Charity No. 526206
The Harris Charity
Financial Statements
For The Year Ended
5 April 2022
THE HARRIS CHARITY
CONTENTS
| Page | |
|---|---|
| Charity Details | 1 |
| Trustees report | 2 |
| Independent examiner’s report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the accounts | 8 |
THE HARRIS CHARITY
CHARITY DETAILS
| Trustees: | E J Booth CBE DL LLD - (Chairman) |
|---|---|
| P R Metcalf MBE FCA DChA - (Vice Chairman) | |
| Dr A W Andrews | |
| Mrs J Coulston–Herrmann BA Hons M.Ed | |
| Mrs N M Fielden | |
| Rev P Hamborg | |
| S W J Huck LLB | |
| K G Mellalieu | |
| T J Scott FCSI | |
| S B R Smith | |
| Honorary Vice President | W S Huck |
| Secretary | D M Ingram FCA |
| Registered Address | Richard House |
| 9 Winckley Square | |
| Preston | |
| PR1 3HP | |
| Charity Number | 526206 |
| Independent Examiner | A Mills FCA MAAT |
| Chartered Accountant | |
| James Todd & Co (NW) Ltd | |
| Greenbank House | |
| 141 Adelphi Street | |
| Preston | |
| PR1 7BH | |
| Investment Advisers | Brown Shipley |
| U K Authorised Private Bank | |
| 3 Hardman Street | |
| Spinningfields | |
| Manchester | |
| M3 3HF | |
| Endowment Fund | Incorporates Permanent Endowments from |
| the following charities: | |
| Jacson Memorial Fund | |
| Jacson Special Bequest | |
| Victor Gatty Prize Fund | |
| Rogerson Scholarship Trust | |
| Lancashire Council for Voluntary Youth Service |
Page 1
TRUSTEES’ REPORT
THE HARRIS CHARITY
FOR THE YEAR ENDED 5 APRIL 2022
The Trustees present their report and financial statements of the charity for the year ended 5 April 2022. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts 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 published in October 2019.
Constitution, objectives and activities for the public benefit
The charity, which was originally known as “The Harris Orphanage” regulated by a scheme of the High Court of Justice of 23 January 1883, was re-organised in 1985 following the disposal of the Harris Orphanage premises in Garstang Road, Preston, to the Lancashire Polytechnic (now renamed University of Central Lancashire).
The proceeds of sale together with previously held investments have resulted in a substantial endowment which has been invested for the future benefit of young people under the age of twenty-five years resident in the County of Lancashire, with preference given to persons living in the City of Preston (formerly the Borough of Preston).
The Harris Charity is a registered charity governed by a scheme of arrangement dated 8 August 1985 approved by the Charity Commissioners. The Trustees’ powers of investment are determined by the Trustee Act 2000.
Financial assistance is given to relieve hardship or distress, for promoting training and education and to assist in the provision of facilities for recreation and leisure activities.
The trustees generally meet on a quarterly basis to address the business of the charity. The secretary handles the day to day running of the charity from the registered office.
Trustees and appointment of new trustees
The trustees who have served during the year and since the year end are set out on page 1 and are appointed in accordance with the trust scheme.
Trustees are appointed for five years by resolution of the body of trustees passed at a special meeting of which not less than twenty-one days’ notice has been given. The trustees look to appoint new trustees with expertise and knowledge and who have an involvement with the care of children and activities for which grants are sought. Any Trustee who is absent from all meetings of the trustees during a period of two consecutive years is considered to have determined their trusteeship.
The trustees, Mr E J Booth, Mrs J Coulston – Herrmann, Rev P Hamborg, Mr K Mellalieu and Mr S B R Smith were re-elected during the year.
Investment policy
An Investment Sub-Committee meets quarterly to review the investment portfolio of the charity and to discuss any proposals made by the investment advisers, Brown Shipley.
The trustees agree with the investment adviser that a realistic income target in the present circumstances is £100,000 per annum rather than the £120,000 figure that has been previously requested with an anticipation that the new income target will not be achieved in the short term as dividends continue to recover. The trustees continue to take a long term view on the investment portfolio and will keep the target figure under review as market conditions change.
Page 2
TRUSTEES’ REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
THE HARRIS CHARITY
Investment policy (continued)
The current Brown Shipley mandate in measuring investment performance is ‘Growth’ using the MSCI PIMFA Private Investor Growth Index as a benchmark. Investments are avoided where their products are harmful to children and young people who the charity serves. The policy is to generate income for the making of grants whilst maintaining capital growth to protect the value of the investments in real terms.
Grant-making policy
The charity invites applications from individuals under the age of 25 years and organisations which support persons under the age of 25 years, twice yearly in March and September. Applicants are invited to submit a summary of their proposals on a specific form. Each application is perused and grants are awarded at the trustees discretion. Each applicant is informed as to whether or not a grant has been awarded and if successful is asked to provide the Trustees with the relevant documents/invoices in order that funds may be released.
Public benefit
The trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities and setting the grantmaking policy for the year. Financial assistance is given to relieve hardship or distress, for promoting training and education and to assist in the provision of facilities for recreation and leisure activities for those under the age of twenty five years resident in the county of Lancashire, with preference given to persons living in the city of Preston. An analysis of the assistance provided is shown in note 5.
Review of activities – achievements and performance
During the year 23 grants awards (2021:39) have been made by the charity totalling £52,178 (2021:£197,889). Grants amounting to £190,696 (2021:£198,675) had been approved but not paid at the year end.
The Harris Charity continues to explore ways to provide help to young people in the Lancashire area who are living in challenged circumstances. It works closely with two local charities, Preston Relief in Need and Guild Initiative for Furniture Trust (Gift 92) in supporting young people and families setting up home.
Financial review
The charity’s income during the year amounted to £106,549 (2021:£84,365).
Total resources expended during the year amounted to £89,979 (2021:£224,626). Grants payable during the year totalled £44,365 (2021:£182,635). The overall result was an increase in the value of the unrestricted fund of £31,207 (2021:decrease of £108,098) to £349,180 (2021:£317,973) at 5 April 2022 after deducting (2021:adding) the unrealised loss of £9,306 (2021:gain of £10,435) on current asset investments held.
During the year the value of the endowment fund increased by £222,748 (2021:increase of £904,893) to £4,280,022 (2021:£4,057,274) at 5 April 2022. This occurred as a result of realised gains of £37,133 (2021: gains of £29,148) and unrealised gains of £209,558 (2021:gains of £897,473) and after deducting investment management costs of £23,943 (2021:£21,728).
Page 3
TRUSTEES’ REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
THE HARRIS CHARITY
Reserves policy
It is the policy of the charity to maintain unrestricted funds, which are free reserves of the charity, at a level that provides sufficient funds to cover grants payable and administration costs and to respond to emergency applications for grants which arise from time to time. The endowment fund is invested in order to generate the income necessary to provide for the grants that are awarded.
The trustees confirm that the free reserves of the charity at the year end were £539,877 (2021: £516,648).
This report was approved by the Trustees on 18 August 2022 and signed on its behalf:
E J Booth CBE DL LLD
Chairman of the Board of Trustees
Page 4
THE HARRIS CHARITY
INDEPENDENT EXAMINER’S REPORT TO THE
TRUSTEES OF THE HARRIS CHARITY
I report to the trustees on my examination of the accounts of The Harris Charity for the year ended 5 April 2022 set out on pages 6 to 16.
Responsibilities and basis of report
As the charity trustees of The Harris 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 all 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 material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1 Accounting records were not kept in respect of the Harris Charity as required by section 130 of the Act; or
-
2 The accounts do not accord with those records; or
-
3 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.
A Mills FCA MAAT Chartered Accountant James Todd & Co (NW) Ltd Greenbank House 141 Adelphi Street Preston PR1 7BH
Dated: 18 August 2022
Page 5
THE HARRIS CHARITY
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2022
| Note Donations and legacies 2 Investments 3 Total incoming resources Expenditure on: Raising funds 4 Charitable activities 5 Total expenditure Realised gains/(losses) on investments Unrealised gains/(losses) on investments 6 Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward Income and endowments from: Net income/(expenditure) before gains/(losses) on investments |
Unrestricted funds £ 2,000 104,549 |
Endowment funds £ - - |
Total Total 2022 2021 as restated £ £ 2,000 - 104,549 84,365 106,549 84,365 25,360 23,211 64,619 201,415 89,979 224,626 16,570 (140,261) 37,133 29,148 200,252 907,908 253,955 796,795 4,375,247 3,578,452 4,629,202 4,375,247 |
|---|---|---|---|
| 106,549 | - | ||
| 1,417 64,619 |
23,943 - |
||
| 66,036 | 23,943 | ||
| 40,513 - (9,306) |
(23,943) 37,133 209,558 |
||
| 31,207 317,973 |
222,748 4,057,274 |
||
| 349,180 | 4,280,022 |
Page 6
THE HARRIS CHARITY
BALANCE SHEET
AS AT 5 APRIL 2022
| Unrestricted funds Note £ Investments 6 - Total fixed assets - Current assets Debtors 7 20,321 Investments 8 245,004 Cash at bank and in hand 285,351 Total current assets 550,676 Liabilities Creditors:amounts falling due within one year 9 (201,496) Net current assets 349,180 Net assets 349,180 Charity Funds General fund 349,180 Endowment funds - Total charity funds 10,11 349,180 Fixed assets Unrestricted funds: |
Unrestricted funds £ - |
Endowment funds £ 4,202,333 |
Total Total 2022 2021 as restated £ £ 4,202,333 4,071,365 4,202,333 4,071,365 20,321 18,712 245,004 254,310 363,040 254,726 628,365 527,748 (201,496) (223,866) 426,869 303,882 4,629,202 4,375,247 349,180 317,973 4,280,022 4,057,274 4,629,202 4,375,247 |
|---|---|---|---|
| - 20,321 245,004 285,351 |
4,202,333 - - 77,689 |
||
| 550,676 (201,496) |
77,689 - |
||
| 349,180 | 77,689 | ||
| 349,180 | 4,280,022 | ||
| 349,180 - |
- 4,280,022 |
||
| 4,280,022 |
Approved by the Board of Trustees on 18 August 2022 and signed on its behalf by:
E J Booth CBE DL LLD – Chairman of Trustees P R Metcalf MBE FCA DChA – Vice Chairman
D M Ingram FCA - Secretary
The notes on pages 8 to 16 form part of these financial statements.
Page 7
THE HARRIS CHARITY
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2022
1 Accounting policies
Basis of preparation
The Harris Charity is a charity registered in England and Wales. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are set out on page 2 of the trustees report.
The charity constitutes a public benefit entity as defined by FRS 102. 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 in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.
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 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 issued 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
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £000.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainty exists that casts doubt on the charity’s’ ability to continue to operate. The trustees have considered the level of funds held and the expected level of income and expenditure for the twelve months from the date of the authorising of these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. The trustees expect that the Covid -19 virus will have some impact for the foreseeable future but they continue to take a long term view and will monitor the position of investments in conjunction with the investment adviser.
Income recognition
All income is recognised once the charity has entitlement to receipt and it is probable that the income will be received and the amount of income receivable can be measured reliably. All income is included in the Statement of Financial Activities.
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 then the income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Investment income is recognised in the period in which the charity is entitled to receipt.
Page 8
THE HARRIS CHARITY
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
1 Accounting policies (continued)
Expenditure recognition
All expenditure is accounted for on an accruals basis and has been allocated to the fund to which it relates. Expenditure is recognised where there is a legal or constructive obligation to make payment, it is probable that settlement will be required and the amount of the obligation can be measured reliably. The charity is not registered for VAT, consequently, input VAT incurred is charged against the expenditure heading to which it relates.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
Allocation of support and governance costs
Support costs are those costs incurred that assist the work of the charity but do not directly represent charitable activities. They are in sustained support of expenditure on the objects of the charity.
Governance costs are those costs relating to the public accountability of the charity and its compliance with regulations and good charity practices. The trustees have decided that all such costs be met from unrestricted funds.
Investments
Investments are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date using the closing quoted mid market price as quoted on the London Stock Exchange and, in the case of foreign investments, on their respective stock exchanges.
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sale proceeds and their opening carrying value 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 cost, if acquired during the year, their fair value at the previous year end and their fair value at the current year end.
Unrestricted fund
The unrestricted fund is a fund which is available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which has not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The charity currently has no designated funds.
Endowment fund
The endowment fund is a fund representing those assets which must be held permanently by the charity, principally investments. Income arising on the endowment fund can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund.
Page 9
THE HARRIS CHARITY
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
Donations and legacies – unrestricted
| Donations Investment - unrestricted Investment dividends and interest Bank interest Raising funds - Investment management costs |
2022 2021 £ £ 2,000 - 2,000 - 2022 2021 £ £ 104,539 84,323 10 42 104,549 84,365 2022 2021 £ £ 25,360 23,211 25,360 23,211 |
|---|---|
.
£23,943 (2021: £21,728) of expenditure is allocated to the endowment fund and £1,417 (2021: £1,483) to unrestricted.
Page 10
THE HARRIS CHARITY
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
Charitable activities - unrestricted
| Grants expenditure: Grant related support costs: Secretarial fees Information commissioner's charges Website and internet charges Accountancy fees Independent examiners fees - governance Grants (see note 5b) Note 5b Balance payable brought forward Previously awarded grants released (7,813) New grants awarded in the year 52,178 Net grant cost in the year (note 5c) Grants paid in the year Balance payable carried forward (note 9) |
(7,813) 52,178 |
2022 £ 198,675 44,365 |
2022 2021 £ £ as restated 44,365 182,635 44,365 182,635 13,900 13,670 40 40 1,212 170 2,600 2,400 2,502 2,500 64,619 201,415 2021 £ as restated 60,733 (15,254) 197,889 182,635 243,368 (44,693) 198,675 |
|---|---|---|---|
| 243,040 (52,344) |
|||
| 190,696 |
Page 11
THE HARRIS CHARITY
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
5 Charitable activities (continued)
| Note 5c Charitable organisations Educational Recreational – scouts, youth clubs etc Recreational – sports, playgroups etc Individuals Previously awarded grants released Institutional |
Preston Lancashire 5 April 5 April Area Area 2022 2021 £ £ £ £ as restated 1,285 16,858 18,143 6,213 10,000 - 10,000 155,000 - 3,000 3,000 4,561 6,500 6,560 13,060 18,022 1,322 6,653 7,975 14,093 (2,843) (4,970) (7,813) (15,254) 16,264 28,101 44,365 182,635 |
|---|---|
Fixed asset investments
| Market value at 5 April 2021 Additions Disposal proceeds Net investment (losses)/gains Market value at 5 April 2022 Historical cost at 5 April 2022 Investments at fair value comprised: Equities Bonds and gilts Hedge and structured funds Property funds |
2022 2021 £ £ 4,071,365 3,042,770 361,050 348,699 (439,640) (217,577) 209,558 897,473 4,202,333 4,071,365 3,449,882 3,507,591 2022 2021 £ £ 3,608,588 3,418,799 421,550 439,735 79,475 132,741 92,720 80,090 4,202,333 4,071,365 |
|---|---|
Page 12
THE HARRIS CHARITY
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
Debtors
| Debtors | |
|---|---|
| Accrued Income Loans |
2022 2021 £ £ 6,996 5,087 13,325 13,625 |
| 20,321 18,712 |
The loans are interest free and will be repaid or reviewed before the 25[th] birthday of the recipient
Current asset investments
| Market value at 5 April 2021 Additions Disposal proceeds Net investment (losses)/gains Market value at 5 April 2022 Historical cost at 5 April 2022 Investments at fair value comprised: Cash funds |
2022 2021 £ £ 254,310 - - 243,875 - - (9,306) 10,435 245,004 254,310 250,000 250,000 2022 2021 £ £ 245,004 254,310 245,004 254,310 |
|---|---|
Creditors – amounts falling due within one year
| Creditors and accrued charges Grants payable (note 5b) |
2022 2021 £ £ as restated 10,800 25,191 190,696 198,675 |
|---|---|
| 201,496 223,866 |
Page 13
THE HARRIS CHARITY
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
Analysis of charitable funds
The unrestricted fund is available for use at the direction of the trustees in furtherance of the general objectives of the charity and which has not been designated for other purposes.
The investment fund is established from previously owned investments together with the proceeds from the disposal of the Harris Orphanage premises in 1985. The fund is kept as a permanent endowment with investments being held for their capital appreciation and also to generate revenue for the unrestricted fund.
| Balance at 6 April 2021 Income Expenditure £ £ £ as restated Unrestricted funds: 317,973 106,549 (66,036) Endowment funds: 4,057,274 - (23,943) 4,375,247 106,549 (89,979) Analysis of charitiable funds - previous year Balance at 6 April 2020 Income Expenditure £ £ £ as restated Unrestricted funds: 426,071 84,365 (202,898) Endowment funds: 3,152,381 - (21,728) 3,578,452 84,365 (224,626) |
Balance at 6 April 2021 £ as restated 317,973 4,057,274 |
Income £ 106,549 - |
Expenditure £ (66,036) (23,943) |
Transfers £ - - |
Balance Gains and at 5 April losses 2022 £ £ (9,306) 349,180 246,691 4,280,022 237,385 4,629,202 Balance Gains and at 5 April losses 2021 £ £ 10,435 317,973 926,621 4,057,274 937,056 4,375,247 |
|---|---|---|---|---|---|
| 4,375,247 | 106,549 | (89,979) | - | ||
| Transfers £ - - |
|||||
| 84,365 | (224,626) | - | |||
| 3,578,452 |
Page 14
THE HARRIS CHARITY
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
Analysis of net assets between funds – previous year
| Investments Current assets Creditors falling due within one year Fund balances at 5 April 2021 are represented by: |
At Unrestricted Endowment 5 April funds funds 2021 £ £ £ - 4,071,365 4,071,365 527,748 - 527,748 (209,775) (14,091) (223,866) |
|---|---|
| 317,973 4,057,274 4,375,247 |
Related party transactions
Fees of £16,070 (2021:£17,150) for secretarial and accountancy services were payable to MHA Moore & Smalley LLP, Chartered Accountants, of which the secretary, Mr D M Ingram was a consultant during the year. The amount shown as outstanding at the year end was £8,600 (2021:£8,670).
Mr P R Metcalf is a trustee of the charities, Preston Relief in Need and the Guild Initiative for Furniture Trust (Gift92), both charities supporting persons under the age of 25 years. Due to the effects of the Covid -19 pandemic, Preston Relief in Need suspended its grant support consequently, no grants were awarded to them by the Harris Charity during the year (2021:£nil). Gift 92 was unaffected by the pandemic and the Harris Charity reimbursed them £602 (2021:£1,754) for appliances supplied by them to applicants who were grant aided by the Harris Charity.
During the year E.H. Booth & Co Limited donated £2,000 to The Harris Charity. One of the trustees E J Booth is a director of E.H. Booth & Co Limited.
Trustees' remuneration and expenses
The trustees neither received nor waived any remuneration during the year (2021: £nil).
The trustees did not have any expenses reimbursed during the year (2021: £nil).
Page 15
THE HARRIS CHARITY
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
Prior year adjustment
| Funds as previously reported Adjustments arising: Recognition of grant creditors Funds as restated Net income as previously reported Adjustments arising: Grants awarded in the year ended 5/4/21 Previously awarded grants released Net income as restated Reconciliation of funds Reconciliation of new income for the previous financial period |
6 April 5 April 2020 2021 £ £ 3,639,185 4,573,922 (60,733) (198,675) |
6 April 5 April 2020 2021 £ £ 3,639,185 4,573,922 (60,733) (198,675) |
|---|---|---|
| 3,578,452 | 4,375,247 | |
| 2021 £ 934,737 (153,196) 15,254 |
||
| 796,795 |
Notes to restatement
An adjustment has been made to accrue grants awarded in the the financial year and not yet paid by the year end. There are no conditions to prevent recognition.
Page 16