DocuSign Envelope ID: FCF9B0F9-34D9-4C42-944B-1B4D0FCA3C47DocuSign Envelope ID: CFA27D10-C54D-4A12-B4A1-46C808A2322E
Registered number: 02872186 Charity number: 1030968
THE EDMUND TRUST
(A Company Limited by Guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
DocuSign Envelope ID: FCF9B0F9-34D9-4C42-944B-1B4D0FCA3C47DocuSign Envelope ID: CFA27D10-C54D-4A12-B4A1-46C808A2322E
THE EDMUND TRUST (A Company Limited by Guarantee)
| CONTENTS | |
|---|---|
| Page | |
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report and Strategic Report | 2 - 9 |
| Independent Auditors' Report on the Financial Statements | 10 - 14 |
| Statement of Financial Activities | 15 |
| Balance Sheet | 16 - 17 |
| Statement of Cash Flows | 18 |
| Notes to the Financial Statements | 19 - 42 |
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THE EDMUND TRUST
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022
| Board Members | N R Tomkys OBE (appointed 1 April 2021) |
|---|---|
| N J Tiley (resigned 20 October 2021) | |
| J R Bragg | |
| E Kron | |
| H Mason | |
| T A Wyatt | |
| Company registered number 02872186 Charity registered number 1030968 Registered office Suite G10 Blenheim House, Cambridge Innovation Park, Denny End Road, Waterbeach Cambridge CB25 9GL Patrons Prof T Holland Dr N Johnson Chief Executive Officer J Ellis Independent auditors Peters Elworthy & Moore Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA Bankers Lloyds Bank Plc Gonville Place Cambridge CB2 1BQ |
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THE EDMUND TRUST (A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022
The Board Members present their annual report together with the audited financial statements of the Charity for the year 1 April 2021 to 31 March 2022. The Board Members confirm that the Annual Report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) second edition October 2019 (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
OBJECTIVES AND ACTIVITIES
Policies and objectives
The principal aim of the Charity is to improve the lives of, to support, and to provide services and information for people with learning disabilities, their families and carers who live in Cambridgeshire and more latterly, East Anglia. We do this by offering a wide range of services to people and their families such as Supported Living Services, Registered Care Homes, Outreach community support, Day Opportunities, Hydrotherapy Services, Respite Services and Housing Services.
STRATEGIC REPORT
ACHIEVEMENTS AND PERFORMANCE
Review of activities
Our mission is to empower and support people of all ages with a learning disability from across Cambridgeshire and East Anglia to live the lives they choose and to be active members of the communities that they live in. We achieve this by affording individuals, their families and carers the support they need, by developing services to meet identified needs and providing information and advice. Our Trustees have due regard to the guidance on public benefit in the decisions they make and the way the organisation is run. The Edmund Trust is funded predominantly from a large number of local authority contracts. We also receive a much smaller amount from grants and donations. We do not employ a formal fundraising function.
COVID-19
The financial year 2021-22 has continued to be impacted by COVID-19 and the pandemic.
The Edmund Trust now supports around 180 people and it remains the case that of the people we support, many would be considered to be especially vulnerable if they were to be infected with COVID-19. The social care guidelines that our services have to work within have not altered greatly during this financial year leaving our services still working at a state of heightened alert as was previously the case. This had both positive and negative effects from a business point of view. Funding became more readily available throughout this financial year to pay for the additional PPE cost and to mitigate the negative effects of staff being off sick isolating. The results this financial year benefit from the financial support that the Local Authority has given to our organisation.
As we reported last year the failure of government to see that discharging people from hospitals into community and in particular care home settings was fuelling the transmission of the infection. The courts have now found the action of the government to be unlawful in not testing people prior to discharge from hospital. We did not lose anyone we support or employ due to COVID-19 during the 21-22 financial year which is testament to the incredible work that our staff teams have done in keeping people safe and following the complex guidelines around testing and PPE.
As previously reported we closed our offices earlier than the government advice to try and prevent our own office being a hub for infection. For the majority of the financial year we were working with limited numbers of staff in the office. COVID-19 forced The Edmund Trust to work in a different way. It meant that previously accepted
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THE EDMUND TRUST (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
norms had to end and new norms established. By the end of the financial year we had moved to most of our office based staff working in informal hybrid patterns. The net result is that we are able to manage with less office space and proportionally less cost of our support functions. For office based staff the ability to work some of the time at home and some at the office should support their work-life balance.
In terms of the front line delivery of services the vast majority of our activity continued albeit with new guidelines around PPE and working practices appearing on a near daily basis. Due to the guidance from government we had to close three sites, namely the two settings we use for our Artworks offer, and for the vast majority of the financial year our hydrotherapy pool.
Operationally staff have continued to work heroically at times albeit with an apparent lessened threat from the effects of COVID-19. Our services continued to be disrupted by staff testing positive and the impact that this had on the support that we could offer. With the support of the local authority we are able to manage on minimum staffing levels.
In all cases throughout the financial year we paid our staff their full contracted hours when they were isolating due to COVID-19.
Prior to the pandemic we started to see the first signs that austerity was coming to an end. Only time will tell what impact will be felt by the social care sector in the medium term future. During this financial year we received an uplift from the local authority, the first received for many years. Due to the efficient way that we run The Edmund Trust we were able to pass on the extra contract income to the staff in terms of wages.
As always the key for The Edmund Trust is to keep trying to deliver great services to people whilst always looking to make what we do organisationally as efficient and cost effective as possible. The proportion of the money that we spend on administering ourselves reduced again to 13% of our income.
The beginning of the end of the pandemic meant that we have been able to start to respond to and deliver services away from our traditional base in Milton. We have been approached to deliver a number of services in Fenland area of Cambridgeshire and have three new services planned for the new financial year. These are services where other social care providers have decided not to continue a service for someone, often due to the location and/or the availability of staff.
Retaining our staff is a key issue for The Edmund Trust. This cannot be stressed any more highly. It remains the highest risk issue on our organisational Risk Register.
It remains a strategic priority for The Edmund Trust to retain more of our staff year on year with ambitious targets set.
The Edmund Trust brand continues to become embedded within the localities in which we operate, with a greater awareness and understanding of the charity and its aims and purpose. During this financial year we recruited people to support our recruitment process with a social media background looking to capitalise on the work that we do by having a greater presence online. The key for us is to attract the right people to come and work with us and use every available route to achieving this.
We do not employ a professional fundraiser and we do not fundraise directly from the public. We are supporting more people than ever before and are just about to embark on a significant period of growth reflected in the 2021-26 Business Plan.
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THE EDMUND TRUST (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Significant highlights of the year April 2021 to March 2022
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Delivered over 250 online Eddie’s TV sessions during the year. As more people went back to their traditional day placements the number of day time sessions greatly reduced. Eddies TV was a product of its time. During the pandemic upwards of 90 people used the service and it was a vital lifeline for people and their families. As life returned to some sense of normality many people went back to their former day placements and the reliance upon the on line service reduced although Eddies TV still does offer a service.
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We continue to engage with volunteers who help us deliver a number of the services that we offer. We have over 40 volunteers that are currently registered with us and they volunteer within the Eddie’s Operating Division. Many of these volunteers whilst not able to physically support services during the pandemic we able to support the online services that we developed. This is a reduced number from previously although we are not certain of the reasons that some people have stopped volunteering although maybe the pandemic and people getting out of the habit of volunteering is something to do with this. We will be looking to increase volunteer numbers back to pre-pandemic levels of around 70 over the next two years.
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We introduced the role of Operations Manager into the management structure at the organisation in October 2021. This post will support the day to day operations and allow for the Head of Operations to have more of a focus on developing new services.
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We have continued to increase the number of people we support across the organisation and across the county and neighbouring local authorities. We are now more able to respond to referrals as the pandemic has slowed.
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Our income has grown to £6.76 million in March 2022. This was from a point of £3.2m in March 2015 and from £6.12m in March 2021. This has allowed a greater level of financial security and stability for the organisation which has helped us through the pandemic. This exceeds the figure in our Strategic Plan of £6.5m income by March 2022 due to the points discussed in the COVID-19 section.
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We increased wages for all support staff and senior support staff at The Edmund Trust by 4% in December 2021 so that our lowest paid support worker was paid £10.00 per hour.
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We increased wages again by 3% at the end of this period for all staff bringing our support worker rate up to £10.30 per hour which is the highest pay rate of any comparable provider in Cambridgeshire.
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Retention along with recruitment remains the most pressing issue for The Edmund Trust.
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We had a highly successful Staff Awards Evening in August 2021 where over 100 staff attended. COVID-19 meant that a number of people were not able to attend but we were able to show our love and appreciation of as many staff as possible with awards for different categories linked with our organisational values. Colleagues from the Local Authority helped judge the awards.
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We now have two contracts with Continuing Health Care (CHC). Diversifying our revenue streams remain a key objective for The Edmund Trust.
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We continue to work in partnership with the NHS on the Autism Keyworker Project that aims to help prevent hospital admissions for young people. We now have funding agreed until 2023/4. This marks a significant development in our work as an organisation. The expectation is that the national roll-out will take place for which we will be ideally placed.
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THE EDMUND TRUST (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
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We continue to run a very well supported respite service at The Poplars. We have extended our customers at this service to include a new local authority and during the reporting period was again over 90% occupied.
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Throughout the reporting period, the Residential Care Home and Supported Living Services that we operate in were over 90% occupied which demonstrates both the demand for our services and for the accommodation we have built although it is a slight reduction on the year before.
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Our sickness percentage has been on average below our target of 3% over the reporting period.
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Training compliance percentage across the organisation has been at over 94% over the reporting period.
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We continue to be successful at attracting staff to join us at The Edmund Trust, recruiting around 50 staff in the reporting period. Given the limited movement through the pandemic this was very good.
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We have had just one Trustee leave the organisation throughout the reporting period which is great from a stability and continuity perspective. Trustee recruitment will always be an important factor for The Edmund Trust. Across the Charity sector Trustee recruitment remains a challenge and we are likely to go out to recruit 2-3 new trustees in the next reporting period.
FINANCIAL POSITION
The income of The Edmund Trust has grown to £6.76 million which represents a growth of 11% on the income figures for last year. Some of this is down to grants received through lockdown but we continue to increase the number of people that we support. This growth continues six years of continuous growth in our organisation from a base of £3.2 million in March 2015. We have continued to keep a tight control of costs and the cost of administering ourselves with limited exceptions of spend that is not budgeted for. Our view is that given the last year and the continuing strain that COVID-19 has put on our organisation we are pleased to be presenting accounts that show we have made a surplus of £508,434. A proportion of this figure comes from the latest pension liability revaluation which had a positive impact of £189,000 in our accounts. This means that from a pension perspective we currently have an outstanding liability of £489,000. This would ask the question about when would be an appropriate time to pay of any outstanding liabilities and leave the pension scheme. We will complete some work to establish the viability and sense in doing this in the new financial year. As an organisation we have grown in terms of income (detailed below) and increased the number of people that we support.
Reserves policy
The Edmund Trust is working to review its reserves policy. Due to the majority of the income we receive coming from local government and therefore highly stable it is felt that we as an organisation do not need to carry a high level of reserve and that between one and three months operating costs (£534k - £1,603k) will be the level that we operate at. Free reserves at the year end are £448k, being unrestricted funds less unencumbered tangible fixed assets.
Principle Risks and Uncertainties
The Edmund Trust uses a risk register that details the key risks for the organisation and how we look to mitigate them. This is reviewed at quarterly Board meetings by the Trustees. This rates the main risks for the organisation and the steps that we take to respond to and where possible mitigate the risks.
The key risks are given a detailed description, a rating, the response, rated in the risk register and the risk has an SMT owner. The risk register has grown to include 21 risks detailed with the highest rating ones being Abuse in services, CQC rating, Loss of our main customer, Injury or death of staff, and the inability to attract and retain the right staff.
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THE EDMUND TRUST (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
PLANS FOR THE FUTURE
Due to two relatively quiet years in terms of growth we will be looking at achieving significant growth over the next year. We are looking to extend our reach both in Cambridgeshire and in other counties. We have found that being able to source the right accommodation has been the key to achieving this growth. When we have developed or purchased property we have been very successful in attracting people that need our services. This is due to the shortage of high quality housing stock that is offered with assured tenancies for people with learning disabilities.
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The objective in the Strategic Plan was “To continue to grow The Edmund Trust whilst growing the infrastructure at a slower rate so that we reach a income figure of £8million by March 2026 and have a percentage spend on infrastructure of 11.25%.” We continue to shrink proportionately the percentage of our income that we spend administering ourselves. At the end of March 2022 this has shrunk to less than 13% of our income, with our income budgeted to be £7.5 million at the end of March 2023. If this were to be achieved then we would be well on the way to meeting the 2026 target. The pressure that we apply on ourselves to keep the proportion is vital.
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To increase the wages of our staff by 2.5% in May 2022 so that we remain ahead of the market rates particularly with regards to Support Worker wages. This will mean our support workers are the highest paid support workers in any comparable organisation.
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To redevelop our site at 1 High Street Milton as a new purpose built respite service. Planning permission is likely to be difficult to obtain due to expected local opposition but it would be a real asset for the local community and a much needed service for the families of people with a learning disability in Cambridgeshire. This development is likely to cost £800,000 and will provide a purpose built building for our highly regarded respite service that we run in Histon. Construction is likely to start at the end of 2022 given the required planning approval.
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To implement care planning software into our organisation.
For a key focus of the organisation to continue to be on the reduction of staff turnover within the organisation. Social Care now typically sees over 30% staff turnover and The Edmund Trust is no different. We plan to address the issues with staff turnover by continuing to push at pay rates, for Service Manager training and supervision to be tightened up and to continue to aim to be an employer of choice.
For KPIs to feature more prominently at Board Level as part of the scrutiny and oversight of the organisation. These KPIs include;
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Percentage occupancy
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Agency usage
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Sickness Levels
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Staff turnover
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Training
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Size end financial year March 2023 £7million
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Cash strategy to have 3 months of all costs (£1million) in the bank by 2026
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Size of overhead percentage measures
We continue to work within the Cambridgeshire County Council framework agreement for services to people with a learning disability. This secures our ability to continue to support people on behalf of Cambridgeshire Learning Disability Partnership.
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THE EDMUND TRUST (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Broadly our business planning for the 2021-26 period falls into eight areas;
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Business Development: Extend and broaden our services across the East of England to people of all ages with learning or physical disabilities, complex needs, acquired brain injury or Autism.
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Marketing: Develop our branding and market presence such that The Edmund Trust becomes the most trusted brand in our sector.
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Service Delivery: Deliver consistent excellent services that are flexible and responsive to individual needs.
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To increase our offerings particularly in areas of greatest need.
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To manage our efficiency, develop our commercial processes and maintain a stable and financially successful charity.
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To develop the skills of our staff to meet their aspirations and the future needs of the Charity.
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To develop a succession plan for key positions within Trust.
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To implement robust processes for oversight of all the activities of the Trust.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 16 November 1993. The registered charity number is 1030968.
Organisational structure and decision-making policies
The Board Members, as a body, administer the Trust. The Board Members meet once a quarter with additional meetings being held when required to deal with issues of strategy in more dept.
The Board Members have delegated the day to day responsibility for the provision of services to the Chief Executive Officer (CEO). The CEO is responsible for ensuring that the Trust delivers the services specified and that key performance indicators are met. The CEO also has responsibility for the day to day operational management of services and fundraising. The CEO is assisted by other members of the Senior Management Team.
Policies adopted for the induction and training of Board Members
Board Members are trustees for Charities Act purposes and directors for Companies Act purposes. New Board Members undergo a period of induction to brief them on the work of the Trust, their legal obligations under charity and company law, the contents of the Memorandum and Articles of Association, the committee and decision making process, the business plan and recent financial performance of the Charity. During the induction they meet with key employees and other Board Members. All Board Members are encouraged to attend appropriate external training events where these will facilitate undertaking their role.
Financial risk management
The Board Members have assessed the major risks to which the company and the group is exposed, in particular those related to the operations and finances of the company and the group, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
A significant operational risk exists as the majority of the Trust’s income comes from one customer,
Cambridgeshire County Council, for the provision of adult care services. The major risk is that Cambridgeshire County Council will not be able or willing to pay a fair price for the care services provided in the long term.
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THE EDMUND TRUST (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
The senior management of the Trust continue to work closely with Cambridgeshire County Council to understand their attitude to future service requirements, and continue to improve the financial efficiency of the Trust’s operations to provide a good care service to the people who we look after. The Trust has been seeking alternative funding partners for care services, but accepts that the nature of its work is in Cambridgeshire and this majority reliance will continue.
Members' liability
The Members of the Company guarantee to contribute an amount not exceeding £1 to the assets of the Company in the event of winding up.
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The Board Members (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report including the Strategic Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Board Members to prepare financial statements for each financial . Under company law, the Board Members 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 Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Board Members are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Board Members are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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THE EDMUND TRUST (A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022
Disclosure of information to auditors
Each of the persons who are Board Members at the time when this Trustees' Report is approved has confirmed that:
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so far as that Board Member is aware, there is no relevant audit information of which the charity's auditors are unaware, and
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that Board Member has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Approved by order of the members of the board of Trustees and signed on their behalf by:
N R Tomkys OBE
(Chair of Trustees)
Date: 01 November 2022
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THE EDMUND TRUST (A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE EDMUND TRUST
OPINION
We have audited the financial statements of The Edmund Trust (the 'charity') for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows 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 Financial Reporting Standard 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:
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give a true and fair view of the state of the charitable company's affairs as at 31 March 2022 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Trustees' 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 charitable 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 Trustees with respect to going concern are described in the relevant sections of this report.
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THE EDMUND TRUST (A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE EDMUND TRUST (CONTINUED)
OTHER INFORMATION
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees' Report including the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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the Trustees' Report and the Strategic Report have been prepared in accordance with applicable legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report including the Strategic Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
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THE EDMUND TRUST (A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE EDMUND TRUST (CONTINUED)
RESPONSIBILITIES OF TRUSTEES
As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 Trustees 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 Trustees are responsible for assessing the charitable 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 Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
AUDITORS' 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 an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an 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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
-
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
-
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Charity, including the Companies Act 2006, Charities Act 2011, and taxation legislation as well as those laws and regulations relating to the Charity's operations such as data protection, anti-bribery, employment, and health and safety legislation;
-
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
-
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
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THE EDMUND TRUST
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE EDMUND TRUST (CONTINUED)
We assessed the susceptibility of the Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
-
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
-
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
-
To address the risk of fraud through management bias and override of controls, we;
-
performed analytical procedures to identify any unusual or unexpected relationships;
-
tested journal entries to identify unusual transactions; and
-
we evaluated the assumptions and judgements used by management within significant accounting estimates and assessed whether these indicated evidence of management bias.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
-
agreeing financial statement disclosures to underlying supporting documentation; and
-
enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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THE EDMUND TRUST
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE EDMUND TRUST (CONTINUED)
USE OF OUR REPORT
This report is made solely to the charitable 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 charitable company's members those matters we are required to state to them in an Auditors' 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Michael Hewett (Senior Statutory Auditor)
for and on behalf of
Peters Elworthy & Moore Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA
Date: 14 November 2022
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THE EDMUND TRUST
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022
| Note INCOME FROM: Donations and legacies 3 Charitable activities 4 Other income 5 TOTAL INCOME EXPENDITURE ON: Charitable activities 6 TOTAL EXPENDITURE NET MOVEMENT IN FUNDS BEFORE OTHER RECOGNISED GAINS/(LOSSES) OTHER RECOGNISED GAINS/(LOSSES): Other gains/(losses) 20 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds brought forward Net movement in funds TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds 2022 £ 260,805 6,445,330 18,757 6,724,892 6,378,078 6,378,078 346,814 158,000 504,814 2,947,068 504,814 3,451,882 |
Restricted funds 2022 £ 38,529 - - 38,529 34,909 34,909 3,620 - 3,620 23,638 3,620 27,258 |
Total funds 2022 £ 299,334 6,445,330 18,757 6,763,421 6,412,987 6,412,987 350,434 158,000 508,434 2,970,706 508,434 3,479,140 |
Total funds 2021 £ 214,863 5,811,277 95,094 6,121,234 5,925,293 5,925,293 195,941 (54,000) 141,941 2,828,765 141,941 2,970,706 |
|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 19 to 42 form part of these financial statements.
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THE EDMUND TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 02872186
BALANCE SHEET AS AT 31 MARCH 2022
| Note FIXED ASSETS Tangible assets 10 Programme related investments 11 CURRENT ASSETS Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES Creditors: amounts falling due after more than one year 14 NET ASSETS EXCLUDING PENSION LIABILITY Defined benefit pension scheme liability 20 TOTAL NET ASSETS CHARITY FUNDS Restricted funds 15 Unrestricted funds 15 TOTAL FUNDS |
264,510 1,520,568 1,785,078 (985,615) |
2022 £ 4,017,587 149,550 4,167,137 799,463 4,966,600 (998,460) 3,968,140 (489,000) 3,479,140 27,258 3,451,882 3,479,140 |
312,971 827,056 1,140,027 (758,470) |
2021 £ 4,185,877 149,550 4,335,427 381,557 4,716,984 (1,068,278) 3,648,706 (678,000) 2,970,706 23,638 2,947,068 2,970,706 |
|---|---|---|---|---|
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
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THE EDMUND TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: 02872186
BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2022
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
N R Tomkys OBE
(Chair of Trustees)
Date: 01 November 2022
The notes on pages 19 to 42 form part of these financial statements.
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THE EDMUND TRUST
(A Company Limited by Guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022
| Note CASH FLOWS FROM OPERATING ACTIVITIES Net cash used in operating activities 17 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets NET CASH USED IN INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES Repayments of borrowing Cash inflows from new borrowing NET CASH (USED IN)/PROVIDED BY FINANCING ACTIVITIES CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR Cash and cash equivalents at the beginning of the year CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 18 |
2022 £ 765,151 307 (13,201) (12,894) (58,745) - (58,745) 693,512 827,056 1,520,568 |
2021 £ 293,118 500 (69,280) (68,780) (865,244) 868,000 2,756 227,094 599,962 827,056 |
|---|---|---|
The notes on pages 19 to 42 form part of these financial statements
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(A Company Limited by Guarantee)
THE EDMUND TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. ACCOUNTING POLICIES
1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) second edition October 2019 (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Edmund Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 COMPANY STATUS
The Company is a company limited by guarantee. The members of the Company are the Board Members named on page 1. In the event of the Company being wound up, the liability in respect of the guarantee is limited to £1 per member of the Company.
1.3 GOING CONCERN
The Board Members have reviewed the financial position of the charity including the impact of COVID-19 on its operations, in their assessment of going concern. They have concluded that the impact is minimal due to the ongoing funding from local authorities and the fact that the service must run regardless of the climate. The Board Members consider that there are no material uncertainties about the Charity’s ability to continue as a going concern and are satisfied that the Charity has sufficient funds to meet its liabilities as they fall due. Accordingly, the financial statements continue to be prepared on the going concern basis.
1.4 FUND ACCOUNTING
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
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THE EDMUND TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. ACCOUNTING POLICIES (CONTINUED)
1.5 INCOME
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either: the Company is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Company has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Company, or the Company is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the Bank
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
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THE EDMUND TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. ACCOUNTING POLICIES (CONTINUED)
1.6 EXPENDITURE
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
1.7 GOVERNMENT GRANTS
Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of Financial Activities as the related expenditure is incurred.
1.8 TANGIBLE FIXED ASSETS AND DEPRECIATION
Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
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THE EDMUND TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. ACCOUNTING POLICIES (CONTINUED)
1.8 TANGIBLE FIXED ASSETS AND DEPRECIATION (CONTINUED)
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
- Freehold property 30-50 years straight line - Long-term leasehold property 5-50 years straight line - Short-term leasehold property 33% straight line - Plant and machinery 25% straight line Motor vehicles - 25% straight line - Fixtures, fittings & office 25% straight line equipment
Freehold land and assets under construction are not depreciated.
1.9 INVESTMENTS
Programme related investments are initially recognised and measured at the amount received or paid, with the carrying amount adjusted in subsequent years to reflect repayments and if any, accrued interest and any impairment.
1.10 PENSIONS
The Charity operates a defined benefits pension scheme and the pension charge is based on a full actuarial valuation dated 31 March 2020.
The Company also contributes to group pension policies and to a stakeholder scheme. The Company's contributions are written off in the year in which they are incurred.
1.11 DEBTORS
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.12 CASH AT BANK AND IN HAND
Cash at bank and 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.
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THE EDMUND TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1. ACCOUNTING POLICIES (CONTINUED)
1.13 LIABILITIES
Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
1.14 FINANCIAL INSTRUMENTS
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Critical areas of judgement:
Tangible fixed assets are recognised at cost, less accumulated depreciation. Depreciation is charged over the estimated useful life of the asset to its estimated residual value.
Recoverability of debtors are considered on a regular basis. When calculating the debtor provision, the trustees consider the age of the debts and the financial position of its customer.
Defined benefit pension valuation includes a number of estimates. Reliance is place on professional actuaries who provide these valuations.
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THE EDMUND TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
3. INCOME FROM DONATIONS, LEGACIES AND GRANTS
| Unrestricted funds 2022 £ Donations 1,287 Grants 259,518 260,805 TOTAL 2021 185,234 |
Restricted funds 2022 £ 4,529 34,000 38,529 29,629 |
Total funds 2022 £ 5,816 293,518 299,334 214,863 |
Total funds 2021 £ 39,082 175,781 |
|---|---|---|---|
| 214,863 | |||
Grants includes £284,168 (2021 - £168,863) received from Government.
4. INCOME FROM CHARITABLE ACTIVITIES
| Unrestricted funds 2022 £ Provision of support 6,445,330 TOTAL 2021 5,811,277 |
Total funds 2022 £ 6,445,330 5,811,277 |
Total funds 2021 £ 5,811,277 |
|---|---|---|
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THE EDMUND TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
5. OTHER INCOMING RESOURCES
| Gain on disposal of fixed assets Government grants TOTAL 2021 |
Unrestricted funds 2022 £ 307 18,450 18,757 95,094 |
Total funds 2022 £ 307 18,450 18,757 95,094 |
Total funds 2021 £ 500 94,594 |
|---|---|---|---|
| 95,094 | |||
Government grants in 2022 represented apprenticeship income (2021 - represented coronavirus job retention scheme income).
6. ANALYSIS OF EXPENDITURE BY ACTIVITIES
| Provision of support TOTAL 2021 |
Activities undertaken directly 2022 £ 5,477,851 5,053,853 |
Support costs 2022 £ 935,136 871,440 |
Total funds 2022 £ 6,412,987 5,925,293 |
Total funds 2021 £ 5,925,293 |
|---|---|---|---|---|
In 2021 expenditure on charitable activities was split between restricted - £19,495 and unrestricted - £5,905,798.
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THE EDMUND TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
6. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)
ANALYSIS OF DIRECT COSTS
| Pension adjustments (note 20) Staff costs Depreciation Other costs TOTAL 2021 ANALYSIS OF SUPPORT COSTS Staff costs Other costs Staff training Legal fees Audit and accountancy fees TOTAL 2021 |
Provision of support 2022 £ 13,000 4,415,981 181,491 867,379 5,477,851 5,053,853 Provision of support 2022 £ 654,513 234,418 32,518 140 13,547 935,136 871,440 |
Total funds 2022 £ 13,000 4,415,981 181,491 867,379 5,477,851 5,053,853 Total funds 2022 £ 654,513 234,418 32,518 140 13,547 935,136 871,440 |
Total funds 2021 £ 14,000 4,141,654 175,640 722,559 |
|---|---|---|---|
| 5,053,853 | |||
| Total funds 2021 £ 580,391 231,998 40,089 2,212 16,750 |
|||
| 871,440 | |||
Included in the above are Governance costs of £13,687 (2021: £18,962).
7. AUDITORS' REMUNERATION
The auditors' remuneration amounts to an auditor fee of £11,670 (2021 - £11,670), and other services of £1,877 (2021 - £5,080).
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THE EDMUND TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
8. STAFF COSTS
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
2022 £ 4,918,732 49,385 102,377 5,070,494 |
2021 £ 4,585,597 44,949 91,499 |
|---|---|---|
| 4,722,045 |
The average number of persons employed by the Charity during the year was as follows:
| Admin staff Direct service delivery staff |
2022 No. 18 178 196 |
2021 No. 19 211 |
|---|---|---|
| 230 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| 2022 | 2021 | ||
|---|---|---|---|
| No. | No. | ||
| In the band £60,001 | - £70,000 | 1 | - |
| In the band £70,001 | - £80,000 | 1 | 1 |
Total remuneration paid to key management personnel including employer's national insurance and pension costs amounted to £220,725 (2021 - £253,432).
9. TRUSTEES' REMUNERATION AND EXPENSES
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).
During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - £NIL).
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THE EDMUND TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
10. TANGIBLE FIXED ASSETS
| COST OR VALUATION At 1 April 2021 Additions Disposals At 31 March 2022 DEPRECIATION At 1 April 2021 Charge for the year On disposals At 31 March 2022 |
Freehold property £ 4,192,816 - - 4,192,816 419,057 101,290 - 520,347 |
Short-term leasehold property £ 251,240 - - 251,240 27,085 5,934 - 33,019 |
Plant and machinery £ 73,986 - - 73,986 47,560 4,306 - 51,866 |
Motor vehicles £ 52,215 - (5,640) 46,575 41,168 4,499 (5,640) 40,027 |
Fixtures, fittings & office equipment £ 356,924 13,001 - 369,925 212,834 65,462 - 278,296 |
Assets under construc- tion £ 6,400 200 - 6,600 - - - - |
Total £ 4,933,581 13,201 (5,640) 4,941,142 747,704 181,491 (5,640) 923,555 |
|---|---|---|---|---|---|---|---|
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THE EDMUND TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
10. TANGIBLE FIXED ASSETS (CONTINUED)
| Freehold property Short-term leasehold property Plant and machinery Motor vehicles Fixtures, fittings & office equipment £ £ £ £ £ NET BOOK VALUE At 31 March 2022 3,672,469 218,221 22,120 6,548 91,629 At 31 March 2021 3,773,759 224,155 26,426 11,047 144,090 |
Assets under construc- tion £ 6,600 6,400 |
Total £ |
|---|---|---|
| 4,017,587 | ||
| 4,185,877 |
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THE EDMUND TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
11. PROGRAMME RELATED INVESTMENTS
| COST OR VALUATION At 1 April 2021 AT 31 MARCH 2022 NET BOOK VALUE AT 31 MARCH 2022 AT 31 MARCH 2021 |
Programme related investments £ 149,550 |
|---|---|
| 149,550 | |
| 149,550 | |
| 149,550 |
The programme related investment is an interest free loan to the Cambridge Housing Society Limited as a contribution to the cost of Pauline Burnett's House and subsequent property improvements. This loan would be repayable only in the event that the Charity ceases to manage the home.
12. DEBTORS
| Trade debtors Other debtors Prepayments and accrued income |
2022 £ 176,878 14,039 73,593 264,510 |
2021 £ 250,749 24,472 37,750 312,971 |
|---|---|---|
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THE EDMUND TRUST
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Bank loans Trade creditors Other taxation and social security Other creditors Accruals |
2022 £ 60,827 135,206 103,523 322,340 363,719 985,615 |
2021 £ 49,754 214,742 76,669 143,724 273,581 |
|---|---|---|
| 758,470 |
The bank loans are secured with a fixed charge on a number of the freehold properties owned by the Charity and a floating charge over the Charity's assets. Interest is charged on the bank loans at rates between 3.28% and 4.43%.
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THE EDMUND TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Bank loans Included within the above are amounts falling due as follows: BETWEEN ONE AND FIVE YEARS Bank loans OVER FIVE YEARS Bank loans |
2022 £ 998,460 265,066 733,394 |
2021 £ 1,068,278 |
|---|---|---|
| 226,792 | ||
| 841,486 |
The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:
| Payable or repayable by instalments | 2022 £ 733,394 733,394 |
2021 £ 869,264 |
|---|---|---|
| 869,264 |
The bank loans are secured with a fixed charge on a number of the freehold properties owned by the Charity and a floating charge over the Charity's assets. Interest is charged on the bank loans at rates between 3.28% and 4.43%.
The bank loans also include a Government backed 'bounce back' loan, which was drawn down in May 2020. This loan is 100% guaranteed by the Government and there will be no fees or interest payable in the first 12 months. After this 12-month period, interest will be charged at 2.5% per annuum.
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THE EDMUND TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
15. STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
| UNRESTRICTED FUNDS DESIGNATED FUNDS Fixed Asset Fund GENERAL FUNDS General Funds - all funds Pension reserve TOTAL UNRESTRICTED FUNDS RESTRICTED FUNDS Downs Support Group Artworks Milton Artworks March Fenland Windmill Pool Troublemakers Family Support Services Young People's Befriendin Befriending Works Eddies TV Befriending Fenland Renovation projects Splat March |
Balance at 1 April 2021 £ 3,120,175 504,893 (678,000) (173,107) 2,947,068 760 - - - - - - - 12,029 9,020 1,829 - |
Income £ - 6,693,892 31,000 6,724,892 6,724,892 30 6,992 10,781 100 10 63 10,407 63 4,961 - 1,480 3,331 |
Expenditure £ - (6,378,078) - (6,378,078) (6,378,078) (790) (6,992) (10,781) (100) (10) (63) (9,808) (5) (3,874) (9) (762) (1,404) |
Transfers in/out £ (116,505) 116,505 - 116,505 - - - - - - - - - - - - - |
Gains/ (Losses) £ - - 158,000 158,000 158,000 - - - - - - - - - - - - |
Balance at 31 March 2022 £ 3,003,670 937,212 (489,000) 448,212 3,451,882 - - - - - - 599 58 13,116 9,011 2,547 1,927 |
|---|---|---|---|---|---|---|
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THE EDMUND TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
15. STATEMENT OF FUNDS (CONTINUED)
STATEMENT OF FUNDS - CURRENT YEAR (continued)
| Splat Cambridge TOTAL OF FUNDS |
Balance at 1 April 2021 £ - 23,638 2,970,706 |
Income £ 311 38,529 6,763,421 |
Expenditure £ (311) (34,909) (6,412,987) |
Transfers in/out £ - - - |
Gains/ (Losses) £ - - 158,000 |
Balance at 31 March 2022 £ - |
|---|---|---|---|---|---|---|
| 27,258 | ||||||
| 3,479,140 |
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THE EDMUND TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
15. STATEMENT OF FUNDS (CONTINUED)
STATEMENT OF FUNDS - PRIOR YEAR
| UNRESTRICTED FUNDS DESIGNATED FUNDS Fixed Asset Fund GENERAL FUNDS General Funds Pension reserve TOTAL UNRESTRICTED FUNDS RESTRICTED FUNDS Downs Support Group Artworks Milton Artworks March Fenland Windmill Pool Troublemakers Family Support Services Young People's Befriendin Befriending Works Eddies TV Befriending Fenland |
Balance at 1 April 2020 £ 3,167,905 279,356 (632,000) (352,644) 2,815,261 - - - 2,567 - - - - - 9,108 |
Income £ - 6,083,605 8,000 6,091,605 6,091,605 769 303 6,050 2,327 40 2,973 4,396 43 12,665 63 |
Expenditure £ - (5,905,798) - (5,905,798) (5,905,798) (9) (303) (6,050) (4,894) (40) (2,973) (4,396) (43) (636) (151) |
Transfers in/out £ (47,730) 47,730 - 47,730 - - - - - - - - - - - |
Gains/ (Losses) £ - - (54,000) (54,000) (54,000) - - - - - - - - - - |
Balance at 31 March 2021 £ 3,120,175 504,893 (678,000) (173,107) 2,947,068 760 - - - - - - - 12,029 9,020 |
|---|---|---|---|---|---|---|
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THE EDMUND TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
15. STATEMENT OF FUNDS (CONTINUED)
STATEMENT OF FUNDS - PRIOR YEAR (CONTINUED)
| Renovation projects TOTAL OF FUNDS |
Balance at 1 April 2020 £ 1,829 13,504 2,828,765 |
Income £ - 29,629 6,121,234 |
Expenditure £ - (19,495) (5,925,293) |
Transfers in/out £ - - - |
Gains/ (Losses) £ - - (54,000) |
Balance at 31 March 2021 £ 1,829 |
|---|---|---|---|---|---|---|
| 23,638 | ||||||
| 2,970,706 |
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THE EDMUND TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
. STATEMENT OF FUNDS Continued
DESIGNATED FUNDS - The Fixed Asset Fund represents the net book value of fixed assets less bank loans relating to the properties.
RESTRICTED FUNDS - The restricted funds exist due to donations received in respect of the purposes as described by the fund name.
Downs Syndrome Support Group
Our parent led group meet on a monthly basis, and provide support and advice to local families who have a child with Downs syndrome. We received donations from private individuals to fund the provision of speech and language therapy to the children attending this group.
Artworks
Eddie's arts based sessions are aimed at adults with learning disabilities.
Windmill Pool
Amounts received to fund, and expenditure incurred in running the Windmill Pool.
Troublemakers
Funds for a drama and singing group.
Family Support
Eddie's Family Support service is aimed at young children with a learning disability and their family carers. Volunteers are matched with a family and visit them on a regular basis.
Befriending Scheme s
Eddie's befriending schemes are for young people aged 13 to 25. A team of volunteer befrienders provide friendship and practical support for young people with a learning disability.
Eddie's
Eddie's is an operating division of The edmund Trust and provides a range of services for children, young people and adults with learning disabilities.
Renovation projects
The fund represents donations received for specific renovation projects and corresponding expenditure on the projects carried out.
Splat
Funding received for the provision of delivering a performing arts project to people of all ages with learning disabilities.
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THE EDMUND TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
16. ANALYSIS OF NET ASSETS BETWEEN FUNDS
ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR
| Unrestricted funds 2022 £ Tangible fixed assets 4,017,587 Fixed asset investments 149,550 Current assets 1,757,820 Creditors due within one year (985,615) Creditors due in more than one year (998,460) Provisions for liabilities and charges (489,000) TOTAL 3,451,882 ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR Unrestricted funds 2021 £ Tangible fixed assets 4,185,877 Fixed asset investments 149,550 Current assets 1,116,389 Creditors due within one year (758,470) Creditors due in more than one year (1,068,278) Provisions for liabilities and charges (678,000) TOTAL 2,947,068 |
Restricted funds 2022 £ - - 27,258 - - - 27,258 Restricted funds 2021 £ - - 23,638 - - - 23,638 |
Total funds 2022 £ 4,017,587 149,550 1,785,078 (985,615) (998,460) (489,000) 3,479,140 Total funds 2021 £ 4,185,877 149,550 1,140,027 (758,470) (1,068,278) (678,000) 2,970,706 |
|---|---|---|
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilities and charges TOTAL |
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THE EDMUND TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 17. ACTIVITIES
| Net income for the year (as per Statement of Financial Activities) ADJUSTMENTS FOR: Depreciation charges Profit on the sale of fixed assets Decrease/(increase) in debtors Increase/(decrease) in creditors Defined benefit pension scheme cost less contributions payable Defined benefit pension scheme finance cost NET CASH PROVIDED BY OPERATING ACTIVITIES 18. ANALYSIS OF CASH AND CASH EQUIVALENTS Cash in hand TOTAL CASH AND CASH EQUIVALENTS 19. ANALYSIS OF CHANGES IN NET DEBT At 1 April 2021 £ Cash at bank and in hand 827,056 Debt due within 1 year (49,754) Debt due after 1 year (1,068,278) (290,976) |
2022 £ 350,434 181,491 (307) 48,461 216,072 (44,000) 13,000 765,151 2022 £ 1,520,568 1,520,568 Cash flows £ 693,512 (11,073) 69,818 752,257 |
2021 £ 195,941 173,308 (500) (30,795) (36,836) (22,000) 14,000 293,118 2021 £ 827,056 827,056 At 31 March 2022 £ 1,520,568 (60,827) (998,460) 461,281 |
|---|---|---|
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THE EDMUND TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
20. PENSION COMMITMENTS
The Charity operates a defined benefit pension scheme.
One employee (2021: one employee) of The Edmund Trust continue to accrue benefits under the Cambridgeshire County Council Pension Fund. The scheme is closed to new employees. The benefits provided by the scheme are of the defined benefit type. The assets in the fund are held in externally managed funds invested by professional investment managers. Participation in the scheme is by virtue of the Charity's status as an Admitted Body to the Fund.
The last actuarial valuation of the fund was carried out by independent qualified actuaries as at 31 March 2020. The purpose of the valuation was to examine the financial position of the fund and to recommend the contribution rate to be paid by the charity and other participating employers in the fund.
Principal actuarial assumptions at the Balance Sheet date (expressed as weighted averages):
| At 31 March | At 31 March | |
|---|---|---|
| 2022 | 2021 | |
| % | % | |
| Discount rate | 2.70 | 1.95 |
| Future salary increases | 3.80 | 3.35 |
| Future pension increases | 3.30 | 2.85 |
The Charity's share of the assets in the scheme was:
| Equities Debt instruments Property Cash TOTAL FAIR VALUE OF ASSETS |
At 31 March 2022 £ 945,880 222,560 208,650 13,910 1,391,000 |
At 31 March 2021 £ 905,280 196,800 196,800 13,120 |
|---|---|---|
| 1,312,000 |
The actual return on scheme assets was £75,000 (2021 - £228,000).
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THE EDMUND TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
20. PENSION COMMITMENTS (CONTINUED)
The amounts recognised in the Statement of Financial Activities are as follows:
| 2022 £ Current service cost 44,000 Expected return on scheme assets 25,000 Interest on obligation (38,000) Actuarial gains/(losses) on defined benefit pension schemes 158,000 TOTAL AMOUNT RECOGNISED IN THE STATEMENT OF FINANCIAL ACTIVITIES 189,000 Movements in the present value of the defined benefit obligation were as follows: Opening defined benefit obligation Interest cost Benefits paid Actuarial (losses)/gains CLOSING DEFINED BENEFIT OBLIGATION Movements in the fair value of the Charity's share of scheme assets were as follows: Opening fair value on scheme assets Expected return on assets Contributions by employer Benefits paid Actuarial gains/(losses) CLOSING FAIR VALUE OF SCHEME ASSETS |
2021 £ 22,000 25,000 (39,000) (54,000) (46,000) 2022 £ 1,990,000 38,000 (65,000) (83,000) 1,880,000 2022 £ 1,312,000 25,000 44,000 (65,000) 75,000 1,391,000 |
|---|---|
The cumulative amount of actuarial gains and losses recognised in the Statement of Total Recognised Gains and Losses was a gain of £158,000 (2021: loss of 54,000).
The Company expects to contribute £67,000 to its Defined Benefit Pension Scheme in the year to 31 March 2023.
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THE EDMUND TRUST (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
21. OPERATING LEASE COMMITMENTS
At 31 March 2022 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:
| Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years |
2022 £ 41,966 115,773 99,194 256,933 |
2021 £ 41,247 119,405 126,247 |
|---|---|---|
| 286,899 |
22. RELATED PARTY TRANSACTIONS
No related party transactions have occurred during the current or prior year.
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