Athelney Tst. Regulatory News (ATY)

Embargoed 7am March 6 2015

ATHELNEY TRUST - FINAL RESULTS

Athelney Trust plc, the investor in small companies and junior markets, announces its preliminary results for the year ended 31 December 2014.

Highlights:

· Audited Net Asset Value ("NAV") up 4 per cent at 228p per share (2013: 219.3p)

· Overall return (capital plus dividend) of 6.5 per cent

· Revenue return per ordinary share rose 27 per cent to 7.8p (2013: 6.1p)

· Recommended final dividend of 6.7p per share (2013: 5.5p) up 21.8 per cent.

Chairman Hugo Deschampsneufs said: "Squeezing out a modest overall return proved more difficult than expected in 2014, although Athelney NAV increased by four per cent so the overall return (i.e. capital plus dividend) was 6.5 per cent. The Fledgling saw an increase of 6.2 per cent with the FTSE Small Cap showing a decrease of 1.5 per cent and the AIM All-share indices falling by 17.4 per cent.

"There were three key messages from the Autumn Statement: economic output of 'only' 2-2.5 per cent is the new norm; there is still a long way to go before control over public spending is re-established; tax reform rather than tax reduction should be at the heart of the next Parliament.

"The chancellor taking over after the General Election in May will find a red box full of goodies: economic output should be rising, employment strong and inflation near to five year lows.

"Yet 2015 looks like being a tricky year. My opinion, for what it is worth, is that smaller companies are better value than blue chips and that, with a decent tail wind, a modest uplift in asset prices of equities and commercial property is the most likely outcome".

-ends-

Fior further information:

Robin Boyle, Managing Director

Athelney Trust plc 020 7628 7937

Paul Quade 07947 186694

CityRoad Communications 020 7248 8010

CHAIRMAN'S STATEMENT AND BUSINESS REVIEW

I announce the results for the year ended 31 December 2014. The salient points are as follows:

· Audited Net Asset Value ("NAV") was 228p per share (31 December 2013: 219.3p) an increase of 4 per cent.

· Revenue return per ordinary share was 7.8p, (31 December 2013: 6.1p).

· Recommended final dividend of 6.7p per share (2013: 5.5p), an increase of 21.8 per cent.

Review of 2014

The inherent vice of capitalism is the unequal sharing of blessings: the inherent virtue of socialism is the equal sharing of miseries. - Winston Churchill

Capitalism is great when you're young, healthy and don't have kids. As soon as you have kids, you need to move to Sweden, believe me. - Cormac O'Brien.

My dear boy, as long as you don't invade Afghanistan you'll be fine. - advice from MacMillan to Douglas-Hume on the latter taking over as P.M.

Lose money for my firm and I will be understanding. Lose a shred of reputation and I will be ruthless.- Warren Buffett.

Squeezing out a modest overall return proved more difficult than expected in 2014. Mind you, some of the news-flow was not terribly helpful: the tragedies of the three Malaysian airliners; the spread of Ebola; Scotland's referendum; the rise of UKIP; Russia's annexation of Crimea and invasion of East Ukraine; trouble in Gaza and NATO's withdrawal from Afghanistan. More specifically, here are my Top Ten stories which affected stock markets in the year:-

January: Signs of slowing economic growth in China led to a sell-off in mining shares and all sorts of commodities. Prices for such things were depressed all year.

March: Russia's military invasion of Ukraine triggered a global flight from risky shares.

April: Big sell-off in tech shares on Wall Street.

June: Markets recovered, aided by news of a bid approach for Shire, a London-quoted pharma.

August: The U.S. started its air campaign against Islamic State (IS).

September: Investors sold, spooked by a single opinion poll giving the Yes campaign a lead.

October: Markets were unimpressed by the ECB's failure to introduce QE.

Investors bought back again on Japan's new inflationary package.

December: Oil prices collapsed, hurt by OPEC's decision in November not to reduce production and further signs that demand was flagging. 

Tesco issued another profit warning and worries about Greece flared up again.

The Santa rally finally arrived on 18 December - the Fed, having quit QE at the end of October, said that it would be patient about raising U.S. interest rates. The plunging rouble started to stabilize.

In major markets, New York and Tokyo rose by 3 per cent and 2.8 per cent but London, with quite a few mining and oil shares in its index, fell by 6.2 per cent.

China was the outstanding market of the year, being up by 42.9 per cent on hopes of lower interest rates and easier lending conditions and, to my mind, totally ignoring the collapse in Tier 2,3 and 4 city residential property prices and the massive over-production of everything from cement and steel to ships and solar panels. Argentina and Venezuela (rises of 42.3 per cent and 39.8 per cent respectively) were spooked by hyper-inflation, masked by authoritarian governments fiddling the figures. On the less positive side Greece, Columbia and Saudi Arabia fell by 28.2, 19.8 and 14.1 per cent respectively.

Returning to London, and small caps in particular, the Athelney Trust NAV increased by 4 per cent so the overall return for the year (i.e. capital plus dividend) was 6.5 per cent. The Fledgling saw an increase of 6.2 per cent with the FTSE Small Cap showing a decrease of 1.5 per cent and the AIM All-share indices falling by 17.4 per cent.

September saw the NATO summit in Wales. This is how it was previewed in Pravda. Like an ageing drag queen who can no longer make a living from dressing up in skirts and parading onstage in disguise, today no amount of make-up can hide what NATO is, and always has been: a wolf in sheep's clothing…For many years, NATO has been looking for something to do, like an odd-job man living in a deserted ghost town, like a skilled factory worker in a robot factory, like an ageing and unemployable drag queen who has gone to seed and whose pot belly turns her into the subject of ridicule when she tries to stuff it into her skirt, these days playing to bawling audiences of drunks.  What can Pravda mean?

Every now and then, the spivs and get-rich-quick merchants come out of the woodwork to defend their right to sell aggressively shares that they do not own or have borrowed specially for the occasion, so-called hedge funds come particularly to mind. They usually make a plausible case until it is given a sharp tap, at which point it tends to fall to bits. So it was in November when the short sellers said that the practice provides liquidity (how?) and can question perceived views on over-valued shares (fair enough). 

However, their leading weapon is often a sophisticated strategy to weaken share prices by spreading information or, to be blunt, disinformation. This last, where it occurs, is disseminated through co-ordinated attacks via bulletin boards and leaks to the media. Growing doubts about a company are expressed by a number of apparently independent commentators who are, in reality, in collusion. If a business relies on public deposits like a retail bank or is at an early stage of its development and so is spending cash without much to show for it by way of profit, it can become a sitting duck for this strategy. Short sellers must declare their every trade, even if it is carried out in so-called secret dark pools.

Congratulations to the designers of the eight postage stamps introduced in October, celebrating prime ministers gazing towards us beginning with William Pitt the Younger. However, there are two incredible omissions: Benjamin Disraeli and David Lloyd George. Was Harold Wilson really in the same league?

The concept of shareholder value or to run the company for the shareholder's benefit sounds as sensible as anything else in the financial world and to suggest otherwise is wholly heretical. Yet I think that an American, with his typical way of phrasing things, might well be tempted to call it the world's dumbest idea.  Why so? I believe that companies which put its customers first have done better than those that have tried to prioritize its shareholders or staff (examples, supermarkets and investment banks respectively) whereas customers are often cattle merely to be milked for profit. The focus on shareholder value has also led companies into actions which, while flattering short-term performance ratios and keeping shareholders temporarily flush with cash, do nothing to help develop better products and services over the long term - financial engineering, share buy-backs, capital underinvestment and over-aggressive cost-cutting do not keep customers happy. My view is that only by focusing on being a good business which loves its customers can decent returns be delivered to shareholders over the long term. Is this a truth universally acknowledged? Our hypothetical American friend might say Like heck it is!

I suppose that John (now Lord, what is the country coming to?) Prescott probably ranks as my third un-favourite Labour politician but even I was amazed when he said in November that his party had a problem communicating. My goodness, when you get a lecture from him on the English language then you are in trouble, said David Cameron. In Prescott's defence, I would say: Frankfully, to be so irrespective of a former deputy prize milliner was unsusceptible. Let's not mince about the bush: it was below the bolt.

December saw George Osborne's final Autumn Statement before the General Election in May. He was able to take the credit for some politically popular measures such as the modest reform of Stamp Duty, a further rise in the personal income tax allowance, reductions in Air Passenger Duty for families and help for smaller businesses and the U.K. regions. How much more rewarding it would have been, though, if he had embarked on some simple reforms so that the burden of tax was distributed more fairly and rationally. 

National Insurance is now a much bigger burden on low earners than is income tax - raising the threshold for NI should have been a greater priority than increasing income tax allowances. Value Added Tax is riddled with anomalies and inconsistencies. Books are taxed at 20 per cent if listened to or read on computer or tablet yet there is no VAT on hardback or software books. Caviar and other high-value foods attract zero VAT while shoes and basic clothing attract 20 per cent tax - I could go on and on but it just gets boring. There were three key messages from the Autumn Statement: economic output of 'only' 2-2.5 per cent is the new norm; there is still a long way to go before control over public spending is re-established; tax reform rather than tax reductions should be at the heart of the next parliament.

Vladimir Putin, in a speech to the Kremlin in December, said: Hitler tried to destroy Russia……Just remember how that ended. We do, Herr Putin, it ended with Germany as a democracy and Europe becoming a safer place.

Capital investment in the global oil industry will fall sharply in 2015 and onwards, thus following the price of crude oil down. OPEC's decision not to cut output in November marked the end of four years of remarkably stable oil prices. With OPEC temporarily abdicating the role of price stabilizer, the market has now taken over that role - little comfort to an industry with high capital costs and a long delay before investments become profitable. The past 150 years have been marked by frequent boom and bust cycles, with each low squeezing investment and creating the base for the next boom. There are new features to the current cycle, though, with fracking and the growth of U.S. shale oil created by a $100 oil price and how the industry will react to a $70 or even $60 oil price is yet to be seen. Shale oil is expensive to drill but, once tapped, produces prodigious amounts of cash. If skilled workers are laid off and capital investment cut back as in the past, the ride upward in the oil price might be just as wild as the fall in 2014.

Rupert Soames, the grandson of Sir Winston Churchill, took over as CEO of troubled outsourcer Serco in June and started (as is traditional) a review of the business. It had previously emerged that Serco had been over-charging the Government on contracts to tag criminals. We've gone up the street saying bring out your dead and lots of bodies started flying out of the windows, said Soames.

What does Brazilian billionaire Joseph Safra's purchase of the Gherkin office block in the City and Qatar's offer for chunks of Canary Wharf tell us? At the risk of stating the obvious, overseas investors still find that commercial property in this country is highly attractive even though the statistics are not particularly exciting: since 1981, the average total annual return on City offices has been 8.1 per cent of which three-quarters has come from income. The picture of West End property is admittedly better, at 10.2 per cent of which 60 per cent was income. The fact is that billionaires and sovereign wealth funds often are more concerned about capital preservation rather than income or growth (just for the record, the Gherkin was bought on a yield of only 3.7 per cent). It is when we look at the country as a whole that the argument for investment in commercial property becomes compelling. 

The current average yield on all properties across the country is reckoned to be about 6.4 per cent, compared with a negative yield on index-linked government debt and 1.8 per cent on 10-year gilts. Even the FTSE index, stuffed full of high-yielding mining, oil and bank shares, only offers 3.6 per cent. After the big run-up in property over the last 18 months, there is bound to be some reluctance to buy now. Yet the cushion in that 6.4 per cent is very wide by past standards. Property is surely less vulnerable to a market set-back than blue-chips or government or corporate bonds. NB Your company finished the year with 20 per cent of its portfolio in commercial and residential property shares.

According to The Economist, the business world is divided in two: those companies that have been hacked and those that do not know that they have been hacked.

The source of the £260 million discrepancy in the Tesco accounts is as old as book-keeping itself: the premature recognition of revenue. Suppliers make payments to supermarkets that meet certain sales targets for their products, run promotions or place goods in eye-catching positions such as the end of aisles. Tesco managers appear to have been too optimistic in forecasting these rebates and may also have under-reported the costs of stolen or out-of-date produce. Working out how much and when to book revenue can be a matter of fine judgement. The complexity of Tesco's deals with suppliers may also have left too much room for discretion but the risks of accounting for such payments are hardly new. The auditors of several big retailers have amplified their warnings in recent years as rebates have taken up a greater proportion of so-called profit. In the most recent report in May, PWC warned of the risk of manipulation. 

Even if there was no fraudulent intent (and we do not know this yet) and the problems merely stem from a misunderstanding of the rules rather than a cynical manipulation, the huge scale of the error suggests that Tesco's internal controls were not up to the job. 

Oh, and another thing! Sir Terry Leahy, ex-CEO and doyen of the supermarket trade, is shocked at the way that Tesco has lost sight of its customers. It is true that fewer can be seen in the stores three years after he stepped down. It is shocking that billions of shareholders' funds were destroyed in search of Fresh & Easy in California; the build-out of mega-stores in the UK, many of which are now white elephants; the push for growth in Asia and shocking that the return on capital during his reign slumped while declared earnings rose. Yes, we are all shocked Sir Terry!

A joke which went round the foreign exchange market early in the year:

Q. What do the rouble and Vladimir Putin have in common?

A. 62.

This prediction was correct on both counts - Putin had his 62nd birthday on 7 October and the rouble hit 62 to the dollar in frenzied trading several weeks later.

Even as Britain enters the sixth year of recovery, economists find excuses to be dismal. Every silver lining has a cloud, high consumer confidence is stoking a large trade deficit and housing boom. Normality will only be reached, they say, when interest rates lift off the floor but this could push householders over the edge. Economic growth is failing to generate much needed tax revenues. Yet the chancellor taking over after the General Election in May will find a red box full of goodies: economic output should be rising, employment strong and inflation near to five-year lows. Looking further ahead, the sort of economy to prosper will be flexible and open. Britain has a head start while continental rivals argue about structural reform. The U.K. has clear advantages - the English language, an adaptable labour market which is quick to switch workers between industries and is attractive to skilled people from all over the world. While U.K. manufacturing has been in relative decline, what is left is highly productive. It can remain that way thanks to a strong science base and every big city has its own Silicon quarter. Politics, though, poses the greatest threat to economic prosperity. A dysfunctional planning system, held hostage by local politics, has resulted in chronic housing shortages. Major projects like high speed rail or a new airport runway take decades to complete. Politicians love to rail against the imagined weaknesses in the immigration laws. By the 2050s (sorry to say that I will not be there), Britain's deep strengths could propel it towards being Europe's largest and most prosperous economy - we have nothing to fear but our politicians.

Deflation is bad for you, ergo cheaper oil is bad for the EU. Assuming that the average crude oil price is $70 for 2015, this would save the Eurozone the handy sum of $145 billion, or 0.9 per cent of economic output even before knock-on effects. Maybe Europe should be our contrarian bet for 2015?

Capital Gains

During the year the Company realised capital profits arising on the sale of investments in the sum of £478,743

(31 December 2013: £297,801).

Portfolio Review

Holdings of Andrews Sykes, Beazley, Brit, Capital & Regional, DX Group, Epwin Group, Games Workshop, Hiscox, John Menzies, McColls Retail, Novae Group and UK Commercial  were all purchased for the first time. Additional holdings of Amlin, Catlin, Costain, Lancashire Holdings, Londonmetric, Picton Property Income, Treatt, and Vianet, were also acquired. Arbuthnot Banking Group, H & T Group andMacfarlane Group, were sold.  In addition, a total of twenty holdings were top-sliced to provide capital for the new purchases.

Corporate Activity

Holdings of Abbey Protection and ACM Shipping were taken over in the year with Abbey Protection having a profit as a percentage of cost of 27.2 percent. Connect Group undertook a rights issue which was fully taken up.

Dividend

The Board is pleased to recommend an increased annual dividend of 6.7p per ordinary share (2013: 5.5p). This represents an increase of 21.8 per cent over the previous year. Subject to shareholder approval at the Annual General Meeting on 9 April 2015, the dividend will be paid on 16 April 2015 to shareholders on the register on 20 March 2015.

For those patient investors who subscribed for Athelney Trust shares in the IPO of 1994, the annual return has now risen to 13.4 per cent net of basic rate tax on the capital originally invested.

Update

The unaudited NAV at 28 February 2015 was 237.2p whereas the share price on the same day stood at 195p. Further updates can be found on www.athelneytrust.co.uk

Post Balance Sheet Date

On 30 January 2015 David Horner resigned as a Director having held the position for 12 years. The Board as a whole express their sincere thanks to David for all his input during his time with the Company.

Prospects

It looks like being another tricky year. I defy anyone (including the respective heads of the central banks which have dominated markets since 2008/9) to know the answers to: will Vladimir Putin succeed in dragging America into a proxy war in Ukraine, how will the coalition dislodge IS from the towns of Iraq and Syria, will the problem of Greece be fixed, will China deliberately devalue the reminbi thus exporting even more deflation, will quantitative easing in the euro zone and Japan be enough to counteract any tightening or threat of tightening (i.e. raising interest rates) in America and Britain? What will happen to commodity prices such as oil, gas, iron ore and gold and what effect will that have on investor confidence? How will all these various factors impact on equity markets? My opinion, for what it is worth, is that smaller companies are better value than blue chips and that, with a decent tail-wind, a modest uplift in asset prices of equities and commercial property is the most likely outcome.

H.B. Deschampsneufs

Chairman

4 March 2015

INCOME STATEMENT

(INCORPORATING THE REVENUE ACCOUNT)

The total column of this statement is the profit and loss account for the Company.

All revenue and capital items in the above statement derive from continuing operations.

No operations were acquired or discontinued during the above financial years.

A statement of movements of reserves is given in note 12.

A Statement of Total Recognised Gains and Losses is not required as all gains and losses of the Company have been reflected in the above Statement.

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS 

BALANCE SHEET AS AT 31 DECEMBER 2014

Company Number: 02933559

Approved and authorised for issue by the Board of Directors on 4 March 2015.

……………………………….

R.G. Boyle

Director

CASHFLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2014

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2014

1. Accounting Policies

1.1 Basis of Preparation of Financial Statements

The financial statements are prepared on a going concern basis under the historical cost convention as modified by the revaluation of investments held at fair value.

The financial statements are prepared in accordance with the Companies Act 2006, applicable UK accounting standards and the provisions of the Statement of Recommended Practice "Financial Statements of Investment Trust Companies and Venture Capital Trusts" (SORP) issued by the A.I.C. in January 2009.

The financial statements have been prepared on the assumption that approval as an investment trust will continue to be granted. The financial statements, and the net asset value per share figures, have been prepared in accordance with UK Generally Accepted Accounting Practice (UK GAAP).

1.2 Income

Income from investments including taxes deducted at source is recognised when the right to the return is established (normally the ex-dividend date). UK dividend income is reported net of tax credits in accordance with FRS 16 "Current Tax". Interest is dealt with on an accruals basis.

1.3 Investment Management Expenses

Of the two directors involved in investment management, 10% of their salaries have been charged to revenue and the other 90% to capital. All other investment management expenses have been charged to capital. The Board propose continuing this basis for future years.

1.4 Other Expenses

Expenses (including VAT) and interest payable are dealt with on an accruals basis and charged through the Revenue and Capital Accounts in an allocation that the Board consider to be a fair distribution of the costs incurred.

1.5 Investments

Listed investments comprise those listed on the Official List of the London Stock Exchange. Profits or losses on sales of investments are taken to realised capital reserve. Any unrealised appreciation or depreciation is taken to unrealised capital reserve.

Investments have been classified as "fair value through profit and loss" upon initial recognition.

Subsequent to initial recognition, investments are measured at fair value with changes in fair value recognised in the Income Statement.

Securities of companies quoted on a recognised stock exchange are valued by reference to their quoted bid prices at the close of the year.

1.6 Taxation

The tax effect of different items of income and expenses is allocated between capital and revenue on the same basis as the particular item to which it relates, using the Company's effective rate of tax for the year.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2014

1. Accounting Policies (continued)

1.7 Deferred Taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date. Deferred tax liabilities are recognised for all taxable timing differences but deferred tax assets are only recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. Deferred tax assets and liabilities are not discounted.

1.8 Capital Reserves

Capital Reserve - Realised

Gains and losses on realisation of fixed asset investments are dealt with in this reserve.

Capital Reserve - Unrealised

Increases and decreases in the valuations of fixed asset investments are dealt with in this reserve.

1.9 Dividends

In accordance with FRS 21 "Events after the Balance Sheet Date", dividends are included in the financial statements in the year in which they are paid.

1.10 Share Issue Expenses

The costs associated with issuing shares are written off against any premium arising on the issue of Share Capital.

2. Income

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2014

3. Return on Ordinary Activities before Taxation

4. Employees

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2014

5. Taxation

(i) On the basis of these financial statements no provision has been made for corporation tax (2013: Nil).

The Company has unrelieved excess revenue management expenses of £65,539 at 31 December 2014 (2013: £82,300) and £102,597 (2013: £102,597) of capital losses for Corporation Tax purposes and which are available to be carried forward to future years. It is unlikely that the Company will generate sufficient taxable profits in the future to utilise these expenses and therefore no deferred tax asset has been recognised.

For the year ended 31 December 2013, the Company received approval from HM Revenue and Customs under Section 1158 of the Corporation Tax Act 2010, therefore the Company was not liable to Corporation Tax on any realised investment gains for 2013. The Directors intend to continue to meet the conditions required to obtain approval and therefore no deferred tax has been provided on any capital gains or losses arising on the revaluation or disposal of investments.

6. Return per Ordinary Share

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2014

7. Dividend

Set out below is the total dividend payable in respect of the financial year, which is the basis on which the requirements of Section 1158 of the Corporation Tax Act 2010 are considered.

It is recommended that a final dividend of 6.7 p (2013: 5.5p) per ordinary share be paid amounting to a total of £132,866. For the year 2013, a final dividend of 5.5p was paid on 12 April 2014 amounting to a total of £109,069.

8. Investments

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2014

8. Investments (continued)

The purchase costs and sales proceeds above include transaction costs of £3,484 (2013: £4,496) and £3,527 (2013: £3,615) respectively.

9. Debtors

10. Creditors: amounts falling due within one year

11. Called Up Share Capital

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2014

12. Reserves

13. Financial Instruments

The Company's financial instruments comprise equity investments, cash balances and debtors and creditors that arise directly from its operations, for example, in respect of sales and purchases awaiting settlement. Short term debtors and creditors are excluded from disclosure.

Fixed asset investments (see note 8) are valued at market bid price where available which equates to their fair values. The fair values of all other assets and liabilities are represented by their carrying values in the balance sheet.

The major risks associated with the Company are market and liquidity risk. The Company has established a framework for managing these risks. The directors have guidelines for the management of investments and financial instruments.

Market Risk

Market risk arises from changes in interest rates, valuations awarded to equities, movements in prices and the liquidity of financial instruments.

At the end of the year the Company's portfolio was invested in UK securities with the exception of 14.16 per cent, which was invested in overseas securities.

Liquidity Risk

Liquidity Risk is the risk that the Company may have difficulty in meeting obligations associated with financial liabilities. The Company has no borrowings; therefore there is no exposure to interest rate changes.

The company is able to reposition its investment portfolio when required so as to accommodate liquidity needs.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2014

14. Net Asset Value per Share

The net asset value per share is based on net assets of £4,521,672 (2013: £4,349,693) divided by 1,983,081 (2013: 1,983,081) ordinary shares in issue at the year end.

15. Related Parties

During the year the following dividends were paid to the directors of the company as a result of their total shareholding:

Mr Robin Boyle £23,550

Mr Hugo Deschampsneufs £4,292

Mr David Horner £1,100