## **THE COMPANY OF MANAGEMENT CONSULTANTS CHARITABLE FUND** 

## **ANNUAL REPORT and FINANCIAL STATEMENTS** 

## **FOR THE TWELVE MONTHS ENDED** 

**30 JUNE 2021** 

**Registered Charity Number: 1059212** 



**THE COMPANY OF MANAGEMENT CONSULTANTS CHARITABLE FUND TRUSTEES’ REPORT FOR THE TWELVE MONTHS ENDED 30 JUNE 2021** 

## **REFERENCE AND ADMINISTRATIVE DETAILS** 

|**TRUSTEES**|K Barot (appointed 12 October 2021)|
|---|---|
||G Berridge|
||S Cant|
||P R R Chapman (retired 12 October 2021)|
||T D Corby (appointed 12 October 2021)|
||J Corneille (Chair) (appointed as Chair and Trustee|
||12 October 2021)|
||D H Fellows (Treasurer)|
||R Harris (retired 12 October 2021)|
||D W Peregrine-Jones (retired as Chair and Trustee|
||12 October 2021)|
||J Pulford MBE|
||CMB Sutton (appointed 12 October 2021)|
|**INDEPENDENT EXAMINER**|S Singh|
||The Hollies|
||3 Elgin Drive|
||Northwood|
||HA6 2YR|
|**PRINCIPAL OFFICE**|Plaisterers' Hall,|
||One London Wall,|
||Barbican,|
||London|
||EC2Y 5JU|
|**BANKERS**|C Hoare & Co|
||37 Fleet Street|
||London|
||EC4P 4DQ|
|**INVESTMENT MANAGERS**|Cazenove Capital Management|
||12 Moorgate|
||London|
||EC2R 6DA|



1 



**THE COMPANY OF MANAGEMENT CONSULTANTS CHARITABLE FUND TRUSTEES’ REPORT FOR THE TWELVE MONTHS ENDED 30 JUNE 2021** 

## **CHAIRMAN’S OVERVIEW** 

The Charitable Fund of the Worshipful Company of Management Consultants (WCoMC) provides modest grant funding to nonprofit organisations for initiatives meeting our funding criteria. Our policy and grant criteria are available on the WCoMC web site.  The objects of the Fund are drawn widely, but the Trustees have agreed that the bulk of grant funding should be directed at initiatives where WCoMC Members’ expertise and our funds can combine to help build sustainable capacity which will make a positive impact on social outcomes.  The Trustees look favourably on applications where the application is supported by WCoMC Members and which combine financial support with pro bono assistance from WCoMC. 

This year has seen the completion of the review of the charitable fund that was carried out by Trustees Geoff Berridge and Steve Cant and then the implementation of its recommendations.  The review was commissioned before the pandemic and was carried out entirely virtually during the period of lockdown. 

Some of the key recommendations are detailed within this report and include: 

- _A new, consistent, and long-term programme of two-way communications with Members._ 

- _The method for assessing grant applications needs to be much more robust, adopting professional best practices._ 

- _The Trustee group should be strengthened by the addition of younger Members from diverse backgrounds._ 

More information on how these recommendations are being implemented can be found in the body of this report.  We held back from making changes within the Board of Trustees whilst the review was ongoing which has resulted in a larger number of changes in October 2021.  I would like to thank Patrick Chapman and Bob Harris who have retired from the Board after many years of very active service.  I would particularly like to thank David Peregrine-Jones who retired both as Trustee and Chair of the Fund.  David has always been an erudite leader and has overseen the review and the start of its implementation with great aplomb.  I am delighted to be re-joining the Board as Trustee and honoured to be taking up the mantle of Chair. 

Our aim is generally to at least make grants totalling the donated income during the year.  This year due perhaps to both the delays of the pandemic and the new grant process, we fell a little below our target.  We approved seven grants across our three main interest areas: supporting our pro bono mentoring and consulting clients; supporting organisations with whom we have alliances and supporting initiatives as part of the City Livery and Corporation network.  In total we received donations of £32,391 plus net investment income of £1,724 giving a total income of £34,115 in comparison with a total income of £38,372 in 2020. 

Most grants are made to nonprofit organisations in the UK, typically but not exclusively in Greater London and the South East, with a few made to UK-based organisations that operate internationally. 

We approved requests from the Centre for Charity Effectiveness at Bayes Business School (considered as WCoMC’s livery school), continued support for the Lord Mayor and City of London in response to those badly impacted by the COVID pandemic and made grants which complement work undertaken by our pro bono team. 

The Trustees are asking grant recipients to demonstrate the difference that is made by our grants, to ensure that we are indeed making a positive impact on social outcomes. We were delighted with the response from our beneficiaries in providing case studies demonstrating the impact made. 

2 



**THE COMPANY OF MANAGEMENT CONSULTANTS CHARITABLE FUND TRUSTEES’ REPORT FOR THE TWELVE MONTHS ENDED 30 JUNE 2021** 

The year was a solid year for investments and we were pleased that the portfolio showed a reasonable increase at the end of the twelve months ending June 2021.  The mandate given to our investment managers continues to reflect our wish to balance reasonable asset growth without attracting undue risk.  The majority of the contributions to our Fund are from our Members, averaging around £30,000 each year.  Most donations qualify for Gift Aid, which makes a significant difference to the overall total available for grant giving. 

We look forward to a re-energised year ahead as we roll out further changes to strengthen the impact of our giving. 

## **John Corneille Chairman** 

3 



**THE COMPANY OF MANAGEMENT CONSULTANTS CHARITABLE FUND TRUSTEES’ REPORT FOR THE TWELVE MONTHS ENDED 30 JUNE 2021** 

## **OBJECTIVES AND ACTIVITIES** 

## **Objects and Policy** 

The objects of the Charitable Fund are the relief of poverty, the promotion of education, training and other purposes in the art and science of management and business administration, and other exclusively charitable objects, anywhere in the world, with a special focus on the City of London. 

## **ACHIEVEMENTS AND PERFORMANCE** 

The Trustees consider that the Charitable Fund’s affairs were satisfactory during the course and at the end of the period covered by this report. 

The Trustees have been considering the strategy for grant giving and in supporting applications particularly from organisations working closely with WCoMC and its Members’ pro bono interests. Trustees awarded grants of £20,550 during the year.  The major beneficiaries were the Age of No Retirement, Gallions Trust, the Centre for Charity Effectiveness at Bayes Business School (previously Cass CCE) and the Mayor’s Fund for London. 

## **FINANCIAL REVIEW** 

## **Income and Expenditure** 

The Fund received net donations of £32,391 from donations from Company Members, primarily through our annual donation scheme, plus £1,724 income net of fees in our investment portfolio. 

All in-year grants were made from the cash balances at hand and no investment into or withdrawals from the investment fund were made this year.  Seven grants totalling £20,550 were paid or formally approved to be paid in the 2019-2020 financial year as follows: 

## **ProBono work / interests of Members** 

- Age of No Retirement (phase 1) £  3,500 

- • Age of No Retirement (phase 2) £  4,500 • Age of No Retirement (phase 3) £  2,000 • Gallions Trust £  1,500 • Mayor’s Fund for London £  1,000 

## **Our affiliated charities** 

- Centre for Charity Effectiveness £  8,000 

- • Marine Soc & Sea Cadets, cup engraving £       50 

A provisional application for funding from the Marine Society and Sea Cadets for equipment for First Aid Training was received during the year.  The formal application was approved in July 2021 and will appear in the 2021/22 accounts.  Many of the smaller grants usually given to support InterLivery fundraising events have been postponed along with the events due to the impact of the pandemic. 

The Charitable Fund paid the Company £7,200 for support services provided to the Fund by the Clerk’s office.  The fee was assessed as part of the Review and is to be reduced in future years. 

The cash available in our current account as at 30 June 2021 was £40,660 (£31,798 in 2020).  No draw was made on our investment account. 

4 



**THE COMPANY OF MANAGEMENT CONSULTANTS CHARITABLE FUND TRUSTEES’ REPORT FOR THE TWELVE MONTHS ENDED 30 JUNE 2021** 

## **About the grants given** 

## **The Age of No Retirement** 


The Common Room is a great example of the “Funding plus” model of support recommended by the recent Review. 

The Common Room was developed by The Age of No Retirement CIC in 2018, and successfully piloted in 2019/20.  Funded by Innovate UK, the design-led project set out to identify the single most powerful motivational force held in common by people of all ages. The project was inspired by the earlier research-based discoveries by The Age of No Retirement, that people of all ages have much more in common than the generational stereotypes would have us believe.  The charity benefited from three grants totalling £10,000 from our Charitable Fund and significant probono support via our probono committee.  A detailed case study about it was included in the Get to Know Philanthropy newsletter (Issue 1) and the Chief Executive of the Common Room, Jonathan Collie, made an excellent presentation at the Trustees meeting in April 21 at which he updated the Trustees about how the charity has managed during the lock down, and plans for expansion going forward; plans which include a further three Common Rooms now in development. 

## **Gallions Trust** 

Gallions Music Trust gives primary-age children in an area of high deprivation in the London Borough of Newham the chance to listen, learn and participate in music-making.  Music can benefit everyone physically, emotionally and socially, as well as improve academic performance and the Trust ensures that children of any background have the same chances to make music. 

It funds individual instrumental lessons for talented children, supports orchestras for primary children, brings in professional musicians for inspirational classical music workshops and taking children to experience some of the wonderful music which London has to offer. 

In order to manage its fundraising and events better the Trust wanted to implement a CRM system to replace the largely manual approach it was using.  The Charitable Fund provided £1,500 to support the purchase and the Company provided expert probono support in selecting the system, which is now helping the Trust to fundraise more effectively. 

## **Centre for Charity Effectiveness** 

Grant funding was provided to enable CCE to move two of their core professional development programmes online - New Chief Executives (NCE) and Aspiring Chief Executives (ACE).  That funding is providing ongoing impact as CCE move to delivering a blend of face to face and online learning activities across many of the courses.  In times of difficulty it seems people are keen to bolster their CVs and the new online courses have been very successful. 

**The Mayor’s Fund for London** provides a range of programmes to address social mobility supporting young Londoners from low income backgrounds and works with educational providers, businesses and other organisations across London.  Its patron is the Mayor of London, Sadiq Khan. 

5 



**THE COMPANY OF MANAGEMENT CONSULTANTS CHARITABLE FUND TRUSTEES’ REPORT FOR THE TWELVE MONTHS ENDED 30 JUNE 2021** 

## **Reserves Policy and Asset Cover for Funds** 

Notes 2 and 5 of the financial statements set out the details of the various funds of the Charity and an analysis of the assets attributable to them.  These assets are sufficient to meet the Charity’s present obligations on a fund-by-fund basis.  However, the Trustees continue to seek ways to increase the Charity’s reserves by a significant margin to be able to extend the grants made, in line with its aspirations. 

The Investment Fund was managed by Cazenove Capital throughout the year. 

At end of June 2021 the Investment Fund stood at £538,863 compared to the 30 June 2020 closing figure of £482,281. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Status and History** 

The Charitable Fund is constituted under a Trust Deed dated 1 October 1996.  It is a registered charity, number 1059212.  The Guild of Management Consultants, now The Worshipful Company of Management Consultants, a Livery Company of the City of London, established the Charity.  The Trustees of the Charity are appointed as per an amendment to the Trust Deed agreed 6 November 2014.  “The body of trustees shall consist of no more than eight trustees of which the Master and the Wardens of the Worshipful Company of Management Consultants would be invited to accept during the term of their office.  One of the additional trustees may be external to the Worshipful Company of Management Consultants.” 

The Clerk of the Company serves as Secretary and Administrator to the Charity. 

## **Public Benefit** 

The Trustees have considered the issues surrounding public benefit as outlined in the guidance issued by the Charity Commission and believe that they meet all of the requirements listed.  The remainder of this report clearly illustrates the benefit to the public at large from the activities of the charity. 

## **Structure** 

The Charity receives donations from Members of the Company and raises additional funds as a result of fund-raising events organised by the Company from time to time.  The accumulated fund is invested to provide a regular income from which grants and donations may be made.  However, the majority of the grants and donations made are funded from current donations and fund-raising. Members of the Company also undertake extensive pro bono consulting work for other voluntary and charitable organisations under the auspices and management of the Company. 

6 



**THE COMPANY OF MANAGEMENT CONSULTANTS CHARITABLE FUND TRUSTEES’ REPORT FOR THE TWELVE MONTHS ENDED 30 JUNE 2021** 

## **Risk Management** 

The Trustees are responsible for the management of the risks faced by the Charity and conduct quarterly assessments.  This involves the identification of risks and of any necessary action to manage or mitigate them.  Key controls in place include: 

- a formal agenda established for Trustee activity; 

- the care taken to avoid any conflict of interest and a process for demonstrating due diligence; 

- forward planning and annual budgeting, with quarterly reviews of performance by the Trustees; 

- annual review of the investment policy, 

- annual review of potential risks; 

- periodic review of the Charity’s delivery of public benefit; 

- internal controls over the movement of funds and investments, requiring two signatories in all circumstances; 

- a grant management process which tracks the administration of all grant applications 

- the established grant-making policy to which the Charity adheres. 

The Trustees are satisfied that these arrangements enable the major risks to be identified and mitigated, although it is recognised that systems can only provide reasonable, not absolute, assurance.  The Trustees are mindful of the need to ensure public benefit is derived from the Charity’s activities.  The Company’s extensive charity mentoring and pro bono consulting programmes have also been tailored to ensure that work complies in this respect.  The charities receiving grants from the Charity are required to meet the public benefit criteria. 

## **Investment Powers, Policy and Performance** 

The Trustees are empowered within the Trust Deed to invest any monies as authorised by law for the investment of trust monies in any manner they think fit with the consent of the Trustees. Therefore, the provisions of the Trustees’ Act 2000 apply. 

The Trustees intend that the real value of their assets be maintained and enhanced over the long term by investment in a balanced portfolio comprising equities, fixed income stocks and cash.  The Trustees expect the investments to provide returns in line with the relevant indices.  This was formally documented in December 2011 as the Charity’s Investment Policy. 

## **PLANS FOR THE FUTURE** 

Whilst the Trustees are confident that sufficient funds will be available to meet the future needs of the Charity, as mentioned above they continue to seek to make significant increases to the funds to enable a more generous level of grant making.  A Strategic Review has been completed, has been presented to the Company and implementation is now in progress. 

The review made a number of recommendations which can be summarised as follows: 

- A more robust process for grant assessments 

- Some improvements around governance 

- Better value for money for administration services 

- Closer alignment between the fund and the Company’s pro bono activities. 

7 



**THE COMPANY OF MANAGEMENT CONSULTANTS CHARITABLE FUND TRUSTEES’ REPORT FOR THE TWELVE MONTHS ENDED 30 JUNE 2021** 

## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES** 

The Trust Deed dated 1 October 1996 requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Fund and of the surplus or deficit of the Fund for that year.  In preparing those financial statements, the Trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Fund will continue in business. 

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Fund and to enable them to ensure that the financial statements comply with the Trust Deed. 

They are also responsible for safeguarding the assets of the Fund and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

By Order of the Trustees: 

Signed:    J Corneille 

Name:      J Corneille (Chair) Date:        27 April 2022 

Plaisterers' Hall, One London Wall, Barbican, London, EC2Y 5JU 

8 



## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE COMPANY OF MANAGEMENT CONSULTANTS CHARITABLE FUND FOR THE TWELVE MONTHS ENDED 30 JUNE 2021   CHARITY No: 1059212** 

I report on the accounts of the charity “the Trust” for the twelve months ended 30 June 2021, which are set out on pages 10 to 14. 

## **Responsibilities and basis of report** 

As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). 

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. 

## **Independent examiner’s statement** 

I have completed my examination.  I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect: 

- accounting records were not kept in accordance with section 130 of the Act or 

- the accounts do not accord with accounting records 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. 

|**Signed:**|Satjit Singh|
|---|---|
|**Date:**|18 April 2022|
|**Name:**|Satjit Singh|
|**Relevant professional**|Chartered Accountant (India)|
|**Qualifications:**|Membership no 82032|
|**Address:**|The Hollies|
||3 Elgin Drive|
||Northwood|
||HA6 2YR|



9 



**THE COMPANY OF MANAGEMENT CONSULTANTS CHARITABLE FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE TWELVE MONTHS ENDED 30 JUNE 2021** 

## **Statement of Financial Activities** 

|**Incoming resources from generated funds:**<br>Investment income net of management fees<br>Donations received including fundraising income<br>Gift Aid<br>Total incoming resources<br>**Resources expended:**<br>**Charitable Expenditure**<br>**For furtherance of Charitable Objectives:**<br>Grants committed<br>Support costs   (Note 6)<br>Total resources expended<br>**Net incoming (outgoing) resources**<br>**(Loss)/Gains on Investments**<br>Realised<br>Unrealised<br>**Net Movement in funds**<br>**Funds brought forward**<br>**Funds carried forward**|**2021**<br>**Total**<br>**£**<br>1,724<br>26,937<br>5,454<br>34,115<br>20,550<br>7,560<br>28,110<br>6,005<br>10,320<br>44,539<br>60,864<br>515,647<br>576,511|**2020**<br>**Total**<br>**£**<br>2,966<br>29,978<br>5,428|
|---|---|---|
|||38,372|
|||39,575<br>7,200|
|||46,775|
|||(8,403)<br>(7,540)<br>15,420|
|||(522)|
|||516,169|
|||515,647|



The notes on pages 11 to 14 form part of these financial statements. 

10 



**THE COMPANY OF MANAGEMENT CONSULTANTS CHARITABLE FUND BALANCE SHEET AS AT 30 JUNE 2021** 

## **Balance Sheet** 

|**Notes**<br>**FIXED ASSETS**<br>Investments<br>2<br>**CURRENT ASSETS:**<br>Debtors<br>3<br>Cash at bank<br>**NET CURRENT ASSETS**<br>**CREDITORS:**Amounts<br>falling due within one year<br>Sundry creditors<br>4<br>**TOTAL NET ASSETS**<br>**REPRESENTED BY:**<br>**UNRESTRICTED FUNDS**|**2021**<br>**£**<br>538,863<br>288<br>39,160<br>39,448<br>1,800<br>576,511<br>576,511|**2020**<br>**£**|
|---|---|---|
|||482,281|
|||1,568<br>31,798|
|||33,366|
|||515,647|
||||
|||515,647|



The financial statements were approved and authorised for issue by the Board of Trustees on: Date:    27 April 2022 

and were signed below on its behalf by: 

Signature:   J Corneille 

Name: …    John Corneille (Chair) 

11 



**THE COMPANY OF MANAGEMENT CONSULTANTS CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENT FOR THE TWELVE MONTHS ENDED 30 JUNE 2021** 

## **1. ACCOUNTING POLICIES** 

The financial statements have been prepared in accordance with the Charities (Accounts and Reports) Regulations 2008, the Statement of Recommended Practice “Accounting and Reporting by Charities” and applicable accounting standards issued by UK accountancy bodies.  The financial statements comply with all statutory requirements and the requirements of the Charity’s governing document.  The particular accounting policies adopted are described below: 

- (a) Basis of Accounting The accounts are prepared under the historical cost convention, as modified to include certain tangible fixed assets at a valuation and fixed asset investments at market value. 

- (b) Legacies, Donations and Grants Legacies and donations are recognised when receivable or when the Charity becomes legally entitled to them and they can reasonably be measured in financial terms.  Receipts of property, investments or other gifts in kind are included at market value.  Grants are recognised when receivable. 

- (c) Tangible Fixed Assets 

   - Fixed assets are recognised at cost where acquired, or where donated assets are included at valuation at the point of donation.  Depreciation is applied to fixed assets to write off the cost of an asset, net of its expected residual value, over its anticipated useful economic life. 

- (d) Fixed Asset Investments Investments are carried at market value in accordance with the Charities (Accounts and Reports) Regulations 2008, the Statement of Recommended Practice “Accounting and Reporting by Charities”.  Realised and unrealised gains and losses on investments are accounted for within the statement of financial activities. Investment income is accounted for net of fund management costs. 

- (e) Cash Flow Statement The Charity has taken advantage of the exemptions available in Financial Reporting Standard No.1 and has chosen not to prepare a cash flow statement. 

- (f) Resources expended Costs in the furtherance of the objects consist of all expenditure directly relating to the objects of the Charity.  Certain central costs which cannot be directly allocated are apportioned between direct charitable expenditure and governance costs on the basis of the Trustees’ estimate of the time spent on the relevant functions. 

Governance costs comprise the costs of running the Charity including strategic planning for its future development, auditors’ remuneration, certain legal costs and all costs of complying with constitutional and statutory requirements, such as Board meetings and preparing statutory financial statements. 

12 



**THE COMPANY OF MANAGEMENT CONSULTANTS CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENT FOR THE TWELVE MONTHS ENDED 30 JUNE 2021** 

|**2.**<br>**FIXED ASSET INVESTMENTS**<br>**UK Listed Investments:**<br>Market value at 1 July<br>Additions<br>Disposals<br>Net investment gain<br>Market value at 30 June<br>Historic cost at 30 June<br>**3.**<br>**DEBTORS**<br>Due from Company*|**2021**<br>**£**<br>482,281<br>229,857<br>(240,847)<br>67,573<br>538,863<br>412,558<br>**2021**<br>**£**<br>288<br>288|**2020**<br>**£**<br>471,434<br>248,545<br>(245,517)<br>7,819<br>482,281<br>417,985<br>**2020**<br>**£**<br>1,568|
|---|---|---|
|||1,568|



* Payment by Company of donations from Members. 

## **4. CREDITORS** 

|**CREDITORS**<br>Administration|**2021**<br>**£**<br>1,800<br>1,800|**2020**<br>**£**<br>-|
|---|---|---|
|||-|



## **5. ALLOCATION OF THE CHARITY NET ASSETS** 

|Unrestricted funds<br>**Total Net Assets**|**2021**<br>**Investments**<br>**£**<br>538,863<br>538,863|<br>**Net**<br>**current**<br>**Assets**<br>**£**<br>39,448<br>39,448|**2020**<br>**Investments**<br>**Net**<br>**current**<br>**Assets**<br>**£**<br>**£**<br>482,281<br>33,366<br>482,281<br>33,366|**2020**<br>**Investments**<br>**Net**<br>**current**<br>**Assets**<br>**£**<br>**£**<br>482,281<br>33,366<br>482,281<br>33,366|
|---|---|---|---|---|
|||||33,366|



|**6.**<br>**SUPPORT COSTS**<br>Administration<br>Bank Charges|**2021**<br>**£**<br>7,200<br>360<br>7,560|**2020**<br>**£**<br>7,200<br>-|
|---|---|---|
|||7,200|



13 



**THE COMPANY OF MANAGEMENT CONSULTANTS CHARITABLE FUND NOTES TO THE FINANCIAL STATEMENT FOR THE TWELVE MONTHS ENDED 30 JUNE 2021** 

## **7. TRANSACTIONS WITH TRUSTEES AND THE COMPANY** 

There were no transactions with the Trustees during the year and Trustees have not received any remuneration or reimbursement of expenses in the current year. 

During the year the Charitable Fund had a number of transactions with The Worshipful Company of Management Consultants (WCoMC), which is the City Livery Company responsible for establishing this Charitable Fund in 1996. 

£32,391 of donations and other funds were received on the Charity’s behalf by the Company.  The Charity made net payments of £7,200 to WCoMC for administrative support for the benefit of the Charity. 

A number of Trustees had conflicts of loyalty with potential grant beneficiaries.  J Pulford, J Corneille, D Peregrine-Jones and D Fellows were also trustees of The Cass Centre for Charity Effectiveness Trust. These conflicts were declared and the Trustees abstained from voting on any decisions regarding grants made to the charities with which they had conflicting loyalties. 

14