Halstead IFM Limited - Limited company accounts 20.1

REGISTERED NUMBER: 06408991 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2020

FOR

HALSTEAD INDEPENDENT FINANCIAL

MANAGEMENT LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Independent Auditors' Report

7

Statement of Income and Retained Earnings

9

Balance Sheet

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

S W Halstead

M W Halstead

S Tanner

SECRETARY:

E V Halstead

REGISTERED OFFICE:

Holmstead

23 Barnfield

Urmston

Manchester

M41 9EW

REGISTERED NUMBER:

06408991 (England and Wales)

AUDITORS:

Bairstow and Atkinson

Statutory Auditors

Chartered Accountants

Carlton House

Bull Close Lane

Halifax

HX1 2EG

The directors present their strategic report for the year ended 31 May 2020.

REVIEW OF BUSINESS

Halstead Independent Financial Management Limited is a financial planning business which provides clients with

independent financial advice. We intend to continue offering our DFM services to clients as per our DFM service plan.

The company is committed to delivering a fee based range of services to retail clients.

Turnover in the year increased by £55,949 to £520,471; the rise being due to planned growth.

The operating profit of the company increased by £28,712 to £236,905. .

The company's balance sheet has net assets of £201,500 compared to £180,527 in the prior year.

The directors consider the annual results and the position of the company at the year end to be satisfactory.

Key Performance Indicators

The performance of the business is monitored by management through the use of various key performance indicators

(KPI's).

The directors consider the following to be the KPI's for the company:-

2020

2019

Turnover

£520,471

£464,522

Operating Profit %

46%

45%

CAPITAL RESOURCES

Pillar 1 requirement

In accordance with GENPRU 2.1.45R (calculation of variable capital requirement for a BIPRU firm), the Company's

capital requirement has been determined as being the Company's fixed overhead requirement and not the sum of the

company's credit risk capital requirement and market risk capital requirement.

The Pillar 1 capital requirement for Halstead Independent Financial Management Limited was £76,000.

Pillar 2

The company's overall approach to assessing the adequacy of the firm's internal capital is set out in ICAAP. The ICAAP

process involves separate consideration of risks to the company's capital combined with stress testing using scenario

analysis. The level of capital required to cover risks is a function of impact and probability. The directors assess impact

by modelling the changes in the company's income and expenses caused by various potential risks over a 1-year time

horizon. Probability is assessed subjectively.

In addition, the directors have reviewed the outputs of the company's risk reviews to quantify any risks identified. This

has identified the key business risks noted below.

The Company's Pillar 2 capital requirement, which is the directors own assessment of the minimum amount of capital

that the directors believe is adequate against the risks identified, has been assessed as greater than the Pillar 1

requirement. There is a considerable surplus of reserves above the capital resource requirement deemed necessary to

cover the risks identified.

Regulatory capital

The main features of the company's capital resources for regulatory purposes are:-

Capital Item:

2020

2019

£,000

£,000

Tier 1 Capital

213

168

Total of tier 2 & 3 capital

-

-

Deductions from tier 1 & tier 2 capital

-

3

Total capital resources, net of deductions

213

165

PRINCIPAL RISKS AND UNCERTAINTIES

Liquidity Risk

The firm manages all cash and borrowing requirements to maximise potential interest income whilst ensuring the firm

has sufficient liquid resources to meet the continued operating needs of the business. This is supported by a robust

budgeting and forecasting process which has the full involvement of the senior management team.

Credit Risk

The main credit risk for the firm relates to advisory fees, being the risk that a client does not pay amounts due for

services provided. This risk is mitigated by the low number of clients in respect of which amounts are due at any one

time. The risk of non payment is also reduced due to the nature of the clients as they are typically wealthy individuals.

The firm's revenues include annual management charges received from clients based on a percentage of client assets

under management. These changes are made directly to the clients' portfolios, and therefore the credit risk relating to

this income is minimal.

Business Risk

The firm's Pillar 2 business risk assessment principally takes the form of a fall in assets under management following a

market downturn that leads to lower management fees, although other risks such as loss of advisers and systems

failures are also considered. To mitigate the Company's business risk, the directors regularly analyse various different

economic scenarios to model the impact of economic downturns on our financial position.

Operational Risk

Operational risk is defined as the potential risk of financial loss or impairment to reputation resulting from inadequate or

failed internal processes and systems, from the actions of people or from external events. Major sources of operational

risk include: outsourcing of operations, IT security, internal and external fraud, implementation of strategic change and

regulatory non-compliance. The Company operates a robust risk management process which is regularly reviewed and

updated with details being provided to all staff. The firm's Compliance Oversight is responsible for the periodic reviews

and recommending any changes to the Board. All senior management will bear responsibility for internal controls and

the management of business risk as part of their accountability to the board.

Individuals are responsible for identifying the risks surrounding their work, implementing controls over those risks and

reporting areas of concern to their line manager. The Compliance Oversight will provide the board with a yearly

summary report on all significant risk issues using a traffic light system.

Regulatory Risk

The nature of the Company is such that it falls under the influence of regulators and legislators in the UK. The Company

could face fines or be forced to cease trading if the regulations are not adhered to. To mitigate the risk, the Company

has independent file reviews annually and an annual compliance review. Any noted recommendations are actioned.

Competition and client retention

Checking the quality of advice across the Company is fundamentally important to the future viability of the firm. Ensuring

that all customers receive appropriate and suitable advice as well as being treated fairly is essential and assists with

client retention.

IT Risk

IT Risk is a significant risk for the business. The data the firm stores is sensitive and commercially vital. The Company

could be fined if data breaches occurred and would see significant falls in profitability if data was lost.

To mitigate the risk, the Company uses outsourced software which is tested for hacking and who also back up the data

to two separate sites. We also take a copy of the data stored on this system in electronic and paper format.

The Company backs up its own in-house computers to the on site backup each night (which has two mirrored Hard

Drives - to protect against hardware failure) and this is turn is backed up each night to an offsite European based cloud

storage system.

Market Risk

The firm is indirectly subject to market risk as a significant element of income is dependent upon the value of client

funds under management. The risk is mitigated by the asset allocation strategy adopted, which ensures that clients have

highly diversified portfolios with limited exposure to any one asset class. Accordingly exposure to market risk is

considered minimal.

REMUNERATION CODE DISCLOSURE

The firm is subject to the BIPRU Remuneration Code. This section provides further information on our remuneration

policy.

The directors have identified, and maintain a record of, 'BIPRU Remuneration Code Staff'. This includes senior

management and members of staff whose actions may have a material impact on a firm's risk profile. All of our Code

Staff fall into the "senior management" category of Code Staff for the purposes of the BIPRU Remuneration Code.

Decision Making / Remuneration Committee

The Company does not have a Remuneration Committee. The Directors are responsible for the firm's remuneration

policy including:

-

Determining the framework and policy for remuneration and ensuring it does not encourage undue risk taking.

-

Agreeing any major changes in remuneration structures.

-

Reviewing the terms and conditions of any new incentive schemes and in particular, considering the

appropriate targets for any performance related remuneration schemes.

-

Considering and recommending the remuneration policy for the senior employees taking into account the

appropriate mix of salary, discretionary bonus and share based remuneration.

-

In determining remuneration arrangements, the Directors will give due regard to best practice and any relevant

legal or regulatory requirements including the BIPRU Remuneration Code.

Link Between Pay & Performance

Competitive salaries form the basis of the firm's remuneration package. In addition there is an element of variable pay

for all staff which is based on firm wide and individual performance. Whilst most of the variable reward components are

awarded to employees across the firm, the structure, balance and amounts may differ. Variable remuneration is

considerably reduced where subdued or negative financial performance of the firm occurs.

When assessing individual performance, the directors use a robust performance review process, with reviews including

qualitative criteria and, in the case of investment managers, long-term investment results are a factor in the assessment

process.

Quantitive Information on Remuneration

The FCA rules require certain firms to disclose aggregate information on remuneration in respect of its BIPRU

Remuneration Code Staff broken down by business area, senior management and other Code Staff, including "risk

takers".

The firm only has one business area - investment management.

The firm had 3 directors during the year but no "risk takers".

Director remuneration is agreed formally at board meetings. The link between performance and pay is inevitable in a

small firm, but the firm's risk averse strategy and robust risk management systems mitigate any risks.

The firm holds regulatory capital in accordance with the Capital Requirements Directive. All such capital is classified as

Tier 1 capital and is therefore of the highest quality.

ON BEHALF OF THE BOARD:

S Tanner - Director

21 September 2020

The directors present their report with the financial statements of the company for the year ended 31 May 2020.

DIVIDENDS

Interim dividends per share were paid as follows:

Ordinary A £1 shares

0.975

- 31 May 2020

Ordinary B £1 shares

3.2475

- 31 May 2020

The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 31 May 2020 will be £ 168,900 .

FUTURE DEVELOPMENTS

The directors believe that the UK financial services industry offers attractive prospects for long term growth, through the

provision of high standards of advice, investment management and service to clients.

Specifically, the firm believes that offering 'in-house' discretionary management services to supplement a high quality

financial planning service allows the firm to provide a truly holistic planning service for its clients and will help them to

better plan for their specific objectives.

Although working practices have been affected by the Covid crisis, the directors believe that income & profitability are

likely to hold up well since most of the company's income is of a recurring nature.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

M W Halstead has held office during the whole of the period from 1 June 2019 to the date of this report.

Other changes in directors holding office are as follows:

S Tanner - appointed 10 June 2019

POLITICAL DONATIONS AND EXPENDITURE

Within the year the company made donations of £4,180. None of these donations were to any political entity.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements

in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors

have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not

approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the

company and of the profit or loss of the company for that period. In preparing these financial statements, the directors

are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for

safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have

taken as a director in order to make himself aware of any relevant audit information and to establish that the company's

auditors are aware of that information.

ON BEHALF OF THE BOARD:

S Tanner - Director

21 September 2020

Opinion

We have audited the financial statements of Halstead Independent Financial Management Limited (the 'company') for

the year ended 31 May 2020 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash

Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of

significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable

law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting

Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 May 2020 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.

Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the

financial statements section of our report. We are independent of the company in accordance with the ethical

requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard,

and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit

evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to

you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic

Report and the Report of the Directors, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise

explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing

so, consider whether the other information is materially inconsistent with the financial statements or our knowledge

obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or

apparent material misstatements, we are required to determine whether there is a material misstatement in the financial

statements or a material misstatement of the other information. If, based on the work we have performed, we conclude

that there is a material misstatement of this other information, we are required to report that fact. We have nothing to

report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit,

we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you

if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible

for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such

internal control as the directors determine necessary to enable the preparation of financial statements that are free from

material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a

going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of

accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic

alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with

ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are

considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic

decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting

Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the

Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those

matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted

by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a

body, for our audit work, for this report, or for the opinions we have formed.

Peter Dyson (Senior Statutory Auditor)

for and on behalf of Bairstow and Atkinson

Statutory Auditors

Chartered Accountants

Carlton House

Bull Close Lane

Halifax

HX1 2EG

21 September 2020

TURNOVER

3

520,471

464,522

Cost of sales

19,145

9,977

GROSS PROFIT

501,326

454,545

Administrative expenses

268,621

249,210

232,705

205,335

Other operating income

4,200

2,858

OPERATING PROFIT

5

236,905

208,193

Interest receivable and similar income

1,088

837

237,993

209,030

Interest payable and similar expenses

6

1,916

4,212

PROFIT BEFORE TAXATION

236,077

204,818

Tax on profit

7

47,177

38,969

PROFIT FOR THE FINANCIAL YEAR

188,900

165,849

Retained earnings at beginning of year

100,527

98,178

Dividends

8

(168,900

)

(163,500

)

RETAINED EARNINGS AT END OF YEAR

120,527

100,527

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

97,585

64,526

97,585

64,526

CURRENT ASSETS

Debtors

11

39,418

39,768

Cash at bank

237,547

254,730

276,965

294,498

CREDITORS

Amounts falling due within one year

12

165,038

111,986

NET CURRENT ASSETS

111,927

182,512

TOTAL ASSETS LESS CURRENT LIABILITIES

209,512

247,038

CREDITORS

Amounts falling due after more than one year

13

-

(57,101

)

PROVISIONS FOR LIABILITIES

16

(8,985

)

(9,410

)

NET ASSETS

200,527

180,527

CAPITAL AND RESERVES

Called up share capital

17

80,000

80,000

Retained earnings

18

120,527

100,527

SHAREHOLDERS' FUNDS

200,527

180,527

The financial statements were approved by the Board of Directors and authorised for issue on 21 September 2020 and were signed on its behalf by:

S Tanner - Director

Cash flows from operating activities

Cash generated from operations

1

264,576

241,658

Interest paid

(55

)

-

Interest element of hire purchase payments paid

(1,861

)

(4,212

)

Tax paid

(43,208

)

(23,843

)

Net cash from operating activities

219,452

213,603

Cash flows from investing activities

Purchase of tangible fixed assets

(56,174

)

-

Interest received

1,088

837

Net cash from investing activities

(55,086

)

837

Cash flows from financing activities

Capital repayments in year

(15,338

)

(12,987

)

Amount introduced by directors

3,689

4,049

Amount withdrawn by directors

(1,000

)

(377

)

Equity dividends paid

(168,900

)

(163,500

)

Net cash from financing activities

(181,549

)

(172,815

)

(Decrease)/increase in cash and cash equivalents

(17,183

)

41,625

Cash and cash equivalents at beginning of year

2

254,730

213,105

Cash and cash equivalents at end of year

2

237,547

254,730

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.5.20

31.5.19

£

£

Profit before taxation

236,077

204,818

Depreciation charges

23,115

24,513

Finance costs

1,916

4,212

Finance income

(1,088

)

(837

)

260,020

232,706

Decrease in trade and other debtors

350

7,045

Increase in trade and other creditors

4,206

1,907

Cash generated from operations

264,576

241,658

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of

these Balance Sheet amounts:

Year ended 31 May 2020

31.5.20

1.6.19

£

£

Cash and cash equivalents

237,547

254,730

Year ended 31 May 2019

31.5.19

1.6.18

£

£

Cash and cash equivalents

254,730

213,105

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.6.19

Cash flow

At 31.5.20

£

£

£

Net cash

Cash at bank

254,730

(17,183

)

237,547

254,730

(17,183

)

237,547

Debt

Finance leases

(72,439

)

15,338

(57,101

)

(72,439

)

15,338

(57,101

)

Total

182,291

(1,845

)

180,446

1.	STATUTORY INFORMATION

Halstead Independent Financial Management Limited is a private company, limited by shares , registered in

England and Wales. The company's registered number and registered office address can be found on the

Company Information page.

The principal activity of the company for the year under review was that of providing financial advice.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates.

The items in the financial statements where these judgements and estimates have been made include:

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic

lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually.

They are amended when necessary to reflect current estimates, based on technological advancement, future

investments, economic utilisation and the physical condition of the assets.The total amount of accumulated

depreciation at the year end is shown in the fixed asset note.

Accrued income

The company estimates accrued income based on premiums received since the year end. The amount accrued

is shown in the debtors note.

Turnover

Turnover represents commissions and sales of services, excluding value added tax. Revenue is recognised on

an accruals basis when the company is entitled to the income.

Goodwill

Goodwill of £80,000 being the amount paid in connection with the acquisition of a business in 2007, is being

amortised evenly over it's estimated useful life of ten years.

During the year to 30 November 2010 the company paid an amount regarding purchase of goodwill, this

amounted to £20,000, and is being amortised evenly over it's estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

10% on cost

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.5.20

31.5.19

£

£

Rendering of services

418,317

372,270

Commissions

102,154

92,252

520,471

464,522

4.	EMPLOYEES AND DIRECTORS

31.5.20

31.5.19

£

£

Wages and salaries

104,125

103,184

Social security costs

10,985

9,995

Other pension costs

19,804

15,288

134,914

128,467

The average number of employees during the year was as follows:

31.5.20

31.5.19

Administrative staff

6

7

31.5.20

31.5.19

£

£

Directors' remuneration

65,937

32,982

Directors' pension contributions to money purchase schemes

10,045

4,200