Permanent Way Institution (Incorporated) Company accounts

PERMANENT-WAY INSTITUTION (INCORPORATED) - Company Information

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COMPANY REGISTRATION NUMBER: 00099838

Permanent Way Institution (Incorporated)

Company Limited by Guarantee

Financial Statements

For the year ended

31 December 2020

Permanent Way Institution (Incorporated)

Company Limited by Guarantee

Financial Statements

Year ended 31 December 2020

Contents	Page

Officers and professional advisers	1

Directors' report	2

Independent auditor's report to the members	6

Statement of comprehensive income	9

Statement of financial position	10

Statement of changes in equity	12

Notes to the financial statements	13

Permanent Way Institution (Incorporated)

Company Limited by Guarantee

Officers and Professional Advisers

The board of directors	Mr A J Cooper
	Mr C J Wheeler (Resigned 3 July 2020)
	Mr S B Whitmore
	Mr J C Dutton
	Dr B J Counter
	Mr S J Barber
	Mrs K J Hatwell
	Miss J Heery
	Mr A Tappen
	Mr N J Millington
	Mr J R Edgley
	Mr P Dearman (Appointed 3 July 2020)
	Ms M Nolan - McSweeney (Appointed 3 July 2020)
	Mr J G Edwards

Registered office	Swan House
	9 Queens Road
	Brentwood
	Essex
	CM14 4HE

Auditor	Tiffin Green Limited
	Chartered accountants & statutory auditor
	Swan House
	9 Queens Road
	Brentwood
	Essex
	CM14 4HE

Permanent Way Institution (Incorporated)

Company Limited by Guarantee

Directors' Report

Year ended 31 December 2020

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

Directors

The directors who served the company during the year were as follows:

Mr A J Cooper
Mr S B Whitmore
Mr J C Dutton
Dr B J Counter
Mr S J Barber
Mrs K J Hatwell
Miss J Heery
Mr A Tappen
Mr N J Millington

Mr J R Edgley
Mr J G Edwards
Mr P Dearman	(Appointed 3 July 2020)
Ms M Nolan - McSweeney	(Appointed 3 July 2020)
Mr C J Wheeler	(Resigned 3 July 2020)

Other matters

Statement from the Board of Directors.

This statement complements the quarterly updates from the President and the CEO provided in each PWI Journal.

2020 has been an extraordinary year. The restrictions imposed due to the coronavirus pandemic (COVID-19) caused significant disruption to the business and operations of the Institution. Compliance with UK and devolved governments' guidance for social distancing created a range of challenges, opportunities, and successes in what is best described as an operationally challenging year.

Despite the challenging business and operational environment, the Institution has, through the dedication of the Executive, Section officers and volunteers, and Personal and Corporate Members been able to deliver a turnover level equivalent to 92.7% of 2019 and to produce a profit that results in members funds increasing by 2.0% in 2020. On 31st December 2020 we were supported by 3,358 Personal Members, representing 5.1% growth on 2019, and 51 Corporate Members, similar in number to 2019. We continue to see growth in our professionally registered membership which stood at 188 at the year end.

During 2020 the Board of Directors met four times. Due to COVID-19 restrictions the latter three meetings were held using an online platform and this approach was similarly applied to Section Meetings, the July AGM, and (after some outstanding work by the training and operational teams) the PWI Track Engineering Diploma and other training courses. Starting on March 25, 2020 saw 55 Section meetings held online, with an average attendance of 55. As the year progressed, meetings often had more than 100 attendees (a trend maintained through early 2021). Online and face-to-face PWI training courses registered total attendance of 270 in 2020, remarkably close to 2019's "normal year" figure of 300.

Innovative thinking overcame the many initial challenges to establish a "near normal" business operation. Coupled with the transition of training into the virtual world, this proved to be very efficient and effective in managing the day-to-day business of the Institution and provided the strongest of foundations from which to deliver our 2020 financial position. Extensive work in the latter half of 2020 saw the reshaping and rebranding of the quarterly Journal, as well as the creation of a new website and knowledge hub due to go live early in 2021. To comply with impending changes in tax regulations, the Institution became an employer in 2020 with a small number of our personnel becoming employees.

At the end of 2020, the Board reemphasised the Institution's commitment to equality, diversity, and inclusion by adopting the Royal Academy of Engineering's Diversity and Inclusion Framework. The Board of Directors has recognised that adopting that Framework will challenge the Institution to examine carefully what should, can and must be done to ensure PWI welcomes and treats all people equally. One metric offers encouragement: of our professionally registered members, 10.4% are women. That is an example of positive progress: actions and changes developed within the Framework will seek progress over time in all measures.

Work also started to determine how the PWI can most effectively respond to the challenges of climate change adaptation and decarbonisation. These actions complement ongoing initiatives on technical competency; workforce safety; education, training, and development; and growing the support offered to electrification engineers, technicians, and operatives. These workstreams will run through 2021 and into the years beyond.

As we focus on 2021, we anticipate that in some respects the year is likely to be more testing than 2020. Whilst the Institution's cashflow remains healthy, railway industry income has yet to recover from the collapse in passenger revenue resulting from corona virus and we expect corporate budgets to be

under pressure. Depreciation of the investment made in our new website will start to flow into overhead costs. Recognising the importance of the social dimension of the Institution to existing and potential members, the PWI will reintroduce and attend face-to-face events. Traditional Section meetings will resume in early Summer and two Practical Trackwork Challenges are planned for the Autumn. Summer will also see the resumption of face-to-face national PWI seminars and professional reviews.

We shall continue to build on the achievements of 2020 but delivering all intended outputs whilst aiming for a financially positive outcome, as was achieved in 2020, will require the continued efforts of a dedicated, focused, and effective Executive, and the continued support of an enthusiastic membership.

Directors' responsibilities statement

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent. 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 15 March 2021 and signed on behalf of the board by:

Mr J C Dutton	Mr A Tappen
Director	Director

Permanent Way Institution (Incorporated)

Company Limited by Guarantee

Independent Auditor's Report to the Members of Permanent Way Institution (Incorporated)

Year ended 31 December 2020

Opinion

We have audited the financial statements of Permanent Way Institution (Incorporated) (the 'company') for the year ended 31 December 2020 which comprise the statement of comprehensive income, statement of financial position, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2020 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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 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.

Other information

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. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that and 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 aggregate, they could reasonably be expected to influence the economic decisions or users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website as www.frc.org.uk/auditors responsibilities. This description forms part of our Report of the Auditors. Use of our report

This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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.

Lee Elsworth

(Senior Statutory Auditor)

For and on behalf of

Tiffin Green Limited

Chartered accountants & statutory auditor

Swan House

9 Queens Road

Brentwood

Essex

CM14 4HE

8 April 2021

Permanent Way Institution (Incorporated)

Company Limited by Guarantee

Statement of Comprehensive Income

Year ended 31 December 2020

	2020	2019
Note	£	£
Turnover	631,609	681,716

Cost of sales	222,662	318,351
	---------	---------
Gross profit	408,947	363,365

Administrative expenses	408,915	357,191
	---------	---------
Operating profit	32	6,174

Income from other fixed asset investments		1,657	10,798
Other interest receivable and similar income		4,505	1,883
		---------	---------
Profit before taxation	7	6,194	18,855

Tax on profit	1,093	2,330
	-------	--------
Profit for the financial year and total comprehensive income	5,101	16,525
	-------	--------

All the activities of the company are from continuing operations.

Permanent Way Institution (Incorporated)

Company Limited by Guarantee

Statement of Financial Position

31 December 2020

	2020		2019
Note	£	£	£

Fixed assets

Intangible assets	8	–	15,688
Tangible assets	9	25,656	9,178
Investments	10	62,654	61,410
		--------	--------
		88,310	86,276

Current assets

Stocks		16,187	23,409
Debtors	11	36,655	68,621
Cash at bank and in hand		343,558	280,178
		---------	---------
		396,400	372,208

Creditors: amounts falling due within one year	12	255,297		234,409
		---------		---------
Net current assets			141,103	137,799
			---------	---------
Total assets less current liabilities			229,413	224,075

Provisions

Taxation including deferred tax	11,150	10,913
	---------	---------
Net assets	218,263	213,162
	---------	---------

Capital and reserves

Fair value reserve	13	49,916	48,909
Profit and loss account	13	168,347	164,253
		---------	---------
Members funds		218,263	213,162
		---------	---------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Permanent Way Institution (Incorporated)

Company Limited by Guarantee

Statement of Financial Position (continued)

31 December 2020

These financial statements were approved by the board of directors and authorised for issue on 15 March 2021 , and are signed on behalf of the board by:

Mr J C Dutton	Mr A Tappen
Director	Director

Company registration number: 00099838

Permanent Way Institution (Incorporated)

Company Limited by Guarantee

Statement of Changes in Equity

Year ended 31 December 2020

		Fair value reserve	Profit and loss account	Total
		£	£	£
At 1 January 2019		40,501	156,136	196,637

Profit for the year			16,525	16,525
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account	8,408	( 8,408)	–
		--------	---------	---------
Total comprehensive income for the year		8,408	8,117	16,525

At 31 December 2019		48,909	164,253	213,162

Profit for the year			5,101	5,101
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account	1,007	( 1,007)	–
		--------	---------	---------
Total comprehensive income for the year		1,007	4,094	5,101

		--------	---------	---------
At 31 December 2020		49,916	168,347	218,263
		--------	---------	---------

Permanent Way Institution (Incorporated)

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Swan House, 9 Queens Road, Brentwood, Essex, CM14 4HE.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS Section 1A, The Financial Reporting Standard applicable in the UK and the Republic of Ireland", relevant to a company following the small entity regime. There were no material departures from that standard.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

Having assessed the principal risks, the directors considered it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No significant judgements, estimates or assumptions have had to be made by management in preparing these financial statements.

Revenue recognition

Turnover comprises the invoiced value of sales, conferences, seminars, subscriptions, professional registration fees and advertising supplied by the company but the subscriptions have been time apportioned and provisions for the associated costs of registration have been made.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Development costs	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Development expenditure incurred on clearly defined projects whose outcome can be assessed with reasonable certainty is carried forward and amortisation is charged from that time over the life of the project.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	33% straight line
Equipment	-	33% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Investments in non-puttable ordinary shares are measured;(a) at fair value with changes recognised in the profit and loss if the shares are publicly traded or their fair value can otherwise be measured reliably; (b) at cost less impairment for all other investments.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Company limited by guarantee

Permanent Way Institution (Incorporated) is a company Limited by Guarantee and therefore has no share capital. The maximum liability for each member is 50p.

5. Auditor's remuneration

	2020	2019
	£	£
Fees payable for the audit of the financial statements	3,850	3,850
	-------	-------

6. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2019: Nil).

7. Profit before taxation

Profit before taxation is stated after charging/crediting:

	2020	2019
	£	£
Amortisation of intangible assets	15,688	9,157
Depreciation of tangible assets	4,195	1,666
Fair value adjustments to other fixed asset investments	(1,244)	(10,380)
	--------	--------

8. Intangible assets

	Development costs
	£
Cost
At 1 January 2020 and 31 December 2020	47,966
	--------
Amortisation
At 1 January 2020	32,278
Charge for the year	15,688
	--------
At 31 December 2020	47,966
	--------
Carrying amount
At 31 December 2020	–
	--------
At 31 December 2019	15,688
	--------

9. Tangible assets

	Fixtures and fittings	Office equipment	Website development	Total
	£	£	£	£
Cost
At 1 January 2020	6,011	9,934	4,800	20,745
Additions	–	453	20,220	20,673
	-------	--------	--------	--------
At 31 December 2020	6,011	10,387	25,020	41,418
	-------	--------	--------	--------
Depreciation
At 1 January 2020	2,287	9,280	–	11,567
Charge for the year	3,724	471	–	4,195
	-------	--------	--------	--------
At 31 December 2020	6,011	9,751	–	15,762
	-------	--------	--------	--------
Carrying amount
At 31 December 2020	–	636	25,020	25,656
	-------	--------	--------	--------
At 31 December 2019	3,724	654	4,800	9,178
	-------	--------	--------	--------

10. Investments

	Other investments other than loans
	£
Cost
At 1 January 2020	61,410
Revaluations	1,244
	--------
At 31 December 2020	62,654
	--------
Impairment
At 1 January 2020 and 31 December 2020	–
	--------

Carrying amount
At 31 December 2020	62,654
	--------
At 31 December 2019	61,410
	--------

11. Debtors

	2020	2019
	£	£
Trade debtors	18,433	50,530
Other debtors	18,222	18,091
	--------	--------
	36,655	68,621
	--------	--------

12. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	6,320	6,541
Corporation tax	856	358
Social security and other taxes	10,019	6,049
Other creditors	238,102	221,461
	---------	---------
	255,297	234,409
	---------	---------

13. Reserves

Fair value reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.

14. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2020	2019	2020	2019
	£	£	£	£
Directors	173,253	193,228	( 1,000)	( 1,600)
	---------	---------	-------	-------