 June 2025
Dr F N Youssef Trustee
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THE EGYPTIAN CHRISTIAN ORTHODOX ASSOCIATION
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
| Notes Cash flows from operating activities Cash generated from/(absorbed by) operations 17 Investing activities Purchase of tangible fixed assets Interest received Net cash generated from/(used in) investing activities Financing activities Repayment of bank loans Net cash used in financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2024 £ - 1,429 (53,428) |
£ 43,894 1,429 (53,428) (8,105) 140,136 132,031 |
2023 £ (61,590) 1,022 (8,913) |
£ (3,034) (60,568) (8,913) (72,515) 212,651 140,136 |
|---|---|---|---|---|
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THE EGYPTIAN CHRISTIAN ORTHODOX ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
Charity information
The Egyptian Christian Orthodox Association is governed by a declaration of trust dated 11 September 1984 and updated by a supplemental deed dated 14 April 1989.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements 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 Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
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THE EGYPTIAN CHRISTIAN ORTHODOX ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
1.4 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Resources expended
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to cost related to the category.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings 2% straight line Graves 2% straight line Fixtures and fittings 15% reducing balance Motor vehicles 25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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THE EGYPTIAN CHRISTIAN ORTHODOX ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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THE EGYPTIAN CHRISTIAN ORTHODOX ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
2 Donations and covenants
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Donations and gifts | 364,257 | 311,074 | |
| Gift aid | 47,358 | 37,908 | |
| 411,615 | 348,982 | ||
| 3 | Income from investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Interest receivable | 1,429 | 1,022 | |
| 4 | Charitable activities | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Staff costs | 128,441 | 129,394 | |
| Depreciation and impairment | 129,355 | 127,814 | |
| Rent, rates and insurance | 19,707 | 19,101 | |
| Light and heat | 54,349 | 39,599 | |
| Repairs and maintenance | 11,206 | 50,181 | |
| Telephone | 7,034 | 6,449 | |
| Motor and travelling expenses | 4,549 | - | |
| Sundry expenses | 1,450 | 3,272 | |
| Computer running costs | 900 | 900 | |
| 356,991 | 376,710 | ||
| Grant funding of activities | 64,882 | 40,283 | |
| Share of governance costs (see note 5) | 5,898 | 5,380 | |
| 427,771 | 422,373 |
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THE EGYPTIAN CHRISTIAN ORTHODOX ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
5 Support costs
| Support costs Governance costs 2024 £ £ £ Accountancy - 5,898 5,898 - 5,898 5,898 Analysed between Charitable activities - 5,898 5,898 6 Net movement in funds 2024 £ The net movement in funds is stated after charging/(crediting): Fees payable for the independent examination of the charity's financial statements - Depreciation of owned tangible fixed assets 129,355 Loss on disposal of tangible fixed assets - |
2023 £ 5,380 |
|---|---|
| 5,380 | |
| 5,380 | |
| 2023 £ - 127,814 1,433 |
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or reimbursements for expenses during the year, for the performance of their duties.
8 Employees
The average monthly number of employees during the year was:
| Employment costs Wages and salaries There were no employees whose annual remuneration was more than £60,000. |
2024 Number 3 2024 £ 128,441 |
2023 Number 4 |
|---|---|---|
| 2023 £ 129,394 |
||
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
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THE EGYPTIAN CHRISTIAN ORTHODOX ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
9 Other
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Financing costs | 57,153 | 55,714 |
10 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
11 Tangible fixed assets
| Cost At 1 January 2024 At 31 December 2024 Depreciation and impairment At 1 January 2024 Depreciation charged in the year At 31 December 2024 Carrying amount At 31 December 2024 At 31 December 2023 12 Debtors Amounts falling due within one year: Other debtors 13 Loans and overdrafts Bank loans Payable within one year Payable after one year |
Land and buildings £ 5,708,773 5,708,773 2,272,213 114,175 2,386,388 3,322,385 3,436,561 |
Graves Fixtures and fittings Motor vehicles £ £ £ 17,281 260,022 37,957 17,281 260,022 37,957 9,339 182,088 25,382 346 11,690 3,144 9,685 193,778 28,526 7,596 66,244 9,431 7,942 77,934 12,574 2024 £ 58,672 2024 £ 866,792 43,984 822,808 |
Total £ 6,024,033 |
|---|---|---|---|
| 6,024,033 | |||
| 2,489,022 129,355 |
|||
| 2,618,377 | |||
| 3,405,656 | |||
| 3,535,011 | |||
| 2023 £ 49,222 |
|||
| 2023 £ 920,220 |
|||
| 88,473 831,747 |
The long-term loans are secured by fixed charges over 6 years
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THE EGYPTIAN CHRISTIAN ORTHODOX ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
| 14 Creditors: amounts falling due within one year Notes Bank loans 13 Trade creditors Other creditors Accruals and deferred income 15 Creditors: amounts falling due after more than one year Notes Bank loans 13 |
2024 £ 43,984 8,641 191 10,316 63,132 2024 £ 822,808 |
2023 £ 88,473 8,641 198 13,011 |
|---|---|---|
| 110,323 | ||
| 2023 £ 831,747 |
The loans are secured against the following freehold properties: The Bungalow, Hill Park Chase, Lapworth, Solihull Flat 5, Hill Park Chase, Lapworth, Solihull Freehold Church, Caldwell Grove, Solihull
16 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At General funds Previous year: At General funds |
1 January 2024 Incoming resources Resources expended At 31 December 2024 £ £ £ £ 2,782,299 413,044 (484,924) 2,710,419 1 January 2023 Incoming resources Resources expended At 31 December 2023 £ £ £ £ 2,911,815 350,004 (479,520) 2,782,299 |
|---|---|
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THE EGYPTIAN CHRISTIAN ORTHODOX ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
| 17 Cash generated from operations Deficit for the year Adjustments for: Investment income recognised in statement of financial activities (Gain)/loss on disposal of tangible fixed assets Depreciation and impairment of tangible fixed assets Movements in working capital: (Increase)/decrease in debtors (Decrease) in creditors Cash generated from/(absorbed by) operations |
2024 2023 £ £ (71,880) (129,517) (1,429) (1,022) - 1,433 129,355 127,814 (9,450) 4,928 (2,702) (6,670) 43,894 (3,034) |
|---|---|
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