ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
THE FRIENDS OF ST EDMUND HALL BOAT CLUB
CHARITY REGISTRATION NUMBER 1151482
Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham PO18 8NF
THE FRIENDS OF ST EDMUND HALL BOAT CLUB
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022
| Page | |
|---|---|
| Legal and Administrative Information | 3 |
| Trustees' Report | 4 to 5 |
| Independent Examiner's Report on the Accounts | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Accounts | 9 to 16 |
THE FRIENDS OF ST EDMUND HALL BOAT CLUB
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER
1151482
START OF FINANCIAL YEAR 01 August 2021 END OF FINANCIAL YEAR 31 July 2022 TRUSTEES AT 31 JULY 2022 David Hope Charles Ali Samir Salih Jenny Taylor Richard Jackson
The existing trustees appoint any new trustees following the provisions laid out in the Charity's governing instrument.
GOVERNING INSTRUMENT
Trust Deed Dated 30th June 2008 and as amended 31st May 2014
REGISTRATION DATE
2nd April 2013
OBJECTS
1) To advance physical education for the benefit of students of all abilities at St Edmund Hall, Oxford (The College) by participation in the sport of rowing through the provision of facilitates, equipment and financial support.
2) To apply the funds and other property of the Charity (including those held by the College wholly owned by the Charity) in pursuance of the above objects.
CORRESPONDENCE ADDRESS
PRIMARY BANKERS
INDEPENDENT EXAMINER
St Edmund Hall Queen’s Lane Oxford OX1 4AR Lloyds Bank plc 1-5 High Street Oxford OX1 4AA Donna Leppitt Independent Examiners Ltd Unit 2 The Broadridge Business Centre Delling Lane Bosham PO18 8NF
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THE FRIENDS OF ST EDMUND HALL BOAT CLUB
TRUSTEES' REPORT FOR THE YEAR ENDED 31 JULY 2022
Objectives and activities
The object of the charity is to enable and encourage students at St. Edmund Hall, Oxford to participate in the sport of rowing through the provision of facilities, equipment and financial support including the sponsorship of individuals or crews training for and participating in competitive events and thereby to assist in ensuring that due attention is given to the physical education and development of such students as well as to the development and occupation of their minds.
We work closely with the Captains of Boats of St Edmund Hall Boat Club in the provision and maintenance of equipment, principally racing boats, financial support of coaching and training camps and advice and support where and whenever appropriate.
The main aim of our activities is to ensure that the college at least maintains, at best improves its position in University regattas, chiefly Torpids and Summer Eights.
The trustees have taken into account Charity Commission guidance on the public benefit of the charity’s activities. Admission to St Edmund Hall is open to any individual who meets University imposed criteria and the sport of rowing at the college is open to any student to pursue.
All the activities of the trustees and members of the Management Committee are conducted on a voluntary basis.
Structure, governance and management
The charity was established by a Trust Deed dated 30th June 2008 as a society of St Edmund Hall (“the college”) in the University of Oxford and was registered as a charity on 2nd April 2013. The Trust Deed was amended on 31st May 2014.
The power to appoint new trustees is vested in the existing trustees who can appoint new trustees at a special meeting.
The day-to-day operations of the charity are delegated by the trustees to a Management Committee whose members consist of a Chair, the Senior Member of St Edmund Hall Boat Club, the Hon. Treasurer, and not less than two and not more than six other persons, all of whom are appointed by the trustees for a period not exceeding five academic years; they are eligible for reappointment. The Management Committee also comprises the Captains of Boats of St Edmund Hall Boat Club.
New trustees are informed of their duties and responsibilities as trustees and a full explanation of the charity’s activities and management of its assets is given. New trustees are recruited from among former members of the college who will probably have rowed for the college at some time.
Financial review
We have over 250 individuals who make a regular Standing Order - included in that number are Student Members who we hope will continue to support the Friends well into the future. Many other alumni have made one-off gifts from time to time. For all these contributions we are very grateful.
Our Restricted Funds recorded an increase of £9,603 for the year (2020/2021 £25,859). Income generated most of the net surplus in 2021/2022 while in the previous year the increase largely came from gains on investments.
Our long-term expenditure plan helps synchronize the timing of our fundraising and capital expenditure on boats and equipment.
4
THE FRIENDS OF ST EDMUND HALL BOAT CLUB TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 JULY 2022 Reserves and Investment Policy Our reserves on 31 Juty 2022 are expected to be adequate to meet C4Jr ¢ommfcmen¢ to supp¢Yi the Halls Boat Club over the cwrse rf the next financial year. Our reserves pdicy is to buikl up and mantaln a of Investments over time so that the income generat&1 frrxn those investments tojether with annual sub5cript¥Jns paid by former ro+ers will be sufftient to fund cMJr nlxmal aCtwits. We do ntt empk)y staff nor have any hnancial ctxnmitments beyMd those already not&1 in ihese financlal 5tatemaits. We do not cs¥jer that we ne&1 to keep free reserves beycnd a minimum kvel to fund immed&4te r84¥wements. Our current investment pdry is to invest in Accumukn unlts in the SUTL Cazenove CharY EQuV Inc(ffte Fun¢J. managed by Schriyjer Unit Trusts knmr(ed. The investment objectwe of the Fund i4 to prov¥Je a p(rtfdK) yeWJ in excess of the FtSE All Share Inde¥ thr(yJ9h investlng predoMInant In UK equtiies. InCe prOVll L4 the primary objective. The Fund's secondary tar9et B to pde Capal grth¥th so that trtal rtturn excegjs that rl the SE All Share Index over a rdling fvtryear per. TnLStees' ReSpor1b1lhtIes The Charrcies Act 2011 requlre5 the trustees to prepare flnancial statements for financ year whKh pents true and tsir view of the state (f aftsirs ( the Ch4ry and of the surplus rrf the Charity tr that p&11. In preparing those financel staternents the trustees are required to.. l) Sd&t Suitab ¢(Jnting and appty them C(S$tentIV 11) Make Judgements and estitnates that are re¥ab and prudent lil) Prepare financh?I statnentS cffj the gixng cen basis UnSS $ inapprLprbte to presume that the trust WMI CtInUe in existence. The Trustee5 are resp(xisibk for keeping prcper ELcounting r&ords, whth dsck6e wych r(Mab curacy at anv time the financial pos1tKx) the Charity. They are also tsprmsible for safeguarding the a55ets d the Charty and hence for taknng reasonab steps fLY the preventK)n and d&ect%)n offraud and fxher Irregul3rt. K approve the atrachwj statement L finale xtlvkks bak7nce sheet and c(ffiflrm th I have maje avaLle an rnatK)n necessary ftt r($ preparat*Jn. Approvaj by the Trvstees cn............ Sonoj on thek beh4f by Trusttr......... Ftinted Name: HOP¢
THE FRIENDS OF ST EDMUND HALL BOAT CLUB
INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2022
Report to the trustees/ members of The Friends of St Edmund Hall Boat Club on the accounts for the year ended 31st July 2022.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the Charities Act,
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to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
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to state whether particular matters have come to my attention.
Basis of independent examiner’s statement
My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the 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 to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
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:
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to keep accounting records in accordance with section 130 of the Charities Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
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have not been met; or
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to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Donna Leppitt Independent Examiners Ltd Unit 2 The Broadridge Business Centre Delling Lane Bosham PO18 8NF
Date: 24th April 2023
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THE FRIENDS OF ST EDMUND HALL BOAT CLUB
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2022
| Notes INCOMING RESOURCES Donations & Legacies 3a Investment Income 3b TOTAL INCOMING RESOURCES PAYMENTS Costs of Charitable Activities 4a Costs of Generating Funds 4c NET INCOMING/(OUTGOING) RESOURCES 6 Balances Brought Forward BALANCES CARRIED FORWARD TRANSFERS BETWEEN FUNDS Unrealised Gain/(Losses) NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: RESOURCES EXPENDED |
Unrestricted Restricted Total Total Funds Funds 2021/22 2020/21 £ £ £ £ 22,407 - 22,407 43,053 3 14,618 14,621 10,987 |
|---|---|
| 22,409 14,619 37,028 54,040 |
|
| 1,558 23,856 25,414 25,462 1,680 - 1,680 3,825 |
|
| 3,238 23,856 27,094 29,287 |
|
| 19,171 (9,238) 9,934 24,753 (11,204) 11,204 - - - 7,637 7,637 54,515 |
|
| 7,968 9,603 17,571 79,268 |
|
| 55,021 348,074 403,095 323,827 |
|
| 62,989 357,678 420,666 403,095 |
Movements on all reserves and all recognised gains and losses are shown above. All the organisation's operations are classed as continuing.
The notes form part of these financial statements, found on pages:-
9 to 16
7
| Unrestricted | Unrestricted | Restricted | T o t a l | TO | TO | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Fund | Fund | 3 1 - J u l - 2 2 | 3 1 - J u l - | ||||||||
| £ | £ | £ | £ | ||||||||
| A s s e t s | Notes | ||||||||||
| Tangible Assets | 2 | - | 4 7 , 6 5 | 6 | 4 7 , 6 5 6 | 6 0 , 3 0 8 | |||||
| Investment Assets | a | 6 | 8310,022 | 3 1 0 , 0 2 2 3 1 0 , 0 2 2 |
2 8 7 , 7 6 6 2 8 7 , 7 0 0 |
||||||
| C u r r e n t Assets | ~ | 3 5 7 , 6 7 l e |
8 | 3 5 7 , 6 7 8 e e ll o |
c | 3 4 8 , 0 7 4 | |||||
| Debtors & Prepayments | 8 | - | - | - | ° | ||||||
| Cash at bank and in hand | 7 | 6 6 , 0 4 9 | - | 6 6 , 0 4 9 | 5 7 , 8 7 1 | ||||||
| T o t a l C u r r e n t Assets | 6 6 , 0 4 | 9 | - | 6 6 , 0 4 9 | 5 7 , 8 7 1 | ||||||
| O | O | F | |||||||||
| C r e d i t o r s : amounts falling due | 9 | 3,060 | - | 3 , 0 6 0 | 2 , 8 5 0 | ||||||
| within one year | |||||||||||
| NET C U R R E N T ASSETS | 6 2 , 9 8 | 9 | - | 6 2 , 9 8 9 | 5 5 , 0 2 1 | ||||||
| T O T A L ASSETS less current liabilities | 6 2 , 9 8 | 9 | 3 5 7 , 6 7 8 | 4 2 0 , 6 6 6 | 4 0 3 , 0 9 5 | ||||||
| C r e d i t o r s : amounts falling due in more | 10 | - | - | - | - | ||||||
| than one year | |||||||||||
| NET ASSETS | 6 2 , 9 8 9 | 3 5 7 , 6 7 8 | 4 2 0 , 6 6 6 | 4 0 3 , 0 9 5 | |||||||
| FUNDS O F THE C H A R I T Y | ? | ||||||||||
| General Funds | 62,989 | - | 6 2 , 9 8 9 | 5 5 , 0 2 1 | |||||||
| Restricted funds | 5 | - | 3 5 7 , 6 7 | 8 | 3 5 7 , 6 7 8 | 3 4 8 , 0 7 4 | |||||
| T O T A L FUNDS | O | 6 2 , 9 8 9 | 3 5 7 , 6 7 | e 8 |
4 2 0 , 6 6 6 | 4 0 3 , 0 9 5 | |||||
| e | S | O O O _ _ | 4 0 3 , 0 9 5 |
THE FRIENDS OF ST EDMUND HALL BOAT CLUB
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2022
1. ACCOUNTING POLICIES
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year.
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.
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
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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 resources 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 tax reclaim is received.
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 income receivable.
Volunteer Help
The value of any voluntary help received is not included in the accounts and is described in the Trustees' Report.
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.
Investment Income
This is included in the accounts when receivable.
Investment Gains and Losses
This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
This page does not form part of the statutory financial statements
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THE FRIENDS OF ST EDMUND HALL BOAT CLUB
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2022
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
Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advise 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.
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.
Fund Accounting
Funds held by the charity are either:
1. Unrestricted funds
These are funds which can be used in accordance with the charity's objectives, at the discretion of the trustees.
2. Restricted funds
These are funds that can only be used for particular restricted purposes within the objects of the charity.
3. Designated funds
These funds are funds set aside by the trustees out of unrestricted general funds for specific purposes or projects.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Fixed Assets
Fixed Assets are capitalised if they can be used for more than one year and cost at least £1,500. They are valued at cost or, if gifted, at the value to the charity on receipt.
Depreciation Expense
Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied are as follows:
Fixtures, Fittings, Equipment
10%
Change of Accounting Policies and Rules and Methods of Valuation.
There has been no change to the accounting polices (Variation rules and methods of accounting) since last year.
This page does not form part of the statutory financial statements
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THE FRIENDS OF ST EDMUND HALL BOAT CLUB
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2022
2. TANGIBLE FIXED ASSETS
| Additions Charge for the Year At 31st Jul 2022 Net Book Value At 31st Jul 2022 At 1 Aug 2021 Cost At 1 Aug 2021 At 31st Jul 2022 Accumulated Depreciation At 1 Aug 2021 |
Unrestricted Equipment Restricted Equipment 2021/22 £ £ £ - 132,743 132,743 - - - |
|---|---|
| - 132,743 132,743 |
|
| - 72,435 72,435 - 12,652 12,652 |
|
| - 85,088 85,088 |
|
| - 47,656 47,656 |
|
| - 60,308 60,308 |
The annual commitments under non-cancelling operating leases and capital commitments are as follows:
31st July 2022 : None 31st July 2021 : None
This page does not form part of the statutory financial statements
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THE FRIENDS OF ST EDMUND HALL BOAT CLUB
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2022
3. INCOMING RESOURCES
| 3. INCOMING RESOURCES | |
|---|---|
| Note b) Investment Income Bank Interest Received Other investment income a) Donations & Legacies Gifts, Offerings & Donations Sponsorships |
Unrestricted Restricted Total Total Funds Funds 2021/22 2020/21 £ £ £ £ 7,407 - 7,407 18,053 15,000 - 15,000 25,000 |
| 22,407 - 22,407 43,053 |
|
| 3 - 3 3 - 14,618 14,618 10,984 |
|
| 3 14,618 14,621 10,987 |
This page does not form part of the statutory financial statements
12
THE FRIENDS OF ST EDMUND HALL BOAT CLUB
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2022
| 4. RESOURCES EXPENDED Note b) Cost of Generating Funds Annual Dinner Fundraising Commission Depreciation expense Governance costs:- Independent Examiner Fee a) Charitable Activities Coaching & Training Camps Equipment Costs Office Costs Grants (to other charities) |
Unrestricted Restricted Total Total Funds Funds 2021/22 2020/21 £ £ £ £ - 11,204 11,204 9,269 27 - 27 1,462 370 - 370 1,026 231 - 231 286 - 12,652 12,652 12,520 930 - 930 900 |
|---|---|
| 1,558 23,856 25,414 25,462 |
|
| 180 - 180 - 1,500 - 1,500 3,825 |
|
| 1,680 - 1,680 3,825 |
This page does not form part of the statutory financial statements
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THE FRIENDS OF ST EDMUND HALL BOAT CLUB
NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 JULY 2022
5. RESTRICTED FUNDS
CURRENT FINANCIAL YEAR
| Balance | Gains & | Balance | ||||
|---|---|---|---|---|---|---|
| 01-Aug-21 | Income | Expenditure | (Losses) | Transfer | 31-Jul-22 | |
| £ | £ | £ | £ | £ | ||
| Friends of the Boat Club | 348,074 | 14,618 | (23,856) | 7,637 | 11,204 | 357,677 |
| 348,074 | 14,619 | (23,856) | 7,637 | 11,204 | 357,678 | |
| PREVIOUS FINANCIAL | YEAR | |||||
| Balance | Gains & | Balance | ||||
| 01-Aug-20 | Income | Expenditure | (Losses) | Transfer | 31-Jul-21 | |
| £ | £ | £ | £ | £ | ||
| Friends of the Boat Club | 322,215 | 21,476 | (21,788) | 54,515 | (28,344) | 348,074 |
| 322,215 | 21,476 | (21,788) | 54,515 | (28,344) | 348,074 |
Friends of the Boat Club Fund – Restricted funds comprise funds received for the Friends of the Boat Club Fund, a specific fund which has been established to produce income for coaching and training as well as the purchase of equipment.
The restricted funds are represented by the Charity's cash reserves, tangible fixed assets and fixed asset investments. The restricted funds are to be expended as specified above.
This page does not form part of the statutory financial statements
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THE FRIENDS OF ST EDMUND HALL BOAT CLUB
NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 JULY 2022
6. INVESTMENTS
| 6. INVESTMENTS | |||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| Funds | Funds | 31-Jul-22 | 31-Jul-21 | ||
| £ | £ | £ | £ | ||
| Market value as at | 01-Aug-21 | - | 287,766 | 287,766 | 222,268 |
| Income Received | - | 14,618 | 14,618 | 10,984 | |
| Investment Assets - Revaluation Gain/(Loss) | - | 7,637 | 7,637 | 54,515 | |
| Market value as at | 31-Jul-22 | - | 310,022 | 310,022 | 287,766 |
| 7. CASH AT BANK AND IN | HAND | ||||
| Unrestricted | Restricted | Total | Total | ||
| Funds | Funds | 31-Jul-22 | 31-Jul-21 | ||
| £ | £ | £ | £ | ||
| Current Account | 24,969 | - | 24,969 | 16,794 | |
| Deposit Account | 41,080 | - | 41,080 | 41,077 | |
| 66,049 | - | 66,049 | 57,871 | ||
| 8. DEBTORS AND PREPAYMENTS | |||||
| The Charity held no Debtors | during this or the previous financial period. | ||||
| 9. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE WITHIN ONE | YEAR | ||||
| Unrestricted | Restricted | Total | Total | ||
| Funds | Funds | 31-Jul-22 | 31-Jul-21 | ||
| £ | £ | £ | £ | ||
| Sundry Creditors | 2,130 | - | 2,130 | 1,950 | |
| Independent Examiner's Fee | 930 | - | 930 | 900 | |
| 3,060 | - | 3,060 | 2,850 |
This page does not form part of the statutory financial statements
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THE FRIENDS OF ST EDMUND HALL BOAT CLUB
NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 JULY 2022
10. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
The Charity held no long term liabilities during this or the previous financial period.
11. STAFF COSTS AND NUMBERS
The Charity employed no members of staff during this or the previous financial period.
12. TRUSTEES AND OTHER 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 organisation and a trustee or any person connected with them.
(2020/21- None)
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 established systems to mitigate the significant risks.
14. RESERVES POLICY
The Trustees have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The Trustees aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The trustees will endeavour not to set aside funds unnecessarily.
15. PUBLIC BENEFIT
The Charity 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.
This page does not form part of the statutory financial statements
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