## **ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31[ST] 2020** Total gross income for the financial year ended December 31[st] 2020 was £79,884.40 with expenses of £74,785.40, amounting to annual net income of £5,099 and a cumulated net income of £24,852.60. Despite a difficult year for fundraising due to the COVID-19 pandemic, Chamos was able to increase its total income by 4% year-on-year. Income was generated through virtual fundraisers, sporting events, direct donations and grants. Expenses, on the other hand, declined by 25% compared to 2019, mainly due to our inability to organise any live fundraising events due to the restrictions in place around the pandemic. Chamos’s Programme Efficiency[1] ratio in 2020 was a strong 87%, as we continue to focus on using most of our fundraising to directly aid children in Venezuela. Operating resilience ratio[2] was 95.7%, demonstrating that Chamos covered almost all of its expenses with the donations received. In 2020 Chamos contributed over 90% of the donations it received to it charitable programmes in Venezuela. > 1 Charitable Programmes / Total Expenses > 2 Total Donations Received/Total Expenses ________________________________________________________________________ CHAMOS – In Aid of the Children of Venezuela. All Rights Reserved Registered Charity Number 1123410 www.chamos.org.uk ## **SOURCES OF INCOME** ________________________________________________________________________ CHAMOS – In Aid of the Children of Venezuela. All Rights Reserved Registered Charity Number 1123410 www.chamos.org.uk **Events and other Charitable Activities:** During 2020 Chamos was unable to host its biannual gala event due to the pandemic restrictions in place throughout the year. Nevertheless, we organised smaller virtual events, as detailed below. In total, we raised £8,287.21 during the year, roughly half of what had been raised in this category in 2019. However, late-coming income from our year-end 2019 events contributed significantly to these funds. _**Parrandón Navideño (December 2019):**_ Although this event was held at the end of 2019, some income (£1,375) related to it was not reflected in our accounts until 2020. _**2x2 Humboldt Expo (October – December):**_ As in the case of the Parrandón Navideño, some payments from our 2019 2x2 Humboldt Expo sales did not come into our accounts until early 2020. This added £595 to our total yearly income. _**Shop for a Cause (November 2019):**_ Some payments from our Christmas bazaar were delayed into 2020 as well, contributing another £4,690. _**Virtual Bingo (November 2020):**_ As the year drew to a close and the reality of the pandemic and its restrictions became ever more evident, Chamos organised a Virtual Bingo, with families from all around the world joining for a fun-filled event. It allowed the Chamos team to test the water of virtual events and to bring together our global supporters. We sold close to 300 bingo cards and had over 75 people joining at the peak of the event. In total we raised £1,625. **Donations and Pledges:** Despite our worries during what was a difficult year for the world at large, Chamos received a total of £71,588.27 in donations and pledges, which was 26% higher than in 2019. We are extremely proud to have been able to reach this amount and grateful to our supporters for their continued patronage. Donations came in from the following sources: _**Sporting Events**_ **:** We were fortunate to hold two third-party led dance-marathons in 2020. The first took place in February, live in London, while the second one was a virtual event held in December. Additionally, our avid athletic supporters carried on with their fundraisers on our behalf and completed virtual sports events throughout the year. Without their determination and commitment we would not have been able to raise a net total just over £6,515[3] during 2020. > 3 Net of expenses relating to the purchase of places in races and sports T-shirts for our athletes ________________________________________________________________________ CHAMOS – In Aid of the Children of Venezuela. All Rights Reserved Registered Charity Number 1123410 www.chamos.org.uk _**GlobalGiving:**_ In 2020 Chamos continued its global fundraiser campaigns via GlobalGiving, an extremely powerful fundraising platform. Being a vetted charity within this platform has allowed Chamos to continue reaching benefactors around the world. Through GlobalGiving we raised close to £17,985 for our Health and WASH Programmes. _**Grants:**_ We took the opportunity in 2020 to focus our attention towards grant applications, something we had not been able to really tackle before. Our team worked tirelessly to prepare for these grants and our efforts paid off. Chamos was given a grant for approximately £18,235 from the Simon Bolivar Foundation to go towards our WASH programme. _**Unsolicited Direct Donations:**_ Private donations from around the world continued to rise, aided by our increased advertising and marketing expenses of the last two years. Chamos continues to grow its donor base as well as its recurring donors (now 16% of our overall unsolicited donations). The total amount raised during the year was close to £25,310 (an increase of 35% from 2019). _**Gift Aid:**_ In 2020 Chamos finally began to claim gift aid on its UK donations. This had been a long-overdue part of our fundraising that we were able to achieve during this year and that will now be an important part of our fundraising efforts in coming years. As this was our first year claiming gift aid, we were able to claim on donations from 3 years back and raised a further £3,530. **Other income:** Interest from bank accounts totalled £8.92. ________________________________________________________________________ CHAMOS – In Aid of the Children of Venezuela. All Rights Reserved Registered Charity Number 1123410 www.chamos.org.uk ## **USES OF FUNDS** ________________________________________________________________________ CHAMOS – In Aid of the Children of Venezuela. All Rights Reserved Registered Charity Number 1123410 www.chamos.org.uk **Charitable Programmes:** Chamos is devoted to donating as much funds as possible to its NGO partners in Venezuela. In 2020 Chamos donated a total of £65,672.48[4] , only 18% lower than our historical peak of 2019. Additionally, Chamos made in-kind donations valued at a further £11,000. > 4 This is the total amount of donations that Chamos made in 2020. The net amount, reported in the 2020 Annual Financials reflects a payment of approximately £580 received by the Friends of the Children foundation for the shipment of vitamins to Venezuela for the Hospital de Niños de Valencia. ________________________________________________________________________ CHAMOS – In Aid of the Children of Venezuela. All Rights Reserved Registered Charity Number 1123410 www.chamos.org.uk _**Humanitarian Relief:**_ Humanitarian relief continued to be our main focus this year, as Venezuela’s humanitarian crisis was exacerbated by the COVID-19 pandemic. 2020 proved to be an even more trying year for Venezuelans as the country’s economic and humanitarian crisis was combined with the COVID pandemic. - Chamos continued with the expansion of its WASH programme, bringing safe, clean water and hygiene to underprivileged children, spending more than £33,640 during 2020. This programme was widespread in both the number of children reached (over 15,400 in 167 community centres) and its geographical coverage (13 of the 23 states of the country). Through the year, Chamos’ WASH programme: - Donated 100 water tanks to Meals4Hope, Alimentando la Solidaridad, for Centro Médico Psiquiátrico Mundo Nuevo, and Hogar Bambi. - Provided over 14,688 bars of soap to the Centro Médico Psiquiátrico Mundo Nuevo, Meals4Hope, Hogar Bambi, Alimentando la Solidaridad and Fundación Amor, benefitting close to 700 children and adults. - Purchased 20 Lifestraw community water filters, which were donated to Meals4Hope, Alimentando Futuros, ASOPICA, Fundación Amor and Centro Médico Psiquiátrico Mundo Nuevo. Another 8 Mission 12L water filters and 5 family filters were sent to Meals4Hope. - Contributed with 56 ceramic water filters and containers to Alimentando la Solidaridad - Contributed £10,000 to Chamos España to carry out further phases of the WASH programme. Part of these funds were used in 2020 to purchase 20 water filters and 8 water tanks. The remaining funds were restricted for WASH and will be used in 2021. _**Education:**_ Chamos still believes education is a pivotal stone in the optimal development of children and young adults. 2020 was a difficult year for education in Venezuela as schools had to close due to COVID-19, with children and teachers unable to carry on classes due to lack of connectivity and technological limitations. Nevertheless, our commitment to our local NGO partners meant that some programmes were able to transform to adapt to the new reality of the country. - **Alimentando Futuros** , which runs their own schools for underprivileged children, received a donation from Chamos of £5,300 in January 2020, meant to cover the meals for the children and staff at the Escuela San José Obrero in Caracas. However, in March schools were closed due to quarantine measures, putting this programme on hold. In response to this Alimentando Futuros, in agreement with us, decided to re-route some of the excess funds to provide students with school supplies and pay for their teachers’ internet connectivity ________________________________________________________________________ CHAMOS – In Aid of the Children of Venezuela. All Rights Reserved Registered Charity Number 1123410 www.chamos.org.uk so they could carry out classes virtually. By the end of 2020 there was still some leftover money which is being used in 2021 for ongoing projects to help children both academically and nutritionally. - This year Chamos donated just over £1,970 for its 2019-2020 scholarship programme with the **Jenaro Aguirre School** . Unfortunately, due to the instability of the year and the doubling of costs of the scholarships, Chamos did not want to commit such a large amount of money to this programme, leading us to halve the programme to 5 scholarships. - Chamos also donated close to £9,400 to start a new scholarship programme with the **Universidad Metropolitana** , one of the leading universities in the country. This donation covered full tuition for 3 students in the 2019-2020 academic year as well as half of their 2020-2021 tuition. We are very proud to have started this programme and to support these students as they embark in their final years of education, with some of them being the first in their families to have the opportunity to reach this stage. - Additionally, Chamos initiated a partnership with **Queremos Graduarnos** . This organisation supports high-school students. Chamos donated over £3,680 to provide scholarships for 40 high school students from the UE Fe y Alegria School Maria Inmaculada in La Union, Petare. _**Health:**_ Chamos continued to support its partner Meals4Hope, with donations totalling close to £5,880[5] : - We donated two electrical support systems (one fixed and one movable), worth over £2,230 for Meals4Hope’s programme in Merida to guarantee electrical supply to the centre. - We also donated more than £3,650 for their nutritional recovery programme in San Felix, Bolivar, which supports approximately 240 children and 40 women (both pregnant and lactating). The project covers nutritional meals, RUTF for malnutrition and medical examinations to follow development of the children. Unfortunately, during the 2020 pandemic, other health programmes that we supported in the past were not able to be carried out. We do plan to continue with these programmes, such as Proyecto Mayú, as soon as restrictions are lifted in this area. _**Community Development:**_ Despite the pandemic and its effect on school closures in Venezuela, Chamos and Trazando Espacios Públicos were able to continue to work together in 2020. Chamos donated over £4,880 which funded a virtual school > 5 Excludes donations sent to Meals4Hope via our WASH programme, as reported ________________________________________________________________________ CHAMOS – In Aid of the Children of Venezuela. All Rights Reserved Registered Charity Number 1123410 www.chamos.org.uk programme for the Nuestra Señora del Encuentro School in Petare. This programme was led by 10 teachers and reached 79 students. The programme was carried out virtually, sometimes with great difficulty for some students due to the lack of reliable telephone and internet lines in the country. The children received all the necessary materials at home and teachers were in contact via Telegram. We were delighted that TEP was able to continue its wonderful work of community development and educate children on design and architecture despite all the obstacles they had to overcome to achieve this. _**In-Kind Donations**_ **:** Through generous in-kind gifts received throughout the year, Chamos was able to send additional donations worth over £11,000[6] to our local partners: - 210 baby-carriers for Meals4Hope and De Tripas Corazón, worth £5,250, with which we created an on-going “loan” programme for mothers of young babies. - 140 kgs of high-protein milk for Meals4Hope and De Tripas Corazón, worth approximately to £1,000 - Close to £500 of new children’s clothing, accessories and books - Medicines for Proyecto Mayú valued at over £1,250 - Medicines and baby formula for De Tripas Corazón, worth just over £830 - Over £2,500 in shoes, medicines and hygiene products donated to Asopica _**Partnerships:**_ Furthermore, we created a partnership with Procter & Gamble for the supply of water purification satchels. P&G donated 150 boxes containing 36,000 satchels and capable of cleaning 360,000 litres of water. Chamos distributed 91 boxes to Meals4Hope, De Tripas Corazón, and Alimentando la Solidaridad, with the > 6 Associated shipment costs for these donations totalled close to £915 ________________________________________________________________________ CHAMOS – In Aid of the Children of Venezuela. All Rights Reserved Registered Charity Number 1123410 www.chamos.org.uk rest to be delivered to our partners in 2021. This alliance is expected to carry on in the coming years and we are very grateful to P&G for its support. **Event Expenses and Other Charitable Activities:** As a result of event restrictions due to the COVID-19 pandemic, Chamos was unable to have any live events in 2020. Therefore, there are no costs associated to this during the year. **Costs of Generating Funds:** For this fiscal year, Chamos had further expenses of £8,271.16, roughly flat as compared to 2019. - We continued with the social media marketing campaign that we had started in 2019. After seeing poor translation of marketing spend into actual donations we decided to cancel the campaign, but costs associated with this in 2020 amounted to just over £1,640. - At the end of 2020 Chamos hired part-time staff in Europe and Venezuela to help the organisation grow and become more organised and professional. In Europe we have a Chief Strategic Officer who is dedicated to helping the team improve its fundraising strategies for grants, private/recurring donations, campaigns and marketing, as well as professionalising Chamos’s structural organisation. In Venezuela, our Project Manager is in charge of liaising with our partner NGOs and with local suppliers to get all our donations to the right places. Their assistance has been extremely valuable, especially in allowing us to successfully apply for the Simon Bolivar Foundation grant and roll out our WASH programme in Venezuela; a true logistical endeavour. Salary expenses for these two people totalled close to £4,130. - Chamos spent £2,300 on the purchase of our Cham@ t-shirts, which have been very popular with our followers. These t-shirts have been a great marketing tool for Chamos and have helped with our brand recognition. We used a few of the t-shirts as prizes for a social media campaign aimed at raising awareness of Chamos and our work. This campaign brought in more than 100 new followers to our Instagram platform, which in turn translated into more donations. - Finally, our website management costs were close to £200 for the year. **Other Expenses:** Chamos had further expenses of £1,420.33 in 2020, which was 47% lower than the previous year. Chamos continued to cover certain costs associated with the operations of Chamos Spain for part of 2020, such as their website management and further incorporation costs, which amounted to £390. Bank and transfer fees were the biggest item in this line, which amounted to £464. Shipment costs associated with the t-shirts amounted to £380. Other miscellaneous costs came to £185. ________________________________________________________________________ CHAMOS – In Aid of the Children of Venezuela. All Rights Reserved Registered Charity Number 1123410 www.chamos.org.uk Notes: 1. Donations, gifts, Gift Aid, grants and net proceeds from sports-related fundraisers 2. Event ticket sales, auction proceeds, and net proceeds from sale of merchandise 3. Advertising and social media/website management ________________________________________________________________________CHAMOS – In Aid of the Children of Venezuela. All Rights Reserved Registered Charity Number 1123410 www.chamos.org.uk Notes: 1. Donations, gifts, Gift Aid, grants and net proceeds from sports-related fundraisers 2. Event ticket sales, auction proceeds, and net proceeds from sale of merchandise 3. Advertising and social media/website management ________________________________________________________________________CHAMOS – In Aid of the Children of Venezuela. All Rights Reserved Registered Charity Number 1123410 www.chamos.org.uk CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Roport to the trusteosl members of Chafily Nam8 CHA w[￿- lfvj +kno of THÈ CHILo£etJ oc On accounts for the year ended Charity no (if any) S I rj èLEMGE-£ 2(5 ICJ IIZ14-10 Sèt out on pag08 Ir8membor 10 irtclud$ the page numbers ol additional shaelsi I report to the trust88s on my examination of the accounts of the above charity I'the Trust") for th8 yeer ended I NPI I R6sponslbilitie8 and As the charity trustees of the Trust, you are responsible for th8 pr8paration basls of report of th8 accounts in accordance with th8 requirements of the Charities Act 2011 {"th8 Ad"). I report respect of my 8xaminalion of the Trust's accounts carried oul 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 145151(bl of the Act. I have compl8t8d my examination. I confirrn that no material matter8 have come lo my attention lottr￿￿d0￿etrbe￿ ') in conn8clion with the examination which gives me cause to believe that in, any material respect.. accounting records w8r8 not kept in accordance with section 130 of the Act or Ihe accounts do not accord with the accounting records Independent examlnerfs statomont I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order lo enable a proper understanding of the accounts lo be reached. ' Pl8ase delete the words in the brackets if they do nol apply. Signed: Date: IL)loEIzcJll Name: ME(dfW (lIT￿S0OLL Relevant profe8slonal quallflcationlsl or body (if any)". Address: 16 fvits¥ANS1 PLCASftNiT LO￿0￿￿) Ji7 6TS IER October 2018 Section B Disclosure Only complete if Ihe examiner needs to highlight matters of con￿r￿ (sae CC32, Independent examination of charity accounts.. directions and guidance for examiners). Glvo here brief detalls of any items that the examiner wishès to digclose. IER October 2018 CHARITY COMM15510N FOR ENGLAND ANO WALES Independent examination of charity accounts checklist (CC32a) A recommended checklist for examiners Thls checklist Is not sultabla for th• examination of voluntary group accounts. 1. Self-assessment checklist The questions in this checklist are designed to help the examiner to undertake thelr independent examination in accordance with the legal requirements and good practice recommendations set out in the Commission's guidance on Independent examination of charity accounts: Dlrections and guidance for examiners (CC32). The examiner is recommended to use the checklist alongside the Directions for independent examination. Not all the checks listed will apply in the case of every independent examination and so the checklist is not a substitute to the examiner using their own judgment as to what is necessary. The prompt 'step done, may prompt a 'yes' or 'no'. A 'no' answer does not always indicate a problem because it may simply be that the step was either not applicable or found not to be necessary to the examination undertaken in which case the words 'not applicable, or 'not necessary, might be entered in place of a v￿rking paper reference. Some answers may be 'no' because the evidence or infomiation that was needed could not be obtained and this will need to be considered when the examiner makes their report. It is recommended that all the steps for each Direction are completed with a working paper reference added. 11 may be that the examiner completes the checklist as they go through the examination or as a completeness check at the end as they bring thelr examination to a conclusion and prepare their report. There is no legal requirement to use thls checklist and examiners may substitute their own checklist or take an alternative approach. If the checklist is completed It Ss recommended that this fomis part of the fomal record of their independent examination undertaken arKI is kept in the file of examinerfs working papers. 2. Checklist The Dlrectlons and documentation step done? Working paper referenca Direction 1: Check whather the charity Is eligible to have an independent examlnation Checked the charity audit threshold applying to the accounts to be reviewed Checked an audit is not required for any other reason Confimied the charity is eligible for independent examination Confinmed the amount of the charity's income to figure shown the accounts (including any branches) and confirmed that income and assets are below the audit threshold or, if applicable, obtained a copy of the letter from the Commission rovin an audit dis ensation If the charity has one or more subsidiaries confimed that group accounts are not required b law If a charitable company checked that the audlt exemption statement has been made If applicable, rechecked the threshold calculation during the examination If the charity's income Is more than £250,000 confimied that the examiner is a member of one of the listed bodies If applicable, informed the trustees that the charity is not ible for an independent examination If receipts and payments accounts have been prepared, checked that the charity's gross incorne is less than £250,000 and that it is not a com an If receipts and payments accounts have been prepared, check that there is no requirement to prepare accruals accounts in the charit overnin document or for an other reason If applicable, informed the trustees that the charity is not eligible to prepare receipts and ments accounts Dlrection 2: Check for any conflict of Interest that prevents the examiner from carrylng out thelr Independent examlnation Confirmed that there are no close personal ￿latIOnShipS with the trustee5 that compromise independence Confirmed as having no the day to day involvement in the administration of the charity If providing other services to the charity then confimied that all the criteria in Direction 2 necessa for inde endence are met Identrfied that there are no circumstances in the examiner's judgment that would reasonably lead to the perception that the examiner is not independent IA Ir4 JIA IA J IA J I IAI IA The Dlrèctions and documentation step done7 Working paper reference Considered whether sufficiently skilled to Cary Out the examination and, where required, confirmed membership of listed body If applicable, informed the trustees that you are not eligible to car out the independent examination Direction 3". Record our Independent examlnatlon File of working papers prePa￿d to document the work undertaken {see the Direction for guidance on key working papers) Evidence of appointment on file If issued, letter of engagement signed b the trustees on file Documentation of steps required by Direction 1 are all done Documentation that steps required by Direction 2 are all done Ana1￿1¢al review documented Areas of concem identffied and noted whether these were resolved or if unresolved and significant have included them in the examiner's report Verification and vouching procedures undertaken and any checks made are on file Copy of approved accounts on file Cop of trustees, annual report on file Copies of infomiation relied upon as part of the examination a￿ on file If a licable, copies of written assurances given Recorded the conclusions drawn as an outcome of the independent examination that support the examinerfs report are on file Recorded any matters of material signrficance about which a report must be made direct to the Commission Recorded whether to exercise discretion and report on relevant matters direct to the Commission Dlrèctlon 4: Plan your Independent examlnatlon Obtained an understanding of the charity's constitution, objectives, organisational structure, the funds managed, its activities and accountin records and systems Planned specific examination proce(lures appropriate to the circumstances of the charity Reviewed whether any areas for improvement were advised to the trustees in the previou5 yearfs independent examiner's report (or audit report and management letter) and looked to seerfan action taken Considered the financial risks identified and, where accruals accounts prepared, considered whether the trustees have evidence that shows that the charity is a going concern Noted any implications for the examinerfs report and for separate reporting to the Commission IA. Jih KJ/A . The Dlrectlons and documentation Step done? Worklng paper reference Direction 5: Check that accountlng records are kept to the required standard Checked that accounting records have been kept are complete and considered if the have been kept to the required standard Asked the trustees about how they ensure the accounting records are complete If corrections made or records created during the examination. the trustee approval for these has been sou ht and obtained Asked the trustees if they carried out a review of the charity's intemal financial controls in the year reported Noted any implications for the examiner's report and for separate re ortin to the Commission Dlrection 6: Check that the accounts are consistent wlth the accounting records Compared the accounts with the underlying accounting records Checked some entries from the listing of transactions of income and expenditure to vouchers such as invoices, bank statements, and receipts. If applicable, confirmed that the trustees have taken the necessary steps to ensure that restricted or endowed funds are correctly reported in the accounts If additiona5 checks were necessary, the evidence was found that showed the accounting record was complete, voucher present, and both supported the entry in the accounts Dlrectlon 7: If the accounts are prepared on an accruals basls and one or morn related party transactions took place the examlner must chock if these were properly disclosed In the notes to the accounts Checked that the disclosures required by the SORP have been made and a￿ complete Considered whether there are any implications for the examiner's report and reporting to the Commission If receipts and payments accounts prepared and a related party transaction note was provided, then checked the note for an lications for the examinerfs re ort Dlrectlon 8: Check the reasonableness of the signlflcant estlmates and judgments and accounting policles used In accounting for the types of fund held and Sn the preparation of the accounts Checked with the trustees that the separate funds of the charity have been correctly accounted for and reported correctly in the accounts Checked the reasonableness of any significant estimates or ments that have been made in preparing the accounts JIA rJifi Ji8 The Directions and documentatlon Step done? Worf(ing paper reference Where accruals accounts are prepared, checked that the accounting policies adopted are consistent with the SORP and are appropriate to the activities of the charity Where accruals accounts are prepared, checked that the accounts were prepared on a oin concern basis Noted any implications for the examinerfs report and for separate reporting to the Commission Direction 9: The examinar must check whether the trust••s hava considered the financial circumstances of the charity at th8 ond of the reporting period and, If tho a¢counts are prepared on an accruals basis, check whether the trustees have made an assessment of th• charity's position as a golng concern when approvlng the accounts Asked the trustees whether they expect the charity to be able to settle outstanding invoices, bills and commitments as and when they fall due IA Asked the trustees about the reserves policy and the adequacy of the level of reserves held Where accruals accounts are prepared. checked that the trustees, have made an assessment of going concem and that their assessment is reasonable given the infomiation available Where accruals accounts are prepared, checked that the SORP'S disclosures about going concem have been made Noted any implications for the examiner's report and for separate reporting to the Commission rJiA Dlrectlon 10: Check th• fomi and content of the accounts Where receipts and payments accounts have been prepared, checked that the charity can la￿ullY prepare such accounts, that all the accounting statements are present and that the funds of th8 charity are correctly identified Where accruals accounts are prepared, checked that they compl with the SORP and applicable accounting standard If the charity is a company, checked that the accounts also compl with the applicable com an law re uirements Noted any implication5 for the examiner's report and for se arate re ortin lo the Commission Direction 11: Identlfy Items from the analytical review of the accounts that need to be followed up for further explanatlon or evldence Carried out an analytical review iy/ef J1(+ The Directions and documentation Step done? Worklng paper reference Following the analytical review, selected material items in the accounts for further explanation or su portin evidence If the accounts could be materially misstated, additional checks were undertaken and the examiner is satisfied that the item(s) identified were satisfactorily explained and correctly included In the accounts Noted any implications for the examiner's report and for se arate reportin to the Commission Directlon 12: Compare the trustees, annual report with the accounts Checked that any figure for reserves quoted in the trustees, annual report is not materiall inconsistent with the accounts Compared the trustees. annual report with the accounts for any material inconsistency Noted any implications for the examiner's report and for se arate re ortin to the Commission Directlon 13: Wrlte and slgn the ind8p8nd•nt examination re ort Reviewed the conclusions from the Independent examination Considered whether the examination has identified a matter of concern that should be re orted in the examinerfs re ort Checked that the examiner's report covers all of the matters required If relying on the work of others in undertaking the independent examination, the examiner is fully satisfied with their work and that V￿rk has been full documented ned and dated the examinerfs report Reported matters of material significance direct to the Commission Exercised discretion and ￿ ported relevant matters d1￿ct to the Commission