FARMLINK EDUCATION LIMITED
(A company limited by guarantee)
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
Company registration number: 5994599 Registered charity number: 1120308
FARMLINK EDUCATION LIMITED
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
| CONTENTS | Page |
|---|---|
| Trustees’ report | 2 – 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 - 9 |
| Notes to the financial statements | 10 – 15 |
| Independent examiner’s report | 16 |
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FARMLINK EDUCATION LIMITED
Trustees Annual Report for the year ended 31[st] August 2022
The trustees are pleased to present their annual directors’ report together with the financial statements of the charity for the year ending 31 August 2022 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, 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) (effective 1 January 2019).
Our Purposes and Activities
The Charity’s objects are to advance the education of school children in the subjects of farming, food production, biodiversity, the rural economy and the study of the environment and ecology generally.
In the year the charity aimed to further its objectives by undertaking a programme of school visits through the FarmLink educational programme. The visits are delivered by our partner farms.
This enables schools to deliver the areas of the national curriculum relating to farming, food production, biodiversity, the rural economy and the study of the environment and ecology through a series of visits.
Achievements and performance
It is with great pleasure during this period that we have been able to welcome children back on to our farms. The pandemic has proved to be a huge challenge for the charity, but it did provide an opportunity to assess our strategy. A new strategic direction was agreed, and the implementation has made a significant difference to the Charity.
We have made the decision to target smaller host farms to take advantage of the Countryside Stewardship education payments. The impact has been significant, and we now have a far greater number of farms involved in the programme and as a result a far great geographic coverage.
School attitudes and ability to go on visits remains less than what it was prior to the pandemic and with fewer schools are running assemblies there has been an impact on our numbers. We are now coming out of the pandemic, and we are in position to move forward with confidence under a new strategy working towards a sustainable charity.
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FARMLINK EDUCATION LIMITED
Trustees Annual Report for the year ended 31[st] August 2022 cont.
Public Benefit
The Trustees have paid due regard to the Charity Commission guidance on public benefit in deciding what activities the Charity should undertake and confirm all the Charity’s activities are undertaken to further charitable purposes for public benefit.
Financial Review
At 31 August 2022 the Charity had net assets of £65,673, of which £nil were restricted funds.
The Charity’s main sources of funding in the period were:
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donations, totalling £35,500, from partner farms;
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donation in kind from Packington Farm of a seconded member of staff; and
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unrestricted donations of £7,500 from Dartington Cattle Breeding Trust, £5,000 from The Spielman Trust, £5,000 from The Nelson Trust and £5,000 from Bristol Airport.
The Trustees are confident the Charity is financially secure to deliver its programme of activities for 2022/23.
Investment policy
As reserves are currently at a relatively low level, all funds are currently held in a bank current account. The Trustees are investigating investing any surplus funds in an instant access deposit account in a UK bank that provides a reasonable rate of interest.
Reserves policy & Going Concern
The Charity’s reserves policy is to hold £100,000 in liquid unrestricted funds (free reserves) which represents approximately 12 months total expenditure at 2021/22 annual levels. This would enable the Charity time to seek alternative funding if its current sources of funding ceased. At 31 August 2022, the liquid unrestricted reserves were £64,780, which represents 6.9 months of expenditure.
The Trustees have a reasonable expectation the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
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FARMLINK EDUCATION LIMITED
Trustees Annual Report for the year ended 31[st] August 2022 cont.
Plans for Future Periods
With the number of Farms increasing and the requirement have a more proactive attitude to engaging with schools we will be looking to employ a county co Ordinator for both Devon and Cornwall.
The next period should be a period of consolidation and making sure we deliver for the new host farms as well as looking at getting our reserves to the policy outlined in the accounts, with that in mind we will looking to engage with an independent fundraiser.
Reference and Administrative Information
Name & Charity Number:
Farmlink Education Limited:
Registered Charity No: 1120308 Company No: 5994599
Registered Office:
Our Offices 4 Yeowood Farm Iwood Wrington Somerset BS40 5NU
Trustees:
Mr John Alvis MBE Sir David Wills Bt Mrs Mary James MBE Mr Brian Kirkup Mr Mark Pooley Mrs Jeanette Read Mr Nick Green Mr Tom Coles Mr Richard Cooksley (appointed 24/02/2022)
Solicitors:
Burges Salmon Narrow Quay House Narrow Quay Bristol BS1 4AH
Bankers:
Nat West Bank Wells Branch 7 High Street Wells Somerset BA5 2AD
Independent Examiner:
Mr M J Maneely FCCA
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FARMLINK EDUCATION LIMITED
Trustees Annual Report for the year ended 31[st] August 2022 cont.
Structure, Governance and Management
Governing Document
The organisation is a charitable company limited by guarantee. The company was established under a Memorandum and Articles of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. The company was incorporated on 10 November 2006, and commenced its activities on 1 April 2007. The company was registered as a charity on 27 July 2007.
Recruitment and Appointment of the Trustees
The directors of the company are also charity trustees for the purposes of charity law.
The Trustees regularly review the skills and experience base of its board to reflect the needs of the organisation. Induction is seen as a key element in retaining and supporting Trustees.
Trustee Induction and Training
New Trustees are given clear advice and support in relation to their obligations. All relevant documentation is made available including details of its resourcing, the current financial position as set out in the latest set of accounts and information about future plans and the strategic development of the Charity.
Day to day management
The trustees have delegated the day to day management of the Charity to the Chief Executive, Tim Ledbury. The Chief Executive reports formally to the Trustees at the quarterly Trustees’ meetings and as required between Trustees meetings.
Key Personnel
Tim Ledbury Chief Executive
Risk Management
The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
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FARMLINK EDUCATION LIMITED
Trustees Annual Report for the year ended 31[st] August 2022 cont.
Trustees’ responsibilities in relation to the financial statements
The charity trustees (who are also the directors of Farmlink Education Limited for the purposes of company law) are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing the financial statements, the trustees are required to:
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a) select suitable accounting policies and then apply them consistently;
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b) observe the methods and principles in the Charities SORP;
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c) make judgements and estimates that are reasonable and prudent;
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d) state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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e) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operational existence.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and the group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
In accordance with company law, as the charity’s Trustees, we certify that:
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So far as we are aware, there is no relevant audit information of which the charity’s Independent Examiner is unaware; and
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As the Trustees of the charity we have taken all steps that ought to have been taken in order to make ourselves aware of any relevant audit information and to establish that the charity’s Independent Examiner is aware of that information.
MARK POOLEY
Signed on behalf of the Trustees: (Mark Pooley)
Date: 16 March 2023
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FARMLINK EDUCATION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022
| Total | Total | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Year | Year | ||
| Funds | Funds | 2022 | 2021 | ||
| Note | £ |
£ | £ | £ | |
| INCOME AND EXPENDITURE | |||||
| Income from: | |||||
| Donations and legacies | 2 | 89,706 | 6,000 | 95,706 | 100,168 |
| ______ | ______ | ______ | ______ | ||
| TOTAL INCOME | 89,706 | 6,000 | 95,706 | 100,168 | |
| ______ | ______ | ______ | ______ | ||
| Expenditure on: | |||||
| Charitable activities: | |||||
| Farm visits | 3 | 106,542 | 6,000 | 112,542 | 102,972 |
| ______ | ______ | ______ | ______ | ||
| TOTAL EXPENDITURE | 106,542 | 6,000 | 112,542 | 102,972 | |
| ______ | ______ | ______ | ______ | ||
| Net income/(expenditure) | |||||
| for the year | (16,836) | - | (16,836) | (2,804) | |
| ______ | ______ | ______ | _____ | ||
| Transfers | - | - | - | - | |
| ______ | ______ | ______ | ______ | ||
| Net movement in funds for the | year | (16,836) | - | (16,836) | (2,804) |
| Reconciliation of funds | |||||
| Total funds brought forward | 82,509 | - | 82,509 | 85,313 | |
| ______ | ______ | ______ | _____ | ||
| Total funds carried forward | 65,673 | - | 65,673 | 82,509 | |
| ______ | ______ | ______ | _____ |
The notes on pages 10 to 15 form part of these accounts.
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FARMLINK EDUCATION LIMITED
BALANCE SHEET AS AT 31 AUGUST 2022
| BALANCE SHEET AS AT 31 AUGUST 2022 |
|||
|---|---|---|---|
| 2022 | 2021 | ||
| Company number: 5994599 | |||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible fixed assets | 7 | 893 | 1,438 |
| CURRENT ASSETS | |||
| Debtors | 8 | 1,256 | 5,674 |
| Cash at bank and in hand | 68,378 | 77,105 | |
| ______ | ______ | ||
| 69,634 | 82,779 | ||
| CREDITORS: Amounts falling due within one year | 9 | (4,854) | (1,708) |
| ______ | ______ | ||
| NET CURRENT ASSETS | 64,780 | 81,071 | |
| ______ | ______ | ||
| NET ASSETS | 65,673 | 82,509 | |
| ______ | ______ | ||
| THE FUNDS OF THE CHARITY: | |||
| Restricted funds | - | - | |
| Unrestricted funds | 10 | 65,673 | 82,509 |
| ______ | ______ | ||
| TOTAL CHARITY FUNDS | 65,673 | 82,509 | |
| ______ | ______ |
The Trustees are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the audit of the financial statements for the year by virtue of section 477, and that no member or members have requested an audit pursuant to section 476 of the Act.
The Trustees acknowledge their responsibilities for:
(i) ensuring that the company keeps adequate accounting records which comply with section 386 of the Act, and
(ii)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of section 393, and which otherwise comply with the requirements of the Act relating to financial statements, so far as applicable to the company.
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FARMLINK EDUCATION LIMITED
BALANCE SHEET (continued) AS AT 31 AUGUST 2022
Company number: 5994599
These financial statements have been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
16 March 2023, and are signed on their behalf by:
MARK POOLEY
TRUSTEE
16 March 2023 ______ Date
The notes on pages 10 to 15 form part of these accounts.
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FARMLINK EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
1. ACCOUNTING POLICIES
- a) Basis of preparation
The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Farmlink Education Limited 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 note(s).
b) Reconciliation with previous Generally Accepted Accounting Practice
In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items was required. At the date of transition, no material restatements were required.
c) Preparation of the accounts on a going concern basis
The trustees are of the opinion that there are no material uncertainties about the charity’s ability to continue as a going concern.
- d) Income
Donations and grants are credited to the Statement of Financial Activities in the year in which they are receivable and are allocated to the appropriate fund.
Donations in kind of services, including the secondment of staff, are accounted for as income at an estimate of the value to the charity of the services received. An equal amount is accounted for the services in expenditure.
Investment income is included when receivable.
- e) Expenditure and irrecoverable VAT
Resources expended are recognised in the period in which they are incurred. They include attributable VAT which cannot be recovered. They are allocated to the particular activity to which they relate.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. As the charity has only one activity, all costs are allocated against the charitable activity.
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FARMLINK EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 (continued)
-
ACCOUNTING POLICIES (continued)
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f) Tangible fixed assets
Tangible fixed assets are capitalised at cost and depreciated over their useful economic lives on a straight line basis as follows.
Equipment – 4 years Classroom – 7 years
- g) Fund accounting
Funds held by the charity are:
Unrestricted general funds – these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
Restricted funds – these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Designated funds – these are unrestricted general funds that have been earmarked by the trustees to be used for specific purposes in accordance within the charitable objects
Further explanation of the nature and purpose of each fund is included in the notes to the accounts.
| 2. | DONATIONS AND LEGACIES Year Year 2022 2021 £ £ Unrestricted Donations from Partner Farms 35,500 50,250 Spielman Charitable Trust 5,000 5,000 Dartington Cattle Breeders Trust 7,500 - Quartet Community Foundation - 5,000 Dickenson Trust - 1,000 The Nelson Trust 5,000 - Bristol Airport 5,000 - Other Donations less than £1,000 4,314 1,040 Gifts in kind Packington Farm – Seconded staff 26,612 26,612 Accountancy fees 780 780 Government grants Job Retention Scheme grants - 10,486 _ _ 89,706 100,168 _ _ |
|---|---|
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FARMLINK EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 (continued)
| 2. 3. |
DONATIONS AND LEGACIES (continued) Year Year 2022 2021 £ £ Restricted Bridgwater Agricultural Society (delivery in Somerset) 6,000 - _ _ 6,000 - _ _ TOTAL 95,706 100,168 __ _ EXPENDITURE ON CHARITABLE ACTIVITIES Year Year 2022 2021 £ £ Charitable activities–Farmer Nick and farm visits Staff costs 86,168 83,223 Delivery of farm visits 8,714 2,513 Educational video - 3,044 Subsidising bus costs of schools 550 - Office and administration costs 11,463 6,642 Expenses delivering kitchen classroom services 865 1,025 Depreciation 827 1,067 Accountancy fees 3,175 4,678 Independent examiner’s fees 780 780 _ __ TOTAL 112,542 102,972 __ ______ |
|---|---|
Expenditure includes restricted staff costs of £nil (2021 - £nil). All other expenditure was unrestricted expenditure.
4. NET INCOME/(EXPENDITURE) FOR THE YEAR
| This is stated after charging: Depreciation Independent examination |
Year 2022 £ 827 780 |
Year 2021 £ 1,067 780 |
|---|---|---|
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FARMLINK EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 (continued)
5. EMPLOYEES AND STAFF COSTS
| Staff costs were as follows: | Year | Year |
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Employed staff | 39,389 | 34,611 |
| Seconded staff | 26,612 | 26,612 |
| Self-employed consultants | 20,167 | 22,000 |
| ______ | ______ | |
| 86,168 | 83,223 | |
| ______ | ______ | |
| No employee earned £60,000 p.a. or more. | ||
| The average number of employees during the period was: | ||
| Year | Year | |
| 2022 | 2021 | |
| No | No | |
| Farm visits | 2 | 2 |
| Administration | 2 | 2 |
| _____ | ______ |
The key management personnel of the charity comprise the Trustees and the Chief Executive. The total employee benefits of the key management personnel of the charity were £20,167 (2021: £22,000).
6. TRUSTEES’ REMUNERATION AND RELATED PARTY TRANSACTIONS
The charity Trustees were not paid or received any other benefits from employment with the charity in the year (2021: £nil), neither were they reimbursed expenses during the year (2021: £nil). No charity Trustee received payment for professional or other services supplied to the charity (2021: £nil).
There were no related party transactions during the year.
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FARMLINK EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 (continued)
7. TANGIBLE FIXED ASSETS
| Equipment | Classroom | Total | ||
|---|---|---|---|---|
| £ | £ | £ | ||
| COST | ||||
| As at 1 September 2021 | 38,803 | 24,164 | 62,967 | |
| Additions | 282 | - | 282 | |
| _____ | _____ | _____ | ||
| As at 31 August 2022 | 39,085 | 24,164 | 63,249 | |
| _____ | _____ | _____ | ||
| DEPRECIATION | ||||
| As at 1 September 2021 | 37,365 | 24,164 | 61,529 | |
| Charge for the year | 827 | - | 827 | |
| _____ | _____ | _____ | ||
| At 31 August 2022 | 38,192 | 24,164 | 62,356 | |
| _____ | _____ | _____ | ||
| NET BOOK VALUE AT 31 AUGUST 2022 | 893 | - | 893 | |
| _____ | _____ | _____ | ||
| NET BOOK VALUE AT 31 AUGUST 2021 | 1,438 | - | 1,438 | |
| _____ | _____ | _____ | ||
| 8. | DEBTORS | 2022 | 2021 | |
| £ | £ | |||
| Other debtors | 1,255 | 5,674 | ||
| _____ | _____ | |||
| 1,255 | 5,674 | |||
| _____ | _____ | |||
| 9. | CREDITORS | 2022 | 2021 | |
| £ | £ | |||
| Trade creditors | - | 150 | ||
| Accruals | 1,710 | 1,470 | ||
| Other creditors | 3,144 | 88 | ||
| _____ | _____ | |||
| 4,854 | 1,708 | |||
| _____ | _____ |
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FARMLINK EDUCATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 (continued)
10. RESTRICTED FUNDS
| Balance | Income | Expenditure | Transfers | Balance | |
|---|---|---|---|---|---|
| 1 Sept | 31 Aug | ||||
| 2021 | 2022 | ||||
| £ | £ | £ | £ | £ | |
| Delivery fund | - | 6,000 | (6,000) | - | - |
| ____ | ____ | ____ | ____ | ____ |
11. UNRESTRICTED FUNDS
| Balance | Income | Expenditure | Transfers | Balance | |
|---|---|---|---|---|---|
| 1 Sept | 31 Aug | ||||
| 2021 | 2022 | ||||
| £ | £ | £ | £ | £ | |
| General Funds | 82,509 | 89,705 | (106,542) | - | 65,673 |
| ____ | ____ | ____ | ____ | ____ |
11. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Tangible | Cash at | Other Net | ||
|---|---|---|---|---|
| Fixed | Bank & | Current | ||
| Assets | in Hand | Assets | Total | |
| £ | £ | £ | £ | |
| General Funds | 893 | 68,378 | (3,598) | 65,673 |
| ____ | ____ | ____ | ____ | |
| 893 | 68,378 | (3,598) | 65,673 | |
| ____ | ____ | ____ | ____ |
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FARMLINK EDUCATION LIMITED
Independent examiner’s report to the trustees of Farmlink Education Limited (‘the Company’)
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2022.
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:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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 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: M J MANEELY Name: Mr M J Maneely FCCA Address: 11 Windsor Court, Victoria Terrace, Clifton, Bristol, BS8 4LJ Date: 24 June 2023
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