CHARITY REGISTRATION NUM8ER:1080119 Odiham Pre-school (Leapfrogs) Chairperson's Report Trustees Report and Unaudited Financial Statements Year Ended 31 August 2024
Odiham Pre-school (Leapfrogs) Chalrperson's Report, Trustee8 Report and Unaudited Financial Statement8 Year Ended 31 August 2024 Pago8 Chairperson's Report 1to2 Trustees, Annual Report 3to6 Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 10t012
Odiham Pre4chool (Leapfrogs) Chairperson's Report Year Ended 31 August 2024 Leapfrogs continues to operate a busy and popular role in the community of Odiham. Pre-school was visited by Ofsted in May 2023, and received a judgement of 'good' in every category. Staff were complimented on their good use of routines, modelling of healthy behaviours, and the way children felt safe and well-supported in their leaming including those with SEN. Excellent transition routines with the infant schools was also a notable comment from parents who completed questionnaires ahead of the visit. The summer of 2023 saw an enjoyable pre-school trip to Millevs Ark Fam which was well-supported by staff. and a thoroughty enjoyable Super Pirates party ended the summer term. wrth Covid now behind us the committee have been pleased to resume faCe-ttrf2 meetings, which we hope will encourage greater participation from a wider group of parents going forward. Enrolment Numbérs have been steady throughout the year, with 50-60 chlldren on role at different points In the year. Teddy Class was full in September 2023 with a small waiting list which demonstrates the desirability of the setting. There is an expectation that we will see increased applications for 2 year old plaS when the government funding for this age group is rolled out, and this will require careful management to maintain healthy numbers moving up to Caterpillar dass. Staff Laura went on matemity leave, and during this lime additional admin staff were hired to assist in the office to allow Tracy to be in the dassroom more, although unfortunately due to an injury sustained at home, she was forced to leave at short notice. Larissa and Laura were given positions as deputies. which will assist Tracy invaluably. We also said f8well to Katie who had been on placement from Alton College but had been an asset to the team. un ralsln This has been a busy and effective year for fundraising, lead by Rebecca Gc#Jdard and supported by many of the committee members. Summer 2023 was inilially less effective with fewer village events attended, but fijndraising began again in earnest from Ihe Autumn term, starting with a rame and tea and coffee sales at the Autumn event in the church. The Christmas Extravaganza was a very effecttve fundrdiser, well-SUPPOrted by donations from local businesses, and a sta51 which was consistently busy. The set up of a fvndraising bank account and the purchase of a credit card reader simplified this for the treasurer. Fundraising for the Easter Fun Day event raised sufficient funds to allow pre-school to bring in duck eggs in an incubator, so the childfen were able to watch the hatching process.. something that was enjoyed by all. Plans are in place to capitalise on the many village activities taking place over summer 24, but it has been recognised by the committee that much greater parental involvement of those outside the ¢ommÉttee is necessary to staff stalls and source resour5 for ongoing fundraising efft)rts, t)oth of which are becoming increasingly challenging with only staff and commÉttee input.
Odiham Pre-school (Leapfrogs) Chairperson's Report Year Ended 31 August 2024 Flnance8 The Tasurerfs report accompanying this will provide further details about setting's fInanS in relation to fees, wages, and balance sheets. Durlng thè year, several substanb.al donations were received from businesses such as Top Soil. and the ongoing support of Odihain Consolidated Charities and the Parish council continued to be helpful. however we were unsuccessful in gaining fvnding via the RAF despite the high number of service children in the setting. Lucy Hyde has now cemented her position as treasurer. Clive Manby once again agreed to complete the Charity Commission Tax Relum, but an altefnative will need to be found for this role going forward. Tracy Bodimeade and the committee have continued to discuss the need to increase fees and consumable, partially in response to the impending increase in 2 year old fttnding which runs the risk of exacerbating the shortfall created by the gap beeen our fees and Govemment 3 and 4 year old funding. Discussions on how best to manage enrolment and fund&l places will continue in the next academic year. Grounds Bulldin nd Admln It is an ongoing challenge to maintain the standards in the pre•school grounds. A grounds day was canlled in November due lo the lack of parental availability, but another day is planned for the Spring. A need was recognised to improve the website so that it has rn0 functional use for parents. This Is something that will need to be revisited in the new year. Tracy has sought assistsnce with repairs to the outside covered are in Teddy dass but it is proving difficult and expensive to get somebody to complete the work, This will have to be revisited in the new year. Future The setting continues to operate very effectively. supporting and developing new learners and preparing the older children brilliantly for their onward education. Threats to the seth'ng including lower levels of parental participation in fundraising, uncertainty about the impact of a rise in Government- funded hours and the potential change in the number of 2 years old in the setting 15 something that will also need to be managed carefully going forward. On behalf of the committee I would like to exlend huge thanks to Tracy and the rest of the staff for their unfailin9 energy and care for their young leamers- their efforts are hugety appreciated by the families of all of the children.
Odiham Pr8chool (Leapfrogs) Tru8tses' Report Year Ended 31 August 2024 The Trustees have pleasure in presenting their Annual Report and Unaudited Financial Ststements for the year ended 31 August 2074. The financial statements have been prepared in accordance with the accounting policies sel out in note 1 of the accounts. They cnmply with the Charity's governing document, the Charities Act 2011, and the Accounting and Reporting by Charities.. Statement of Recommended ("SORP'), applicable to charities preparing their accounts in aKordan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland. Reference and admlnl*tratlve detslls Charlty r•glstratlon number 1060119 Altsrnatlve nama Odiham Community Pre-school ILeapfrog5) Governlng document Constitution adopted 8 October 1996 Prfnclpal addr8 Odiham PTrSchool RecatIon Road Odiham Hook Hampshire RG29 1NU Trustees Tracy Bodiade Sarah Campbell (Chair) Lynne Parker Jonathan Telford Appointed 30 April 2024 Independent Examlner Trevor James FCA DChA FCIE Domier Cottage Old Broyle Road West Broyle Chichester West Sussex P019 3PR Bankern Lloyds Bank plc 174 Fleet Road Hampshire GU514DD Emall addr• mail@leapfrogs-odiham.org.uk Webslte www.leapfrogs4>diham.org.uk Objoctives and actlvltl08 Odiham Pre-school is a small friendly. non profit childcare group for children aged 2 to 5 years. It is open S days a week. 38 weeks of the year. It has a wonderful team of caring, friendly staff all qualified to NVQ3 and above. Everyone Is first aid trained and DBS checked. With a high adult-to<hild ratio it is able to help each child develop to their full potential. The Charity's Vision, Mission and Values are: VISION That all children feel loved. valued and respected in a safe, happy place where differing needs are acknowledged, accepted and met and everybody is encouraged to develop to their fullest potential
Odiham Pre4chool (Leapfrogs) Trustse3' Report Year Ended 31 August 2024 We encourage each child to be independent and develop a sense of responsibility for themselves and respect for others We know that each child is unique and therefore provide a stimulating and challenging range of acttvities that will engage children and develop their curiosity as individuals We develop Ghildren's Confiden to give them a positive attitude to learning that will support them going forward We build strong partnerships with th8 community and future schools MISSION To provide high quality education and care in an inclusive environment assible io all VALUES In¢lu81on - all children are welcomed Po8ltlvo Learnlng Envlronm•nt - an engaging and wellequipped learning environment that includes experienced and caring educators Flscal Responslblllty - a responsibility to its members and the communty to manage our finanS in a manner that will ensure our long-term sustainability Accountablllty open communication with stakeholders is a key component in building positive long-term relationships Partnerships- fostering mutually beneficial partnerships within the community Structure, Governance and Management Charity Status Odiham Pr&School ("The Charity.) is govemed by lis const5tution, adopted on 8 October 1996, Recruitment, Appointment and Trnining of fnistees Trustees are recruited in accordance with the constitution from known supporter5 of the Charity who share its aims and aspirations and who are believed to be able to bring a breadth and depth of experience and skills to the trustee body. On app)intment Trustees will in future be provided with full infomation concerning the Charity and will be directed to appropriate Charity Commission publicalions and to the Charity Govemance Code. All Trustees tske seriously their obligations to maintain their knowledge. Management As a small charty the Trustees are directly involved with its day to day management and activities. The Twstees hold regular meetings at which decisions regarding the running of the Charity are agreed as well as future plans Risk Management The Tfustees have identified the major risks to which they beliéve the Charity is exposed. Where appropriate, systems have been established to minimise those risks. Procedures are in place to ensure compliance with health and safety requirements. Govemance The Trustees believe that corwption, bribery and unfair actions hamper development and impede progress and insist on integrty in all aspects of the Charity's activrtses and they endeavour at all tsrnes to apply the Charity Governance Code and the Nolan principles (selfle55ness, integrity, objectivity, accountability. openness, honesty and leadership). Publffic benefft The Trustees believe strongly that the Charity's activities are for the public benefit and in planning its activities they have paid due regard to the Charity Commission's guidance on public benefit.
Odiham Pre-school (Leapfrogs) Trustees, Report Year Ended 31 August 2024 Actlvltles of the Charity during tho yaar In addilion to the Charity's ongoing regular activities there were speoal events including an Easter Famity Fun Day at the church, a Parents Evening for children going on to school, a Sports Day and a Family Fun Day and Leavers Concert. Fundra181ng The Charity holds occasional events to raise fvnds for the purchase of play equipment and for other designated purposes. The Trustees report to the pareenis on the funds raised and their use. Flnancial Revlew During the year the Charity received income totalling £188,044 (2023.'£183,275). Expenditure totalled £182,850 (2023.'£187,242). The net income for the year was £5.194 (2023'.deficit £3.967). Total funds at the year end were £88,018 (2023.'£82,374). The majority of the Cttarity's income is from Fees Charged and Early Years Grants and its major item of expenditure is on staffing. Investment poll¢y Funds not required for current needs may be invested in investments of any kind at the absolute discretion of the Trustees. Voluntoers The Charity benefits from the work of volunteers and the Trustees are truly grateful for all they do. Reportlng serlous incidents In line with the Charity Commission's guidance on reporttng serious incidents, the Trustees declare that during the year there were no serious incidents that they have failed to bring to the Commission's attents'on. Safeguardlng Following its most recent inspection Otsted reported that. °5taff have a Secure knowledge of safeguording chlldren and child protection. They understand how important their role is in this process. Stoff can identify the sign5 of physical abuse ond neglect. They are confident with the pmcess involved when they have o concern. Staff know who to contact if they have a concern about o child or on adult. They know where the safeguarding policies and procedures ore stored and contact details of other agencies. Staff know who the de5ignoted sofeguarding lead is. The monoger has a robust recruitment process in place ond hos attended sofer recruitment troining. Staff strive to ensure children ore in a Safe ond Secure environment. Reserves Pollcy The Trustees, policy is to ensure they hold sufficient free reseThes to meet the Charity's day to day running Gosis and will be developing a fompl reserves policy in 2025. Plans for futur• parlod8 The Charity intends to continue its 8Ctivlties without any material changes but the Trustees will need to manage the potential Impact of changes in Government funded hours and in the nuTnber of2 years old children.
Odiham Pre-school (Leapfrog8) Trustees, Report Year Ended 31 August 2024 Statement of Trustses. Responslbllltles The Trustees are responsible for preparing the Trustees, Annual Report and the Financsal Statements in accordance with applicable law and Un¢ted Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financral year which give a true and fair view of the stste of affairs of the Charity and of the incoming resources and application of resources of Ihe Charity for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the applicable Charities SOPR; make judgements and accounting estimates that are reasonable and prudent: state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial ststements., prepare the financial statements on the going concern basis unless it is inappropriate to presum8 that the Charity will continue in operation. The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial sition of the Charity and enable them to ensure that the Financial Statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the goveming document. They are also responsible for safeguarding the assets of the Charity and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are also responsible for the maintenance and integrity of any financial infomation included in the Charity's website. Independent examlnor Trevor James FCA DChA FCIE was appointed as the Charity's Independent Examiner on 27 April 2025 and is willing to CLintinue in office. The Trustees, Annual Report was appfoved by the Trustees on 23 June 2025 and signed on their behalf by.. Sardh Campbell Chairperson of Trustees
Odiham Pre-schoool (Leapfrog8) Independent Examinerfs Report Year End8d 31 August 2024 I report to the Charity's Trustee8 on my examination of the Financial Statements for the yéar ended 31 August 2024. This report is made solely to the Trustees as a body, in accordance with the Charities Act 2011 {°the Acf). My work has been undertaken so that I might stste to the Charlty's Trustees those matters l am required to state to them in an independent examineff s report and for no other purFose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and its Tnjstees as a body, for my work or trtis reporL Re8ponslbllltle6 and bas18 of report As the Charity Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the ACL You consider that the audit requirements of the Act do not apply and that an independent examination is needed. It is my responsibility to.. examine the accounts under section 145 of the Act., follow the pr(Kedures laid down in the general directions given by the Charity Commission under section 144 {2) of the Act", and to stste whether particular matters have come to my attention. Basls of th• Ind8pndent examlner'$ roport My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accountsng records kept by the Charity and a comparison of the accounts presented with those records. It also includes conslderdtron of any unusual items or disclosures in the FinancFal Statements and seeking explanations from you as Trustees conceming any such matters. The procedures undertaken do not provide all the evldence that would be required in an audit and consequently no opinion is given as to whether the Financial Statements present a 'true and fair view, and the report is limited to those matters set out in the statement below. Indendent oxamln•rf8 Statsment I have completed my examinaty'on. I confjrm that. subject the qualifications below, no matérial matters have come to my attention in connection with my examination giving me cause to believe that in any material respect: 1. the accounting records were not kept in accordance with section 130 of the Act; or 2. the accounts do not accord with the accounting records., or 3. the accounts do not comply with the applicabte requirements conceming the form and content of accounts set out in the Charities (Accounts and Report} Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. In his report on your accounts for the year ended 31 August 2023 the independent examiner ststed that rtain minor anomalies had been identified and corrected. Further cOectIOnS, which were not material, have been made during the year to 31 August 2024. There was no evidence of intentional malpractice or defalcation and l am able to port that the improvements reported in the previous year have continued and your record keeping is now satisfactory. TEJa Trèvor James FCA DChA FCIE Domer Cottage Old Broyle Road West Broyle Chichester West Sussex P019 3PR 23 June 2025
Odiham PchOO01 (Leapfrogs) Statsment of Financial Actlvities Year Ended 31 August 2024 Unrestricte nds Restricted fvnds Total 2024 Total 2023 Note Incomo Bank Interest Fees Receivable Registration Fees Sale of Unrforms ServicEs Snack Fee Uncategofised Income Donab'ons- Consumables Early Years Grants Fundraising Gift Aid Grants and Donations Total Income Expendlture Bad Debts Bank Charges Children's F(iod Items Children's Outings Children'8 Paty Expenses Clas8room Consumable8 Classroom Equipment Cleaning Communications Depreciation of Tangible Fixed Asset8 Deprivatlon Fundlng Entertalnmenl Equipment from Fundraising Fundraising EXnSeS Gifts Health & Safety IndeFendent Examination Fee Insurance Light & Heal OfficelGeneral AdnNn Expenses Payroll Expenses Payroll Service Pets Printing & Office Supplies Rent, Retès & Water Repairs & Maintenance SEN Expenses Sundry Expenses Teaching Aids Training Staff Unrfoms Total Expendlture Net Incomel(Expendltyre) Transfers Be98n Funds Nel Movement in Funds 594 44,608 1,955 415 92 2,830 230 44.8C6 1.955 415 92 2,830 67 144 5,144 129,098 2,159 939 1.550 183,275 3,490 123,214 5,180 3,490 123,214 5.180 2.000 2.000 5.668 188,044 186,044 33 111 3.699 856 111 3.699 3.193 150 7(K) S18 5,.152 1,743 780 338 245 4,957 2,073 1.125 682 {1C6) 338 245 4.957 2.073 1,125 (106> 348 1,149 70 277 113 237 1.149 70 277 3W 2.220 2,220 3,506 1,121 152,925 607 479 1,872 1,121 152.925 607 479 154,723 57 4,928 1,352 2,501 1.605 83 83 79 271 1,393 206 187,242 (3,967) 635 701 277 182.850 635 701 277 182.850 5,194 3.194 2.000 1,7CKI 4.894 (1.700) 300 5,194 {3,967) Roconclllatlon of Fund• Total Funds Brought FoThvard Prior Year Adjustment Totsl Funds Carriod Forward 82,374 450 82.374 450 88,341 £87.718 £31XI £88.018 £82,374 The statement of finanoal activities includes all gains and losses recognised in Ihe year. All income and expenditure derive trom continuing acttvities.
Odiham PrSch¢?01 {Leapfrog8) Balance Sheet 31 August 2024 2024 2023 Note Flxed assets Tangible assets 2.046 Current a88ets stocks Debtors Cash at bank and in hand 1.394 87.194 1,534 83,680 85,214 88,588 Credltor8: amounts falllng duo wlthln one yèar Not current assets 2,616 85,972 2,840 82,374 Total a88•ts1088 current Ilabllltl•s 88.018 82,374 Credltorn: amounts falllng due after more than one year Net a68ets £88,018 £82,374 Funds ol the charlty Re8trlcted funds Unrestrlcted funds General Reserves 30Q 87,718 82,374 Totat charfty funds £88,018 £82,374 These financial statements were approved by the Trustees and authorised for issue on 23 June 2025 and are signed on their behalf by.. Lucy Hyde Treasurer
Odiham Pre-school (Leapfrog8) Note8 to the Financial Ststements Year Ended 31 August 2024 Goneral Inforniatlon Odiham Pre-school (Leapfrogs) ("the Charity.) is an unincorporated trust registered with the Charity Commission for England and Wales statom8nt of compllance The financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities Pfeparing their accounts in accortlance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) the Chanties SORP (FRS 102), and the Charities Act 2011. The Charity meets the definition of a public benefit entity under FRS 102. Accountlng pollcles Basis of preparatlon The financial statements have been prepared on the historical cost basis and in sterling. which is the functional currency of the Charity. Going concern There are no material uncertaintses about the Charity's a'titY to continue its activities. Judgements and key sources of estimation uncertalnty The preparation of the financial statements requires the Trustees to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstsnces. Fund accounting Unrestricted funds are available for use at the discretion of the Trustees to fijrther any of the Charity's purposes, Restricted funds are subject to restrictions on their expenditure declared by the donor or through the temis of an appeal. Incomlng r880urces All income is included in the statement of financial activities when entitlement has passed to the Charity, it is probable that the economic benefits associated with the transaction will flow to the Charity and the amount can be liablY measured. The following specific policies are applied to particular categories of income: Income from Donations and Grants is recognised when there is eviden of entitlement to the ftjnds, reIpt is probable, and its amount C2n be measured reliably. Income from Fees Re1vable are recognised at the time of invoice. Donated facilitie5 and services are recognised in the accounts when re*ived if the value can be reliably measured. No amounts are included for the contribution of trustees or other volunteers. Interest on fvnds held on deposit is included when paid by the bank. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Costs are allocated to expenditure categories reflecting Ihe use of the resource. Costs attributable to a single activity are allocated directly to that activity. Sared costs are apportioned between the activities on a reasonable and rA)nsistent basis. Tanglble Itxed assets Tangible fixed assets are initially recorded at cost. and subsequently stated at cost less any accumulated depreciation and impairment losses. io-
Odiham Pre-school (Leapfrogs) Notes to the Financial Ststements Year Ended 31 August 2024 Accounting poll¢la6 (contlnued) Dèpreclatlon Depreciation is calculated so as to write off the cost or valuation of an asset. leF its residual value, over the useful economic life of that asset. Stocks Stocks are stated at the lower of cost and net realisable value. Debtorn Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand Cash at bank and in hand indudes cash and deposits with a maturity of thre8 months or less from the date of opening of the deposit or similar account. Credltorn and provislons Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a thlrd paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nomTrlly recognised at their settlement amount after allowing for any trade discounts due. Flnanclal In¥trument8 A financial asset or a financlal liability is recognlsed only when the Charlty becomes a paty to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transacts'on costs. Current assets and current liabilities are subsequently measured at the cash or 0th8r cOnderatiOn expected to be paid or received and not discounted. Taxatlon The Charity is exernpt from corpjration tsx on its income to the extent that it Is used for charitable purposes. Net Income Net income is stated after charging, 2024 2023 Depreciation of tangible fixed assets Professional fees - Independent examlner's remuneration 682 300 Staff costs Throughout Ihe year the Charity had 14 employees (2023: 16 employees). Total remuneration paid to the Charity's employees, Including employerfs pension and social security costs, was £152,925 (2023.. £154.723) No employee was paid more than £60,000. Some of the Charsty's activities are carried out by volunteers who are unpaid. No record is kept of the donated time. Trustee remuneratlon and expen808 None of the trustees received any remuneration, benefits or reimbursement of expenses in the year (2023:None). Any claim for expenses would be subject to the Charity's normal internal Control procedures. li-
Odiham Pr8Chool (Leapfrogs) Note8 to tha Financial Ststements Year Ended 31 August 2024 Tanglble fixed assets Total Cost At 1 September 2023 Addits'ons 2,000 2,728 At 31 Augu8t 2024 4,728 Deprnclatlon At 1 September 2023 Charge for the year 2,000 682 At 31 August 2024 2,682 Carrylng amount At 31 August 2024 2,046 At 31 August 2023 Stocks StOGks of Classroom Consumables, Cleaning Materials, Office Supplies and other materials are not valued. Debtors 2024 2023 Accounts reivable other debtors 1,394 1,534 1,394 1,534 Credltors: amounts falling due wlthln on6 year 2024 2023 Creditors Acuuals 2,316 300 2,840 2,616 2,840 Reotrictod funds A grant of £2,000 was r1Ved to be used for the purchase of s carpet. £1,700 was spent during the year. The balance of £300 is a restricted fund for future carpet purchase. 10. Related partlo• None of the Trustees or any connected pefsons received any remuneraiion, benefits or reimbursement of expenses in the year (2023:None). 12-
Trevor James FCA DChA FCIE Dornier Cottage Old Broyle Road West Broyle Chichester West Sussex P019 3PR 01243 780334 07802 832611 trevore ames ahoo.co.uk 23 June 2025 The Trustees Odiham Pre-school (Leapfrogs) Recreation Road Odiham Hook Hampshire RG29 1NU Dear Trustees I have completed my independent examination of your accounts for the year ended 31 August 2024. Last year's independent examination report drew attention to minor anomalies. I believe the anomalies have been resolved during the year to 31 August 2024 and that at the year end the Balance Sheet correctly records your assets and liabilities which means you have a firm foundation for the year from 1 September 2024. In previous years your report and the financial statements have not been in the format required under the charity accounting regulations. The Charity Commission does not have the resources to follow up non compliance but I encourage charities to comply with the requirements and have therefore, in conjunction with your treasurer. made the necessary changes to bring your accounts in line with the regulations. I would like to put on record my thanks to Lucy Hyde for her help throughout my work. Finally. for the avoidance of doubt, I should explain that an independent examination does not provide all the evidence that would be required in an audit. Yours sincerely Trevor James FCA DChA FCIE Trevor James FCA DChA FCIE