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2023-03-31-accounts

RIVERSIDE CHURCH (TAUNTON) (A company limited by guarantee)

UNAUDITED FINANCIAL STATEMENTS

YEAR TO 31[ST] MARCH 2023

RIVERSIDE CHURCH (TAUNTON)

UNAUDITED FINANCIAL STATEMENTS

YEAR TO 31[ST] MARCH 2023

CONTENTS

Page
Legal and Administrative Information 1
Trustees’ Annual Report 2-4
Independent Examiner’s Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8-15

RIVERSIDE CHURCH (TAUNTON)

LEGAL AND ADMINISTRATIVE INFORMATION

YEAR TO 31ST MARCH 2023
CHARITY NAME Riverside Church (Taunton)
REGISTERED CHARITY NUMBER 1097758
REGISTERED COMPANY NUMBER
04645456
REGISTERED ADDRESS Riverside Church
The Exchange
Hamilton Road
Taunton
Somerset
TA1 2EQ
CURRENT DIRECTORS/TRUSTEES Mr Michael Taylor (Chair)
Mrs Gine Glover
Mr Nigel Glover
Mr John Hilton (Treasurer)
Mr Keith Packer
BANKERS Lloyds TSB
31 Fore Street
Taunton
Somerset
TA1 1HN
INDEPENDENT EXAMINER Mr M B J Cronin MAAT FCIE
Bowhill Bookkeeping Services
172 Newman Road
Exeter
EX4 1PQ

1

RIVERSIDE CHURCH (TAUNTON) REPORT OF THE TRUSTEES (INCLUDING REPORT OF THE DIRECTORS) FOR THE YEAR TO 31[ST] MARCH 2023

The trustees, who are also Directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31[st] March 2023.

The financial statements have been prepared in accordance with the accounting policies set out on pages 8-10, the Memorandum and Articles of Association, the Charities Act 2011 with 2022 amendments, the Statement of Recommended Practice: Accounting and Reporting by Charities Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the small Companies regime (section 419 (2) of the Companies Act 2006.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The charity is controlled by its governing document, memorandum and articles of association dated 23[rd] January 2003 and as amended by a Special Resolution dated 18[th] May 2003. It constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. A board of Directors/Trustees administers the charity and meets on a regular basis throughout the year.

The Trustees wish to change the legal structure of the charity from a Charitable Limited Company to a Charitable Incorporated Organisation (CIO), and in preparation for this , special resolutions were passed on 31[st] July 2023 in order to amend the charitable objects and trustee benefits sections of the charity’s governing document, subject to and conditional upon the approval of the Charity Commission which is still awaited.

Risk Management

The Directors actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated in the reserves policy combined with the annual review of the controls over the key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Directors have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.

Objectives of the Charity

The advancement of the Christian faith and the worship of God in the County of Somerset and elsewhere by any means whatsoever. The relief of persons who are in conditions of need, hardship, or distress or who are aged or sick and the advancement of education on the basis of Christian principles.

Organisational Structure

The trustees who served during the year and up to the date the report was approved are as follows:

Mr Michael Taylor (Chairman) Mr Christopher Hall (Resigned 25[th] January 2023) Mrs Ann Hall (Resigned 25[th] January 2023) Mr John Hilton (Treasurer) Mr Keith Packer Mr Liam Lampey (Appointed 16[th] April 2022, Resigned 23[rd] November 2022) Mr Nigel Glover (Appointed 23[rd] May 2022) Mrs Gine Glover (Appointed 23[rd] May 2022)

The power of appointing new trustees is vested in the surviving or continuing trustees.

2

RIVERSIDE CHURCH (TAUNTON) REPORT OF THE TRUSTEES (INCLUDING REPORT OF THE DIRECTORS) FOR THE YEAR TO 31[ST] MARCH 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Public Benefit

The Trustees have noted the Charity Commission’s published guidance on the Public Benefit requirement under the Charities Act 2011. The charity carries out a range of activities in accordance with its charitable aims. They consider that the activities described below provide benefit to those who worship at the Church, to the wider community in Taunton and surrounds and indeed to the United Kingdom and world.

REVIEW OF ACTIVITIES, ACHIEVEMENTS AND PERFORMANCE

The Trustees met on at least eight occasions during the year.

The Church is a member of Harvest Alliance.

The Church’s support for and link with Zambian churches continues but no visits have yet been possible since Covid 19.

The Exchange is the main gathering place for church activities. The church gathers there regularly, and the building is used for many other activities either by the church for the benefit of the local community or by local clubs and organisations.

We have restarted monthly Messy Church and free BBQ, and both are well attended.

Riverside Church continues to network with other churches and local organisations.

FINANCIAL REVIEW

The charity made a surplus in the year of £4,234 (2022 – surplus £1,277). The charity made an operating surplus in the year (not including gains/losses on investments) of £6,470 (2022 – surplus £201).

Total income reduced by 8.5%. Gifts and offerings and Gift aid reduced by 14% compared to the previous year. Buildings lettings increased by 97% compared to 2022.

Total expenditure reduced by 16.7% compared to the previous year.

At the year-end, the charity held funds totalling £269,982 of which £125 was held in restricted funds.

RESERVES POLICY

At the year-end the charity’s cash reserves totalled £37,848 (Net current assets less restricted funds). The amounts to between 9-10 months unrestricted expenditure.

The trustees are aware that the church roof will need major repairs soon, and phase one is budgeted at £20,000, and is likely to commence in 2024.

The trustees consider these reserves to be adequate for the needs of the charity.

3

RIVERSIDE CHURCH (TAUNTON) REPORT OF THE TRUSTEES (INCLUDING REPORT OF THE DIRECTORS) FOR THE YEAR TO 31[ST] MARCH 2023

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees (who are also the directors of Riverside Church (Taunton)) are responsible for preparing the annual report and the accounts in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law the directors 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 charitable company for that period. In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report, which have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies, was approved by the trustees on 9 October 2023 and signed on their behalf by:

John Hilton

………………………………………………………….

Director/Trustee

4

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

RIVERSIDE CHURCH (TAUNTON)

I report on the accounts of the company for the year to 31[st] March 2023 which are set out on pages 6-15.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

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

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

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

Mr M Cronin MAAT FCIE Bowhill Bookkeeping Services 172 Newman Road Exeter EX4 1PQ

Date 16 October 2023

5

RIVERSIDE CHURCH (TAUNTON)

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 31[ST] MARCH 2023

Unrestricted
Restricted
Funds
Funds
Note
£
£
INCOME FROM:
Donations and Legacies
9
53,132
8,276
Charitable activities
10
9,321
Investment income: Bank interest
42
-
_
_
TOTAL
62,495
8,276
_
_
EXPENDITURE ON:
Charitable activities
11
48,613
15,688
_
_
TOTAL
48,613
15,688
_
_
NET GAINS/(LOSSES) ON INVESTMENTS
(2,236)
-
NET INCOME/(EXPENDITURE)
11,646
(7,412)
TRANSFERS BETWEEN FUNDS
(6,787)
6,787
_
_
NET MOVEMENT IN FUNDS
4,859
(625)
_
_
RECONCILIATION OF FUNDS:
_
_
TOTAL FUNDS BROUGHT FORWARD
264,998
750
_
_
TOTAL FUNDS CARRIED FORWARD
269,857
125
_
_		 Total
Funds
Unrestricted
Restricted
2023
Funds
Funds
£
£
£
61,408
65,060
6,657
9,321
5,678
42
4
-
__
_
_
70,771
70,742
6,657
__
_
_
64,301
56,318
20,880
__
_
_
64,301
56,318
20,880
__
_
_
(2,236)
1,076
-
4,234
15,500
(14,223)
-
(11,784)
11,784
__
_
_
4,234
3,716
(2,439)
__
_
_
__
_
_
265,748
261,282
3,189
__
_
_
269,982
264,998
750
__
_
_		 Total
Funds
2022
£
71,717
5,678
4
_
77,399
_
77,198
_
77,198
_
1,076
1,277
-
_
1,277
_
_
264,471
_
265,748
__

6

RIVERSIDE CHURCH (TAUNTON)

BALANCE SHEET

AS AT 31[st] MARCH 2023

Note
£
FIXED ASSETS:
Tangible assets
4
Investments
5
TOTAL FIXED ASSETS
CURRENT ASSETS:
Debtors
6
13,695
Cash at bank and in hand
26,009
_
TOTAL CURRENT ASSETS
39,794
LIABILITIES:
Creditors:
Amounts falling due within one year
7
(1,821)
_
NET CURRENT ASSETS
TOTAL NET ASSETS
THE FUNDS OF THE CHARITY:
Restricted Funds
8
Unrestricted Funds
TOTAL CHARITY FUNDS		 At 31st
March
2023
£
£
200,000
32,009
_
232,009
16,831
16,925
_
33,756
(2,253)
_
37,973
__
269,982
__
125
269,857
__
269,982
__		 At 31st
March
2022
£
200,000
34,245
_
234,245
31,503
_
265,748
_
750
264,998
_
265,748
_

For the year ending 31[st] March 2023, the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The notes on pages 8-15 form an integral part of these accounts.

Responsibilities of trustees

These financial statements have been prepared in accordance with the provisions applicable to small companies subject to the small companies’ regime and in accordance with FRS 102 SORP and were approved by the trustees on 9 October 2023 and signed on their behalf by:

John Hilton Director/Trustee

7

RIVERSIDE CHURCH (TAUNTON) NOTES TO THE FINANCIAL STATEMENTS

YEAR TO 31[ST] MARCH 2023

1. ACCOUNTING POLICIES

a) Basis of Accounting

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to the accounts. The financial statements have been prepared with the Statement of Recommended Practice: 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) (effective 1 January 2019) – (Charities SORP (FRS 102)) and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). The financial statements have also been prepared with the Charities Act 2011 and the small Companies regime (section 419 (2) of the Companies Act 2006.

Riverside Church (Taunton) meets the definition of a public benefit entity under FRS 102.

b) Tangible Fixed Assets

Freehold Property: Land and Buildings

Freehold property has been measured at historical cost. No deprecation has been charged as the property is maintained to such a standard that the estimated residual value is not less than the cost.

Tangible fixed assets are capitalised if they can be used for more than one year and cost at least £1,500.

c) Fixed Asset investments

Investments are included at current market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.

d) Debtors and Prepayments

The gift aid debtor is recognised and included as income when there is a valid declaration from the donor. Prepayments are valued at the amount prepaid net of any trade discounts due.

e) Cash at bank

Cash at bank includes 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.

f) Creditors

Creditors are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

8

RIVERSIDE CHURCH (TAUNTON)

NOTES TO THE FINANCIAL STATEMENTS

YEAR TO 31[ST] MARCH 2023

1. ACCOUNTING POLICIES (continued)

g) Income

All income is included in the Statement of Financial Activities when the charity is legally entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy.

Gifts and Offerings are recognised when received by or on behalf of the charity. Gift aid tax refunds are recognised on a receivable basis. Gift aid receivable is included in income when there is a valid declaration from the donor. Any gift aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.

h) Volunteer help

The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.

i) Expenditure

Expenditure is included on an accruals basis.

Charitable expenditure are costs incurred by the charity in the delivery of its activities and services for its beneficiaries.

j) Pensions

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the financial period. Pension contributions are charged to the Statement of Financial Activities as they become payable.

k) The Funds of the Charity

Funds held by the charity are:

Unrestricted Funds

These are funds that are not subject to any restrictions regarding their use and are available for application within the charitable objects for the general purposes of the charity.

Restricted Income Funds

These are funds which can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when the funds are raised for particular purposes.

l) Financial Instruments

The charity only has financial assets and 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.

9

RIVERSIDE CHURCH (TAUNTON) NOTES TO THE FINANCIAL STATEMENTS

YEAR TO 31[ST] MARCH 2023

1. ACCOUNTING POLICIES (continued)

m) Going concern

The trustees consider there are no material uncertainties about the charity’s ability to continue as a going concern.

2. LEGAL STATUS OF THE CHARITY

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

3. TAXATION

As a charity, Riverside Church (Taunton) is exempt from tax on income and gains falling within sections 466 to 493 of the Corporation Tax Act 2010 to the extent that these are applied to its charitable purposes. No tax charges have arisen in the charity.

4. TANGIBLE FIXED ASSETS

2023
£
__
Freehold Land and Buildings
200,000
____
5..
INVESTMENTS
Standard Life – Elevate Cash, Elevate GIA
Balance Brought Forward
Gain/(Loss) in the year
Balance Carried Forward
6.
DEBTORS
Prepayments
Gift aid Tax refunds
Pastoral Care Loans
Buildings Lettings		 2022
£
__
200,000
_
2023
£
34,245
(2,236)

32,009

2023
£
3,662
9,021
-
1,012

13,695
___		 2022
£
2,855
10,451
3,000
525
__
16,831
____

10

RIVERSIDE CHURCH (TAUNTON)

NOTES TO THE FINANCIAL STATEMENTS

YEAR TO 31[ST] MARCH 2023

7. CREDITORS: Amounts falling due within one year

Other Creditors
Accruals		 2023
£
921
900
______
1,821
______		 2022
£
933
1,320
__
2,253
____

8. RESTRICTED FUNDS

CURRENT FINANCIAL YEAR

Fund
Balances
B/Forward
£
Zambia Fund
-
Food Box
125
Hardship Fund
625
Christmas Gifts
-
_
Total Funds
750
_		 Transfers
Fund
Income
Expenditure
Between
Balances
Funds
C/Forward
£
£
£
£
7,526
(14,938)
7,412
-
-
-
-
125
-
-
(625)
-
750
(750)
-
-
_
_
_
_
8,276
(15,688)
6,787
125
_
_
_
_

PREVIOUS FINANCIAL YEAR

Fund
Balances
B/Forward
£
Building Fund
576
Zambia Fund
2,488
Food Box
125
Staff employment costs
-
Pastoral Care
-
Hardship Fund
-
_
Total Funds
3,189
_		 Transfers
Fund
Income
Expenditure
Between
Balances
Funds
C/Forward
£
£
£
£
-
(1,113)
537
-
4,228
(13,286)
6,570
-
-
-
-
125
850
(4,531)
3,681
-
954
(1,950)
996
-
625
-
-
625
_
_
_
_
6,657
(20,880)
11,784
750
_
_
_
_

11

RIVERSIDE CHURCH (TAUNTON) NOTES TO THE FINANCIAL STATEMENTS

YEAR TO 31[ST] MARCH 2023

8. RESTRICTED FUNDS (continued)

ANALYSIS OF FUNDS

CURRENT YEAR

Unrestricted
Restricted
Funds
Funds
£
£
Fixed Assets
232,009
-
Current Assets
39,669
125
Current Liabilities
(1,821)
-
_
_
Net Assets
269,857
125
_
_
PREVIOUS YEAR
Unrestricted
Restricted
Funds
Funds
£
£
Fixed Assets
234,245
-
Current Assets
32,238
1,518
Current Liabilities
(1,485)
(768)
_
_
Net Assets
264,998
750
_
_		 Totals
£
232,009
39,794
(1,821)
_
269,982
_
Totals
£
234,245
33,756
(2,253)
_
265,748
_

Zambia Fund : Established to provide relief of persons who are in conditions of need or distress in Zambia. Additional gifts totalling £7,412 were transferred from the unrestricted funds.

Food Box: Gifts specifically given for the organisation Food Box. A balance of £125 is carried forward to be spent in the current year.

Hardship Fund: Gifts specifically given to individuals in need in the community. A balance of £625 carried forward from the previous year was transferred with the original donor’s permission to the Zambia fund to be spent on transport repairs.

Christmas Gifts: £750 was raised to give gifts to various individuals in need at Christmas.

12

RIVERSIDE CHURCH (TAUNTON) NOTES TO THE FINANCIAL STATEMENTS YEAR TO 31[ST] MARCH 2023

Total Total
Unrestricted Restricted Funds Unrestricted Restricted Funds
Funds Funds 2023 Funds Funds 2022
£ £ £ £ £ £
INCOME FROM:
9. Donations and Legacies
Gifts and Offerings 45,249 7,134 52,383 55,411 5,714 61,125
Gift aid tax refunds 7,883 1,142 9,025 9,649 943 10,592
__ __ __ __ __ __
53,132 8,276 61,408 65,060 6,657 71,717
__ __ __ __ __ __
10. Charitable activities
Pastoral Care - - - 954 - 954
Buildings Lettings 9,321 - 9,321 4,724 - 4,724
__ __ __ __ __ __
9,321 - 9,321 5,678 - 5,678
__ __ __ __ __ __

13

RIVERSIDE CHURCH (TAUNTON) NOTES TO THE FINANCIAL STATEMENTS YEAR TO 31[ST] MARCH 2023

Total Total
Unrestricted Restricted Funds Unrestricted Restricted Funds
Funds Funds 2023 Funds Funds 2022
Note £ £ £ £ £ £
EXPENDITURE ON:
11. Charitable activities
Charitable Giving 12 3,534 15,688 19,222 7,566 13,181 20,747
Employment costs 13 22,334 - 22,334 13,313 4,531 17,844
Fees - - - 18,656 - 18,656
Youth & Children’s work 135 - 135 301 - 301
Premises: Refreshments & Cleaning 2,247 - 2,247 1,178 - 1,178
Premises: Repairs & Maintenance 6,241 - 6,241 4,211 1,113 5,324
Premises: Utility costs 3,796 - 3,796 2,998 - 2,998
Insurance 2,423 - 2,423 2,376 - 2,376
Telephone & Internet 347 - 347 765 - 765
Payroll and Administrative costs 1,072 - 1,072 757 - 757
Printing, Post and Stationery 127 - 127 104 - 104
Subscriptions and Licences 616 - 616 724 - 724
Website costs 515 - 515 515 - 515
Equipment 1,552 - 1,552 - - -
Training costs 294 - 294 37 - 37
Gifts to Speakers 1,507 - 1,507 902 - 902
Pastoral Care - - - - 1,950 1,950
Bank charges 287 - 287 133 105 238
Accounting and Independent examination 15 1,321 - 1,321 1,370 - 1,370
Sundry expenses 265 - 265 412 - 412
__ __ __ __ __ __
48,613 15,688 64,301 56,318 20,880 77,198
__ __ __ __ __ __

14

RIVERSIDE CHURCH (TAUNTON) NOTES TO THE FINANCIAL STATEMENTS YEAR TO 31[ST] MARCH 2023

12. CHARITABLE GIVING

The charity made gifts and donations to 4 organisations totalling £18,472 and gifts to individuals totalling £750 during the year. Total charitable giving amounted to £19,222.

13. EMPLOYMENT COSTS

Total remuneration for the year amounted to £22,334. Gross salaries amounted to £22,055. Employer NIC amounted to £810 but this was covered by the employment allowance.

Employer pension payments amounted to £279.

There were no employees with remuneration above £60,000.

The average number of employees for the year was 4. (2022 – 4).

14. TRUSTEES’ REMUNERATION AND EXPENSES/RELATED PARTY TRANSACTIONS

During the financial year, Mr C Stone received £5,144 (2022 - £5,328) gross salary and £92 employer pension as church worker of Riverside Church, Taunton, in furthering of the charity’s objects.

Gine Glover is a trustee and received £1,335 gross salary during the year as cleaner.

Stuart Glover spouse of Gine Glover (a Trustee) and son of Nigel Glover (a Trustee) received a gross salary of £12,800 and £187 employer pension as Church Administrator.

During the year £294 was paid to Mick Taylor for Leadership Team training. The training was delivered by an independent training organisation.

The charitable companies’ governing document allows for the employment of trustees/directors as long as the majority of the trustees/directors are not employed.

Conflicts of interest are taken into account in all discussions in relation to the employment of the above trustee/directors with trustees/directors withdrawing from any meeting where their employment is discussed.

The trustees’ insurance includes trustee indemnity insurance.

No further remuneration directly or indirectly out of the funds of the charity was paid or payable for the year to any trustee/director or any person or persons known to be connected with any of them.

There were no trustees' expenses paid for the year ended 31st March 2023, nor for the year ended 31st March 2022.

15. ACCOUNTING AND INDEPENDENT EXAMINATION

£1,321 was paid for the charity’s independent examination in the year which included an element for accounts preparation.

15