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2021-04-05-accounts

  1. 11."50 Print annual return I Charity Cornmission

    GOV.UK Ch arity Commission Charity Commission AnnuaL Return 2021 THE CARMONA CHARITABLETRUST Charity registration number'.1090240 Most of the information you give in this form will become publicly avaiLable on the Register of Charities. Any field that the Charity Commission will not display wiu be cLearly marked. This document is a record of the information provided in the AnnuaL Return 2021. PART A- Charity information Financial period Financial period start date 0610412020 Financial period end date 0510412021 Income and spending Income £ £ 477.483 Spending £ £113,970 Serious Incidents https.'Ilportal.update-tharity-d8tails.seNice.gov.uklgrouplannual-r8lum-20211print 115

  2. 11."50 Print annual reknrn I Charity Cornmission For the period of this return. were there any serious incidents in your charity that have not been reported to the Charity Commission? Fundraising- professionalfundraiser Did your charlty ralse funds from the public? Yes Did thecharity workwith any professionalfundraisers? Fundraising - commercial participator Did your charity work with any commercial participators? Grantmaking Was grant making the main way your charity carried out its purposes? Yes Government contracts Durin9 thefinancialperiod forthis annuaLreturn. did the charity receive income from contracts (other than grant agreements) with centraL government or local authorities? G¢)vernment grants During thefinancialperiod forthis annuaLreturn. did the charity receive income from grants from central government or locaL authorities? No Income from outside the UK Did yourcharity re￿1ve income from outside the UK? https.'Ilportal.update-tharity-d8tails.seNice.gov.uklgrouplannual-r8lum-20211print W5

  3. 11."50 Print annual return I Charity Cornmission Spending outside England & WaLes Dld your charfty operate outslde England and Wales? Total Spending outside England & Wales Trading subsidiaries Did the charity have any subsidiaries? Trustee payments Did any of the trustees receive any remuneration. payments or benefits from the charity other than refunds of legitimate trustee expenses? Did any of the trustees ￿SIgn and then take up empLoyment wlth the charlty? No Employees, salaries Did any of your charlty's staff receive total employee benefits of £60.000 or more? Select No If your charity does not have ary staff or does not pay any staff. No For your highest paid rnember of staff only. what was the totaL value of their employee benefits? (For example if your highest paid member of staff received £35.000 enter 35000). If you do not have any stsff or dld not pay any staff, enter O (zero) Volunteers https.'Ilportal.update-tharity-d8tails.seNice.gov.uklgrouplannual-r8lum-20211print 315

  4. 11."50 p￿￿t annual reknrn I Charity Cornmission How mary UK voLunteers. excluding trustees, did the charity have during the financial period? Financial controls Did your charity review its internal financiaL controls? Yes Privacy statement Any information you give us wilL be heLd securely and processed only in accDrdance with the rule on data protection. We wilL not disclose your personal details to anyone unconnected to the Charity Commission unless: you have consented to their release: or we are legally obliged to disclose them: or we regard disclosure as either (a) necessary so that we can properly carry out our ststutory functions or (b) necessary in the public interest. We may share and disclose inlormation about you with relwdnt publlc authorltles, regulatory bodles and agencles. outslde the Charlty Commission but only If: we can lawfuuy do so: and we decide that disclosure is necessary for national security. crime detection. prevention. and Law enforcement. or other issues in the public interest Information we coLlect about you We will usethis information: To enable us to carry out our statutory functlons and dutles: This will incLude the following actions: (a) update. consolldate. and Improve the accuracy of our re(x>rds: (b) undertake crime detection and prevention and law enforcement and assist the third partles specified above to investigate or prevent crime and carry out law enforcement: (c) data analysis. testing. research. statistical and survey purposes Information we re￿1ve from other SoU￿s. Information we re￿1ve from other sOu￿S We may combine this information with information you give to us and information v collect about you. We may use thls Information and the combined information for the purposes set out above (depending on the types of information receive). https.'Ilportal.update-tharity-d8tails.seNice.gov.uklgrouplannual-r8lum-20211print 415

  5. 11."50 Print annual reknrn I Charity Cornmission We WILI ensurethat any such discLosure and use is proportionate. considers your right to respect for your pri￿te life. and is done fairly and lawfully in accordance with the data protection principles of the Data Ftrotection Act. The Data Protection Act1998 regulates the use of 'personal data,. which is essentially ary information. however stored. about Identlf5able Ilvlng Indlvlduals. As a 'data controLler' under the Act. the Charity Commission must comply with it. Any changes may maketo our privacy statement in the future will be set out in the replacement version of this form. Please check back frequently to see any updates or changes to our privacy policy. Declaration This annual return has not been submitted and no DecLaration has been made https.'Ilportal.update-tharity-d8tails.seNice.gov.uklgrouplannual-r8lum-20211print 515

Charity Registration No. 1090240

THE CARMONA CHARITABLE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

THE CARMONA CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Andrew Berkeley
Daniella Berkeley
Rodney Berkeley
Charity number 1090240
Principal address 1st Floor
Rico House
George Street
Prestwich
Manchester
M25 9WS
Independent examiner Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Bankers Royal Bank of Scotland Plc
2 Crofts Bank Road
Urmston
Manchester
M41 0TU

THE CARMONA CHARITABLE TRUST

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 12

THE CARMONA CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2021

The Trustees present their report together with the financial statements of the charity for the year ended 5 April 2021.

The financial statements comply with the charity's trust deed and applicable law.

Objectives and activities

The principal objectives of the charity are:

-the advancement of the Jewish faith; -the advancement of Jewish education; and

In accordance with the Trust Deed, the Trustees have the power to invest in stocks, shares and investments in the UK as they see fit. The Trustees believe that the performance of investments during the year has been satisfactory and has allowed them to meet their charitable objectives.

The Trustees have absolute discretion in determining the selection of investments for the Trust.

The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.

The charity is funded by donations and income from investments and gives out grants in line with the above objects. Grants made during the year to institutions are as detailed in the accounts. The application of the funds is by way of grants to either institutions or individuals and is almost always to institutions.

The Trustees receive many grant applications. They primarily support charities, organisations or individuals in the following areas: advancement of the Jewish Faith, advancement of the Jewish education and relief of poverty. In deciding who they support they consider the financial need and track record of the applicant.

Achievements and performance

The annexed financial statements show the state of the finances of the Trust as at 5 April 2021 which the Trustees consider to be satisfactory.

Funds were distributed during the year ended 5 April 2021 for the benefit of over 50 national charities .

The charity received donations of £ 395,361 during the year ( 2020 - £ 27,737 ).

The charity also had investment income during the year amounting to £ 82,120 (20 20 - £ 76,770 ).

The charity paid out £ 112,327 by way of grants and donations during the year (20 20 - £ 130,273 ).

The charity has maintained low administrative costs during the years ended 5 April 2020 and 5 April 2021 .

There were no material fundraising costs during the year.

THE CARMONA CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

Financial review

The trustees are delighted to report that almost all of the property investments are returning at least a 1 5% return. The trustees consider this exceptional when compared with returns available on deposits in any of the banking institutions. These investment returns have been consistent for a number of years and are not at the expense of any exposure of loan to value covenants that would put these investments at risk.

The huge gains made in the year are attributable to lease improvements and improving market conditions that all conspired to vastly increase the value of the investment. The trustees received an offer they simply could not refuse.

The trustees feel that the year was one of consolidation in terms of income generated from its investment, gains made on the sale of an investment asset and grants paid out. The trustees are delighted to have made many valuable contributions to the community as a result of these gains and donations and hope to be able to do so for many years to come.

There is no formal policy to maintain a set level of reserves and the Trust aims to distribute all available income to religious, educational and similar charities. Any income which has not been distributed will be held in the reserves for use in subsequent periods in line with the charities objectives.

The Unrestricted Fund represents the unrestricted funds arising from past operating results.

The Trustees are satisfied that the balance of the Fund is an acceptable level of reserves given the nature of revenue receipts against grants payable.

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems are in place to mitigate any exposure to major risks.

Plans for future periods

The Trustees plan to continue investing to raise funds in line with the Trust Deed and to utilise those funds for charitable purposes.

Structure, governance and management

The Carmona Charitable Trust is constituted by a Deed of Settlement dated 15 November 2001, as amended by a supplemental deed dated 4 February 2002, as amended by supplemental deed 29 September 2014 and is a registered charity no. 1090240.

The Trust Fund and the income arising are held for charitable purposes.

The Trustees have power to pay or apply capital of the Trust Fund from time to time for charitable purposes. The Trustees are empowered to make donations to registered charities only and individuals should therefore not seek financial assistance from the Trustees.

Full details are included on the schedule of legal and administrative information.

The Trustees who served during the year were: Andrew Berkeley Daniella Berkeley Rodney Berkeley

THE CARMONA CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

There is no Chief Executive Officer nor any other staff employed by the charity. The day to day affairs are undertaken by Mr. A. Berkeley on behalf of the trustees.

All major decisions are taken collectively by the trustees.

Any recruitment and appointment of new trustees would be in line with the Trust Deed and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation.

The trustees are unpaid and details of any related party transactions are disclosed as applicable in the notes to the accounts.

Promoting the success of the company

It is the aim of the charity to maintain unrestricted funds at a level sufficient to enable it to continue to operate and meet its day to day running costs.

On behalf of the Trustees

..............................

Andrew Berkeley

Trustee

2/2/2022 Date: .............................................

THE CARMONA CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CARMONA CHARITABLE TRUST

I report to the Trustees on my examination of the financial statements of The Carmona Charitable Trust (the charity) for the year ended 5 April 2021.

Responsibilities and basis of report

As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of , which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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

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

Nathaniel Davidson Ba(hons) ACA Lopian Gross Barnett & Co

1st Floor, Cloister House Riverside New Bailey Street Manchester M3 5FS

Dated: .........................

THE CARMONA CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2021

Unrestricted
funds
2021
Notes
£
Income and endowments from:
Donations Received
3
395,361
Investments
4
2
Share of profit from investments
5
82,120
Total income
477,483
Expenditure on:
Charitable activities
6
113,970
Net gains/(losses) on investments
11
306
Net income/(expenditure) for the year/
Net movement in funds
363,819
Fund balances at 6 April 2020
548,374
Fund balances at 5 April 2021
912,193		 2020
£
27,737
-
76,770
104,507
131,915
592
(26,816)
575,190
548,374

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE CARMONA CHARITABLE TRUST

BALANCE SHEET

AS AT 5 APRIL 2021

Notes
Fixed assets
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2021
£
572,709
194,104
766,813
(2,280)		 £
147,660
764,533
912,193
912,193
912,193		 2020
£
176,301
225,553
401,854
(1,140)		 £
147,660
400,714
548,374
548,374
548,374

2/2/2022 The financial statements were approved by the Trustees on .........................

.............................. Andrew Berkeley Trustee

THE CARMONA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

1 Accounting policies

Charity information

The Carmona Charitable Trust is a Charitable Trust registered by the Charity Commission, charity no. 1090240

1.1 Accounting convention

The accounts have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of receipt.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

THE CARMONA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

1 Accounting policies

(Continued)

Investment gains and losses include any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

1.5 Resources expended

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 are allocated on the portion of the asset’s use.

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

THE CARMONA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations Received

2021
£
Donations and gifts
395,361
4
Investments
Unrestricted
funds
2021
£
Interest receivable
2		 2020
£
27,737
Total
2020
£
-

THE CARMONA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

5 Share of profit from investments

2021 2020
£ £
Other income 82,120 76,770
6 Charitable activities
2021 2020
£ £
Grant funding of activities (see note 7) 112,327 130,273
Share of governance costs (see note 7 ) 1,643 1,642
113,970 131,915
7 Grants payable
Donations Donations
2021 2020
£ £
Grants to institutions:
Advancement of the Jewish faith 18,142 19,598
Advancement of Jewish education 29,920 29,085
Relief of poverty 27,765 46,990
75,827 95,673
Grants to individuals 36,500 34,600
112,327 130,273
Material grants were made to the following institutions:
Asser Bishvil Foundation - £16,295
Sharei Torah Trust - £10,000
North Salford Synagogue - £5,973
JFS Charitable Trust - £4,860

THE CARMONA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

8 Governance costs

Governance costs relate to accountancy fees of £1,320 (2020 - £1,140) and insurance costs of £323 (2020 - £323).

9 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

None of the Trustees (or any persons connected with them) received any reimbursement of expenses from the charity during year.

10 Employees

There were no employees during the year.

11 Net gains/(losses) on investments

2021 2020
£ £
Gain/(loss) on sale of investments 306 592

12 Fixed asset investments

Unlisted
investments
£
Cost or valuation
At 6 April 2020 & 5 April 2021 147,660
Carrying amount
At 05 April 2021 147,660
At 05 April 2020 147,660

THE CARMONA CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

13 Debtors

Amounts falling due within one year:
Other debtors
Prepayments and accrued income
Creditors: amounts falling due within one year
Other creditors
Accruals and deferred income		 2021
£
545,605
27,104
572,709
2021
£
1,140
1,140
2,280		 2020
£
149,197
27,104
176,301
2020
£
-
1,140
1,140

14 Creditors: amounts falling due within one year

15 Covid-19

The Trustees have closely monitored the Government guidance in response to the Covid-19 Pandemic and have implemented measures in line with Governmental guidelines. The Trustee s have assessed the impact of Covid-19 on the c harity and conclude that there are no items resulting from the Covid-19 Pandemic which require disclosure at the balance sheet date .

16 Related party transactions

There were no disclosable related party transactions during the year ( 2020 - T here were no disclosable related party transactions during the year ) .

17 Brexit

The Trustees have considered the impact of Brexit on the charity and have concluded that there are no impacts as a result of Brexit which require disclosure at the balance sheet date.

THE CARMONA CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CARMONA CHARITABLE TRUST

I report to the Trustees on my examination of the financial statements of The Carmona Charitable Trust (the charity) for the year ended 5 April 2021.

Responsibilities and basis of report

As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of , which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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

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

Nathaniel Davidson Ba(hons) ACA Lopian Gross Barnett & Co

1st Floor, Cloister House Riverside New Bailey Street Manchester M3 5FS

Dated: .........................