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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31 May 2015 |
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Principle Affairs Limited |
REGISTERED NUMBER:
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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31 May 2015 |
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for |
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Principle Affairs Limited |
Principle Affairs Limited (Registered number: 05467588) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2015 |
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Company Information | 1 |
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Report of the Directors | 2 |
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Chartered Accountants' Report | 3 |
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Profit and Loss Account | 4 |
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Balance Sheet | 5 |
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Notes to the Financial Statements | 7 |
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Principle Affairs Limited |
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Company Information |
for the Year Ended 31 May 2015 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants and Business Advisors |
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Principle Affairs Limited (Registered number: 05467588) |
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Report of the Directors |
for the Year Ended 31 May 2015 |
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The directors present their report with the financial statements of the company for the year ended 31 May 2015. |
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PRINCIPAL ACTIVITY |
The principal activity of the company continued to be that of public policy, advocacy and campaigning services to |
charities. |
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We are delighted that Principle is continuing to grow as an organisation with a 25% increase in turnover on last year. |
Over the forthcoming year we expect to continue to grow, aiming to help more charities to meet and even surpass their |
public policy advocacy and campaigning objectives. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 June 2014 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with |
applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company
will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
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This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating |
to small companies. |
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ON BEHALF OF THE BOARD: |
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Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Principle Affairs Limited |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Principle Affairs Limited for the year ended 31 May 2015 which comprise the Profit and Loss |
Account, the Balance Sheet and the related notes from the company's accounting records and from information and |
explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook. |
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This report is made solely to the Board of Directors of Principle Affairs Limited, as a body, in accordance with the terms of our engagement letter dated 7 August 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Principle Affairs Limited and state those matters that we have agreed to state to the Board of Directors of Principle Affairs Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Principle Affairs Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Principle Affairs Limited. You consider that Principle Affairs Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Principle Affairs Limited. |
For this reason, we have not verified the accuracy or completeness of the accounting records or information and |
explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants and Business Advisors |
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4 December 2015 |
Principle Affairs Limited (Registered number: 05467588) |
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Profit and Loss Account |
for the Year Ended 31 May 2015 |
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2015 | 2014 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales | ( |
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GROSS PROFIT |
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Administrative expenses | ( |
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OPERATING PROFIT | 2 |
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Interest receivable and similar income |
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PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION |
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Tax on profit on ordinary activities | 3 | ( |
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PROFIT FOR THE FINANCIAL YEAR |
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CONTINUING OPERATIONS |
None of the company's activities were acquired or discontinued during the current year or previous year. |
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TOTAL RECOGNISED GAINS AND LOSSES |
The company has no recognised gains or losses other than the profits for the current year or previous year. |
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Principle Affairs Limited (Registered number: 05467588) |
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Balance Sheet |
31 May 2015 |
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2015 | 2014 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | 8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Capital redemption reserve | 10 |
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Profit and loss account | 10 |
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SHAREHOLDERS' FUNDS | 11 |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Principle Affairs Limited (Registered number: 05467588) |
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Balance Sheet - continued |
31 May 2015 |
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The financial statements were approved by the Board of Directors on
by: |
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Principle Affairs Limited (Registered number: 05467588) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2015 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention. |
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Financial reporting standard number 1 |
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a |
small company. |
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Compliance with accounting standards |
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards |
(United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as |
otherwise stated). |
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Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer equipment | - |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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Leasing |
Rentals payable under operating leases are charged against income on a straight line basis over the lease term. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to the profit and loss account in the period to which they relate. |
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2. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2015 | 2014 |
£ | £ |
Office rent, room hire and |
meeting expenses | 4,701 | 3,830 |
Depreciation - owned assets |
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Pension costs |
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Directors' remuneration and other benefits etc |
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Principle Affairs Limited (Registered number: 05467588) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2015 |
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3. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit on ordinary activities for the year was as follows: |
2015 | 2014 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax | ( |
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Tax on profit on ordinary activities |
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Factors affecting the tax charge |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is |
explained below: |
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2015 | 2014 |
£ | £ |
Profit on ordinary activities before tax |
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Profit on ordinary activities |
multiplied by the standard rate of corporation tax |
in the UK of
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Effects of: |
Expenses not deductible for tax purposes |
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Capital allowances in excess of depreciation | - | ( |
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Depreciation in excess of capital allowances |
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Current tax charge |
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4. | DIVIDENDS |
2015 | 2014 |
£ | £ |
Ordinary shares of £0.20 each |
Interim | 42,990 | 17,000 |
Principle Affairs Limited (Registered number: 05467588) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2015 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 June 2014 |
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Additions |
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At 31 May 2015 |
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DEPRECIATION |
At 1 June 2014 |
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Charge for year |
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At 31 May 2015 |
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NET BOOK VALUE |
At 31 May 2015 |
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At 31 May 2014 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2015 | 2014 |
£ | £ |
Trade debtors | 24,598 | 24,782 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2015 | 2014 |
£ | £ |
Taxation and social security |
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Other creditors |
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Included within other creditors, at the balance sheet date, was an amount owed to Jane Cox in the sum of |
£23,129 (2014: £12,500), an amount owed to Joy Millward in the sum of £31,450 (2014: £19,050) and an |
amount owed to Rebecca Hug in the sum of £12,400 (2014: £nil). |
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8. | PROVISIONS FOR LIABILITIES |
2015 | 2014 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
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Deferred |
tax |
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Balance at 1 June 2014 |
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Credit to Profit and Loss Account during year | ( |
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Balance at 31 May 2015 |
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Principle Affairs Limited (Registered number: 05467588) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2015 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2015 | 2014 |
value: | £ | £ |
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Ordinary | £0.20 |
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2 Ordinary shares of 20p each were issued during the year. |
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10. | RESERVES |
Profit | Capital |
and loss | redemption |
account | reserve | Totals |
£ | £ | £ |
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At 1 June 2014 |
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Profit for the year |
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Dividends | ( |
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At 31 May 2015 |
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11. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS |
2015 | 2014 |
£ | £ |
Profit for the financial year |
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Dividends | ( |
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Net reduction of shareholders' funds | ( |
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Opening shareholders' funds |
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Closing shareholders' funds |
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