REGISTERED COMPANY NUMBER: 06067602 (England and Wales)
REGISTERED CHARITY NUMBER: 1118440
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2021
FOR
THE EXEMPLAR TRUST
Melinek Fine LLP
Chartered Accountants
First Floor, Winston House
349 Regents Park Road
London
N3 1DH
THE EXEMPLAR TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021
|
|
Page |
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Report of the Trustees |
1 |
to |
3 |
Independent Examiner's Report |
|
4 |
|
Statement of Financial Activities |
|
5 |
|
Balance Sheet |
6 |
to |
7 |
Notes to the Financial Statements |
8 |
to |
14 |
THE EXEMPLAR TRUST (REGISTERED NUMBER: 06067602)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2021
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheirreport with
thefinancialstatementsofthecharityfortheyearended31January2021.Thetrusteeshaveadoptedtheprovisions of
AccountingandReportingbyCharities:StatementofRecommendedPracticeapplicabletocharitiespreparing their
accountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the charity are:
-TheadvancementoftheeducationofthepublicinanypartoftheworldintheknowledgeoftheJewishhistoryand
culture;
-SuchothercharitablepurposesforthebenefitofpersonsoftheJewishfaithinanypartoftheworldasthe
Trustees shall from time to time decide.
ThetrusteesconfirmthattheyhavereferredtotheguidancecontainedintheCharityCommission'sgeneralguidance on
public benefit when reviewing the charity's aims and objectives and in planning future activities.
Thetrusteesidentifyinstitutionsandorganisationswhichmeetitsabovecriteriaandregularlysupportanumberof these
institutions and organisations.
The principal activity of the company's subsidiaries are that of dealing in residential properties.
Grantmaking
Grantsaremadetocharitableinstitutionsandorganisationsafterithasbeensatisfiedthatpaymentswillaccordwith the
objectives of the charity.
Volunteers
There were no volunteers during the year.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The results for the year and the financial position at the year end were considered satisfactory by the trustees.
Fundraising activities
Incomearisingoninvestmentswasconsideredreasonableandthetrusteesfeelthatthepresentlevelofincome is
sufficient to permit the charity to continue for the foreseeable future.
Asummaryofthecharity'stransactionsandofit'sfinancialpositionisshowninthefinancialstatementstogether with
the accompanying notes.
Investment performance
Under the Memorandum and Articles of Association the charity has the power to invest in any way the trustees wish.
Thetrusteesaresatisfiedwiththereturnoninvestmentsachievedduringtheyearandfeelconfidentthatthecharity has
adequate reserves to fulfil its charitable obligations.
Internal and external factors
The trustees considerations of the effects of Brexit and COVID-19 are disclosed in Note 20 to the financial statements.
FINANCIAL REVIEW
Principal funding sources
The principal funding sources are donations from corporate sponsors and investment income.
Page 1
THE EXEMPLAR TRUST (REGISTERED NUMBER: 06067602)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2021
FINANCIAL REVIEW
Reserves policy
Thecharityaimstomaintainreservesinorderthatitisinapositiontocontinueitsgrantmakingactivitiesata consistent
levelandtocovercontingenciesofadditionalcallsbeingmadeuponthecharityforsupportoforganisations or
institutions in times of need.
Thepresentleveloffundingisadequatetosupportthecontinuationoftheprovisionofassistancebythegivingof grants
or equipment in the short term, and the trustees consider the financial position of the charity to be satisfactory.
FUTURE PLANS
TheTrusteesplantocontinuetosupportcharitiesandcharitablepurposesinaccordancewiththeirgrantmaking policy
and to ensure that the ability to generate sufficient income is maintained to achieve that end.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Thecharityiscontrolledbyitsgoverningdocument,adeedoftrust,andconstitutesalimitedcompany,limited by
guarantee, as defined by the Companies Act 2006.
Thecharityisconstitutedasacompanylimitedbyguaranteeandassuch,itsgoverningdocumentsareits Memorandum
and Articles of Association
Recruitment and appointment of new trustees
Membership of the Charity is open to any individual interested in promoting the Objects who:
1. applies to the charity in the form required by the Trustees;
2. is approved by the Trustees;
3. signs the Register of members or consents in writing to become a member.
Organisational structure
Thecompanyhas5trustees,namesofmembersarelistedonpage2.Thecharityisorganisedsothatthetrustees meet
regularlytomanagetheaffairsofthecharity.Nominationsforappointmentareonlysolicitedfrommembersof the
charity.
Induction and training of new trustees
NewTrusteesmustfamiliarisethemselveswiththecontentoftheMemorandumandArticlesofAssociation,their legal
obligationsundercharityandcompanylaw,theorganisationalstructureofTheExemplarTrustandtherecent financial
performance of the charity.
Training of trustees will depend on their previous knowledge and experience.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
06067602 (England and Wales)
Registered Charity number
1118440
Registered office
First Floor, Winston House
349 Regents Park Road
London
N3 1DH
Trustees
N Teitelbaum Company Director
B Blau Company Director
Mrs S Iwanier Company Director
Ms J Wilk Company Director
E Teitelbaum Company Director
Company Secretary
N Teitelbaum
Page 2
THE EXEMPLAR TRUST (REGISTERED NUMBER: 06067602)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JANUARY 2021
REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner
Aryeh Melinek FCA
Chartered Accountant
Melinek Fine LLP
Chartered Accountants
First Floor, Winston House
349 Regents Park Road
London
N3 1DH
Bankers
The Royal Bank of Scotland
ThisreporthasbeenpreparedinaccordancewiththespecialprovisionsofPart15oftheCompaniesAct2006relating to
small companies.
Approved by order of the board of trustees on 29 October 2021 and signed on its behalf by:
N Teitelbaum - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
THE EXEMPLAR TRUST
Independent examiner's report to the trustees of The Exemplar Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 January 2021.
Responsibilities and basis of report
Asthecharity'strusteesoftheCompany(andalsoitsdirectorsforthepurposesofcompanylaw)youareresponsible for
the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
HavingsatisfiedmyselfthattheaccountsoftheCompanyarenotrequiredtobeauditedunderPart16ofthe2006 Act
andareeligibleforindependentexamination,Ireportinrespectofmyexaminationofyourcharity'saccountsas carried
outundersection145oftheCharitiesAct2011('the2011Act').IncarryingoutmyexaminationIhavefollowed the
Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentioninconnectionwith 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)).
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhichattention should
be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Aryeh Melinek FCA
Chartered Accountant
Melinek Fine LLP
Chartered Accountants
First Floor, Winston House
349 Regents Park Road
London
N3 1DH
29 October 2021
Page 4
THE EXEMPLAR TRUST
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JANUARY 2021
Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
2
Total
EXPENDITURE ON
Raising funds
3
Charitable activities
4
Charitable activities
Total
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
2021
Unrestricted
fund
£
-
243,823
243,823
50,805
28,736
79,541
164,282
4,163,394
4,327,676 |
2020
Total
funds
£
18,000
230,268 |
|
|
248,268
48,537
26,665 |
|
|
75,202 |
|
|
173,066
3,990,328 |
|
|
4,163,394 |
The notes form part of these financial statements
Page 5
THE EXEMPLAR TRUST (REGISTERED NUMBER: 06067602)
BALANCE SHEET 31 JANUARY 2021
Notes
FIXED ASSETS
Tangible assets
10
Investments
Investments
11
Investment property
12
CURRENT ASSETS
Debtors
13
Cash at bank
CREDITORS
Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
15
NET ASSETS
FUNDS
18
Unrestricted funds
TOTAL FUNDS |
2021
Unrestricted
fund
£
600
12,501
3,975,502
3,988,603
197,735
176,298
374,033
(34,960)
339,073
4,327,676
-
4,327,676
4,327,676
4,327,676 |
2020
Total
funds
£
1,488
12,501
3,975,502
3,989,491
177,758
29,836
207,594
(23,691)
183,903
4,173,394
(10,000)
4,163,394
4,163,394
4,163,394 |
|
|
|
ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct2006forthe year
ended 31 January 2021.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended
31 January 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a)ensuringthatthecharitablecompanykeepsaccountingrecordsthatcomplywithSections386and387of the
Companies Act 2006 and
(b)preparingfinancialstatementswhichgiveatrueandfairviewofthestateofaffairsofthecharitablecompany as
attheendofeachfinancialyearandofitssurplusordeficitforeachfinancialyearinaccordancewith the
requirementsofSections394and395andwhichotherwisecomplywiththerequirementsoftheCompanies Act
2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 6
THE EXEMPLAR TRUST (REGISTERED NUMBER: 06067602)
BALANCE SHEET - continued 31 JANUARY 2021
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitable companies
subject to the small companies regime.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon29October2021and were
signed on its behalf by:
N Teitelbaum - Trustee
The notes form part of these financial statements
Page 7
THE EXEMPLAR TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththeFinancial Reporting
StandardapplicableintheUKandRepublicofIreland(FRS102)(effective1January2019)',Financial Reporting
Standard102'TheFinancialReportingStandardapplicableintheUKandRepublicofIreland'andthe Companies
Act2006.Thefinancialstatementshavebeenpreparedunderthehistoricalcostconvention,withthe exception
of investments which are included at market value.
Preparation of consolidated financial statements
ThefinancialstatementscontaininformationaboutTheExemplarTrustasanindividualcompanyanddo not
containconsolidatedfinancialinformationastheparentofagroup.ThecharityisexemptunderSection 399(2A)
of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
Income
AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlementtothefunds,it is
probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredinsettlement and
theamountoftheobligationcanbemeasuredreliably.Expenditureisaccountedforonanaccrualsbasisand has
beenclassifiedunderheadingsthataggregateallcostrelatedtothecategory.Wherecostscannotbe directly
attributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwiththeuse of
resources.
Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedasa commitment
but not accrued as expenditure.
Tangible fixed assets
Depreciationisprovidedatthefollowingannualratesinordertowriteoffeachassetoveritsestimated useful
life.
Fixtures and fittings- 25% on cost
Investment property
Investmentpropertiesareinitiallyrecognisedatpurchasepriceplusanydirectlyattributablecosts. Subsequently,
investmentpropertiesaremeasuredatfairvaluewithanychangestofairvaluetransferredtotheStatement of
Financial Activities.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
All funds held are unrestricted income funds.
Legal status of the charity
Thecharityisacompanylimitedbyguaranteeandhasnosharecapital.Liabilityofeachmemberintheevent of
winding-up is limited to £10.
continued...
Page 8
THE EXEMPLAR TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2021
1. ACCOUNTING POLICIES - continued
Financial instruments
Thecharityonlyentersintobasicfinancialinstrumentstransactionsthatresultintherecognitionof financial
assets and liabilities like trade and other debtors and creditors.
Financialassetsthataremeasuredatcostandamortisedcostareassessedattheendofeachreporting period
forobjectiveevidenceofimpairment.Ifobjectiveimpairmentisfound,animpairmentlossisrecognisedin profit
or loss.
FinancialassetsandliabilitiesareoffsetandthenetamountreportedintheBalanceSheetwhenthereis an
enforceablerighttosetofftherecognisedamountsandthereisanintentiontosettleonanetbasisorto realise
the asset or settle the liability simultaneously.
2. INVESTMENT INCOME
Rents received
Interest receivable
RAISING FUNDS
Investment management costs
Computer costs
Insurance
Management charges
Property repairs
Maintenance charges
Depreciation
CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
(see note
5)
£
Charitable activities
10,000 |
2021
£
240,613
3,210
243,823
2021
£
375
3,224
8,578
31,387
6,354
887
50,805
Support
costs
£
18,736 |
2020
£
226,311
3,957 |
2020
£
226,311
3,957 |
|
|
230,268 |
|
|
|
2020
£
525
3,267
10,144
28,341
5,251
1,009
48,537
Totals
£
28,736 |
2020
£
525
3,267
10,144
28,341
5,251
1,009 |
|
|
|
48,537 |
3. RAISING FUNDS
4. CHARITABLE ACTIVITIES COSTS
Includedwithinsupportcostsaregovernancecostsinthesumof£3,326andbankloaninterestinthesum of
£391.
continued...
Page 9
THE EXEMPLAR TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2021
5. GRANTS PAYABLE
|
2021 |
2020 |
|
|
£ |
£ |
|
Charitable activities |
10,000 |
|
- |
Donationsandgrantscompriseamountspaidtoinstitutionsinaccordancewiththecharity'sobjects.A donation
was paid directly from the charity to the following institution:
6.
Name of charitable organisation |
Total |
donation (£ ) |
Friends of Orchos Torah |
|
10,000 |
NET INCOME/(EXPENDITURE) |
|
|
Net income/(expenditure) is stated after charging/(crediting): |
|
|
|
2021 |
2020 |
|
£ |
£ |
Depreciation - owned assets |
888 |
1,009 |
Independent Examiner's remuneration |
2,400 |
2,400 |
7. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31January2021norforthe year
ended 31 January 2020.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31January2021norfortheyear ended
31 January 2020.
Therefore, there was no key management compensation.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
|
INCOME AND ENDOWMENTS FROM
Donations and legacies
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
Charitable activities
Total
NET INCOME |
Unrestricted
fund
£
18,000
230,268 |
|
248,268
48,537
26,665 |
|
75,202 |
|
173,066 |
continued...
Page 10
THE EXEMPLAR TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2021
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
Unrestricted
fund
£
3,990,328
4,163,394 |
|
|
9. EMPLOYEES The average number of employees, excluding trustees, in the year was NIL (2020: NIL). 10. TANGIBLE FIXED ASSETS
10. |
TANGIBLE FIXED ASSETS |
|
|
|
Fixtures |
|
|
and |
|
|
fittings |
|
|
£ |
|
COST |
|
|
At 1 February 2020 and 31 January 2021 |
17,208 |
|
DEPRECIATION |
|
|
At 1 February 2020 |
15,720 |
|
Charge for year |
888 |
|
At 31 January 2021 |
16,608 |
|
NET BOOK VALUE |
|
|
At 31 January 2021 |
600 |
|
At 31 January 2020 |
1,488 |
11. |
FIXED ASSET INVESTMENTS |
|
|
|
Shares in |
|
|
group |
|
|
undertakings |
|
|
£ |
|
MARKET VALUE |
|
|
At 1 February 2020 and 31 January 2021 |
12,501 |
|
NET BOOK VALUE |
|
|
At 31 January 2021 |
12,501 |
|
At 31 January 2020 |
12,501 |
There were no investment assets outside the UK.
The company's investments at the balance sheet date in the share capital of companies include the following:
Exemplar Trading limited
Registered office:
Nature of business: Trading in properties.
%
Class of share:holding
Ordinary £1100
continued...
Page 11
THE EXEMPLAR TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2021
11. FIXED ASSET INVESTMENTS - continued
Bluetree Property Group Limited
Registered office:
Nature of business: Trading in properties.
%
Class of share:holding
Ordinary £1100
12. INVESTMENT PROPERTY
£
FAIR VALUE
At 1 February 2020
and 31 January 2021
NET BOOK VALUE
At 31 January 2021
At 31 January 2020 |
3,975,502 |
|
3,975,502 |
|
3,975,502 |
Investment property was valued on an open market basis by the directors.
13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
2021 |
2020 |
|
£ |
£ |
Trade debtors |
36,460 |
21,510 |
Amounts owed by group undertakings |
150,054 |
146,453 |
Other debtors |
9,176 |
7,876 |
Prepayments |
2,045 |
1,919 |
|
197,735 |
177,758 |
Shorttermdebtorsaremeasuredattransactionprice,lessanyimpairment.Otherdebtorsaremeasured at
amortised cost.
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 16)
Other creditors
Accruals and deferred income |
2021
£
10,000
22,516
2,444
34,960 |
2020
£
-
21,216
2,475 |
|
|
23,691 |
Shorttermcreditorsaremeasuredattransactionprice,lessanyimpairment.Othercreditorsaremeasured at
amortised cost.
continued...
Page 12
THE EXEMPLAR TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2021
15.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Bank loans (see note 16)
16.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans
Amounts falling between one and two years:
Bank loans - 1-2 years
17.
SECURED DEBTS
The following secured debts are included within creditors:
Bank loans
Security is effected by specific legal charges on the properties held by the charity.
18.
MOVEMENT IN FUNDS
At 1.2.20
£
Unrestricted funds
General fund
4,163,394
TOTAL FUNDS
4,163,394
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
243,823
TOTAL FUNDS
243,823 |
|
2021
£
-
2021
£
10,000
-
2021
£
10,000
Net
movement
in funds
£
164,282
164,282
Resources
expended
£
(79,541)
(79,541) |
2020
£
10,000
2020
£
-
10,000
2020
£
10,000
At
31.1.21
£
4,327,676 |
2020
£
10,000
2020
£
-
10,000
2020
£
10,000
At
31.1.21
£
4,327,676 |
2020
£
10,000 |
|
|
|
|
|
2020
£
- |
|
|
|
|
|
10,000 |
|
|
|
|
|
2020
£
10,000 |
|
|
|
4,327,676 |
|
|
|
|
|
|
Movement
in funds
£
164,282 |
|
|
|
|
|
164,282 |
|
continued...
Page 13
THE EXEMPLAR TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JANUARY 2021
18. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
At 1.2.19
£
Unrestricted funds
General fund
3,990,328
TOTAL FUNDS
3,990,328
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
248,268
TOTAL FUNDS
248,268 |
|
Net
movement
in funds
£
173,066
173,066
Resources
expended
£
(75,202)
(75,202) |
At
31.1.20
£
4,163,394 |
At
31.1.20
£
4,163,394 |
|
|
|
4,163,394 |
|
|
|
|
Movement
in funds
£
173,066
173,066 |
|
|
|
|
|
173,066 |
19. RELATED PARTY DISCLOSURES
Thecharitablecompanyhastakenadvantageofexemption,underthetermsofFinancialReportingStandard 102
'TheFinancialReportingStandardapplicableintheUKandRepublicofIreland',nottodiscloserelated party
transactions with wholly owned subsidiaries within the group.
20. POST BALANCE SHEET EVENTS
TheUnitedKingdom(UK)lefttheEuropeanUnion(EU)on31January2020andremainsinatransitional period
underwhichcurrentrulesregardingtrade,travelandbusinesswillcontinuetoapply.TheeffectsofBrexiton the
UKeconomyarestillunknownandthecharityiscontinuouslymonitoringandconsideringthe potential
implications.
OnMarch112020,theWorldHealthOrganization(WHO)declaredCOVID-19apandemic.Theeffects of
COVID-19 have and are expected to continue to adversely affect the global economy, including the UK.
Inthiscontext,thetrusteeshaveconsideredthecharity'spositionatthedateofsigningthese financial
statementsandhavedeterminedthattheseeventshavenothadamaterialeffectontheoperationsofthe charity
and they believe that the asset values on the balance sheet have not been materially affected either.
Page 14