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Registered number: 04063012
Glass and Glazing Federation
(A company limited by guarantee)
Annual report and financial statements
For the year ended 31 December 2022
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Glass and Glazing Federation
(A company limited by guarantee)
Company Information
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Statutory Auditor & Chartered Accountants
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168 Shoreditch High Street
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Glass and Glazing Federation
(A company limited by guarantee)
Contents
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Directors' responsibilities statement
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Independent auditor's report
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Consolidated statement of comprehensive income
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Consolidated balance sheet
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Consolidated statement of changes in equity
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Company statement of changes in equity
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Consolidated statement of cash flows
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Notes to the financial statements
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Glass and Glazing Federation
(A company limited by guarantee)
Group strategic report
For the year ended 31 December 2022
The tail end of 2021 saw the final stages of the Covid ‘19 pandemic and optimism was high for businesses that were looking to the New Year for stabilisation to materials supply and overall ambition to “return to normal”. By February, we witnessed the start of the offensive on Ukraine by Russia, retaliation sanctions on Russia internationally and fear of war, all contributed to exponential growth in energy prices in record time.
2022 was to be our first whole trading year following the pandemic and with ongoing lockdowns and soaring energy costs, this led economists to make provision in their forecasts for a downtick in the UK economy in 2022. The Bank of England (BoE) increased the Base Rate from 0.25% to 0.5% on 3rd February 2022, which marked the start of the increases for the year, closing 2022 with a Base Rate of 3.5%. Finally, increasing costs in the UK and the wider international markets, saw inflation raise from 4.9% (January 2022), a high of 9.6% in October ’22 and ending 2022 with inflation in the UK set at 9.2%.
Yet, with adversities in the UK economy, the glazing sector still reported sustained turnover levels and in many instances, small growth. And whilst 2022 felt tentative at points, on the whole, the construction industry saw output increase by 5.6% for 2022.
Business review and principal challenges
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The Glass and Glazing Federation persisted with identifying key government stakeholders, through the accelerated Government Advocacy work and those doors continue to be ajar for our sector in 2023. Analysis was started into the UK housing stock, with specific focus on how the glazing sector can support the UK Government commitment to reduce emissions from households and to achieve net zero by 2050. Early findings in 2022 indicated that the Green Home Grant Scheme did not go far enough to recognise that 44.3% of the heat loss in a property, even when the primary energy saving measures have been completed, was through the windows. The GGF’s concern is that we are significantly behind the rest of Europe, with regard to domestic home energy efficiency. The document “A Window of Opportunity” was finalised early 2023, simply positioning the big challenge ahead for the government if they do not recognise the size of our industry (£4bn per annum, employing over 100,000 individuals), and the homes that have windows installed before 2002 are making up 98% of domestic homes not meeting current building regulations for energy efficiency.
This also gives the GGF an opportunity to be spearheading the Future Homes Standard engagement with government, and ensures we have early sight, with participation at point of consultation, on this piece of work. The Building Regulation changes for documents L & F was completed with little industry engagement and meant that impacts were not fully assessed by government. The GGF identified communication shortfalls for the changes and ensured that additional resource was on hand to support all members of both the GGF and customers of FENSA.
2022 also saw the launch of the Skilled Pathways Scheme, making that first step to delivering tangible change to assist the reduction of skills shortage in our sector and making available to members a nationally recognised qualification in the glass and glazing sector. Attracting school and college leavers and identifying suitable employers in their area, is an ongoing challenge. The GGF has dedicated personnel to ensure that the momentum continues to gather over the coming years, for this new area of the business.
Membership for 2022 is up from 2021 by 2.5% (net) and a new Head of Membership was appointed early into the year. This individual continues to grow the membership base through clear communication of the proposition, coupled with a strong retention strategy, meaning that we reduce attrition risk.
Page 1
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Glass and Glazing Federation
(A company limited by guarantee)
Group strategic report (continued)
For the year ended 31 December 2022
The Group turnover is up 3% from 2021 but there remains to be a heavy reliance on the wholly owned subsidiary businesses to feed into the overall Group profit. Work was started in 2022 to review the membership subscription model for the Federation as it has been agreed by members and the GGF business that the current model is outdated and a solution to deliver a more sustainable business model was the mission. 2023 will see a focussed effort to attract new members, ensuring that the volume of members representing more of the industry, is realised. Coupled with a smoother pricing model for the membership, this futureproofs the Group’s position as a membership organisation.
During 2022 the legacy GGF Pension Scheme was transferred to Aviva that will remove the risk from the GGF of having to continue to fund the Scheme in the future. Work will continue in 2023 that will ultimately lead to the wind up of the scheme in its entirety.
The purchase of the freehold for the building in Rushworth Street was completed in July 2022. GGF are now the landlord for the building that includes ten flats.
Vision and strategy for 2023
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The GGF Group is continuing focus on formalising the structure for governance and corporate management. The Board of Directors have committed to publishing a Group strategy by the end of 2023, providing focus and vision to all areas of the business. A key part of this strategy is to create an environment through which the GGF is externally recognised as the leading representation for the glass processing and installation sector, significantly enhancing the membership proposition. There is also impressive and pioneering collaboration in the recycling space initiated, which means that the GGF will be in a position to analysis recycling demand during 2023 and provide data to support the industry with quantitative data.
There will be a keen eye on inflation during 2023, and rising mortgage interest rates. Both of these factors may impact our overall domestic market, and possibly impact our commercial market, if funding is increasing in cost.
This report was approved by the board and signed on its behalf.
Page 2
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Glass and Glazing Federation
(A company limited by guarantee)
Directors' report
For the year ended 31 December 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
The profit for the year, after taxation, amounted to £134,333 (2021: £2,294,347).
The directors who served during the year were:
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R J Sellman (resigned 30 March 2023)
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A M Smith (resigned 31 December 2022)
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D J Broxton (appointed 1 January 2022)
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A Gray (resigned 23 June 2022)
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N J Little (appointed 1 January 2022)
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A P Hyde (appointed 24 June 2022)
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The Federation will continue to develop its membership base within the confines of the strict entry criteria to ensure it represents the best in the industry. Continued development of the subsidiary companies will ensure that the federation remains a leading trade organisation fully able to meet the requirements of its membership by delivering high levels of service and multiple exclusive benefits.
Further information regarding the group's vision and strategy for 2023 is given in the Strategic Report.
The group has exposure to three main areas of risk – liquidity risk, customer credit exposure risk and price risk. The company has established a risk and financial management framework whose primary objective is to mitigate the group’s exposure to risk in order to protect the company from events that may hinder its performance.
Liquidity risk
Liquidity risk is the risk that the group will encounter difficulty in meeting its financial obligations as they fall due. The group's objective in managing liquidity risk is to ensure that this does not arise. Having assessed future cash flow requirements the group expects to be able to meet its financial obligations through the cash flows that are generated from its operating activities. The group is in a position to meet its commitments and obligations as they fall due.
Customer credit exposure risk
The group offers credit terms to its customers which allow for payment of the debt after delivery of the goods or services. The group is at risk to the extent that a customer may be unable to pay the debt within those terms. This risk is mitigated by the strong on-going customer relationships and by only granting credit to customers who are able to demonstrate an appropriate payment history and satisfy credit worthiness procedures. Details of the group’s trade debtors are shown in note 19.
Page 3
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Glass and Glazing Federation
(A company limited by guarantee)
Directors' report (continued)
For the year ended 31 December 2022
Price risk
Price risk arises on financial instruments due to fluctuations in commodity prices or equity prices. Listed investments with a fair value of £5,307,155 (2021 - £5,829,030) at the year end are exposed to price risk, which is mitigated by the active management of the group's investment portfolio with the assistance of external financial advisers.
Disclosure of information to auditor
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Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the company and the group's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the group's auditor is aware of that information.
Post balance sheet events
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There have been no significant events affecting the group since the year end.
Under section 487(2) of the Companies Act 2006, Kreston Reeves LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
Page 4
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Glass and Glazing Federation
(A company limited by guarantee)
Directors' responsibilities statement
For the year ended 31 December 2022
The directors are responsible for preparing the group strategic report, the directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the group and of the profit or loss of the group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the group's financial statements 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 group 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 the group and to 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in directors' reports may differ from legislation in other jurisdictions.
Page 5
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Glass and Glazing Federation
(A company limited by guarantee)
Independent auditor's report to the members of Glass and Glazing Federation
We have audited the financial statements of Glass and Glazing Federation (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2022, which comprise the group statement of comprehensive income, the group and company balance sheets, the group statement of cash flows, the group and company statement of changes in equity and the related notes, 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 group's and of the parent company's affairs as at 31 December 2022 and of the group's 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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
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In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Page 6
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Glass and Glazing Federation
(A company limited by guarantee)
Independent auditor's report to the members of Glass and Glazing Federation (continued)
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the group strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
∙the parent company 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
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As explained more fully in the directors' responsibilities statement set out on page 5, 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 is 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Page 7
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Glass and Glazing Federation
(A company limited by guarantee)
Independent auditor's report to the members of Glass and Glazing Federation (continued)
Auditor's responsibilities for the audit of the financial statements
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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 auditor's 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Capability of the audit in detecting irregularities, including fraud
Based on our understanding of the company, group and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to FCA rules, health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation.
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to: posting inappropriate journal entries to increase revenue or reduce expenditure, management bias in accounting estimates and judgemental areas of the financial statements such as the valuation of investment properties and revenue and margin recognition on long-term contracts. Audit procedures performed by the group engagement team included:
∙Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud, and review of the reports made by management; and
∙Assessment of identified fraud risk factors; and
∙Challenging assumptions and judgements made by management in its significant accounting estimates; and
∙Review of active long-term contacts, and management's assessment of revenue recognition, at the year end; and
∙Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
∙Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
∙Reading minutes of meetings of those charged with governance and reviewing correspondence with relevant tax and regulatory authorities; and
∙Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
Page 8
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Glass and Glazing Federation
(A company limited by guarantee)
Independent auditor's report to the members of Glass and Glazing Federation (continued)
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
∙Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 auditor's 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.
Allan Pinner FCCA (senior statutory auditor)
for and on behalf of
Kreston Reeves LLP
Statutory Auditor
Chartered Accountants
London
18 August 2023
Page 9
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Glass and Glazing Federation
(A company limited by guarantee)
Consolidated statement of comprehensive income
For the year ended 31 December 2022
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Income from fixed assets investments
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial year
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Actuarial gains on defined benefit pension scheme
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Effect of pension surplus not recognised
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Other comprehensive income for the year
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Total comprehensive income for the year
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There were no recognised gains and losses for 2022 or 2021 other than those included in the consolidated statement of comprehensive income.
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The notes on pages 15 to 43 form part of these financial statements.
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Page 10
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Glass and Glazing Federation
(A company limited by guarantee)
Registered number: 04063012
Consolidated balance sheet
As at 31 December 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Net assets excluding pension asset/liability
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 43 form part of these financial statements.
Page 11
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Glass and Glazing Federation
(A company limited by guarantee)
Registered number: 04063012
Company balance sheet
As at 31 December 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Net assets excluding pension asset/liability
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Profit and loss account brought forward
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(Loss)/profit for the year
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Other changes in the profit and loss account
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Profit and loss account carried forward
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 43 form part of these financial statements.
Page 12
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Glass and Glazing Federation
(A company limited by guarantee)
Consolidated statement of changes in equity
For the year ended 31 December 2022
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Actuarial losses on pension scheme
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Actuarial gains on pension scheme
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Transfer to/from profit and loss account
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The notes on pages 15 to 43 form part of these financial statements.
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Company statement of changes in equity
For the year ended 31 December 2022
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Actuarial losses on pension scheme
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Actuarial gains on pension scheme
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Transfer to/from profit and loss account
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The notes on pages 15 to 43 form part of these financial statements.
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Page 13
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Glass and Glazing Federation
(A company limited by guarantee)
Consolidated statement of cash flows
For the year ended 31 December 2022
Cash flows from operating activities
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Profit for the financial year
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Amortisation of intangible assets
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Depreciation of tangible assets
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Interest received, investment income and fair value changes
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Increase/(decrease) in creditors
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(Decrease)/increase in provisions
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Defined benefit pension scheme contributions
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Defined benefit pension scheme settlements
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of intangible fixed assets
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Purchase of tangible fixed assets
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Purchase of listed investments
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Sale of listed investments
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Net cash from investing activities
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Cash flows from financing activities
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Net cash used in financing activities
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Net increase in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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Page 14
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Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
Glass and Glazing Federation is a private company limited by guarantee and is incorporated in England with the registration number 04063012. The address of the registered office is 40 Rushworth Street, London, England, SE1 0RB.
The principal activity of the group is that of operating as an employers' trade federation for the glass and glazing industry.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in pound sterling and are rounded to the nearest pound.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the group's accounting policies (see note 3).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
Page 15
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Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the group will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Turnover within the group companies comprise:
∙revenue from subscriptions to the employers' trade federation for the glass and glazing industry;
∙revenue from the Fenestration Self-Assessment Scheme service;
∙revenue due from the rating of Energy Efficient Windows;
∙revenue from the provision of training services, recognised on the completion of these services;
∙revenue from insurance premiums on the installation of windows and conservatories, recognised upon either acceptance of an offer of insurance by the customer or recording of an installation by a registered installer; and
∙revenue from software development, systems implementation and operations services.
Dividends receivable are recognised when they become payable by the subsidiary undertaking. Interim equity dividends are recognised when received. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
The current economic conditions continue to create uncertainty within the group and company's operating environment. The group and company’s forecasts and projections, taking into account possible changes in trading performance arising from this uncertainty, show that the group and company should be able to operate within the level of its current resources and facilities. After making enquiries, the directors have a reasonable expectation that the group and company has adequate resources to continue in operational existence for the foreseeable future. The group and company therefore continues to adopt the going concern basis in preparing its financial statements.
Page 16
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Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
2.Accounting policies (continued)
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Operating leases: the group as lessor
|
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.
Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
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Operating leases: the group as lessee
|
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the consolidated statement of comprehensive income in the same period as the related expenditure.
Page 17
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Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
2.Accounting policies (continued)
Defined contribution pension plan
The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.
Defined benefit pension plan
The group operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.
The liability recognised in the balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.
The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').
The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the group's policy for similarly held assets. This includes the use of appropriate valuation techniques.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Actuarial gains on defined benefit pension scheme'.
The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:
a) the increase in net pension benefit liability arising from employee service during the period; and
b) the cost of plan introductions, benefit changes, curtailments and settlements.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.
Interest income is recognised in profit or loss using the effective interest method.
Page 18
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Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
2.Accounting policies (continued)
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Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
Page 19
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|
Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Investment property rented to other group entities and accounted for under the cost model is stated at historical cost less accumulated depreciation and any accumulated impairment losses.
At each reporting date the group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
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Long term leasehold property
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Page 20
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|
Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the group's cash management.
The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the consolidated statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the group would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Page 21
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Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Provisions for liabilities
|
Provisions are made where an event has taken place that gives the group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.
Page 22
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Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
|
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Judgements in applying accounting policies and key sources of estimation uncertainty
|
The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates.
The following judgements have had the most significant impact on amounts recognised in the financial statements:
Investment properties
The group holds investment property with fair value of £1,205,982 (2021 - £1,411,200) at the year end (see note 18). In order to determine the fair value of investment property the directors have used a valuation technique based on comparable market data. The determined fair value of the investment property is most sensitive to fluctuations in the property market.
Taxation
Provision has been made in the financial statements for deferred tax amounting to £23,771 (2021 - £154,561) at the reporting date (see note 24). This provision is based upon estimates of the availability of future taxable profits, the timing of the reversal of timing differences upon which the provision is based and the tax rates that will be in force at that time together with an assessment of the impact of future tax planning strategies.
Pensions and other post-employment benefits
As detailed in note 27 the company operates a defined benefit pension scheme for the benefit of certain employees. The cost of operating the scheme is determined using actuarial valuations undertaken by the scheme actuary. Their valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and the long term nature of the scheme, such estimates are subject to significant uncertainty.
Provisions and contingent liabilities - insurance backed guarantee policies ('IBG')
Provision is made for the group's future outgoings in relation to its committment to cover the cost of remedial work, where an IBG has not been put in place for a FENSA Limited consumer. See notes 24 and 25.
This provision requires management’s best estimate of the costs that will be incurred based on legislative and contractual requirements. The amount is subject to estimates in the number of claims expected to be made and the value of potential claims. A change in the value of either estimate would result in a directly proportional adjustment to the value of the provision.
Page 23
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Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
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An analysis of turnover by class of business is as follows:
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Employers' trade federation for the glass and glazing industry
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Insurance premiums on the installation of windows and conservatories
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Fenestration Self-Assessment Scheme
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Software development, systems implementation and operations services
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Thermal efficiency of windows, doors and other products
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All turnover arose within the United Kingdom and the Republic of Ireland.
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Service charge receivable
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Government grants receivable
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The operating profit is stated after charging:
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Other operating lease rentals
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Fees payable to the group's auditor for the audit of the group's financial statements
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Page 24
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Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined benefit scheme
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Cost of defined contribution scheme
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During the year a bulk annuity policy was purchased for the remaining uninsured members of the defined benefit pension scheme and has been accounted for as a settlement cost during the period.
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The average monthly number of employees, including the directors, during the year was as follows:
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Management and administration
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Group contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 2 directors (2021 - 2) in respect of defined contribution pension schemes.
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Income from fixed asset investments
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Income from fixed asset investments
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Page 25
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Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
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Other interest receivable
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Interest payable and similar expenses
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Interest income on pension scheme assets
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Net interest on net defined benefit liability
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Page 26
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Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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Taxation on profit on ordinary activities
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2021 - lower than) the standard rate of corporation tax in the UK of 19% (2021 - 19%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
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Expenses not deductible for tax purposes
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Capital allowances for year in excess of depreciation
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Adjustments to tax charge in respect of prior periods
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Other differences leading to an increase (decrease) in the tax charge
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Total tax charge for the year
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Page 27
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Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
14.Taxation (continued)
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Factors that may affect future tax charges
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The main rate of corporation tax will increase on 1 April 2023 to 25%, for companies with taxable profits above £250,000. Companies with taxable profits below £50,000 will continue to pay at 19%, and marginal relief will apply between these thresholds. This change forms part of The Finance Bill 2022, which was substantively enacted on 24 May 2021.
Deferred taxes have been measured using rates substantively enacted at the reporting date and reflected in these financial statements.
The group has unused losses of approximately £100,000 available for offset again future profits.
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Charge for the year on owned assets
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Page 28
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Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
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Long Term Leasehold Property
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Transfers between classes
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Charge for the year on owned assets
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Transfers between classes
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The group's long term leasehold interest has been transferred to freehold property, following acquisition of the freehold by the group during the year.
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Page 29
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Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
16.Tangible fixed assets (continued)
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Long Term Leasehold Property
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Charge for the year on owned assets
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The company has chosen to account for long term leasehold property occupied by other group entities using the cost model. The carrying amount of such property at the reporting date is £2,549,502 (2021 - £2,608,451).
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Page 30
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Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
Page 31
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Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
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Investments in Subsidiary Companies
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The following were subsidiary undertakings of the company:
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British Fenestration Rating Council Limited
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Rushworth Inspection Services and Auditing Limited
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The registered office of each subsidiary undertaking is 40 Rushworth Street, London, England, SE1 0RB.
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Page 32
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Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
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Freehold investment property
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Long term leasehold investment property
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Transfers between classes
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All long term leasehold and freehold investment property is held by the company. The group's leasehold interest has been transferred to freehold investment property, following acquisition of the freehold by the group duing the year.
The long term leasehold and freehold investment property has been valued at the year end by the directors at fair value.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Accumulated depreciation and impairments
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Long term leasehold investment property
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The long term leasehold investment property has been valued at the year end by the directors at fair value.
Page 33
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Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
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Investment property (continued)
At the balance sheet date the group and company had contracted with tenants for the following future minimum lease payments:
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Later than 1 year and not later than 5 years
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Page 34
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Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
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Financial assets measured at fair value through profit or loss
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Financial assets measured at fair value through profit or loss comprise listed investments.
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Charged to profit or loss
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Page 35
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Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
24.Deferred taxation (continued)
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Insurance Backed Guarantees
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Since 2014 it has been mandatory that when a consumer has work done that falls within FENSA's (FENSA Limited, a subsidiary undertaking of the group) remit and the installer is FENSA Approved, the consumer will receive an insurance backed guarantee policy ('IBG') as well as receiving a FENSA certificate for the completed installation.
The directors of FENSA Limited have previously identified that IBGs had not been put in place for some consumers which was not previously detected by the company's systems. The company has committed to ensuring that any consumer where an IBG was not put in place but should have been, and the terms of an IBG would mean that remedial work would be covered by a claim, the company will honour paying for that remedial work in line with a typical IBG policy terms and conditions.
The provision made in these financial statements represents the directors' best estimate of probable future outgoings as a result of this commitment.
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Page 36
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Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
i) The company forms a VAT group with Borough IT Limited, FENSA Limited, G.G.F. Fund Limited, GGFi Limited, British Fenestration Rating Council Limited, GGF Training Ltd, GGF Property Limited and Rushworth Inspection Services and Auditing Limited and as such is jointly and severally liable for any liabilities as they fall due. No provision has been made because the directors consider that all parties have the financial resources to meet the liability as it falls due and it is therefore unlikely that this company will incur any additional liability. The total VAT not recognised in the accounts is £417,154 (2021 - £411,022).
ii) In addition to the provision made in respect of missing IBGs (see note 24), the directors have identified further possible outgoings which result in an estimated total exposure of £200,000. This estimate has been made using the information available to the directors up to the date of approval of these financial statements. These estimates are described in more detail at note 3.
Page 37
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Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
Defined contribution scheme
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £200,939 (2021 - £197,156). Contributions totalling £26,850 (2021 - £441) were payable to the fund at the balance sheet date and are included in creditors.
Defined benefit scheme
The group operates a defined benefit pension scheme.
The assets of the plan are held separately from those of the company in an independently administered fund. The most recent comprehensive actuarial valuation of the plan was carried out as at 1 January 2019 and the next valuation of the plan is due as at 1 January 2023. The valuation calculations have been updated as at 31 December 2022.
On an ongoing basis the actuarial valuation of the pension plan reported that the value of the plan assets at 31 December 2022 were £1,610,000 (2021 - £2,685,000). The value of the scheme liabilities were £1,616,000 (2021 - £2,458,000), a funding level of 99% (2021 - 109%).
The plan closed to new members on 31 March 2004, all employees are now offered membership to a defined contribution group personal plan.
The expected return on defined benefit pension plan assets is based on the discount rate used to value the liabilities, i.e. the returns available on a high quality corporate bond. No allowance is made for any out-performance expected from the plan's actual asset holding.
The total of the asset values is based on the bid value of the funds invested with Legal & General along with the plan's bank account balance at the review date.
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Composition of plan assets:
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The amounts recognised in profit or loss are as follows:
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Interest income on plan assets
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Page 38
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Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
27.Pension commitments (continued)
Page 39
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Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
27.Pension commitments (continued)
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Reconciliation of fair value of plan liabilities were as follows:
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Opening defined benefit obligation
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Closing defined benefit obligation
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Reconciliation of fair value of plan assets were as follows:
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Opening fair value of scheme assets
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Interest income on plan assets
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Interest on effect of asset ceiling
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Contributions by employer
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Change due to settlements and curtailments
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Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):
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Rate of increase in pension payments
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Post-retirement mortality has been calculated using S2NA tables with CMI 2018 projections using a long-term improvement rate of 1.50% (2021 - 1.50%).
75% (2021 - 75%) of members are assumed to take the maximum tax free cash possible.
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Page 40
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Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
27.Pension commitments (continued)
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Amounts for the current and previous period are as follows:
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Defined benefit pension schemes
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Defined benefit obligation
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Commitments under operating leases
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At 31 December 2022 the group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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The company had no commitments under non-cancellable operating leases at the balance sheet date.
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Revaluation reserve
This reserve records the revaluation surplus recognised upon transfer of property between tangible fixed assets and investment property, less the related provision for deferred tax.
Other reserves
This is a capital reserve.
Profit & loss account
This reserve comprises all current and prior period retained profits and losses after deducting any distributions.
Page 41
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Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
Page 42
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Glass and Glazing Federation
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2022
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
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Related party transactions
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The group is exempt from disclosing related party transactions between companies that are wholly owned within the group.
During the year, the group issued management charges of £58,446 (2021 - £50,529) to G.G.F. Fund Limited ('the Fund'), a related party by virtue of many of the contributing members of the Fund also having membership of the Federation. As at 31 December 2022, there was no balance (2021 - £6,469) due from the Fund.
Key management comprises solely the directors of the company. The compensation paid or payable to key management for employee services is disclosed at note 9.
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The company is controlled by its directors.
Page 43
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