2025-03-31-accounts - Alpha Housing (NI) Ltd

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Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2025

Statement of Comprehensive Income

For the year ended 31 March 2025

Notes Turnover 3 Operating costs 3 Operating surplus / (deficit) Gain / (loss) on disposal of fixed assets Interest payable 7 Interest receivable Finance costs Surplus / (deficit) before tax Taxation Surplus / (deficit) after tax Other comprehensive income Unrealised surplus / (deficit) on revaluation of housing properties Total comprehensive income for the year	2025 £ 8,075,673 6,684,516 1,391,157 (22,427) (261) 59,163 (43,106) 1,384,526 - 1,384,526 - - 1,384,526	2024 £ 7,246,763 6,268,518
		978,245 (32,902) (8,216) 17,806 (48,922)
		906,011 -
		906,011 - - 906,011

The notes on pages 21 to 34 form part of these financial statements.

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2025

Statement of Changes in Equity

For the year ended 31 March 2025

Balance at 1 April 2023 Surplus / (deficit) for the year Other comprehensive income Transfers between reserves Issue of share capital Balance at 31 March 2024 Surplus / (deficit) for the year Other comprehensive income Transfers between reserves Issue of share capital Balance at 31 March 2025	Share Capital Capital reserve Revenue reserve Total £ £ £ £ 22 67 13,976,622 13,976,711 - - 906,011 906,011 (6) 6 - - 1 - - 1
	17 73 14,882,633 14,882,723
	- - 1,384,526 1,384,526 (3) 3 - - 14 76 16,267,159 16,267,249

The notes on pages 21 to 34 form part of these financial statements.

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2025

Statement of Financial Position

As at 31 March 2025

	Notes	2025	2024
		£	£
Fixed assets
Housing properties	11	46,881,630	36,030,293
Other tangible fixed assets	13	632,055	665,076
		47,513,685	36,695,369
Current assets
Trade and other debtors	14	7,224,351	8,152,332
Cash and cash equivalents		3,064,068	1,776,251
		10,288,419	9,928,583
Less: Creditors: amounts falling due within one year	15	(14,317,533)	(11,138,338)
Net current assets / liabilities		(4,029,114)	(1,209,755)
Total assets less current liabilities		43,484,571	35,485,614
Creditors: amounts falling due after more than one year	15	(27,217,322)	(20,602,891)
Total net assets		16,267,249	14,882,723
Reserves
Share capital	19	14	17
Revenue reserve		16,267,159	14,882,633
Capital reserve	20	76	73
Total reserves		16,267,249	14,882,723

These financial statements were approved by the Board of Management and authorised for issue on 25 September 2025 and signed on its behalf by:

Mr John Glass Chairman

EMee— a Mr Gerard McKeown Mr Kieran Dempsey Secretary Vice Chair

The notes on pages 21 to 34 form part of these financial statements.

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2025

Statement of Cash Flows

For the year ended 31 March 2025

----- Start of picture text -----
Notes 2025 2024
£ £
Net cash inflow / outflow from operating A
2,806,375 1,492,912
activities
Returns on investments and servicing of B
15,796 (39,332)
finance
Capital expenditure and financial investment B (878,800) (4,013,233)
Cash inflow / outflow before use of liquid
1,943,371 (2,559,653)
resources and financing
Financing B (655,554) 2,483,255
1,287,817 (76,398)
Reconciliation of net cash flow
Cash at 1 April 1,776,251 1,852,649
Increase / decrease in cash in period 1,287,817 (76,398)
Cash at 31 March
3,064,068 1,776,251
----- End of picture text -----

The notes on pages 21 to 34 form part of these financial statements.

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2025

Notes to Statement of Cash Flows

For the year ended 31 March 2025

A. Reconciliation of operating surplus / (deficit) to operating cashflows 2025 £ 2024 £ Operating surplus / deficit 1,391,157 978,245 Depreciation 1,882,456 1,826,565 Loss on disposal (22,427) - Amortisation of grant (889,970) (866,633) Movements in: Rent arrears (80,486) (27,383) Other debtors (12,536) (41,979) Creditors 538,181 (375,903) Net cash inflow / outflow from operating activities 2,806,375 1,492,912 B. Analysis of cash flows for headings netted in the cash flow statement Returns on investment and servicing of finance 2025 £ 2024 £ Interest received 64,016 17,806 Interest paid (5,114) (8,216) Bank charges (43,106) (48,922) Net cash inflow / (outflow) for returns on investment and servicing of finance 15,796 (39,332) Capital expenditure and financial investment Other fixed assets (48,217) (177,037) Housing, land and buildings (11,326,042) (5,728,683) Capital grant received 10,495,459 1,892,487 Proceeds from sale of tangible fixed assets - - Net cash inflow / (outflow) for capital expenditure and financial investment (878,800) (4,013,233) Financing Loan principal drawdown 1,850,000 3,000,000 Loan principal repayments (2,505,554) (516,745) Net cash inflow / (outflow) from financing (655,554) 2,483,255	A. Reconciliation of operating surplus / (deficit) to operating cashflows 2025 £ 2024 £ Operating surplus / deficit 1,391,157 978,245 Depreciation 1,882,456 1,826,565 Loss on disposal (22,427) - Amortisation of grant (889,970) (866,633) Movements in: Rent arrears (80,486) (27,383) Other debtors (12,536) (41,979) Creditors 538,181 (375,903) Net cash inflow / outflow from operating activities 2,806,375 1,492,912 B. Analysis of cash flows for headings netted in the cash flow statement Returns on investment and servicing of finance 2025 £ 2024 £ Interest received 64,016 17,806 Interest paid (5,114) (8,216) Bank charges (43,106) (48,922) Net cash inflow / (outflow) for returns on investment and servicing of finance 15,796 (39,332) Capital expenditure and financial investment Other fixed assets (48,217) (177,037) Housing, land and buildings (11,326,042) (5,728,683) Capital grant received 10,495,459 1,892,487 Proceeds from sale of tangible fixed assets - - Net cash inflow / (outflow) for capital expenditure and financial investment (878,800) (4,013,233) Financing Loan principal drawdown 1,850,000 3,000,000 Loan principal repayments (2,505,554) (516,745) Net cash inflow / (outflow) from financing (655,554) 2,483,255	A. Reconciliation of operating surplus / (deficit) to operating cashflows 2025 £ 2024 £ Operating surplus / deficit 1,391,157 978,245 Depreciation 1,882,456 1,826,565 Loss on disposal (22,427) - Amortisation of grant (889,970) (866,633) Movements in: Rent arrears (80,486) (27,383) Other debtors (12,536) (41,979) Creditors 538,181 (375,903) Net cash inflow / outflow from operating activities 2,806,375 1,492,912 B. Analysis of cash flows for headings netted in the cash flow statement Returns on investment and servicing of finance 2025 £ 2024 £ Interest received 64,016 17,806 Interest paid (5,114) (8,216) Bank charges (43,106) (48,922) Net cash inflow / (outflow) for returns on investment and servicing of finance 15,796 (39,332) Capital expenditure and financial investment Other fixed assets (48,217) (177,037) Housing, land and buildings (11,326,042) (5,728,683) Capital grant received 10,495,459 1,892,487 Proceeds from sale of tangible fixed assets - - Net cash inflow / (outflow) for capital expenditure and financial investment (878,800) (4,013,233) Financing Loan principal drawdown 1,850,000 3,000,000 Loan principal repayments (2,505,554) (516,745) Net cash inflow / (outflow) from financing (655,554) 2,483,255


		2,483,255

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2025

Notes to Statement of Cash Flows (cont’d)

For the year ended 31 March 2025

C. Analysis of changes in net funds

Cash in hand and at bank Bank Loans	At 01/04/24 £ 1,776,251 (2,505,554) (729,303)	Cashflows £ 1,287,817 655,554 1,943,371	Other Changes £ - - -	At 31/03/25 £ 3,064,068 (1,850,000)
				1,214,068

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2025

Notes to the financial statements

1. Legal status

Alpha Housing (Northern Ireland) Ltd is a housing association registered in Northern Ireland in the United Kingdom under the Credit Unions and Co-operative and Community Benefit Societies Act (Northern Ireland) 2016 (formerly known as the Industrial and Provident Societies Act (Northern Ireland) 1969). The registered office of the Association is Alpha House, 6 Edgewater Road, Belfast, BT3 9JQ.

2. Accounting Policies

2.1 Basis of accounting

These financial statements have been prepared in accordance with Financial Reporting Standard 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ and the Statement of Recommended Practice (“SORP”) for Registered Social Housing Providers.

The financial statements are presented in Sterling (£), which is the functional currency of the Association.

2.2 Revenue recognition

Revenue is recognised when the Association has entitlement to the funds and it is probable that the income will be received and the amount is reliably measured.

Turnover includes rental and service charge income, rates receivable and residential charges, net of voids, and release of Social Housing Grants.

Rental income for each rental period (rent week) is recognised in full on the first day of the rent week i.e. when the rent falls due.

2.3 Government and other grants

Social housing grant (SHG) or Housing Association Grant (HAG) is receivable from the Northern Ireland Housing Executive (NIHE) and is recognised in income over the useful life of the housing property structure under the accruals model. SHG or HAG due is included as a current asset. SHG or HAG received in advance is included as a liability.

SHG or HAG received in respect of revenue expenditure is credited to the income and expenditure account in the same period as the expenditure to which it relates.

SHG or HAG released on sale of a property may be repayable but is normally available to be recycled and is credited to the Disposal Proceeds Fund and included in the Statement of Financial Position within Creditors.

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2025

2.4 Tangible fixed assets

Housing properties

Housing stock are properties held for the provision of social housing or to otherwise provide social benefit and are accounted for within tangible fixed assets. Housing properties are principally available for rent and are stated at cost less accumulated depreciation and any accumulated impairment losses. Cost includes the cost of acquiring land and buildings, development costs, interest charges incurred during the development period.

Works to existing properties which replace a component that has been treated separately for depreciation purposes, along with those works that result in an increase in net rental income over the lives of the properties, thereby enhancing the economic benefits of the assets, are capitalised as improvements.

Depreciation of Housing properties

The Association separately identifies the major components which comprise its housing properties, and charges depreciation, so as to write-down the cost of each component to its estimated residual value, on a straight line basis, over its estimated useful life.

The Association depreciates the major components of its housing properties using the following useful lives:

Land	-	Not depreciated
Structure/main fabric	-	60 years
Roof	-	45 years
Bathroom	-	30 years
Mechanical systems	-	30 years
Electrics	-	30 years
Windows and doors	-	25 years
Kitchen	-	20 years
Lifts	-	20 years
Primary heating unit	-	15 years
Fire alarm system	-	15 years
Warden call system	-	10 years
Adaptations	-	10 years

Depreciation of other tangible fixed assets

For other tangible fixed assets, depreciation is charged on a straight-line basis over the expected useful lives of the assets to write off the cost, less estimated residual values over the following expected lives:

Leasehold building	-	60 years
Furniture and equipment	-	Between 3 and 10 years
Motor vehicles	-	4 years

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2025

2.5 Capitalisation of Interest Accounting Policy

The Association capitalises all borrowing costs that are directly attributable to the acquisition, construction or production of its properties, including directly attributable costs related to the development of new properties and the replacement of components of existing properties.

Borrowing cost eligible for capitalisation shall be determined as the actual borrowing costs incurred on that borrowing during the period less any investment income on the temporary investment of those borrowings.

The rate at which borrowing costs are capitalised shall be the weighted average of rates applicable to the entity’s general borrowings that are outstanding during the period.

2.6 Impairment

Housing properties are assessed annually for impairment indicators. Where indicators are identified an assessment for impairment is undertaken comparing the asset’s carrying amount to its recoverable amount. Where the carrying amount of an asset is deemed to exceed its recoverable amount, the asset is written down to its recoverable amount, this is likely to be the fair value in use of the asset based on its service potential. The resulting impairment loss is recognised as expenditure in income and expenditure. Where an asset is currently deemed not to be providing service potential to the association, its recoverable amount is its fair value less costs to sell.

Other assets are reviewed for impairment if there is an indication that impairment may have occurred.

2.7 Employee benefits

Defined Contribution Pension

The Association operates a defined contribution scheme for certain employees. A defined contribution plan is a pension plan under which the Association pays fixed contributions into a separate entity. Once the contributions have been paid the Association has no further payment obligations.

The contributions are recognised as an expense when they are due. Amounts not paid are included as accruals in the Statement of Financial Position. The assets of the plan are held separately from the Association in independently administered funds.

2.8 Tenants’ Services Fund

For certain schemes the Association is required to charge to the tenants an additional amount to fund the cost of common facilities. Annual surpluses or deficits are transferred to the Tenants’ Services Fund to equalise the financial position over the lifetime of the scheme.

2.9 Disposal Proceeds Fund

The net surpluses, after loan repayments, that arise from the sale of property to tenants under the voluntary purchase grant arrangements, instituted by the Department for Communities, can be utilised by the Association. If the surpluses are not used within two years of their receipt they may be payable in part or in full to the Department for Communities.

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2025

2.10 Income tax

The Association is accepted as a charity by the HMRC. Income and capital gains of the Association are generally exempt from tax if applied for charitable purposes.

2.11 Value Added Tax

The Association is not registered for VAT. All of its income, including rental receipts, is exempt for VAT purposes.

2.12 Financial instruments

The Association only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2.13 Judgements in applying accounting policies and key sources of estimation uncertainty

No judgements have been made in the process of applying the above accounting policies (apart from those involving estimates). There were no key assumptions made concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

2.14 Going concern

After making appropriate enquiries, the Board of Management has a reasonable expectation that the Association has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in the financial statements.

3. Turnover, Operating costs and operating surplus

Social Housing Activities (Note 4) Non-Social Housing Activities (Note 5)	Operating Turnover 7,732,284 343,389 8,075,673	2025 £ Operating Costs 6,341,127 343,389 6,684,516	Operating Surplus/ (deficit) 1,391,157 - 1,391,157	2024 £ Operating Surplus/ (deficit) 978,245 - 978,245

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2025

4. Turnover, operating costs and operating surplus/(deficit) from social housing activities

Operating Income Rent Receivable Service Charges Receivable Rates Receivable Support Charges Receivable - Supporting People Support Charges Receivable - Tenants Income from SHG/HAG Income from Other Grants Less: Voids Total Social Housing Income Operating Costs Service Costs Support Costs Tenants Support Management Costs Rates Payable Maintenance Administration costs Planned & Cyclical Maintenance Reactive Maintenance Major Repairs (not capitalised) Depreciation of Housing Properties Other Depreciation Transfer to/(from) Tenants’ Services Fund Total Social Housing Expenditure Operating surplus/(deficit) on social housing	2025 £ General Sheltered Total 587,994 4,127,129 4,715,123 27,133 1,135,938 1,163,071 73,686 515,275 588,961 - 343,385 343,385 - 148,989 148,989 95,473 762,230 857,703 1,669 51,509 53,178 (1,634) (136,492) (138,126) 784,321 6,947,963 7,732,284 19,324 1,191,168 1,210,492 1,171 524,956 526,127 381 26,248 26,629 101,011 889,970 990,981 72,566 515,484 588,050 23,680 162,524 186,204 6,269 147,403 153,672 70,497 752,952 823,449 7,220 88,620 95,840 165,176 1,636,041 1,801,217 37 12,851 12,888 (7,696) (66,726) (74,422) 459,636 5,881,491 6,341,127 324,685 1,066,472 1,391,157	2024 £ Total 4,189,569 1,040,548 540,895 315,806 150,603 826,930 135,578 (107,690)
		7,092,239
		1,177,248 531,671 24,514 955,202 539,104 193,145 242,862 795,721 54,886 1,743,063 13,228 (156,650) 6,113,994
		978,245

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2025

4. Turnover, operating costs and operating surplus / (deficit) from social housing activities (cont’d)

	DfC Allowances	2025	2024
		£	£
	Management allowances	37,224	34,056
	Management costs	(101,011)	(88,234)
	Surplus/ (deficit)	(63,787)	(54,178)
	Maintenance allowances	43,616	39,904
	Planned and cyclical maintenance	(6,269)	(5,486)
	Reactive maintenance	(70,497)	(65,802)
	Maintenance administration	23,680	(13,928)
	Surplus/ (deficit)	(9,470)	(45,312)
	Technical & Non-Technical Income
		2025	2024
		£		£
	Technical	4,001,511	3,810,686
	Non-Technical	2,810,837	2,319,045
	Total	6,812,348	6,129,731
5.	Turnover, operating costs and operating surplus/(deficit)	from non-social
	housing activities
		2025	2024
		£	£
	Operating Income
	Development	343,389	154,524
	Total Non-Social Housing Income	343,389	154,524
	Operating Costs
	Development Costs	343,389	154,524
	Total Non-Social Housing Expenditure	343,389	154,524
	Operating surplus/(deficit) on non-social housing	-	-

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2025

6. Surplus on ordinary activities

Surplus on ordinary activities is stated after charging / (crediting):

Depreciation – owned tangible fixed assets Amortisation of grant / Release of capital grant Auditor’s remuneration - External audit of these financial statements - Internal audit nterest payable Bank loans Other Loans Total	2025 £ 1,882,456 (889,970) 14,400 12,006 2025 £ - 261 261	2024 £ 1,826,565 (866,633) 14,400 12,492
		2024 £ 7,390 826 8,216

7. Interest payable

8. Employee information

Average monthly number of employees during the financial year expressed as full-time equivalents is as follows:

Administration Housing, support and care Total Staff costs Wages and salaries Social security costs Pension costs Total	2025 No. 19 26 45 2025 £ 1,683,862 127,314 164,812 1,975,988	2024 No. 18 25
		43
		2024 £ 1,551,898 119,641 134,739 1,806,278

The remuneration, including benefits in kind, of the management team of the Association during the year was:

Aggregate emoluments Pension Contributions Total	2025 £ 398,436 47,926 446,362	2024 £ 380,182 45,384 425,566

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2025

8. Employee information (cont’d)

The emoluments payable to the highest paid management team member (currently included within the above table) are as follows:

Aggregate emoluments Pension Contributions	2025 £ 99,057 17,335 116,392	2024 £ 96,251 16,830 113,081

The number of management team members to whom emoluments were paid during the year falls within each of the following bands:

115,000 – 120,000 110,000 – 115,000 85,000 – 90,000 80,000 – 85,000 75,000 – 80,000 65,000 – 70,000 60,000 – 65,000 55,000 – 60,000 50-000 – 55,000 35,000 – 40,000 Total	2025 2024 No. No. 1 - - 1 1 - 1 1 - 1 1 - - 1 1 - - 1 1 1 6 6

9. Board of Management remuneration

There was no remuneration paid to the Board of Management of the Association (2024: £nil). The Board of Management members were paid out of pocket expenses totalling £nil (2024: £nil).

10. Finance costs

Finance costs	2025 2024 £ £ 43,106 48,922 43,106 48,922

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2025

11. Tangible fixed assets – Housing properties

Cost or valuation At 1 April 2024 Additions Disposals At 31 March 2025 Depreciation At 1 April 2024 Charge for the year Eliminated on disposal At 31 March 2025 Net book value At 31 March 2025 Net book amount comprises: Properties Under Construction Completed schemes Properties under construction Property Tenure Freehold Leasehold	General Needs Sheltered Schemes 2025 Total £ £ £ 13,151,638 51,886,081 65,037,719 11,642,699 1,009,854 12,652,553 (33,595) (195,826) (229,421) 24,760,742 52,700,109 77,460,851 2,241,320 26,766,106 29,007,426 240,642 1,560,576 1,801,218 (33,750) (195,673) (229,423) 2,448,212 28,131,009 30,579,221 22,312,530 24,569,100 46,881,630 9,284,435 24,565,889 33,850,324 13,028,095 3,211 13,031,306 22,312,530 24,569,100 46,881,630 18,505,823 20,630,388 39,136,211 3,806,707 3,938,712 7,745,419 22,312,530 24,569,100 46,881,630	2024 Total £ 59,671,573 5,868,417 (502,271) 65,037,719 27,733,732 1,743,063 (469,369) 29,007,426 36,030,293 31,381,896 4,648,397 36,030,293 30,393,034 5,637,259 36,030,293

Additions to Housing properties includes £42,024 of capitalised interest cost (2024: NIL).

12. Housing Stock

Number of units owned and managed at year end Self-Contained General Needs Housing Sheltered Housing Total Units Owned and Managed at year end	2025 Properties 102 904 1,006	2024 Properties (Restated) 93 905 998

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2025

13. Other tangible fixed assets

Leasehold building £ 665,988 - - 665,988 248,910 18,546 -	Furniture and equipment £ 685,203 48,217 - 733,420 465,455 45,538 -	Motor vehicles £ 78,784 - - 78,784 50,534 17,154 -	Total £ 1,429,975 48,217 -
			1,478,192
			764,899 81,238 -
267,456	510,993	67,688	846,137
	222,427 11,096 219,748 28,250 2025 £ 24,571 184,342 (6,186) 202,727 6,545,189 168,451 174,324 133,660 7,224,351
			632,055 665,076 2024 £ 21,338 108,558 (7,654) 122,242 7,566,191 267,777 99,902 96,220 8,152,332

14. Debtors

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2025

15. Creditors

Amounts falling due within 1 year

Loans Housing Association Grant in advance Deferred Housing Association Grant Accruals and deferred income Rent and service charges received in advance Tenants’ Services Fund Trade Creditors Other creditors Total Amounts falling due after more than 1 year Loans (see analysis below) Deferred Housing Association Grant Loans Within one year Between one and two years Between two and five years In five years or more		2025 £ 1,850,000 8,767,683 965,734 1,821,971 188,691 - 601,514 121,940 14,317,533 2025 £ - 27,217,322 27,217,322 2025 £ 1,850,000 - - - 1,850,000	2024 £ 2,505,554 6,452,219 1,311,141 450,448 42,919 - 301,293 74,764 11,138,338 2024 £ - 20,602,891 20,602,891 2024 £ 2,505,554 - - - 2,505,554	2024 £ 2,505,554 6,452,219 1,311,141 450,448 42,919 - 301,293 74,764
				11,138,338

Loans are secured by specific charges on the Association’s properties and are repayable at varying rates of interest in instalments due as above.

16. Deferred grant

At 1 April 2024 Grant recognised in the year Released to income in the year At 31 March 2025	2025 £ 21,914,005 7,159,021 (889,970) 28,183,056	2024 £ 20,133,400 2,647,238 (866,633) 21,914,005

Alpha Housing (Northern Ireland) Ltd Year Ended 31 March 2025

17.Capital commitments

At 31 March 2025 the Association had capital commitments as follows:

Contracted for but not provided in the financial statements	2025 £ 16,805,673 16,805,673	2024 £ 12,399,914 12,399,914

18. Contingent Liabilities

The Association released Housing Association Grant to income during the year in accordance with the Housing SORP. The possibility of reimbursement to the Department for Communities is considered to be unlikely as the housing properties are expected to continue to be made available for social housing for the foreseeable future.

19. Share capital

Ordinary shares of £1 each fully paid:

At 1 April 2024 Issued in the year Shares Issued Transferred to capital reserve At 31 March 2025 apital reserves At 1 April 2024 Shares Issued Transferred from share capital At 31 March 2025	2025 £ 17 - (3) 14 2025 £ 73 - 3 76	2024 £ 22 1 (6) 17 2024 £ 67 - 6 73

20. Capital reserves

21. Related party transactions

There were no related party transactions during the year.