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Company registration number: 03226401
Charity registration number: 1088897
The Weardale Railway Trust
Trustees' Report and
Unaudited Financial Statements
For The Year Ended 31 January 2026
Ormesher & Co Bookkeeping & Accounts
Contents
Page
Reference and Administrative Details 1
Trustees' Report 2—5
Independent Examiner's Report 6
Statement of Financial Activities (including Income and Expenditure Account) 7
Comparative Statement of Financial Activities (including Income and Expenditure Account) 8
Balance Sheet 9
Notes to the Financial Statements 10—16
Page 1
Reference and Administrative Details
Trustees
Mr Anthony Slack - Chair
Dr Michael Wood - Vice Chair
Mrs Jean Clarke - Secretary
Dr Robert Dingle - Treasurer
Dr Peter Hoare
Dr David Smith
Mr Thomas Hatton
Mr John Askwith
Mr Gerald Mudd
Mr Mark Woodhams
Charity Number 1088897
Company Number 03226401
Registered Office Stanhope Station Station Road
Stanhope
Bishop Auckland
County Durham
DL13 2YS
Independent Examiner Joanne Ormesher BSc (Hons) MICB PM.Dip
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Trustees' Report
The trustees present their report and the financial statements for the year ended 31 January 2026.
Objectives and Activities
Aims and Objectives
All members of the Trust Council give their time voluntarily and receive no benefit from the charity. Expenses reclaimed from the Trust during the year are detailed in note 17 to the financial statements.
The Trust has three main objectives:
  1. To restore the rail link between Bishop Auckland and Wearhead in County Durham.
  2. To restore and preserve land, buildings and other artefacts connected with the railway through Weardale.
  3. To study, compile record and restore, preserve items of interest and provide instruction on such activities; to provide exhibitions for visitors and to operate, sponsor and support displays for the stimulation of information, education and interest in railways. 
As stated in Trustees Annual Report 2009 -2010 the Trust volunteers, along with Weardale Railway CIC personnel, completed the link between Stanhope and Bishop Auckland completing one the Trust's main objectives (Objective 1).
The Focus of Our Work
During the year, the Trust’s main objectives were to protect and promote the railway heritage of the Weardale line, with particular emphasis on safeguarding historical assets and supporting the future restoration and educational use of the railway.
The Trust continued to rely on volunteer support to progress its objectives and to maintain engagement with the local community and the wider railway heritage sector.
The Trust’s objectives for the year were delivered by volunteers and included the continued restoration and maintenance of the railway infrastructure, along with maintenance and repair work on the Trust’s steam engine No. 40, the two-car Class 108 DMU, and the Pacer.
Public Benefit
The trustees confirm that they have complied with the requirements of Section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit.
These activities provide public benefit through the preservation of local heritage, educational engagement, volunteering opportunities, and the promotion of tourism and economic activity within the Weardale area.
Financial Review
Financial Position
The Trust’s total income for the financial period was £62,378 (2025: £27,645) and total expenditure was £54,887 (2025: £42,676), resulting in a net surplus of £7,491 for the year (2025: net deficit £15,031).
Voluntary income amounted to £44,253, comprising subscriptions, donations, Gift Aid, grants and appeals. Fundraising income from the shop, hire fees and the Trust lottery totalled £17,414, and investment income of £711 was received in the form of bank interest.
Total expenditure incurred in furtherance of the Trust’s charitable objectives amounted to £52,130, reflecting continued investment in the maintenance, restoration and preservation of railway infrastructure, rolling stock and heritage assets in line with the Trust’s aims.
During the year, a long standing loan previously provided by a Trustee was formally waived and donated to the Trust. In accordance with the donor’s intention, the value of the loan was recognised as donated income and transferred into a restricted fund for the maintenance and restoration of Steam Engine No. 40. This was a non recurring item and did not result in an increase in cash balances.
At 31 January 2026, total funds stood at £241,076 (2025: £233,585), comprising £229,260 of unrestricted funds and £11,816 of restricted funds. Restricted funds relate primarily to the maintenance and restoration of Steam Engine No. 40 and to other specific heritage purposes.
Cash balances at the year end were £89,338 (2025: £105,649). A significant proportion of the Trust’s total funds is represented by heritage and infrastructure assets rather than cash, with tangible fixed assets of £147,057 included on the balance sheet.
The Trustees’ policy is to maintain between three and six months of operating costs in reserve in order to cover unforeseen expenditure relating to the Trust’s charitable objectives. After allowing for fixed assets, restricted and designated funds, the Trustees consider that the Trust held sufficient free reserves to meet this policy at the year end.
The Trustees are satisfied that the Trust remains in a stable financial position and continues to manage its resources prudently in support of its charitable objectives.
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Going Concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. No material uncertainties have been identified that may cast significant doubt on the Trust’s ability to continue as a going concern.
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Structure, Governance and Management
Governing Document
The Weardale Railway Trust is a registered charity (No 1088897) and is also a not for profit limited company constituted by a memorandum and articles of association (company registration No 3226401).
The Trust became a charity on 12 October 2001 and operates purely on a voluntary basis.
Statement of Trustees Responsibilities
The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
  • select suitable accounting policies and then apply them consistently; 
  • observe the methods and principles of the Charities SORP (FRS 102); 
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Trustee Selection Methods
The business of the Trust is managed by a Council (Trust M&As clause 45) consisting of a maximum of 12 Directors (Trust M&As clause 37 - amended at the Trusts AGM held on 13 November 2010) including a Chair, a Vice Chair and a Treasurer. The Council Directors are nominated and elected by the members at the Trust's AGM. The Trust's M&As require 33.3% of the Directors to resign at each AGM to allow for rotation of the members of the Trust Council (Trust M&As clause 56 - amended at the Trust's AGM held on 18 November 2006).
The Trust Council met 12 times during the year to enact the Trust's business.
Related Parties
The charity has no related parties in a corporate legal sense but is linked, in its charitable aims, with the operating company of the Weardale Railway Limited. There is one directorship on the board of Weardale Railway Limited. The charity nominated Anthony Slack as its representative.
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
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The trustees' report was approved by the board of trustees and signed on its behalf by:
Dr Robert Dingle
Trustee
16/03/2026
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Independent Examiner's Report to the Trustees of The Weardale Railway Trust
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 January 2026.
Responsibilities and Basis of Report
As the charity 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.
Joanne Ormesher BSc (Hons) MICB PM.Dip
01/03/2026
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Statement of Financial Activities (including Income and Expenditure Account)
2026 2025
Unrestricted funds Restricted funds Total funds Total funds
Notes £ £ £ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies 3 13,343 30,910 44,253 10,257
Other trading activities 4 17,414 - 17,414 16,856
Investments 5 711 - 711 532
31,468 30,910 62,378 27,645
EXPENDITURE ON:
Raising funds 7 (2,358 ) (399 ) (2,757 ) (1,297 )
Charitable activities: 7
Our Aims and Activities (33,064 ) (19,066 ) (52,130 ) (41,379 )
(35,422 ) (19,465 ) (54,887 ) (42,676 )
NET INCOME/(EXPENDITURE) (3,954 ) 11,445 7,491 (15,031 )
NET MOVEMENT IN FUNDS (3,954 ) 11,445 7,491 (15,031 )
RECONCILIATION OF FUNDS:
Total funds brought forward 233,214 371 233,585 248,616
TOTAL FUNDS CARRIED FORWARD 16 229,260 11,816 241,076 233,585
The notes on pages 10 to 15 form part of these financial statements.
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Comparative Statement of Financial Activities (including Income and Expenditure Account)
2025
Unrestricted funds Restricted funds Total funds
Notes £ £ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies 3 10,098 159 10,257
Other trading activities 4 16,856 - 16,856
Investments 5 532 - 532
27,486 159 27,645
EXPENDITURE ON:
Raising funds 7 (1,297 ) - (1,297 )
Charitable activities: 7
Our Aims and Activities (41,136 ) (243 ) (41,379 )
(42,433 ) (243 ) (42,676 )
NET EXPENDITURE (14,947 ) (84 ) (15,031 )
NET MOVEMENT IN FUNDS (14,947 ) (84 ) (15,031 )
RECONCILIATION OF FUNDS:
Total funds brought forward 248,161 455 248,616
TOTAL FUNDS CARRIED FORWARD 16 233,214 371 233,585
The notes on pages 10 to 15 form part of these financial statements.
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Balance Sheet
2026 2025
Unrestricted funds Restricted funds Total funds Total funds
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 10 147,057 - 147,057 152,450
147,057 - 147,057 152,450
CURRENT ASSETS
Stocks 11 800 - 800 800
Debtors 12 5,519 - 5,519 1,272
Cash at bank and in hand 89,338 11,816 89,338 105,649
95,657 11,816 95,657 107,721
Creditors: Amounts Falling Due Within One Year 13 (13,454 ) - (1,638 ) (1,659 )
NET CURRENT ASSETS (LIABILITIES) 82,203 11,816 94,019 106,062
TOTAL ASSETS LESS CURRENT LIABILITIES 229,260 11,816 241,076 258,512
Creditors: Amounts Falling Due After More Than One Year 14 - - - (24,927 )
NET ASSETS 229,260 11,816 241,076 233,585
FUNDS OF THE CHARITY
Restricted Funds 11,816 371
Unrestricted Funds 229,260 233,214
TOTAL FUNDS 16 241,076 233,585
For the year ending 31 January 2026 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board
Dr Robert Dingle
Trustee
16/03/2026
The notes on pages 10 to 15 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
The Weardale Railway Trust is a company limited by guarantee, incorporated in England & Wales, registered number 03226401 and registered charity number 1088897 . The registered office is Stanhope Station Station Road, Stanhope, Bishop Auckland, County Durham, DL13 2YS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements 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 charitable company is a Public Benefit Entity as defined by FRS 102.
2.2. Going Concern Disclosure
The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Trust to continue as a going concern. The Trustees make this assessment in respectof a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the company has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the company’s ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. Fund Accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Designated funds comprise unrestricted funds that have been set aside by the trustees for a specific purpose.
Restricted funds are to be used for specific purposes as laid down by the donor.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2.4. Incoming Resources
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Gifts donated for resale are included as income when they are sold. The Trustees acknowledge that they are assets of the company as soon as received but the minimal value of these assets makes it uneconomic to value them prior to sale. No amounts are included in the financial statements for services donated by volunteers.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
2.5. Resources Expended
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Charitable activities are costs incurred on the company's charitable operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.
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2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Platform 15-50 years straight line
Plant & Machinery 10% Reducing Balance
Motive Power Units 20-100 years straight line
Rolling Stock 10% Reducing Balance
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the statement of financial activities. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the statement of financial activities.
2.8. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.9. Financial Instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
3. Income from Donations and Legacies
2026
Unrestricted Restricted Total
funds funds funds
£ £ £
Donations and gifts 1,601 30,910 32,511
Member subscriptions and sponsorships 4,871 - 4,871
Gift aid 6,871 - 6,871
13,343 30,910 44,253
2025
Unrestricted Restricted Total
funds funds funds
£ £ £
Donations and gifts 1,899 159 2,058
Member subscriptions and sponsorships 6,900 - 6,900
Gift aid 1,299 - 1,299
10,098 159 10,257
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4. Income from Other Trading Activities
2026 2025
Unrestricted funds Unrestricted funds
£ £
Income from other trading activities 17,414 16,856
5. Investment Income
2026 2025
Unrestricted Unrestricted
funds funds
£ £
Bank interest receivable 711 532
6. Net Income/(Expenditure)
The net income/(expenditure) is stated after charging/(crediting):
2026 2025
£ £
Depreciation of tangible fixed assets - owned 5,393 5,420
7. Analysis of Expenditure
2026
Activities undertaken directly Support costs
(see note 8 )
Total
£ £ £
Raising funds 2,358 399 2,757
Our Aims and Activities 39,838 12,292 52,130
42,196 12,691 54,887
2025
Activities undertaken directly Support costs
(see note 8 )
Total
£ £ £
Raising funds 1,297 - 1,297
Our Aims and Activities 29,881 11,498 41,379
31,178 11,498 42,676
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8. Support Costs
2026
Raising funds Our Aims and Activities Total
£ £ £
Premises expenses - 1,020 1,020
General administration 399 5,879 6,278
Depreciation - 5,393 5,393
399 12,292 12,691
2025
Our Aims and Activities
£
Premises expenses 1,008
General administration 5,070
Depreciation 5,420
11,498
9. Average Number of Employees
Average number of employees during the year was:0 NIL (2025: NIL)
- -
10. Tangible Assets
Land & Property
Platform Plant & Machinery Motive Power Units Rolling Stock Total
£ £ £ £ £
Cost
As at 1 February 2025 60,659 4,077 130,278 12,000 207,014
As at 31 January 2026 60,659 4,077 130,278 12,000 207,014
Depreciation
As at 1 February 2025 11,357 3,456 29,546 10,205 54,564
Provided during the period 1,657 62 3,494 180 5,393
As at 31 January 2026 13,014 3,518 33,040 10,385 59,957
Net Book Value
As at 31 January 2026 47,645 559 97,238 1,615 147,057
As at 1 February 2025 49,302 621 100,732 1,795 152,450
11. Stocks
2026 2025
£ £
Stock 800 800
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12. Debtors
2026 2025
£ £
Due within one year
Other debtors 5,519 1,272
13. Creditors: Amounts Falling Due Within One Year
2026 2025
£ £
Other loans 608 608
Taxation and social security - 21
Accruals and deferred income 1,030 1,030
1,638 1,659
14. Creditors: Amounts Falling Due After More Than One Year
2026 2025
£ £
Other loans - 24,927
15. Loans
An analysis of the maturity of loans is given below:
2026 2025
£ £
Amounts falling due within one year or on demand:
Other loans 608 608
2026 2025
£ £
Amounts falling due between one and five years:
Other loans - 24,927
16. Movement in Funds
As at 1 February 2025 Income Expenditure As at 31 January 2026
£ £ £ £
Unrestricted funds
General:
General unrestricted fund 227,214 31,468 (35,422 ) 223,260
Designated:
Designated Fund 6,000 - - 6,000
Total unrestricted funds 233,214 31,468 (35,422 ) 229,260
Restricted funds
No 40 Maintenance Fund - 30,910 (19,465) 11,445
Friends of Heritage Line 275 - - 275
...CONTINUED
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Weardale Extension 96 - - 96
Total restricted funds 371 30,910 (19,465 ) 11,816
Total funds 233,585 62,378 (54,887 ) 241,076
As at 1 February 2024 Income Expenditure As at 31 January 2025
£ £ £ £
Unrestricted funds
General:
General unrestricted fund 242,161 27,486 (42,433 ) 227,214
Designated:
Designated Fund 6,000 - - 6,000
Total unrestricted funds 248,161 27,486 (42,433 ) 233,214
Restricted funds
No 40 Maintenance Fund 84 159 (243) -
Friends of Heritage Line 275 - - 275
Weardale Extension 96 - - 96
Total restricted funds 455 159 (243 ) 371
Total funds 248,616 27,645 (42,676 ) 233,585
17. Transactions with Trustees
During the year the expenses reimbursed to the trustees or paid directly to third parties were as follows:
2026 2025
£ £
18. Related Party Disclosures
During the year, a loan previously provided by G Mudd, a Trustee of the charity, with a balance of £24,927 at the start of the year, was formally waived by the lender and donated to the charity.
The loan had originally been provided to assist with repair works to Steam Engine “No 40”. The waiver of the loan and any accrued interest has been recognised as donated income in the year.
19. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
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Detailed Statement of Financial Activities (including Income and Expenditure Account)
2026 2025
Total funds Total funds
£ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies
Donations from individuals 32,511 2,058
Membership subscriptions 4,871 6,900
Gift aid 6,871 1,299
44,253 10,257
Other trading activities
Income from other trading activities 17,414 16,856
17,414 16,856
Investments
Bank interest receivable 711 532
711 532
62,378 27,645
EXPENDITURE ON:
Raising funds
Purchases (1,933) (743)
Seeking donations, grants and legacies (195) (72)
Operating membership schemes and social lotteries (230) (482)
Other office costs (399) -
(2,757) (1,297)
Charitable Activities:
Our Aims and Activities
Advertising, marketing, direct mail and publicity (363) (429)
Repairs, renewals and maintenance (39,475) (26,027)
Bank loan interest - (3,425)
Rent (979) (963)
Other premises costs (41) (45)
Website costs (353) -
Accountancy fees (1,030) (1,390)
Other office costs (4,496) (3,680)
Depreciation (5,393) (5,420)
(52,130) (41,379)
(54,887) (42,676)
NET INCOME/(EXPENDITURE) 7,491 (15,031)
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