Ck Ccyrt HAFWAY A Private Company Limited by Guarantee Registered in England No.. 7299262 A Registered Charity No.. 1138279 REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
HAFWAY A Private Company Limited by Guarantee Registered In England No 7299262 A Registered Charity No 1138279 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CONTENTS PAGE Company Information Report of the Trustees and Directors Independent Examiner's Report Accounting Policies Summary Income and Expenditure Account Balance Sheet Notes to the Financial Statements Detailed Income and Expenditure DonnellyBentley Chartered Accountants Hazlemere 70 Chorley New Road Bolton BL148Y
HAFWAY A Private Company Limited by Guarantee A Registered Charlty COMPANY INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2023 DIRECTORS & BOARD OF MANAGEMENT: Sue Pilling (Chair) Rodger Petch (Vice Chair) Ross Pilling John Currid Amanda Mary Rushton lan Greenhalgh SECRETARY: Amanda Mary Rushton REGISTERED OFFICE: 70 Chorley New Road Bolton BL148Y REGISTERED COMPANY NUMBER: 7299262 (England and Wales} REGISTERED CHARITY NUMBER: 1138279 INDEPENDENT EXAMINER: Jonathan Hargraves BA (Hons) FCA DonnellyBentley Ltd Chartered Accountants & Registered Auditor Hazlemere 70 Chorley New Road Bolton BL148Y BANKERS: Lloyds Bank plc 9 Hotel Street Bolton BL1 1DB
HAFWAY A Private Company Limited by Guarantee A Registered Charlty REPORT OF THE BOARD OF MANAGEMENT (AS TRUSTEES AND DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2023 The Directors, who arethe Trustees and the Board of Management ofthe charitable company, present their annual report and financial statement for the year ended 31 December 2023, which are also prepared lo meet the requirements for a directors, report and accounts for Companies Act purposes. STRUCTURE, GOVERNANCE AND MANAGEMENT Governin Document HAFWAY is a company limited by guarantee. incorporated on 29 June 2010 and registered as charity since 6 October 2010. 11 is governed by ils Memorandum and Articles of Association. The company is a charity registered in England and VV8les and is therefore non-profit making and its directors and trustees are volunteers. The company has been incorporated without share capital as it is limited by guarantee, to a maximum of £10 by each of ils members. ointment of Trustees The directorsltrustees are appointed by the members of HAFWAY. The directorsrtrustees also have the power under the goveming documents to co-opt individuals who support the objects of the organisation. Trustee Induction and Trainin As part of their induction, new directorsltrustees are provided with infomiation about the charity, the management structure, its history and working practices. In addition they are also provided with extracts of the Memorandum and Articles of Association plus information from the Charity Commission and Companies House regarding the duties and responsibilities of director5 and trustees. Appropriate training is provided as required. OBJECTIVES AND ACTIVITIES The principal objectives of the charitable cornpany are.'_ (a) To promote social inclusion for the publi¢ benefit by preventing people, primarily those aged 5-18 from becaming socially excluded, particularly by reason of ra or background, relieving the needs of those people who are socially excluded and assisting them to integrate into and participate more actively in society- (b) To promote the education of people, primarily those aged 5-18, in the Halliwell area of Bolton and surrounding areas., Icl The prevention or relief of poverty or financial hardship in the Halliwell area of Bomon and surrounding areas by providing or assisting in the provision of education, training healthcare projects and all the necessary support designed to enable individuals to generate a sustainable income and be self-sufficient.
HAFWAY A Prlvate Company Limited by Guarantee A Registered Charity REPORT OF THE BOARD OF MANAGEMENT {AS TRUSTEES AND DIRECTORS) FOR THE YEAR ENDED 31 DECEMBER 2023 OBJECTIVES AND ACTIVITIES (continued) To achieve these objects, HAFWAY aims to.. provide a range of activities facilities and serviGes for young people in the Halliwell and Crompton wards and surrounding areas of Bolton,. help integrate young people from different backgrounds, reducing racial tensions., engage young people in physical and social activities to improve health, confidence and self- esteem; help young people to overcome their disadvantages by developing their skills for adulthood. PUBLIC BENEFIT We have refeed to the guidance in the Charity Commission's general guidan on public benefit when reviewing our aims and objectives and in planning cur future activities. In particular, the trustees have considered the activities of the Charity as set out in the 'Objectives and Activities, section above, and the 'Review of Progress and Achievements in the Year,, and assessed their future plans. They are satisfied Ihat the criteria for public benefit are comprehensively achieved. REVIEW OF ACHIEVEMENTS IN THE YEAR The past year, HAFWAYS 25th, has seen many changes. Some planned. some longed for and some spontaneous. The biggesl being the successful application to the Youth Investment Fund (YIFI to renovate the parish centre. This has in turn invoked Ghange. We have looked at what we do, how we do it and where we do it. Fads and fi ures During this time HAFWAY ran 200 sessions plus a weeks camp and a weekend residential. There We 528 young people on roll. Attendances totalled 5491. During the year, the HAFWAY youth workers added extra sessions for the 12+ age group which were gratefully received. Youth Investrnent Fund YIF After much hard work by the Youth leaders and Irustees, a business plan was presented to the Social Investment Business ISIB} in London who had been given the powers to provide grant funding from the Govemment. This was highly praised for having an excellent Youth focus. By August 2023 we found out that we were successful in our application but embargoed for the next few months whilst all the legal due diligenGe took place. This meant moving fotward with excitement for the future whilst holding onto the present. Our delivery and partnership with our YP was held closely to fflake sure that we look the next steps together. Our YIF contact was Naomi Sampson who was extremely helpful and informative throughout this process. The Diocesan Registrar, together with the Wesl Bolton Team PCC also worked hard to support our application for a 25 year lease on the Parish Centre with the Charity Commission. Our YP also played an important part in this by making and editing their own video for
HAFWAY A Private Company Llmited by Guarantee A Registered Charity REPORT OF THE BOARD OF MANAGEMENT (AS TRUSTEES AND DIRECTORS) FOR THE YEAR ENDED 31 DECEMBER 2023 REVIEW OF ACHIEVEMENTS IN THE YEAR Icontinuedl for the SIB team to see. They talked about HAFWAY and their hopes and aspirations for a new building and a new future. HAFWAY trustees and youth leaders discussed possible architects and engineers to quote for the job. They weré engaged to draw up plans to renovate the building to HAFWAYS specifications. The risk registerwas also reviewed and updated in light ofthe YIF funding. Youth Truslees Two new non-executive youth trustees, Callum and Raen were put foMard by th8 YP and welcomed by the Irustees who each explained their HAFWAY role and answered any questions. The chair informed them about the success of the YIF bid, their role in it and all its advantages. Trainin Training sessions continued with the TECKLE online monitoring and evaluating system that HAFWAY had been trialling The TECKLE data was now up and running with the development of further areas relevant to our Passport to Life program. Youth workers now had the accessibility to draw up essential reports including safeguarding issues and other incidents. Activities Duke of Edinburgh expeditions continued throughout the year as did the HAF (holiday activities and food} funded by CVS which was a great success. HDwever, the trustees had noticed an increased expenditure in food costs this year, reflective of the rise in the cost of living and deprivation wilhin the community. This has been funded through small grants. The April residential weekend at the Anderton Centre was attended by 16 of our most challenging YP who engaged in a variety of outdoor activities which were greatly enjoyed by all. In August, our weeks camp to mid-wales took place and the YP took part in activities such as canoeing, climbing, archery and pizza making. Thank you lo the youth leaders and volunteers who made this week so exciting and also to our YP who engaged so well in these positive activities, learnt new skills. grew in confidence and in awareness of their self and others. Fundraisin Fundraising ev&nts continued throughout the year with two afternoon teas run by the YP for the community and a Santas Grotto as part of the community Christmas Fare. These supported our YP in developing a greater understanding of community and making better social connections. A huge thank you to all our funders from Henry Smith, National Lottery and Bolton CVS who have supported HAFWAY this year and who contributions have helped us move from strength to strength. HAFWAY is managed by a professional, dedicated team of staff, volunteers and trustees and we are very much looking fotward to moving back into our renovated 21. century state of the art Youth Hub. We are also looking fomard to working with our many YP and forging ahead with new plans and ideas into the mid-cenlury.
HAFWAY A Private Company Limitad by Guarantee A Registered Charity REPORT OF THE BOARD OF MANAGEMENT IAS TRUSTEES AND DIRECTORS) FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW The deficit for the year was From which is added the retained surplus brought forward (53,362) 90,975 Leaving a surplus Garried forward of 37,613 Reserves Pollcy It is our aim to maintain unrestricted funds, which are free reserves of the Charity, at a level which equates to approximately six months unrestricted expenditure. However, as a relatively small Charity this may vary from year to year depending on the size of projects available which are eligible for expenéiture according to the Charity's objectives. This provides sufficient funds to cover management, adrninislration and support costs and allows the Charity to react to changes in funding in a constructive manner. BOARD OF MANAGEMENT The Directors of HAFWAY are its trustees for the purpose of charity law. The trustees and officers who served during the year 2nd since the year end are as follows.. 31 December 2023 Sue Pilling (Chairl Rodger Petch Ivice Chair) Ross Pilling John Currid Amanda Mary Rushton lan Greenhalgh 31 December 2022 Sue Pilling (Chair) Rodger Petch (Wice Chair) Ross Pilling John Currid Amanda Mary Rushton lan Greenhalgh All Trustees are volunteers and received no remuneration for their services during the penod. None of Ihe Trustees who served during the period had any beneficial interests in the charitable company.
HAFWAY A Private Company Limited by Guarantee A Registered Charity REPORT OF THE BOARD OF MANAGEMENT IAS TRUSTEES AND DIRECTORS) FOR THE YEAR ENDED 31 DECEMBER 2023 STATEMENT OF TRUSTEES, RESPONSIBILITIES Company law require5 the trustees to prepare financial statements for each financial year, which give a true and fair view of the stale of affairs of the charitable company and of the incoming resources and application of resources. including the incom& and expenditure, of the charitable company for the year. In preparing these financial statements the trustees are required lo.. Company law requires the trustees to prepare financial statements for each financial 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 charitable company for the year. In preparing these financial Statements the trustees are required to.. Se5ect suilable accounting policies and then apply them consistently., Observe the methods and principles in the Charilies SORP IFRS 102); Make judgements and estimates that are reasonable and prudent. State whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained in the financial statements.. Prepare the financial slalements on the going concem basis unless it is inappropriate to presume that the charrtable company will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy al any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. TAXATION The Board of Management are of the opinion that the company is a close company for taxation purposes. Exemption to taxation has been granted by thé Inland Revenue und8r the provisions of Section 505 of the Income and Corporation Taxes Act 1988. INDEPENDENT EXAMINER The directors consider that for the year ended 31 December 2023 the Gompany was entitled to exemption from a slalutory audit under Section 477 ofthe Companies Act 2006. Under the provisions of the Act the directors have appointed Mr J Hargraves as Independent Examiner. SMALL COMPANY EXEMPTION In preparing this report the directors have taken advantage of the provisions of the Companies Act 2006 applicable to companies subject to the small companies regime. APPROVED BY THE BOARD OF MANAGEMENT AND SIGNED ON BEHALF OF THE BOARD BY: Signed Trustee 21 October 2024
HAFWAY A Privats Company Lirnited by Guarantee A Registered Charlty INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES ON THE UNAUDITED ACCOUNTS OF HAFWAY I report on the accounts of the company for the year ended 31 December 2023 sel OLrt on pages 4 to 7. Respectivg responsibilities of trustees and examiner The Iruslees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under seclion 144(2) of the Charities Act 2011 Ilhe 2011 Acll and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examinats'on, it is my responsibility lo.. examine the accounts under section 145 of the 2011 Act., follow the prOdureS laid down in the general Directions given by the Charity Commission under section 145151(bl of the 2011 Act., and stste whether particular matters have come to my attenbon. Basis of independent examinerfs report My examination was carried out in 2ccordan with the general Directions given by the Charty Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. 11 a150 includes consideration of any unusual items or disclosures in the accounts, and seeking Èxplanalion5 from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as lo whether the accounts present a °true and fair view- and the report is limited to those matters sel out in the statement below. Independent examinerfs stslement In connection with my examination, no matter has come to my attention.. which gives me reasonable cause to believe that, in any material respect, the requirements.. to keep accounting records in accordance with sectr.on 386 ofthe Companies Act 2006-, and to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Cornpanies Act 2006 and with the methods and principles of the Statement of Recommended Practice.. Accounting and Reporting by Charities have not been met., or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts lo be reached. ICH rLuJLS Jonathan Hargraves BA (Hons) FCA DonnellyBentley Ltd Chartered Accountants H8zlemere 70 Chorley New Road Bolton BL14BY 21 October 2024
HAFWAY A Private Company Limited by Guarantee A RegiSted Charity ACCOUNTING POLICIES FOR THE YEAR ENDED 31 DECEMBER 2023 The principal accounting policies adopted, judgements and key Sources of estimation uncertainty in the preparation of the financial statements are as follows:. 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 20191- (Charities SORP 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. HAFWAY me&ls the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless olhemise slated in the relevant accounting policy notes). They have been prepared under the historic cost convention and the going concern basis. FUND ACCOUNTING Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity. Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of a grant. INCOME All income is included in the statement of financial activities when Ihe Charity is entitled to the income and the amount can be quantified with reasonable accuracy. EXPENDITURE All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Charitable activities expenditure cornprises those costs incurred by the Charity in the delivery of ils activities and serVIS for 115 beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs include those inCued in the govemance of the charity and its assets and are primarily associated with constilulional and statutory requirements. All costs afe allocated between the expenditure categories on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly. others are apportioned on an appropriate basis.
HAFWAY A Private Company Limited by Guarantee A Registered Charity ACCOUNTING POLICIES FOR THE YEAR ENDED 31 DECEMBER 2023 TANGIBLE FIXED ASSETS Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life Computer equipment Fixtures, fittings and equipment Molor vehicles 250k on cost 150A on reducing balance 250h on cost VAT ACCOUNTING All grant income and donations are outside the scope of VAT, therefore the Company is not liable to be registered for VAT. Irrecoverable VAT on expenditure is not analy5ed separately but attributed to the category of expenditure on which il is incurred. PENSION COSTS The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable for the y8ar are charged against the income and expenditure account. TAXATION No provision has been made for taxation as exemption from taxation is being granted by the Inland Revenue under the provisions of Section 505 of the Incorne and Corporation Taxes Act 1988. CASH FLOW STATEMENT The Company qualifies as a small company under the Companies Act 2006. The Board of Management have elected lo take advantage ofthe exemption under Update Bulletin 1 ofthe Charities SORP IFRS 1021 not to prepare a cash flow statement. GOING CONCERN The trustees have reviewed the circumstances of HAFWAY and consider that adequate resources continue to be available to fund the activities of the charity for Ihe foreseeable future. The trustees are of the view that the charity is a going concern.
HAFWAY A Private Company Limited by Guarantee A Registered Charity INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 INCOME 97,251 145,015 Other Operating Charges 150,613 119,281 Bank Interest ReGeivable {DEFICIT)ISURPLUS ON ORDINARY ACTIVITIES BEFORE TAXATION (53,3621 25.734 Tax on Income on Ordinary Activities (DEFICIT)ISURPLUS ON ORDINARY ACTIVITIES AFTER TAXATION (53,362 25.734 RETAINED IDEFICITIISURPLUS FOR THE YEAR 153,362) 25,734 RETAINED SURPLUS BROUGHT FORWARD 90,975 65,241 ACCUMULATED FUND TO CARRY FORWARD 90,975 In the year ended 31 December 2023 and the year ended 31 December 2022. the only Ideficit)Isurplus recognised by the company was the (deficil)Isurplus for the period,. all of the activities undertaken by the company were continuing activilies.
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HAFWAY A Private Company Limited by Guarantee A Registered Charity BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note FIXED ASSETS 21,742 27,539 CURRENT ASSETS Cash at Bank and in Hand 39,710 66,763 39,710 66,763 CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 3,3271 NET CURRENT ASSETS 15,871 63,436 TOTAL ASSETS LESS CURRENT LIABILITIES 37,613 90,975 FUNDS Unrestricted Funds Restricted Funds 20,031 17,582 28,967 62,008 90,975 For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. The members have not required the company to obtain an audit of its accounts for the year in question in accordan with section 476., The directors acknowledge Iheir responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. The accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation lo members oflhe company. The financial statements on pages 4 to 7 were approved by the Board of Management and signed on its behalf by'.- Trustee On behalf of the Mernbers ofthe Board Management 21 October 2024
HAFWAY A Private Company Llmited by Guarantee A Registered Charity NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 1. INCOME Total 2023 Total 2022 UnrestriGted Restricted DONA TIONS & LEGACIES'.- Fundraising Bolton CVS YIF Henry Smith James and Lady Scott Trust Let Yourself Trust St Thomas UK Youth National Lottery Other Donations 12,069 8,116 14,132 9,920 8.182 12,069 8,116 14,132 45,800 3,000 25,000 526 10,000 50,000 2,934 10,000 50,000 50,800 1,787 2,934 145 015 The company being a registered charity currently receives a substantial amount of its inGome in the form of granls and donations. These are specifically provided in order to fund the company's principal aims and objectives. All the income is derived from the United Kingdom. 2. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Restricted Total 2023 Total 2022 Main Operational Cosls other Operational Costs Repairs and Maintenan Activities Equipment and Supplies Staff Costs (see note 41 7,181 1,601 159 7,413 5,784 1,801 8,425 27,544 1,043 8,509 7,957 15,606 29,145 1,202 15,922 13.741 14,350 11,705 21,197 8,341 63,688 23,939 126674 150 613 119,281
HAFWAY A Private Company Limited by Guarantee A Registered Charity NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 3. ANALYSIS OF GOVERNANCE COSTS Total 2023 Total 2022 Unrestrlcted Restricted Accountancy Bank Charges Payroll Admin 557 63 211 1,112 52 388 1,869 115 599 1.529 118 518 831 1,552 4. EMPLOYEES 2023 2022 Salanes and Wages National Insurance Pension Contributions 70,769 60,270 4,228 3,418 74,997 63,688 The average number ofemployees in the period was 5. There are no employees who received total emoluments of more than £60,000. There are no trustee or key management personnel remuneration benefils. 5. TANGIBLE FIXED ASSETS Fixtures, Fittings & Equipment Motor Vehicles Computer Equipment Total COST At 1 January 2023 Additions Disposals 31.119 2.495 2,117 966 34,580 2,117 At 31 Dember 2023 4,612 966 36,697 DEPRECIATION At 1 January 2023 Charge for the Year Disposals 3,890 7,780 2,495 88 656 46 7,041 7,914 Al 31 December 2023 11,670 703 14,955 NET 800K VALUE AT 31 DECEMBER 2023 19,449 263 21,742 NET BOOK VALUE AT 31 DECEMBER 2022 27,229 310 27,539
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HAFWAY A Prlvate Company Llmlted by Guarantee A Registered Charity NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 7. ANALYSIS OF MOVEMENT IN FUNDS IN YEAR (Continued) a) UK Youth this fund is in partnership with the Pears Foundation to support the cost of living increases eg. Salaries, fuel and food on the project. b) Henry Smith- The Henry Smith charity contributes towards the salaries and costs of the youth workers at Haay, who provide support to disadvantaged young people in deprived areas of Bolton. c) Youth Investment Fund- this is a bespoke fund from the govemment for creating, expanding and improving youth services across England. dl TNL - this fund received from The National Lottery Community Fund goes towards salaries, overheads and rent. el HAF- this is funded by the Department of Education and coordinated locally by Bolton Council. Our HAF programme supports children and families on benefits related free school meals with free fun and enriching activities alongside a meal for a minimum of 4 hours a day, 4 days a week. Minibus- one off donation from Let Yourself Trusl was secured to fund the purchase of a new minibus. The Let Yourself Trust is a non-profit organisation that provides funding for and informs on a wide variety of projects and justice movements both al home and abroad.
HAFWAY A Private Company Limited by Guarante8 A Registered Charity NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 8. ANALYSIS OF NET ASSETS BETWEEN FUNDS Final balances al 31 December 2023 are represented by.. Unrestrlcted Funds Restricted Fund Total Fixed Assets Current Assets Current Liabilities 2,293 19,979 2,241} 19,449 19,731 21,598 21.742 39,710 20,031 9. CONSTITUTION The charitable company is limited by guarantee 2nd does not have a share capital. In the event of the company being wound up the members are committed to a con*ribution of £10 each. 10. CAPITAL COMMITMENTS 2023 2022 Capital expenditure that has been authorised by the trustees but has not yet been contracted for Capital expenditure thal has been contracted for but not yet provided 1,351,476 11. RELATED PARTY TRANSACTIONS There are no related party transactions in the period. 12. TRANSACTIONS WITH DIRECTORS AND TRUSTEES There have been no transactions with directors during the period other than the re-imbursement of expenses incurred on behalf of the charitable company. None of the Directors (who are also Trustees) received any remuneration for their services during the period. 13. ULTIMATE CONTROLLING PARTY As a charity the Company is under the Control of the Board of Management.