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2025-03-31-accounts

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025

GATEWAY WATERSIDE

(Charitable Incorporated Organisation)

CHARITY REGISTRATION No. 1143971

Luke Silver Accountancy & Taxation Services 25 Ellicombe Close Minehead Somerset TA24 6DQ

1

GATEWAY WATERSIDE (CHARITABLE INCORPORATED ORGANISATION)

CONTENTS

Page 3 Legal and Administrative Information Page 4 to 5 Trustees' Report Page 6 Statement of Financial Activities Page 7 Balance Sheet Pages 8 to 12 Notes to the Financial Statements Page 13 Independent Examiner's Report

2

CHAIR OF DIRECTORS’ REPORT 2024-25

Gateway Waterside (A COMPANY LIMITED BY GUARANTEE)

LEGAL AND ADMINISTRATIVE INFORMATION CHARITY NUMBER 1143971

COMPANY REGISTRATION NUMBER 7726741

LEGAL STATUS Incorporated Charity

START OF FINANCIAL YEAR 1st April 2024

END OF FINANCIAL YEAR 31st March 2025

DIRECTORS AT 31ST MARCH 2025

Kathryn Holmes (Chair), Anthony Hodder, Jamie Johnston, Michael Ford, Debbie Bailey, David Norbury

CHURCH LEADERS AT 31ST MARCH 2025

Pastor Tim Lockwood (Senior Minister), Pastor Danni Lockwood (Senior Minister), Anthony Hodder (Overseer), Ann Hodder (Overseer), Dawn Cullen (Overseer), Andrew Clarke (Overseer), Samantha Clarke (Overseer), Sarah Sellen (Overseer), Brendan Douglas-Henry (Overseer), Shannon DouglasHenry (Overseer)

GOVERNING DOCUMENT

Memorandum 5 Articles of Association Dated 2nd October 2012 CIO Foundation Constitution of Gateway Waterside Dated 22nd May 2020

OBJECTIVES

(A) TO ADVANCE THE CHRISTIAN FAITH IN ACCORDANCE WITH THE STATEMENT OF BELIEFS IN THE SCHEDULE HERETO ATTACHED IN SUCH PARTS OF HAMPSHIRE, THE UNITED KINGDOM OR THE WORLD AS THE TRUSTEES MAY FROM TIME-TO-TIME THINK FIT.

(B) TO RELIEVE PERSONS WHO ARE IN CONDITIONS OF NEED, FINANCIAL HARDSHIP OR SICKNESS AND WHO MAY BE AGED AND TO RELIEVE THE DISTRESS CAUSED THEREBY IN THE SAID LOCATION AND IN SUCH OTHER PARTS OF THE UNITED KINGDOM OR THE WORLD AS THE TRUSTEES MAY FROM TIME-TO-TIME THINK FIT.

(C) TO ADVANCE EDUCATION ON THE BASIS OF CHRISTIAN PRINCIPLES IN THE SAID LOCATION AND IN SUCH OTHER PARTS OF THE UNITED KINGDOM OR THE WORLD AS THE TRUSTEES MAY FROM TIME-TO-TIME THINK FIT; (D) TO PROVIDE OR ASSIST IN THE PROVISION OF FACILITIES IN THE INTERESTS OF SOCIAL WELFARE FOR RECREATION OR OTHER LEISURE TIME OCCUPATION OF INDIVIDUALS WHO HAVE NEED OF SUCH FACILITIES BY REASON OF THEIR YOUTH, AGE, INFIRMITY OR DISABILITY, FINANCIAL HARDSHIP OR SOCIAL CIRCUMSTANCES WITH THE OBJECT OF IMPROVING THEIR CONDITIONS OF LIFE.

REGISTERED ADDRESS

PRIMARY BANKERS

CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent. ME19 4JQ

INDEPENDENT EXAMINER

Luke Silver Accountancy and Taxation Services, 25 Ellicombe Close, Minehead, Somerset. TA24 6DQ

GATEWAY WATERSIDE (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31ST MARCH 2025 This is the annual report for Gateway Waterside, registered charity no. 1143971, covering the period from 1st April 2024 to 31st March 2025.

The objectives of the charity are advancement of the Christian faith, including worship, preaching of the Christian gospel, the pastoral care of Christian people, and providing relief to persons who are in need.

Gateway Waterside has fulfilled its objectives through a range of activities. These include:

Furthermore, the charity has furthered its objectives by helping those who are in need. This includes:

STAFF RECEIVING A SALARY AT 31ST MARCH 2025

To further the objectives of the charity, three members of staff are employed. The senior minister - Tim Lockwood, the youth worker - Casey Hussey and the administrator - Karen Ford are all employed on a part-time basis. No employees receive over £60,000.

ACTIVITIES

Gateway Waterside held weekly Sunday services at the Marchwood Village Hall where public worship, Bible teaching, kids’ work and youth work took place. Furthermore, a rich programme of activities was offered throughout the week,

including prayer meetings, home groups, Pause group, Worship through Movement, youth and children’s activities, and social activities.

During this financial year, Gateway Fareham decided that it no longer wished to formally collaborate with Gateway Waterside under the banner of ‘one church, two sites.’ Nevertheless, a supportive relationship remains and the two organisations continue to work co-operatively.

Gateway Waterside also continued to support Christians Against Poverty (CAP), by providing the Marchwood and District CAP Centre, led by Tony Hodder as Centre Manager. CAP is a registered charity which provides support for people in debt. The team working for the CAP branch builds relationships with clients, obtaining necessary information from them to enable CAP to generate a plan for debt repayment or, if this is not sustainable, an appropriate form of insolvency. Local church members continue to provide support to clients as they progress to becoming debt free, with several clients successfully completing the process and becoming debt free during this financial year.

Church members personally supported the local food banks with regular donations of essential items. The church financially supported ‘The Crossings’ project which is closely associated with Gateway Waterside as several of the homelessness charity’s trustees and its manager attend the church.

The church remained an active member of Waterside Churches Together, and in particular regularly provided support and volunteers for Messy Church Marchwood. The church also supported work of the Mission Aviation Fellowship (MAF) by giving financial help to a family that works for the organisation in Papua New Guinea, who are closely connected to Gateway Waterside.

Gateway Waterside continued to actively seek a building to house its community work. The building being considered during the previous financial year (St. Francis, Langley) was unfortunately sold to a higher bidder, but a new building became available (Colors Youth Club) which appeared to meet all of the charity’s needs. Fundraising was sought from within the existing congregation, and additionally three private loans were generously offered, totalling £100,000. With regard to Charities Act 2011 s124.2, independent advice was obtained from Daryl Martin, FCIB which trustees duly considered and it was agreed to take on the loans in order to fund the purchase of the building in furtherance of the charity’s aims. A structural survey was conducted by a qualified professional, loan agreements were drafted and approved, and trustees ensured that the charity has the legal powers to proceed. Once satisfied that all safeguards were in place, trustees voted unanimously to make the purchase. Contracts were exchanged on 27th March 2025, with completion scheduled to take place the following week (outside of the timeframe being reported on).

The church’s policy for financial reserves is to maintain sufficient funds to meet contractual obligations to employees and others, and to ensure that there is an adequate level of working capital to cover fluctuations in income. Whilst the coming years will present a shift in both the charity’s income (from hiring out the building to organisations and individuals that concur with our charitable

aims, and from a projected increase in weekly attendance) and expenditure (on costs relating to the safe and compliant running of the building), it is still felt that the church’s financial position remains healthy; as shown in the balance sheet. As such, trustees are confident that the charity will continue to be able to meet its objectives to advance the Christian faith, and to provide practical support for local and overseas communities, in the coming years.

Approved by the Trustees on the …………………………..

Signed by Kathryn Holmes ……………………………………..

5

GATEWAY WATERSIDE (CHARITABLE INCORPORATED ORGANISATION)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2025

(Incorporating Income & Expenditure Account)

Notes
INCOMING RESOURCES
Incoming Resources From Generated Funds
Donations & Legacies
3a
Charitable Activities
3b
Investment Income
3c
Other Incoming Resources
3d
TOTAL INCOMING RESOURCES
RESOURCES EXPENDED
Cost of Generating Funds
Costs of Charitable Activities
4a
Governance Costs
4b
TOTAL RESOURCES EXPENDED
NET INCOME/(EXPENDITURE) BEFORE
INVESTMENT GAINS/(LOSSES)
Unrealised Gains / Losses
2b
Realised Gain
2b
NET INCOME/(EXPENDITURE)
Total Funds Brought Forward
Transfers Between Funds
5
TOTAL FUNDS CARRIED FORWARD		 Restricted
TOTAL
TOTAL
Funds
2024 / 25
2023 / 24
£
£
£
56,402
111,140
69,871
209
209
1,006
28,470
28,595
45
130
130
324
0
54,738
0
125
Unrestricted
Funds
£
85,211
140,074
71,246
54,863
25
55,941
53,509
6,209
13,394
8,355
7,185

55,916
6,234
69,335
61,864
63,101
78,977
70,739
9,382
0
(312)
12,732
0
(27,141)
(27,141)
0
(8,238)
(312)
51,836
43,286
22,114
113,337
147,464
125,350
(123,259)
0
0
(8,550)
34,127
123,259
41,914
190,750
147,464
148,836

Movements on all reserves and all recognised gains and losses are shown above. All of the charity's operations are classed as continuing.

The notes on pages 8 to 13 form part of these financial statements.

6

Note
Unrestricted
Funds
£
Restricted
Funds
£
31-Mar-25
Total
£
31-Mar-24
Total
£
Fixed Assets
Tangible Assets
2a
225,668
0
225,668
340
Investments
2b
16,159
16,159
110,140
Debtors & Prepayments
7
2,469
20
2,489
5,763
Cash at Bank and in Hand
6
5,355
42,894
48,249
32,701
Total Current Assets
7,824
42,914
50,738
38,464
Creditors:due within one year
8
50,815
1,000
51,815
1,481
Creditors: due after one year
50,000
0
50,000
NET CURRENT ASSETS
(92,991)
41,914
(51,077)
36,983
TOTAL ASSETSless current liabilities
148,836
41,914
190,750
147,463
NET ASSETS
148,836
41,914
190,750
147,463
Funds of the Charity
General Funds
148,836
148,836
34,127
Restricted Funds
5
41,914
41,914
113,336
148,836
41,914
190,750
147,463
Approved by the Trustees on the ...........
Printed Name: Kathryn Holmes
BALANCE SHEET
AS AT 31ST MARCH 2025		 Note
Unrestricted
Funds
£
Restricted
Funds
£
31-Mar-25
Total
£
31-Mar-24
Total
£
Fixed Assets
Tangible Assets
2a
225,668
0
225,668
340
Investments
2b
16,159
16,159
110,140
Debtors & Prepayments
7
2,469
20
2,489
5,763
Cash at Bank and in Hand
6
5,355
42,894
48,249
32,701
Total Current Assets
7,824
42,914
50,738
38,464
Creditors:due within one year
8
50,815
1,000
51,815
1,481
Creditors: due after one year
50,000
0
50,000
NET CURRENT ASSETS
(92,991)
41,914
(51,077)
36,983
TOTAL ASSETSless current liabilities
148,836
41,914
190,750
147,463
NET ASSETS
148,836
41,914
190,750
147,463
Funds of the Charity
General Funds
148,836
148,836
34,127
Restricted Funds
5
41,914
41,914
113,336
148,836
41,914
190,750
147,463
Approved by the Trustees on the ...........
Printed Name: Kathryn Holmes
BALANCE SHEET
AS AT 31ST MARCH 2025		 Note
Unrestricted
Funds
£
Restricted
Funds
£
31-Mar-25
Total
£
31-Mar-24
Total
£
Fixed Assets
Tangible Assets
2a
225,668
0
225,668
340
Investments
2b
16,159
16,159
110,140
Debtors & Prepayments
7
2,469
20
2,489
5,763
Cash at Bank and in Hand
6
5,355
42,894
48,249
32,701
Total Current Assets
7,824
42,914
50,738
38,464
Creditors:due within one year
8
50,815
1,000
51,815
1,481
Creditors: due after one year
50,000
0
50,000
NET CURRENT ASSETS
(92,991)
41,914
(51,077)
36,983
TOTAL ASSETSless current liabilities
148,836
41,914
190,750
147,463
NET ASSETS
148,836
41,914
190,750
147,463
Funds of the Charity
General Funds
148,836
148,836
34,127
Restricted Funds
5
41,914
41,914
113,336
148,836
41,914
190,750
147,463
Approved by the Trustees on the ...........
Printed Name: Kathryn Holmes
BALANCE SHEET
AS AT 31ST MARCH 2025
7,824
42,914
50,738
38,464
50,815
1,000
51,815
1,481
50,000
0
50,000
(92,991)
41,914
(51,077)
36,983
148,836
41,914
190,750
147,463
148,836
41,914
190,750
147,463
148,836
148,836
34,127
41,914
41,914
113,336
148,836
41,914
190,750
147,463

7

GATEWAY WATERSIDE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025

1. ACCOUNTING POLICIES

Basis of Preparation & Assessment of Going Concern Basis of Preparation

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP - FRS102) and the Charities Act 2011.

The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.

Assessment of Going Concern

Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.

Incoming Resources Recognition of Incoming Resources

These are included in the Statement of Financial Activities (SOFA) when:

▪ the charity becomes entitled to the resources; ▪ the trustees are virtually certain they will receive the resources; and ▪ the monetary value can be measured with sufficient reliability Incoming Resources with Related Expenditure Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA. Grants and Donations Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources. Tax Reclaims on Donations and Gifts Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate. Contractual Income and Performance Related Grants This is only included in the SOFA once the related goods or services has been delivered. Gifts in Kind Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable.

Donated Services and Facilities These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received. Volunteer Help The value of any voluntary help received is not included in the accounts but is described in the trustees' annual report. Investment Income NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2025 1. ACCOUNTING POLICIES (Continued) Expenditure and Liabilities Liability Recognition Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. Governance Costs any legal advice to trustees on governance or constitutional matters. Grants with Performance Conditions Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output. Grants Payable without Performance Conditions These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity. Support Costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of the resources, eg allocating property costs by floor areas, or per capital employed, staff costs by the time spent and other costs by their usage. Fixed Assets Tangible fixed assets for use by the charity, these are capitalised if they can be used for more than one year, and cost at least £1,000. They are valued at cost or, if gifted, at the value to the charity on receipt. Investments

Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees' best estimate of market value.

There has been no change to the accounting policies (Valuation rules and methods of accounting) since last year. Depreciation Expense

Depreciation has been calculated on a straight line basis. The rates applied per year are as follows: Equipment 25%

C t E i t 25%

8

GATEWAY WATERSIDE

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2025 1. ACCOUNTING POLICIES (Continued)

2. FIXED ASSETS
a) Tangible Assets
Cost Additions
01-04-24
Cost at
31-03-25
Depreciation
01-04-24
Charge
Depreciation at
31-03-25
Net Book Value
31-03-25
Net Book Value
31-03-24		 PA
Building
Total 2024
/25
£
2,976
0
3,526
Comps
550
299
220
225,000
225,519
3,196
225,000
229,045
849
2,922
0
3,186
53
0
191
264
138
2,975
0
3,377
402
221
225,000
225,668
447
54
0
340
286

The annual commitments under non-cancelling operating leases, capital commitments, Contingent Liabilities are as follows:

31st March 2025: None 31st March 2024: None

2. FIXED ASSETS (Continued)

b) Investments
Market value brought forward
Disposal of Part Investment
Unrealised gains / (losses) on investments
Realised gains / (losses)
Market value carried forward		 TOTAL
2024 / 25
£
110,140
(66,528)
(312)
(27,141)
16,159

The Historical Cost of the COIF investment totalled £83,000

9

GATEWAY WATERSIDE (CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31ST MARCH 2025

Note
a) Donations & Legacies
Gift Aid Donations
Tax Recoverable
Gifts, Tithes & Offerings
5
b) Charitable Activities
Ministry Events
Salem Orphanage
5
CAP
c) Investment Income
Interest
d) Other Incoming Resources
Sundry Income
4. Resources Expended
a) Costs of Charitable Activities
Administrative Expenses
Advertising and Publicity
CAP
Conference Costs
Depreciation Expense
2a
Equipment Costs
Gifts - Ministry
Gifts - Other
Hall Hire
License & Subscriptions
Mission
Printing
Salem Orphanage
5
Salt & Light
Software
Staff Costs
9
Subsistence
Sunday Costs
Sundry Expenses
Telephone Costs
The Youth & Children
Training
Worship & PA Costs
Local Outreach
Travel Costs
b) Governance Costs
Accountancy
Bank Charges
Insurance
Independent Examiners Fee
Legal and Professional Fees		 Restricted
Funds
£
TOTAL
2024 / 25
£
TOTAL
2023 / 24
£
50,227
95,486
37,364
6,175
15,654
11,372
0
21,135
45,259
9,479
Unrestricted
Funds
£
56,402
111,140
69,871
54,738
0
0
801
0
0
180
209
209
25
0
0
0
209
209
1,006
0
28,470
28,595
45
125
28,470
28,595
45
125
130
130
324
0
130
130
324
0
Restricted
TOTAL
TOTAL
Funds
2024 / 25
2023 / 24
0
0
74
0
0
260
25
4,225
7,329
0
455
432
0
191
771
0
0
6
0
2,251
2,087
0
0
0
0
3,513
2,830
0
260
253
0
0
152
0
66
0
0
588
0
1,200
1,200
0
931
723
0
39,802
33,948
0
69
162
0
764
809
0
5
0
0
87
252
0
854
867
555
0
555
266
500
0
500
0
67
0
67
0
0
146
500
146
0
1,200
931
39,802
69
764
5
87
854
455
191
0
2,251
0
3,513
260
0
66
Unrestricted
Funds
0
0
4,200
25
55,941
53,509
55,916
0
5,376
5,052
0
100
120
0
928
689
0
390
350
6,209
6,600
2,144
5,376
100
928
390
391
6,209
13,394
8,355
7,185

10

GATEWAY WATERSIDE

(CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2025

5. RESTRICTED FUNDS

5. RESTRICTED FUNDS
Building Fund
Vision
Youth
CAP
Building Fund		 Balance
01-Apr-24
Transfers
Balance
31-Mar-25
£
£
£
101,072
84,873
(78,664)
(72,861)
34,420
12,141
(4,999)
7,142
(45)
130
(1,006)
921
0
168
209
(25)
352
Income Expenditure
£ £
113,336
85,212
(84,694)
(71,940)
41,914
Balance
31-Mar-24
Transfers
Balance
31-Mar-25
£
£
£
77,035
15,574
(1,940)
10,403
101,072
£ £
Income Expenditure

Building Fund - Plans have commenced for the organisation to seek a building of its own, and to this effect a Building Fund had been opened to set aside resources to ensure that this could be realised.

Salem Orphanage - Fund to support orphanage based in Kenya

Restricted funds are represented by cash reserves held by the Charity. The Restricted funds in deficit are classed as continued operations and will be replenished in the coming financial period.

6. CASH AT BANK AND IN HAND

Cash at Bank and in Hand
7. DEBTORS & PREPAYMENTS
Gift Aid Tax Recoverable
Sundry Debtors		 Unrestricted
Fund
£
Total31-Mar-
25
£
Total31-Mar-
24
£
5,355
48,249
32,701
Restricted Fund
£
42,894
5,355
48,249
32,701
42,894
Unrestricted
Fund
£
Total31-Mar-
25
£
Total31-Mar-
24
£
2,469
2,489
5,607
0
0
156
Restricted Fund
£
20
0
2,469
20
2,489
5,763

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

11

Sundry Creditors
Buidling Loan		 Unrestricted
Fund
£
Total 31-Mar-
25
£
Total 31-Mar-
24
£
815
1,815
1,481
1,000
Restricted Fund
£
50,000
50,000
0
0
50,815
51,815
1,481
1,000

9. CREDITORS: AMOUNTS FALLING AFTER ONE YEAR

Buidling Loan Unrestricted
Fund
£
Total 31-Mar-
25
£
Total 31-Mar-
24
£
50,000
50,000
0
Restricted Fund
£
0
50,000
50,000
0
0

12

GATEWAY WATERSIDE

(CHARITABLE INCORPORATED ORGANISATION)

NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2025 10. STAFF COSTS AND NUMBERS

Employees who were engaged in each of the following activities:
Employers National Insurance Allowance
Pension Contributions
Gross Wages & Salaries
Employer's National Insurance Costs		 741
39,802
2024 / 25
2024/ 25
TOTAL
39,061		 2023 / 24
33,222
-183
0
909
33,948
2023 / 24
TOTAL
Activities in furtherance of organisation's objects 3 3

The charity operates a PAYE scheme to pay all employed members of staff and no employees received emoluments in excess £60,000 (2024 / 25: None).

11. RECONCILIATION OF MOVEMENT ON CAPITAL AND RESERVES

As a Charitable Incorporated Organisation the Charity is registered with the Charity Commission number 1143971. The Charity does not have a Share capital and has no income subject to Corporation Tax.

Surplus / Deficit for the financial period
Balance Brought Forward
Closing Funds at 31st March 2025		 43,286
43,286
147,464
2024 / 25
£
190,750		 2023 / 24
£
22,114
22,114
125,350
147,464

12. PAYMENTS TO DIRECTORS & RELATED PARTIES

No payments were made to Trustees or any persons connected with them during this financial period. No material transaction took place between the charity and the Trustees or any person connected with them.

13. RISK ASSESSMENT

The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which they face and confirm that they have

14. RESERVES POLICY

The Trust recognises the propriety of not building up funds for which there is no clear expenditure plans. The Trust’s policy is to allow reserves to accrue to a level of three months’ average expenditure, plus funds which may be earmarked for specific projects in the future. As the Trust is still growing, reserves may only exceed this policy level in order to be able to respond positively to new opportunities. This situation is actively monitored to ensure that reserves do not build up unnecessarily.

15. PUBLIC BENEFIT

The CIO acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.

13