Docusign Envelope ID: 69AEF8E6-90BF-4B7A-BAA9-2673D6813801
Charity number: 1112911
THE SOLE 2 SOUL FOUNDATION
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
Docusign Envelope ID: 69AEF8E6-90BF-4B7A-BAA9-2673D6813801
THE SOLE 2 SOUL FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 16 |
Docusign Envelope ID: 69AEF8E6-90BF-4B7A-BAA9-2673D6813801
THE SOLE 2 SOUL FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024
Trustees J C P Smith A S Smith Charity registered number 1112911 Principal office 30 Nelson Street Leicester LE1 7BA Accountants Somerbys Limited 30 Nelson Street Leicester LE1 7BA
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Docusign Envelope ID: 69AEF8E6-90BF-4B7A-BAA9-2673D6813801
THE SOLE 2 SOUL FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2024
The Trustees present their annual report together with the financial statements of the charity for the 6 April 2023 to 5 April 2024.
Objectives and activities
⚫ Policies and objectives
The key objects of the Charity are:
-
To relieve financial hardship and poverty
-
The advancement of education of the Christian religion
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
⚫ Activities for achieving objectives
In planning our activities we have kept in mind the Charities Commission guidance on Public Benefit. In fulfilling our principle objects, we provide benefit through providing relief of financial hardship and poverty, usually through other charities which have established infrastructures to get the funds to those most at need. Furthermore, in terms of advancing the Christian faith, the charity supports a local church, which enables ordinary people in the community to worship, pray, find out more about Jesus and help other people in the community.
Achievements and performance
⚫ Review of activities
In the year under review the Trustees made grants to organisations and individuals, ranging from £10 to £20,000. The Trustees were satisfied they have supported a wide range of valuable activities for the purposes that they continue to support.
During the year the charity continued to provide accommodation for church missionaries. The charity benefits from the income generated by the investment properties, to the tune of £77,359 (2023: £72,190) in rental income, enhancing the ability to make charitable donations.
Going concern
⚫ Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason the Trustees concluded that it is appropriate to continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
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Docusign Envelope ID: 69AEF8E6-90BF-4B7A-BAA9-2673D6813801
THE SOLE 2 SOUL FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024
Structure, governance and management
⚫ Constitution
The Sole 2 Soul Foundation was established on 15 November 2005 and is governed by the Trust Deed of that date. The charity was registered with the Charity Commission on 2 February 2006 under the registration number 1112911.
⚫ Structure, governance and management
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. The Trustees who served during the year were:
J C P Smith A S Smith
The Trustees are responsible for the appointment and training of any new Trustee, including awareness of a Trustee's responsibilities, the trust deed, charitable objects and procedures.
The Trustees have conducted a review to identify the major risks to which the charity is exposed and systems have been established to mitigate those risks. The risk policy is reviewed annually by the Trustees and updated whenever necessary.
Trustee meetings are held quarterly and regular contact is maintained to determine the distribution of funds.
Approved by order of the members of the board of Trustees and signed on their behalf by:
[Smith] [4 J C P Smith Signed3442E9F9685E4[CP] by: AF... Trustee
Date: 11 December 2024
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Docusign Envelope ID: 69AEF8E6-90BF-4B7A-BAA9-2673D6813801
THE SOLE 2 SOUL FOUNDATION
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024
Independent examiner's report to the Trustees of The Sole 2 Soul Foundation ('the charity')
I report to the charity Trustees on my examination of the financial statements of the The Sole 2 Soul Foundation 'the charity' for the year ended 5 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet the Statement of Cash Flows and related notes.
This report is made solely to the charity’s Trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s Trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for my work, for this report, or for the opinions I have formed.
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 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 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
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 giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records.
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 accounts to be reached.
Signed: DocuSigned by: Dated: 12/18/2024
3702351130AA4D6... A M West (FCA) Chartered Accountant 30 Nelson Street Leicester LE1 7BA
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Docusign Envelope ID: 69AEF8E6-90BF-4B7A-BAA9-2673D6813801
THE SOLE 2 SOUL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024
| Note Income from: Donations and legacies 2 Investments 3 Total income Expenditure on: Charitable activities 4 Total expenditure Net movement in funds before other recognised gains Other recognised gains: Gains on revaluation of investment property 11 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward 15 |
Total funds 2024 £ 87,045 78,316 165,361 237,524 237,524 (72,163) - (72,163) 2,100,751 (72,163) 2,028,588 |
Total funds 2023 £ 56,609 72,190 |
|---|---|---|
| 128,799 | ||
| 265,622 | ||
| 265,622 | ||
| (136,823) 101,822 |
||
| (35,001) | ||
| 2,135,752 (35,001) |
||
| 2,100,751 |
The notes on pages 7 to 16 form part of these financial statements.
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Docusign Envelope ID: 69AEF8E6-90BF-4B7A-BAA9-2673D6813801
THE SOLE 2 SOUL FOUNDATION
BALANCE SHEET AS AT 5 APRIL 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Fixed assets | |||||
| Tangible assets | 10 | 924,186 | 944,724 | ||
| Investment property | 11 | 1,650,000 | 1,650,000 | ||
| 2,574,186 | 2,594,724 | ||||
| Current assets | |||||
| Debtors | 12 | 28,712 | 11,767 | ||
| Cash at bank and in hand | 61,523 | 79,076 | |||
| 90,235 | 90,843 | ||||
| Creditors: amounts falling due within one | |||||
| year | 13 | (3,357) | (2,340) | ||
| Net current assets | 86,878 | 88,503 | |||
| Total assets less current liabilities | 2,661,064 | 2,683,227 | |||
| Creditors: amounts falling due after more | |||||
| than one year | 14 | (632,476) | (582,476) | ||
| Total net assets | 2,028,588 | 2,100,751 | |||
| Charity funds | |||||
| Restricted funds | 15 | - | - | ||
| Unrestricted funds | 15 | 2,028,588 | 2,100,751 | ||
| Total funds | 2,028,588 | 2,100,751 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
J C P Smith[Smith] Trustee [4Signed3442E9F9685E4[CP] by: AF...
Date:11 December 2024
The notes on pages 7 to 16 form part of these financial statements.
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Docusign Envelope ID: 69AEF8E6-90BF-4B7A-BAA9-2673D6813801
THE SOLE 2 SOUL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1
The financial statements have been prepared to give a 'true and fair' view and 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 Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Sole 2 Soul Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
1.3 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
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Docusign Envelope ID: 69AEF8E6-90BF-4B7A-BAA9-2673D6813801
THE SOLE 2 SOUL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1. Accounting policies (continued)
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
1.5 Going concern
The Trustees assess whether the use of going concern is appropriate, ie whether there are any material uncertainties related to events or conditions that may cast significant doubt over the ability of the charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the charity has adequate resources to continue in operational existence.
1.6 Tangible fixed assets and depreciation
Tangible fixed assets costing £100 or more are capitalised.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
Freehold property - 2% on cost
1.7 Investment property
Investment properties are properties held by the charity to earn rentals or for capital appreciation, rather than for use in the supply of charitable activities or for sale in the ordinary course of charity operations. Investment properties are initially measured at cost and subsequently at fair value at the reporting date. The surplus or deficit on revaluation is recognised in the Statement of financial activities.
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Docusign Envelope ID: 69AEF8E6-90BF-4B7A-BAA9-2673D6813801
THE SOLE 2 SOUL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
1. Accounting policies (continued)
1.8 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.9 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.10 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
1.11 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2. Income from donations and legacies
| Donations HMRC tax refunds Total 2024 |
Total funds 2024 £ 69,636 17,409 87,045 |
Total funds 2023 £ 45,404 11,205 |
|---|---|---|
| 56,609 |
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Docusign Envelope ID: 69AEF8E6-90BF-4B7A-BAA9-2673D6813801
THE SOLE 2 SOUL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
3. Investment income
| Rent Received Interest Received Total |
Total funds 2024 £ 77,359 957 78,316 |
Total funds 2023 £ 72,190 - 72,190 |
|---|---|---|
4. Analysis of expenditure by activities
| Charitable activities Total 2023 |
Direct costs 2024 £ 43,558 72,479 |
Grants paid 2024 £ 187,594 189,553 |
Support costs 2024 £ 6,372 3,590 |
Total funds 2024 £ 237,524 265,622 |
Total funds 2023 £ 265,622 |
|---|---|---|---|---|---|
Analysis of direct costs
| Depreciation Property maintenance Total |
Total funds 2024 £ 20,537 23,021 43,558 |
Total funds 2023 £ 20,537 51,942 72,479 |
|---|---|---|
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Docusign Envelope ID: 69AEF8E6-90BF-4B7A-BAA9-2673D6813801
THE SOLE 2 SOUL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
4. Analysis of expenditure by activities (continued)
Analysis of support costs
| Governance costs (see note 5) 5. Governance costs Accountancy fees Legal and professional fees |
Total funds 2024 £ 6,372 2024 £ 4,857 1,515 6,372 |
Total funds 2023 £ 3,590 2023 £ 3,240 350 3,590 |
|
|---|---|---|---|
6. Analysis of grants
| Grants paid Total 2023 7. Grants to institutions Ministries without Borders International Living Rock Trust Hesed Trust Other |
Grants to Institutions 2024 £ 170,994 175,553 |
Grants to Individuals 2024 £ 16,600 14,000 |
Total funds 2024 £ 187,594 189,553 2024 £ 85,120 17,885 47,830 20,159 170,994 |
Total funds 2023 £ 189,553 |
|---|---|---|---|---|
| 2023 £ 125,120 34,000 - 16,433 |
||||
| 175,553 |
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Docusign Envelope ID: 69AEF8E6-90BF-4B7A-BAA9-2673D6813801
THE SOLE 2 SOUL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
8. Independent examiner's remuneration
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Fees payable to the charity's independent examiner for the independent | ||
| examination of the charity's annual accounts | 2,457 | 2,340 |
| Fees payable to the charity's independent examiner in respect of: | ||
| All other services not included above | 2,400 | 900 |
9. Trustees
The charity has no employees other than the Trustees. None of the Trustees (or any of the persons connected with them) received any remuneration or benefits during the year or previous year.
No Trustees received any reimbursement of expenses during the year or previous year.
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Docusign Envelope ID: 69AEF8E6-90BF-4B7A-BAA9-2673D6813801
THE SOLE 2 SOUL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
10. Tangible fixed assets
| Cost or valuation At 6 April 2023 Additions Transfer to Investment property At 5 April 2024 Depreciation At 6 April 2023 Charge for the year Eliminated in respect Transfer At 5 April 2024 Net book value At 5 April 2024 At 5 April 2023 11. Investment property |
Freehold property £ 1,026,871 - - 1,026,871 82,148 20,537 - 102,685 924,186 944,724 |
|---|---|
| Valuation At 6 April 2023 Transfer from freehold property Revaluation At 5 April 2024 |
Freehold investment property £ 1,650,000 - - 1,650,000 |
|---|---|
The freehold investment properties were valued by the Trustees, on an open market value for existing use basis.
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Docusign Envelope ID: 69AEF8E6-90BF-4B7A-BAA9-2673D6813801
THE SOLE 2 SOUL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
12. Debtors
| Due after more than one year Other debtor Due within one year Income tax recoverable Other Debtors |
2024 £ - - 28,614 98 28,712 |
2023 £ - - 10,911 856 11,767 |
|---|---|---|
13. Creditors: Amounts falling due within one year
| Trade Creditors Accruals and deferred income |
2024 £ 900 2,457 3,357 |
2023 £ - 2,340 2,340 |
|---|---|---|
14. Creditors: Amounts falling due after more than one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Other creditors | 632,476 | 582,476 |
The aggregate amount of liabilities payable or repayable wholly or in part more than five years after the reporting date is:
| Payable or repayable by instalments | 2024 £ 632,476 632,476 |
2023 £ 582,476 582,476 |
|---|---|---|
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Docusign Envelope ID: 69AEF8E6-90BF-4B7A-BAA9-2673D6813801
THE SOLE 2 SOUL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
15. Statement of funds
Statement of funds - current year
| Unrestricted funds General funds Statement of funds - prior year Unrestricted funds General funds |
Balance at 6 April 2023 £ 2,100,751 Balance at 6 April 2022 £ 2,135,752 |
Income £ 165,361 Income £ 230,621 |
Expenditure £ (237,524) Expenditure £ (265,622) |
Gains/ (Losses) £ - Gains/ (Losses) £ - |
Balance at 5 April 2024 £ 2,028,588 Balance at 5 April 2023 £ 2,100,751 |
|---|---|---|---|---|---|
| 16. | Analysis of net assets between funds |
|---|---|
| Analysis of net assets between funds - current year & prior year |
| Tangible fixed assets Investment property Debtors due after more than one year Current assets Creditors due within one year Creditors due in more than one year Total |
Total funds 2024 £ 924,186 1,650,000 - 90,235 (3,357) (632,476) 2,028,588 |
Total funds 2023 £ 944,724 1,650,000 - 90,843 (2,340) (582,476) 2,100,751 |
|---|---|---|
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Docusign Envelope ID: 69AEF8E6-90BF-4B7A-BAA9-2673D6813801
THE SOLE 2 SOUL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
19. Related party transactions
Included in other creditors is £632,476 (2023: £582,476) loaned by J C P Smith a Trustee. The loan was to enable the charity to purchase the freehold and investment property.
During the year £85,120 (2023: £125,120) was paid to Ministries Without Borders International, a charity in which J C P Smith is a Trustee.
During the year £47,830 (2023: £nil) was paid to Hesed Trust, a charity in which both J C P Smith and A S Smith are Trustees.
All transactions with related parties are at arm’s length and in accordance with the Charity's objectives.
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