DocuSign Envelope ID: 6B90D427-2BD7-4F74-BCDC-2FA15AFFC405
COMPANY REGISTRATION NUMBER 02632558
WENTWORTH GOLF AND TENNIS FOUNDATION COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
31 DECEMBER 2021
Charity Number 1006003
DocuSign Envelope ID: 6B90D427-2BD7-4F74-BCDC-2FA15AFFC405
WENTWORTH GOLF AND TENNIS FOUNDATION COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
FOR THE YEAR 1 JANUARY 2021 TO 31 DECEMBER 2021
| CONTENTS | PAGES |
|---|---|
| Members of the Board and Professional Advisers | 1 |
| Trustees Annual Report | 2 - 3 |
| Independent Examiner’s Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7-12 |
DocuSign Envelope ID: 6B90D427-2BD7-4F74-BCDC-2FA15AFFC405
WENTWORTH GOLF AND TENNIS FOUNDATION COMPANY LIMITED BY GUARANTEE
MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS
| REGISTERED CHARITY NAME | Wentworth Golf and Tennis Foundation | Wentworth Golf and Tennis Foundation |
|---|---|---|
| CHARITY NUMBER | 1006003 | |
| COMPANY REGISTRATION NUMBER | 02632558 | |
| REGISTERED OFFICE | Wentworth Club Limited | |
| Wentworth Drive | ||
| Virginia Water | ||
| Surrey | ||
| GU25 4LS | ||
| TRUSTEES | Mr M McLoughlin | |
| Mrs P Leon (Chairman) | ||
| Mr D Elsom | ||
| Mr K Mackay | ||
| Mr T Patrick | ||
| Mr John Blanch (Appointed 19 | thOctober 2021) | |
| SECRETARY | Mr Keith Balson-Scales | |
| INDEPENDENT EXAMINERS | Darren Harding ACA FCCA DChA | |
| Richard Place Dobson Services | Limited | |
| Chartered Accountants | ||
| 1 – 7 Station Road | ||
| Crawley | ||
| West Sussex | ||
| RH10 1HT | ||
| BANKERS | TSB Bank Plc | |
| 54 High Street | ||
| Camberley | ||
| GU15 3RS |
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DocuSign Envelope ID: 6B90D427-2BD7-4F74-BCDC-2FA15AFFC405
WENTWORTH GOLF AND TENNIS FOUNDATION COMPANY LIMITED BY GUARANTEE
TRUSTEES ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT) FOR THE YEAR 1 JANUARY 2021 TO 31 DECEMBER 2021
The trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the financial statements of the charity for the period ended 31 December 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s Memorandum and Articles of Association, the Companies Act 2006 and “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)”.
REFERENCE AND ADMINISTRATIVE DETAILS
Reference and administrative details are shown in the schedule of Members of the Board and Professional Advisers on page 1 of the financial statements.
THE TRUSTEES
The trustees who served the charity during the period and up to the date the report was approved were as follows:
Mr M McLoughlin Mrs P Leon (Chairman) Mr D Elsom Mr N Coulson (Resigned 19th October 2021) Mr K Mackay Mr T Patrick Mr R Bland (Resigned 31st December 2021) Mr J Blanch (Appointed 19th October 2021)
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Wentworth Golf and Tennis Foundation is a registered charity and a company limited by guarantee. The Memorandum and Articles of Association were signed on 25th July 1991. The charity is directed by a Board of Trustees. New trustees are appointed based on the resource and skills they can contribute to the Foundation and are usually existing Wentworth Club members or employees.
OBJECTIVES, AIMS AND ACTIVITIES
The objectives for which the charity is established are to organise and provide facilities to enable pupils of schools, universities and other educational establishments in the UK to play golf, tennis or other games or sports and to provide facilities for recreation for the benefit of those who by reason of their youth, age, infirmity or disablement, poverty or social and economic circumstances have a need of such facilities.
We have referred to the guidance in the Charity Commission’s general guidance on public benefit when reviewing our objectives, aims and activities and in planning our future activities. The trustees plan the activities of the charity to contribute to the aims and objectives they have set.
The aims of the Foundation continue to be to provide tuition, facilities and the opportunity to develop life skills to selected youngsters with potential in golf and tennis. The charity benefits from the infrastructure, employees and members of the renowned Wentworth Club in providing professional coaching, advice, guidance and support through training and competitions. A number of scholars are selected to balance the objectives and scope of the charity with the benefaction of Wentworth Club and its members, seeking to maximise the benefit to those selected scholars during their scholarship period. Success is measured by improvements made by the scholars, illustrated by their sporting achievements alongside their development of life skills.
CHAIRMAN’S NOTES
At the Foundation AGM in October several changes were made to the Board of Trustees. As a result of their departures from the club, Neil Coulson and Robert Bland stepped down from their roles as Trustees. In their place, the Board of Trustees have welcome John Blanch, Wentworth Club Manager
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DocuSign Envelope ID: 6B90D427-2BD7-4F74-BCDC-2FA15AFFC405
WENTWORTH GOLF AND TENNIS FOUNDATION COMPANY LIMITED BY GUARANTEE
TRUSTEES ANNUAL REPORT (INCLUDING DIRECTORS’ REPORT) FOR THE YEAR 1 JANUARY 2021 TO 31 DECEMBER 2021
It was decided at the October AGM that the Malcolm Walker Award should be awarded to Rocky Chapman for his dedication to the game of golf. Rocky was one of the final scholars to be recruited by Malcolm and it was agreed that it was most appropriate that on the first occasion, the award go to a golf scholar.
THE GOLF REVIEW
This year has been a successful year for the lady golfers. Ava Bates is the Ladies Club Captain and Millie Cottrell reached the semi-finals of the Welsh Girls Match Play Championships. Millie was also one of only 12 girls competing in the Rose Junior Golf Championships. Aside from golf, Molly Miles was elected to Head Girl at the local Secondary School Charters and has taken advantages of her position to start a school newspaper.
Alex Alder won the Junior Bernard Gallagher prize and Rocky Chapman qualified for the England Open Amateur Stroke Play. Daniel Prince was the top boy from Surrey in the prestigious U16 McGregor Trophy.
THE TENNIS REVIEW
The four scholars promoted from the foundation squad have all settled in well to their individual lessons. They have regularly attended the Junior social and shown strong engagement with the members.
It was a good year for Issey Purser, who won both her third ITF doubles title and her third International Singles title. Issey also played at the qualification stage of the Junior Wimbledon. Unfortunately, the draw went against Issey on this occasion, and she was knocked out by the third seed.
FINANCIAL REVIEW
Annual contributions from the members at Wentworth Club was £23,478. Additional amounts of £6,951 were donated from the Captain’s Charity. Expenditure for the year amounted to £25,732.
RESERVES POLICY
Reserves are regularly reviewed by the trustees and appropriate action taken to ensure they are maintained at a level necessary to adequately meet the obligations of the Foundation. At year end 31 December 2021 the Foundation held £66,278 in unrestricted reserves. The trustees have reviewed this and felt that it is at an appropriate level to meet the obligations of the Foundation in the future.
The Trustees believe that the Foundation has sufficient resources and foreseeable income to continue its operations for at least twelve months from the date of this report. For this reason, the accounts are prepared on the going concern basis.
PLANS FOR FUTURE PERIODS
With the continued support of the Reignwood Group, the Trustees believe that there be opportunities in 2022 to ensure the Wentworth Golf and Tennis Foundation continues to afford young people life opportunities through the provision of membership at the Club.
This report has been prepared in accordance with the special provisions of Part 15 of Companies Act 2006 relating to small companies.
Mrs Patricia Leon - Charity Chairman
Date: 28/10/2022
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF WENTWORTH GOLF AND TENNIS FOUNDATION
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2021.
Responsibilities and basis of report
As the trustees of the charity (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 company’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 that in any material respect:
-
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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.
Darren Harding ACA FCCA DChA Richard Place Dobson Services Limited Chartered Accountants 1 - 7 Station Road Crawley West Sussex RH10 1HT
Date: .............................................
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WENTWORTH GOLF AND TENNIS FOUNDATION COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR 1 JANUARY 2021 TO 31 DECEMBER 2021
| Note INCOME FROM: Donation and legacies 2 Investments 3 TOTAL INCOME EXPENDITURE ON: Charitable activities 4,5 TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) AND NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 30,428 90 30,518 (25,732) (25,732) 4,786 61,492 66,278 |
Restricted funds £ - - - - - 2,500 2,500 |
Total funds Year to 31 Dec 2021 £ 31,428 90 30,518 (25,732) (25,732) 4,786 63,992 68,778 |
Unrestricted funds £ 26,760 206 26,966 (26,001) (26,001) 965 60,527 61,492 |
Restricted funds £ 2,500 - 2,500 - - 2,500 - 2,500 |
Total funds Year to 31 Dec 2020 £ 29,260 206 |
|---|---|---|---|---|---|---|
| 29,466 | ||||||
| (26,001) (26,001) |
||||||
| 3,465 60,527 |
||||||
| 63,992 |
The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.
All of the above amounts relate to continuing activities.
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WENTWORTH GOLF AND TENNIS FOUNDATION (REGISTERED NUMBER: 02632558) COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
31 DECEMBER 2021
| CURRENT ASSETS Debtors 7 Cash at bank CREDITORS: Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS Restricted income funds 9 Unrestricted income funds 10 TOTAL FUNDS |
Year to 31 Dec 2021 Year to 31 Dec 2021 £ £ - 107,846 (39,068) 68,778 68,778 68,778 2,500 66,278 68,778 |
Year to 31 Dec 2020 Year to 31 Dec 2020 £ £ - 101,566 (37,574) 63,992 63,992 63,992 2,500 61,492 63,992 |
Year to 31 Dec 2020 Year to 31 Dec 2020 £ £ - 101,566 (37,574) 63,992 63,992 63,992 2,500 61,492 63,992 |
|---|---|---|---|
| 63,992 | |||
| 63,992 | |||
| 2,500 61,492 |
|||
| 63,992 | |||
For the year ended 31 December 2021 the 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 responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and for the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
These financial statements were approved and authorised by the members of the committee on …………………………………………. and are signed on their behalf by:28/10/2022
Mrs P Leon
The notes on pages 7 to 12 form part of these financial statements.
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WENTWORTH GOLF AND TENNIS FOUNDATION COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR 1 JANUARY 2021 TO 31 DECEMBER 2021
1. ACCOUNTING POLICIES
(a) Basis of accounting
The financial statements have been prepared in accordance with the charity’s Memorandum and Articles of Association, the Companies Act 2006 and “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)”. The charitable company is a Public Benefit Entity as defined by FRS 102.
Wentworth Golf and Tennis Foundation is a charitable company, registered in England and Wales. The registered office is Wentworth Club Limited, Wentworth Drive, Virginia Water, Surrey, GU25 4LS.
The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.
The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
• the requirements of Section 7 Statement of Cash Flows.
(b) Judgements in applying accounting policies and key sources of estimation uncertainty The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies.
There are no significant judgements or key sources of estimation uncertainty.
(c) Recognition of incoming resources
These are included in the Statement of Financial Activities (SOFA) when the charity becomes entitled to the resources; the trustees are probable they will receive the resources; and the monetary value can be measured with sufficient reliability.
Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.
(d) Investment income
This is included in the accounts when receivable.
(e) Financial instruments
All financial instruments are basic financial instruments and are recognised at amortised cost.
(f) Expenditure
Liability recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Support Costs
Support costs are those functions that assist the work of the Foundation but do not directly undertake charitable activities. They include governance costs relating to the examination of the financial statements.
Irrecoverable VAT
Irrecoverable VAT is charged to the Statement of Financial Activities in the period in which it arises.
Charitable activities
Charitable activities comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. The charity has identified two charitable activities which are Golf and Tennis.
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DocuSign Envelope ID: 6B90D427-2BD7-4F74-BCDC-2FA15AFFC405
WENTWORTH GOLF AND TENNIS FOUNDATION COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR 1 JANUARY 2021 TO 31 DECEMBER 2021
(g) Taxation The charity is exempt from corporation tax on its charitable activities.
(h) Fund Accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
(i) Debtors
Debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.
(j) Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
(k) Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due.
(l) Going Concern
The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
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DocuSign Envelope ID: 6B90D427-2BD7-4F74-BCDC-2FA15AFFC405
WENTWORTH GOLF AND TENNIS FOUNDATION COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR 1 JANUARY 2021 TO 31 DECEMBER 2021
2. DONATIONS AND LEGACIES
| Donations | Unrestricted Funds £ 30,428 |
Restricted Funds £ - |
Total Funds Year to 31 Dec 2021 £ 30,428 30,428 |
Total Funds Year to 31 Dec 2020 £ 29,260 |
|---|---|---|---|---|
| 30,428 | - |
29,260 |
3. INCOME FROM INVESTMENTS
| Total Funds | Total Funds | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Year to 31 | Year to 31 | |
| Funds | Funds | Dec 2021 | Dec 2020 | |
| £ | £ | £ | £ | |
| Bank interest receivable | 90 | - |
90 |
206 |
4. COSTS OF CHARITABLE ACTIVITIES BY FUND TYPE
| Golf Tennis Support costs |
Unrestricted Funds £ 9,290 15,119 1,323 |
Restricted Funds £ - - - |
Total Funds Year to 31 Dec 2021 £ 9,290 15,119 1,323 25,732 |
Total Funds Year to 31 Dec 2020 £ 9,402 14,800 1,799 |
|---|---|---|---|---|
| 25,732 | - |
26,001 |
5. COSTS OF CHARITABLE ACTIVITIES BY ACTIVITY TYPE
| Golf Tennis |
Activities undertaken directly £ 7,312 13,069 |
Support Costs* £ 1,978 2,050 |
Total Funds Year to 31 Dec 2021 £ 9,290 15,119 24,409 |
Total Funds Year to 31 Dec 2020 £ 10,302 15,699 |
|---|---|---|---|---|
| 20,381 | 4,028 | 26,001 |
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DocuSign Envelope ID: 6B90D427-2BD7-4F74-BCDC-2FA15AFFC405
WENTWORTH GOLF AND TENNIS FOUNDATION COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR 1 JANUARY 2021 TO 31 DECEMBER 2021
** Support costs include the following governance costs
| Independent Examiner’s Fee | Unrestricted Funds £ 1,250 |
Restricted Funds £ - |
Total Funds Year to 31 Dec 2021 £ 1,250 1,250 |
Total Funds Year to 31 Dec 2020 £ 1,250 |
|---|---|---|---|---|
| 1,250 | - |
1,250 |
6. STAFF COSTS AND EMOLUMENTS
No salaries or wages have been paid to employees, including the members of the committee and trustees during the year and no expenses were reimbursed to any member of the committee, or trustees, during the year (2020: None).
7. DEBTORS
| Year | to 31 | Year to 31 | |
|---|---|---|---|
| Dec | 2021 | Dec 2020 | |
| £ | £ | ||
| Prepayments - Insurance | - |
- |
- CREDITORS: Amounts falling due within one year
| Wentworth Club Limited Other creditors |
Year to 31 Dec 2021 £ 37,818 1,250 39,068 |
Year to 31 Dec 2020 £ 36,324 1,250 |
|---|---|---|
| 37,574 |
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DocuSign Envelope ID: 6B90D427-2BD7-4F74-BCDC-2FA15AFFC405
WENTWORTH GOLF AND TENNIS FOUNDATION COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR 1 JANUARY 2021 TO 31 DECEMBER 2021
9. RESTRICTED INCOME FUNDS
| Malcolm Walker Cup Malcolm Walker Cup |
Balance at 31 Dec 2020 £ 2,500 2,500 Balance at 31 Dec 2019 £ - - |
Balance at 31 Dec 2020 £ 2,500 2,500 Balance at 31 Dec 2019 £ - - |
Income £ - - Income £ 2,500 2,500 |
Expenditure £ - - Expenditure £ - |
Balance at 31 Dec 2021 £ 2,500 |
|---|---|---|---|---|---|
2,500 |
|||||
| Balance at 31 Dec 2019 £ - |
Balance at 31 Dec 2020 £ 2,500 |
||||
| - | - |
2,500 |
A donation from a member to be used to fund the annual presentation for the Malcolm Walker Cup over the subsequent ten year period.
10. UNRESTRICTED INCOME FUNDS
| General Funds | Balance at 31 Dec 2020 £ 61,492 |
Income £ 30,518 |
Expenditure Balance at 31 Dec 2021 £ £ (25,732) 66,278 |
|---|---|---|---|
11. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Restricted Income Funds: Unrestricted Income Funds Total Funds |
Net current assets £ 2,500 66,278 |
Total £ 2,500 66,278 |
|---|---|---|
| 68,778 | 68,778 |
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DocuSign Envelope ID: 6B90D427-2BD7-4F74-BCDC-2FA15AFFC405
WENTWORTH GOLF AND TENNIS FOUNDATION COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR 1 JANUARY 2021 TO 31 DECEMBER 2021
12. COMPANY LIMITED BY GUARANTEE
The charity is a company limited by guarantee and does not have share capital. Every member undertakes to contribute to the assets in the event of the company being wound up such amount as may be required not exceeding £1 each.
13. INTANGIBLE INCOME
Wentworth Club Limited provides administrative support by employees and the use of its infrastructure to the Foundation. It is not practical to quantify this support in financial terms, but it is minimal relative to the roles and responsibilities of the individuals concerned.
14. RELATED PARTY TRANSACTIONS
Some of the trustees of the Foundation are also employees of Wentworth Club Limited. At the year end, the Club owed the Foundation £23,478 in respect of donations received from Club members; the Foundation owed the Club £36,324 (brought forward from 2020), in addition to £24,972 in respect of costs relating to golf/tennis coaching and matches incurred during the year. At 31 December 2021 the total amount due to the Club was £37,818 (31 December 2020 £36,324).
15. COVID-19
At the reporting date COVID-19 caused widespread lockdown measures to be imposed in the UK and worldwide. This has resulted in a reduction in both supply and demand in the economy. It is not currently possible to estimate the impact this will have on the future financial results of the charitable company. Management have assessed the impact of COVID-19 on the results reported for the financial year ended 31 December 2021 and consider that all COVID-19 related costs and effects have been reflected in the accounts.”
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