Closehelm Limited - Charities report - 21.2
Closehelm Limited - Charities report - 21.2
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| REPORT OF THE TRUSTEES AND |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 MARCH 2021 |
| FOR |
| CLOSEHELM LIMITED |
| CLOSEHELM LIMITED |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| For The Year Ended 30 March 2021 |
| Page |
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 | to | 12 |
| CLOSEHELM LIMITED (REGISTERED NUMBER: 01777233) |
| REPORT OF THE TRUSTEES |
| For The Year Ended 30 March 2021 |
| The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report, which also forms the directors’ report as required by company law, with the financial statements of the charity for the year ended 30 March 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" in preparing the annual report and financial statements of the charity |
| OBJECTIVES AND ACTIVITIES |
| The charity's main object and its principal activity is to support poor people in financial need. It continues to derive its income from its investment property and gift aid donations. |
| The Trustees have given due regard to public benefit when planning the charity's activities, in accordance with the Charity Commission's guidance on Public Benefit. |
| During the period, the charity made grants in furtherance of its objects to relieve poverty and advance the Jewish Faith of £88,041 (2020: £215,149). |
| ACHIEVEMENT AND PERFORMANCE |
| Charitable Activities |
| The charity's income derives from investments, rent and charitable donations, which is applied for charitable purposes in accordance with its Memorandum and Articles of Association. |
| Rental income derived from its investment properties provided an overall yield of 6.4% (2020: 7.5%) during the year. This is consistent and in line with expectations. |
| Total incoming resources available for grant distribution (i.e.Total incoming resources less expenditure on raising funds and support costs) amounted to £203,978 (2020: £294,737). |
| 2021 2020 |
| £ £ |
| Total Grants paid during the period 88,041 215,149 |
| Grants are made to individuals and institutions in financial need in accordance with the charity's Memorandum and Articles of Association. These grants typically cover the housing costs of individuals with low incomes. Grants made in the period represented a distribution of 43% of this period's available funds for grant distribution (2020: 73%). This reduction was due to a combination of seeking to meet the Trustees' reserves policy and also due to the available funds with several of the retail tenants failing to meet their rental commitments. |
| FINANCIAL REVIEW |
| Reserves Policy |
| All of the charity's funds are unrestricted. The Trustees have an objective to achieve unrestricted reserves of net current assets to equal six months running costs to cover the risk presented by the current economic environment which has seen commercial properties unoccupied and downward pressure on rents receivable. This would equate to £50,006 (2020: £114,595) in respect of this financial year. The charity currently has a net surplus of current assets over its current liabilities of £47,728 (2020: net deficit of current assets over its current liabilities of £68,209) and the charity is working towards this objective. |
| FUTURE PLANS |
| The trustees continue to seek ways to maximise the charity's income from its investment properties to facilitate the continued grant making in support of its charitable objects. |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing Document |
| Closehelm Limited is a company limited by guarantee and is governed by its Memorandum and Articles of Association dated 12 December 1983. The company is registered as a charity with the Charity Commission. |
| Recruitment and Appointment of Trustees |
| New Trustees are appointed by the existing Trustee Board and in accordance with the charity's governing document shall hold office until death, resigns or is disqualified/removed from office. The charity must have a minimum of three trustees, to a maximum of 10 Trustees. |
| Induction and training of new Trustees |
| Upon appointment new Trustees are provided with an induction pack which contains the Memorandum and Articles of Association, copies of the past three year's financial statements and a copy of the Charity Commission's guide on Trustees responsibilities |
| Organisation Structure |
| All the Directors of the company are also Trustees of the charity. Whenever this report of the accompanying financial statements refer to the Directors, it includes the Trustees. The Board of Trustees administers the charity. The Board meets monthly. |
| CLOSEHELM LIMITED (REGISTERED NUMBER: 01777233) |
| REPORT OF THE TRUSTEES |
| For The Year Ended 30 March 2021 |
| Risk Management |
| The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. |
| The trustees have a risk management strategy which comprises an annual review of the risks the charity may face, the establishment of systems and procedures to mitigate those risks identified in the plan and implementation of procedures designed to minimise any potential impact on the charity should those risks materialise. This work has not identified any new risks but it has resulted in better procedures and contingency plans and has given the impetus for better planning. A key element in the management of financial risk is the setting of a reserves policy and its regular review by the Trustees. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Trustees |
| Company Secretary |
| Independent Examiner |
| Schofields |
| Chartered Accountants |
| 5th Floor |
| Waverley House |
| 115 - 119 Holdenhurst Road |
| Bournemouth |
| Dorset |
| BH8 8DY |
| Bankers |
| Edgware |
| Middlesex |
| HA8 7RY |
| Chief Executive Officer - Mr A Van Praagh. |
| This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
| Approved by order of the board of trustees on |
| INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
| CLOSEHELM LIMITED (REGISTERED NUMBER: 01777233) |
| Independent examiner's report to the trustees of Closehelm Limited ('the Company') |
| I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 March 2021. |
| Responsibilities and basis of report |
| As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
| Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the 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 matters have come to my attention in connection with the examination giving me cause to believe: |
| 1. | accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or |
| 2. | the accounts do not accord with those records; or |
| 3. | the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or |
| 4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
| 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. |
| Mr P J Schofield |
| ICAEW |
| Schofields |
| Chartered Accountants |
| 5th Floor |
| Waverley House |
| 115 - 119 Holdenhurst Road |
| Bournemouth |
| Dorset |
| BH8 8DY |
| 25 January 2022 |
| CLOSEHELM LIMITED |
| STATEMENT OF FINANCIAL ACTIVITIES |
| (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
| For The Year Ended 30 March 2021 |
| 2021 | 2020 |
| Unrestricted | Total |
| fund | funds |
| Notes | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies | 3 |
| Investment income | 4 |
| Total |
| EXPENDITURE ON |
| Raising funds |
| Investment management costs | 5 |
| Charitable activities | 6 |
| Total |
| Net gains/(losses) on investments | ( |
) |
| NET INCOME/(EXPENDITURE) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 2,816,791 |
| CLOSEHELM LIMITED (REGISTERED NUMBER: 01777233) |
| BALANCE SHEET |
| 30 March 2021 |
| 2021 | 2020 |
| Unrestricted | Total |
| fund | funds |
| Notes | £ | £ |
| FIXED ASSETS |
| Investment property | 12 |
| CURRENT ASSETS |
| Debtors | 13 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 14 | ( |
) | ( |
) |
| NET CURRENT ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 15 |
| Unrestricted funds | 2,816,791 |
| TOTAL FUNDS |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 March 2021. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 30 March 2021 in accordance with Section 476 of the Companies Act 2006. |
| The trustees acknowledge their responsibilities for |
| (a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
| These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
| The financial statements were approved by the Board of Trustees and authorised for issue on |
| CLOSEHELM LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS |
| For The Year Ended 30 March 2021 |
| 1. | STATUTORY INFORMATION |
| Closehelm Limited is a private company limited by guarantee, registered in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 2 of these financial statements. The nature of the charity's operations and principal activities are the advancement of religion in accordance with the Orthodox Jewish Faith and the relief of poverty. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparation |
| The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', 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, as modified by the revaluation of certain assets. |
| Going Concern |
| The company is dependent on the continued support of companies controlled by the Trustees' and their agreement of deferring the amounts due to them. There are no reasons to suggest that this support shall not continue for a period in excess of twelve months from the approval of the accounts. |
| The global COVID-19 pandemic has significantly disrupted businesses' economic prospects in the UK and globally. The UK entered lockdown in March 2020 and some restrictions and social distancing provisions remain in place. This has impacted heavily on the retail sector and consequently changes in operations have been made to mitigate the negative financial impacts that is anticipated over the forthcoming financial year. The Trustees have carefully considered the potential impact on revenue streams and cash flow projections confirm that the company will continue to meet its debts and obligations as they fall due. It has been concluded that there are no material uncertainties and that it is appropriate for the financial statements to be prepared on a going concern basis. |
| Critical accounting judgements and key sources of estimation uncertainty |
| In the application of the accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. |
| In the view of the Trustees, there are no assumptions concerning the future estimation uncertainty affecting assets or liabilities at the Balance Sheet date that are likely to result in a material adjustment to their carrying amounts in the next financial year. |
| Income |
| All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
| For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then 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 earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity's right to receive payment is established. |
| Expenditure |
| Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
| Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
| Investment property |
| Investment properties are measured at fair value at each reporting date with changes in fair value recognised in 'net gains / (losses) on investments' in the SoFA. |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| CLOSEHELM LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 30 March 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| Fund accounting |
| Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
| Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
| Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
| Debtors and creditors receivable / payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. |
| Cash at bank and in hand |
| Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. |
| Provisions |
| Provisions are recognised when, and only when, it is probable that a present obligation exists. as a result of a a past event and the transfer of economic benefit can be reliably estimated. |
| Financial instruments |
| All financial assets and liabilities are recognised as basic financial instruments which are initially recognised at transaction value and subsequently measured at their settlement value |
| 3. | DONATIONS AND LEGACIES |
| 2021 | 2020 |
| £ | £ |
| Donations and gifts |
| 4. | INVESTMENT INCOME |
| 2021 | 2020 |
| £ | £ |
| Rents received |
| Deposit account interest |
| 5. | INVESTMENT MANAGEMENT COSTS |
| 2021 | 2020 |
| £ | £ |
| Rates and water | 2,611 | 2,570 |
| Property repairs and maintenance | 1,811 | 7,851 |
| Service charges received | (8,333 | ) | (8,540 | ) |
| Management and administrative charges | 1,836 | 1,358 |
| Insurance | 1,249 | 1,359 |
| Bank charges | 631 | 950 |
| Legal and professional fees | 1,055 | 1,725 |
| Bad debts | 5,885 | 1,193 |
| 6,745 | 8,466 |
| CLOSEHELM LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 30 March 2021 |
| 6. | CHARITABLE ACTIVITIES COSTS |
| Grant |
| funding of |
| activities | Support |
| (see note | costs (see |
| 7) | note 8) | Totals |
| £ | £ | £ |
| Relief of Poverty and advancement of the Jewish Faith |
88,041 |
5,225 |
93,266 |
| 7. | GRANTS PAYABLE |
| 2021 | 2020 |
| £ | £ |
| Relief of Poverty and advancement of the Jewish Faith | 88,041 | 215,149 |
| The total grants paid to institutions during the year was as follows: |
| 2021 | 2020 |
| £ | £ |
| Beenstock Home | 1,320 | 1,716 |
| Zaks | 43,000 | 87,216 |
| D Sassoon | 6,000 | 6,000 |
| Chanichel Yesivas Jewish Teacher | 1,440 | 1,940 |
| Kolyom Trust | - | 1,050 |
| Beth Avraham Synagogue | 445 | 325 |
| Bonai Olam | - | 180 |
| MIKVAH | - | 180 |
| Yoch Hull College | - | 2,060 |
| Talmud Torah Horay Jehuda | - | 1,350 |
| The total grants paid to individuals during the year was as follows: |
| 2021 | 2020 |
| £ | £ |
| Grants to individuals | 35,836 | 113,132 |
| 8. | SUPPORT COSTS |
| Governance |
| Finance | costs | Totals |
| £ | £ | £ |
| Relief of Poverty and advancement of the Jewish Faith | 750 | 4,475 | 5,225 |
| Support costs, included in the above, are as follows: |
| Finance |
| 2021 | 2020 |
| Relief of |
| Poverty |
| and |
| advancement |
| of the |
| Jewish | Total |
| Faith | activities |
| £ | £ |
| Bookkeeping | 750 | 1,030 |
| CLOSEHELM LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 30 March 2021 |
| 8. | SUPPORT COSTS - continued |
| Governance costs |
| 2021 | 2020 |
| Relief of |
| Poverty |
| and |
| advancement |
| of the |
| Jewish | Total |
| Faith | activities |
| £ | £ |
| Legal and professional fees | 400 | 550 |
| Independent Examiners fees | 4,075 | 3,995 |
| 4,475 | 4,545 |
| 9. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 30 March 2021 nor for the year ended 30 March 2020. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 30 March 2021 nor for the year ended 30 March 2020. |
| 10. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted |
| fund |
| £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| Investment income |
| Total |
| EXPENDITURE ON |
| Raising funds |
| Investment management costs |
| Charitable activities |
| Total |
| Net gains/(losses) on investments | ( |
) |
| NET INCOME/(EXPENDITURE) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 2,816,791 |
| CLOSEHELM LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 30 March 2021 |
| 11. | INDEPENDENT EXAMINERS REMUNERATION |
| 2021 | 2020 |
| £ | £ |
| Independent Examiners fees | 4,075 | 3,995 |
| 12. | INVESTMENT PROPERTY |
| £ |
| FAIR VALUE |
| At 31 March 2020 |
| Reversal of impairments | 150,000 |
| At 30 March 2021 |
| NET BOOK VALUE |
| At 30 March 2021 |
| At 30 March 2020 |
| Investment property was valued on an open market basis on 30 March 2021 by the Trustees. The historic cost of the investment property amounts to £3,611,462 (2020: £3,611,462). |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade creditors |
| Social security and other taxes | 13,262 | 12,074 |
| Other creditors |
| Due to associated companies |
| Accruals and deferred income |
| Deferred income comprises quarterly rents and service charges received in advance as follows: |
| £ |
| Balance at 31 March 2020 | 62,992 |
| Amounts released to investment income | (62,992 | ) |
| Amounts deferred in year | 50,525 |
| Balance at 30 March 2021 | 50,525 |
| CLOSEHELM LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 30 March 2021 |
| 15. | MOVEMENT IN FUNDS |
| Net |
| At | movement | At |
| 31.3.20 | in funds | 30.3.21 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 2,816,791 | 265,937 | 3,082,728 |
| TOTAL FUNDS | 265,937 | 3,082,728 |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Gains and | Movement |
| resources | expended | losses | in funds |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 215,948 | (100,011 | ) | 150,000 | 265,937 |
| TOTAL FUNDS | ( |
) | 265,937 |
| Comparatives for movement in funds |
| Net |
| At | movement | At |
| 31.3.19 | in funds | 30.3.20 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 3,012,203 | (195,412 | ) | 2,816,791 |
| TOTAL FUNDS | 3,012,203 | (195,412 | ) | 2,816,791 |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Gains and | Movement |
| resources | expended | losses | in funds |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 308,778 | (229,190 | ) | (275,000 | ) | (195,412 | ) |
| TOTAL FUNDS | 308,778 | (229,190 | ) | (275,000 | ) | (195,412 | ) |
| A current year 12 months and prior year 12 months combined position is as follows: |
| Net |
| At | movement | At |
| 31.3.19 | in funds | 30.3.21 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 3,012,203 | 70,525 | 3,082,728 |
| TOTAL FUNDS | 3,012,203 | 70,525 | 3,082,728 |
| CLOSEHELM LIMITED |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| For The Year Ended 30 March 2021 |
| 15. | MOVEMENT IN FUNDS - continued |
| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
| Incoming | Resources | Gains and | Movement |
| resources | expended | losses | in funds |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 524,726 | (329,201 | ) | (125,000 | ) | 70,525 |
| TOTAL FUNDS | 524,726 | (329,201 | ) | (125,000 | ) | 70,525 |
| The unrestricted fund represents "free reserves." |
| 16. | RELATED PARTY DISCLOSURES |
| During the year the company was loaned funds to pursue its charitable objects by Broadminster Limited, a company controlled by Trustee Mr A Van Praagh and his family. At the year end amounts due to Broadminster Limited totalled £40,652 (2020: £67,152). The loan from Broadminster Limited is interest free, unsecured and repayable on demand. |
| During the year Broadminster Limited donated £22,000 (2020: £92,000) to the charity. |
| During the year the Trustee Mr A Van Praagh loaned funds to the company. At the year end, amounts due to Mr A Van Praagh totalled £17,851 (2020:£17,930). The loan is interest free, unsecured and repayable on demand. |
| 17. | CONTROLLING PARTY |
| The charity is controlled by the |
| 18. | FINANCIAL INSTRUMENTS |
| The carrying amounts of the charity's financial instruments are as follows: |
| 2021 | 2020 |
| £ | £ |
| Financial assets |
| Debt instruments measured at amortised cost: |
| - Trade debtors | 85,495 | 50,592 |
| - Other debtors | 8,039 | 4,539 |
| - Prepayments and accrued income | 6,630 | 1,865 |
| 100,164 | 56,996 |
| Financial liabilities |
| Measured at amortised cost |
| - Trade creditors | 11,157 | 640 |
| - Social security and other taxes | 13,262 | 12,074 |
| - Other creditors | 17,851 | 17,930 |
| - Amounts owed to associated companies | 40,652 | 67,152 |
| - Accruals and deferred income | 59,225 | 71,612 |
| 142,147 | 169,408 |