2025-12-31-accounts

The Woodfield Project Annual Report 2025

Registered Charity Number: 1158644 The Woodfield Project

Annual Report 2025

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1. The Charity and the Trustees

• 1.1 The Woodfield Project (TWP) is a registered charity, number 1158644. It is constituted as a Charitable Incorporated Organisation (CIO) by a governing Constitution dated 23 September 2014 and amended 21 October 2021 . Centred on the Woodfield Pavilion, its charitable purposes are (i) to ‘provide for the public benefit, facilities for recreation or other leisure time occupation in the interests of social welfare’ and (ii) ‘to promote for the benefit of the public the conservation, protection and improvement of the physical and natural environment’.

• 1.2 The postal address is The Woodfield Pavilion, 16ª Abbotswood Road, Streatham, London, SW16 1AP. Other means of contact are:

Email: [e-mail]

Website: www.thewoodfield.org On Facebook: https://www.facebook.com/WoodfieldPavilion/ or @WoodfieldPavilion On Instagram: https://www.instagram.com/woodfieldpavilion/ or @WoodfieldPavilion YouTube: The Woodfield Pavilion

https://www.youtube.com/channel/UCNiv4LvXCYHiW_umQnn96gg

• 1.3 TWP’s principal banker is CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ. A small amount of reserve funds is held in a second 35-day access account at the CoOperative Bank, in order to ensure funds are protected by the Financial Services Compensation Scheme guarantee.

• 1.4 The trustees in the calendar year of 2025 (appointed on limited terms until retirement according to the constitution) were:

Mark Bery: Nominated by TCMAC (Tooting Commons Management Advisory Committee), appointed 28 January 2021, resigned as TCMAC representative and re-appointed as an individual trustee 18 July 2024 resigned 14 May 2025

Priya Gandhi : Appointed 18 July 2024 Karen Hall : Appointed 18 July 2024

Matthew Hamlyn : Nominated by TCMAC (Tooting Common Management Advisory Committee), appointed 18 July 2024

Barbara Jennings : Appointed 18 July 2023

Cllr Norman Marshall: Nominated by the London Borough of Wandsworth, appointed 26 July 2022 Paul Miner : Chair: appointed 26 July 2022 , resigned 14 May 2025

Mohah Sharaf : Trustee appointed 14 May 2025; appointed Chair 31 July 2025. Elizabeth Steer : Treasurer, appointed October 2020 Jane Tingle : Appointed 15 May 2024

Peter Ward: Appointed 5 October 2021

The Board of Trustees met at four Quarterly meetings. The AGM of TWP for the year ended 31 December 2024 was held at The Woodfield Pavilion on 14 May 2025.

The trustees here present their annual report and financial statements for the year ended 31 December 2025.

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2. The Woodfield Pavilion

• 2.1 I would like to record my thanks to the Trustees who give their time, the staff employed by the charity and our volunteers from the community who have helped us deliver another very successful year.

• 2.2 The trustees of TWP are responsible for a refurbished sports pavilion that sits in the northwestern corner of the former Woodfield Recreation Ground, 2.1 hectares of open space abutting on and joined with the north-eastern boundary of Tooting Bec Common. This pavilion, now named the Woodfield Pavilion, was built in 1933 and refurbished from September 2018 to June 2019. It is held by the trustees on a 25-year peppercorn lease from the London Borough of Wandsworth, its owner and the manager of the Tooting Commons. Situated, however, within the London Borough of Lambeth, it is subject to Lambeth Council’s planning policy.

• 2.3 The Pavilion has a moderately large (56m2), flexible, meeting-cum-exhibition space on the ground floor which benefits from acoustic panelling installed in 2022. During 2025 new adaptive lighting was installed in the space, allowing for more varied use. This space is flanked to the north and south by a kitchen and two lobbies that open to toilets, to a stairway, and to a locker room. The wall to the east has doors that open directly to the outside but are sheltered by a veranda. An upper floor, accessed by a stairway, provides considerable storage space and a modest administrative office-cum-meeting room

• 2.4 The veranda provides additional usable external space. The whole of the external space within the premises is paved with a porous material and provides bicycle stands and a lockable rubbish shed. Two permanent benches on the western side of the Pavilion face Tooting Bec Common, which is effectively connected to the Woodfield Ground. During 2025 an air source heat pump was installed at the Pavilion, providing low cost low carbon energy to the building, achieving an objective set out in the original plans for the pavilion.

3. Objectives and activities for the public benefit

• 3.1 . The trustees here confirm that they refer to the Charity Commission’s guidance on the public benefit when reviewing TWP’s aims and objectives and in updating TWP’s business plan.

• 3.2. TWP aims to engage with the diversity of its local communities and natural environment, promoting health and sustainability in everything it does. It is devoted to using the Woodfield Pavilion and the surrounding open land in ways that appeal to, and benefit, a wide range of users. It aims to develop the pavilion as a 'go-to hub' for people to share in culture, festivities, ideas, learning and well-being. Its specified aims include those of:

• a. Providing a safe space for training, learning, recreation and leisure;

• b. Promoting the appreciation of the natural environment;

• c. Protecting and enhancing the natural environment of the Woodfield Ground and Tooting Bec Common;

• d. Becoming financially sustainable;

• e. Increasing the Charity’s membership;

• f. Establishing a Management Team that optimises the use of volunteers;

• g. Attracting capable trustees from as wide a range of people as possible;

• h. Actively engaging with local people, groups and institutions; and

• i. Actively extending the benefits of Woodfield to vulnerable and socially excluded people.

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4. Achievements and performance in 2025

• 4.1 2025 has been the Woodfield Pavilion’s fourth full year of operation. The financial performance has shown that the Pavilion continues to operate on a sustainable footing and is an established part of the local community. We ended the year with a surplus of £10,870 – just over seven week’s operating costs. The year has been more challenging financially than 2024, with a fall in hire income (workshops, venue hire, private venue and schools) and donations during the year and continued increases in costs. However, the charity has good liquidity, with levels of cash stable compared to 2024, and with over 98% of charity funds at year end being represented by unrestricted funds.

• 4.2 TWP currently has one restricted fund, used to ring fence funding that has been made available for a specific purpose. Income received as Grants of £20,356 during 2025 was added to the restricted fund and was used for project expenditure for the air source heat pump (ASHP) and new adaptive lighting. During the year £18,861 was released from the restricted to the unrestricted fund for two capital expenditure projects: reflecting the final payment for ASHP and payment for the new adaptive lighting within the Pavilion, both of which were installed in August 2025. At the end of 2025 the balance in the restricted fund is the balance of grants to be used for decorating and funds donated for the completion of the Woodfield Community Orchard, launched in 2024 and to be completed during 2026.

• 4.3 Importantly, in 2025 the Pavilion was, as in previous years, able to operate fully and was selfsufficient, covering operating costs fully. The Trustees have reviewed the level of unrestricted and restricted funds as at 31 December 2025, and - assuming that income and expenditure remain similar to 2026, and that all operating costs can be covered from income generated - they believe that the level of reserves is adequate to cover building repairs and emergency costs in 2026, and to continue to fund the manager and the additional support recruited in 2024 for a further 12 months.

• 4.4 The Manager of the Pavilion, Janet Baker, provided continuity of experience built up over the previous three years. Thanks to Janet TWP has considerably developed both its own programme of activities, events and business and private venue hire bookings. In September 2025 TWP retained Susanna Abel, our digital assistant, on a second one-year contract in recognition of the valuable support she provides to the Manager and Trustees. At the end of 2025 Janet stepped down as Manager, having decided that it was time to move on to a more challenging role elsewhere. Her departure was marked with a celebration at which the Trustees and membership thanked her for her work during her time with TWP. An interim manager was appointed by the trustees in December 2025 to allow the Pavilion to continue to operate while a new permanent Manager was recruited.

• 4.5 Private venue hires have continued to average 3 per month over the year. TWP has also continued this year to offer its own programme of activities for the local community. These have included activities in different areas of interest, mainly environmental and arts and crafts.

• 4.6 Art in the Pavilion remains a very strong performer, and we expect to sustain this in 2026. In 2025, exhibitions kept up well, ranging from members’ shows or solo artists or small art collectives, with the works of almost 100 artists showing on the walls of the Pavilion over the course of the year. There has been a constant stream of beautiful pieces from a wealth of local talent who are also members of TWP.

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• 4.7 On the environmental side, the continued development of the community orchard registered significant school and wider community engagement. The Woodfield partnered with Enable, City Nature Challenge and the Natural History Museum in the first Tooting Common Bioblitz , in which around 250 people participated. Alongside this, Roy Vickery continued to share his wealth of knowledge of flora and the changes found on the commons over the years, through nature walks starting and ending at the Pavilion.

• 4.8 In community activities, Craftivists and Put a Lid on It continued to meet weekly, and in February a monthly Book Club, the Woodfield Worms, was launched.

• 4.9 The Words at the Woodfield – spoken word evenings – remained popular, with 9 events held in 2025. These events are particularly important for attracting young adults to the Pavilion. Additionally new performing arts were successfully introduced, including a Cello Recital and Shakespeare Storytelling.

• 4.10 The Activities held during 2025 resulted in visit rates continuing to be sustained with 3500 visits made to art exhibitions, and 1900 visits for other Woodfield activities, alongside the visitors for the health and wellbeing

5. Management

• 5.1 The overall management of TWP is in the hands of the trustees. 2025 has been another challenging year with the need to recruit a new Chair and search for additional Trustees. We continue to be supported by the membership, with members stepping forward to assist the trustees.

• 5.2 The Building Management Team, established at the end of 2020, continued to meet regularly in 2025. The team consisted of trustees, the Pavilion Manager, and members of TWP with relevant experience/skills.

• 5.3 Although the Manager of the Pavilion provides an essential basis to TWP’s operations, TWP also depends on voluntary work by the trustees, members and other individuals from the local community who organise or join in the events and activities at the Pavilion and on the Woodfield Ground. Our membership as volunteers supported activities throughout the year , and we continue to grow our volunteer base in 2026.

• 5.4 It has continued to be the charity’s aim to engage more of its supporters in the running of charity’s activities. To enable the charity to improve this engagement we have used the Membership system MemberMojo since June 2021. This has both simplified the management of our membership and grown it significantly. It also enables us to contact more easily those who support us as volunteers or for specific group activities.

• 5.5 Members are highly valued by TWP. Membership levels have continued to grow from 327 in 2024 to 372 at the end of 2025. These increasing membership numbers provide assurance to observers and funders about the charity’s viability. Members and other supporters are not only potential users of TWP’s services but also potential volunteers. We have a significant volunteering presence which we will report on at least annually following adoption of TWP’s new business plan in 2026.

• 5.6 Our supporters are key to spreading word of our activities. By the end of 2025 TWP had an our l digital reach was 4,597 consisting of:

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• Email subscribers of 470

• 3,219 followers on Instagram (TWP’s principal social channel); and

• • 908 followers on Facebook.

• 5.7 TWP continues to work very closely with Wandsworth Council and its agents who manage the Woodfield ground and the surrounding open land. It has begun to develop a closer relationship with the Lambeth Council, within the boundaries of which the Pavilion lies.

6. Financial Statements

In accepting the Financial Statements presented by the Treasurer, the trustees note that:

• 6.1 They are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

• 6.2 The accounts (Financial Statements) could have been prepared under the law and guidance for small charities. However, the trustees have chosen to follow those for larger charities (accruals accounting): the accounts are prepared in accordance with the Charities SORP (FRS 102) and are independently examined.

• 6.3 The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of TWP’s constitution. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

• 6.4 The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

The prospects for 2026

The accounts show that TWP has total net assets of £125,299 at 31 December 2025: a 9.5% increase from the previous year, reflecting the two major cap-ex projects completed during the year, and liquid assets at £107,275 which maintains the level at the 2024 year end. The trustees regularly monitor their Reserves Policy and are confident that the charity will be able to remain a going concern into 2026. This level of reserves shows that, with continued growth in use, the Charity can operate successfully for the community.

Annual Report approved by the trustees on 8[th] June 2026 and signed on their behalf by :

Matthew Hamlyn Deputy Chair

The Woodfield Project

Financial Statements for the year ended 31 December 2025

(to be read in conjunction with the Annual Report)

The Woodfield Project

Registered Charity Number: 1158644

TWP Financial Statement 2025

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*See disclosure in 3. Accounting Policies, sections 3.2 and 3.3.

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*See disclosure in 3. Accounting Policies, sections 3.2 and 3.3.

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Notes to the Accounts

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3. Accounting Policies

3.1 Basis of preparation and assessment of going concern

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 to these accounts. They 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 (FRS 102) (effective 1 January 2015) and the Financial Reporting Standard applicable in the United Kingdom and The Republic of Ireland (FRS 102) and the Charities Act 2011. The Woodfield Project constitutes a public benefit entity as defined by FRS 102. UK and Republic of Ireland (FRS 102) (effective 1 January 2015) and the Financial Reporting Standard applicable in the United Kingdom and The Republic of Ireland (FRS 102) and the Charities Act 2011. The Woodfield Project constitutes a public benefit entity as defined by FRS 102. The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern, however, have taken the steps of reviewing the reserves policy (see 3.10) and will continue to closely monitor expenditure regularly during 2026.

3.2 Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

The charity currently has one unrestricted fund and one restricted fund. The Restricted Fund is used to ring fence funds that have been made available for a specific purpose. Income received as grants during 2025 was added to the Restricted Funds and was used for expenditure on specific projects. During the year, £18,661 was released from the Restricted Fund to the Unrestricted Fund for payments for the air source heat pump (ASHP) project, lighting project, and Woodfield Community Orchard project (WCO). At the end of 2025, the balance in the Restricted Fund is made up of a balance from grants received towards decorating costs of £1,261 from the ASHP and lighting projects, and the balance of donations received to the Woodfield Community Orchard project of £297 due for completion during 2026.

Historical 2024 actual funds have been adjusted (indicated by*) and reduced by £2 compared to the 2024 financial statements. This reflects the impact of cumulative rounding of small values in the financial statements.

3.3 Income recognition

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received, and the amount can be measured reliably. During 2025 the Trustees approved a change in the accounting policy for recognition of revenue on sales from, and payments made to the artists, from art sales. Previously revenue from sales and payments to artists were disclosed as part of Income and Endowments and Expenditure respectively, on the basis that the charity was acting as principal, with the revenue from sales shown in income and the payments to artists within expenditure. The new accounting treatment is on the basis that the charity is acting as agent, with only the net income shown in Income and Endowments. This change has been adopted in the 2025 financial statements with the 2025 figures shown on the new basis, with an adjustment to the historical 2024 actual revenue for comparative purposes (where indicated at total level by *). For the historical 2024 figures, both Income and Endowments from Other Trading Activities and Expenditure on Raising Funds have been adjusted and reduced by £14,863 to the figures shown in these financial statements. There is no impact on net income, Total Net Assets, or Total Charity Funds as at 31 December 2024.

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3.4 . Donated goods, services and facilities

Donated goods, facilities or professional services are recognised as income when the charity has control of the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

The charity benefits from the involvement and enthusiastic support of its trustees, members and supporters. In accordance with FRS 102 and the charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the accounts.

3.5 Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. See section 3.3 for an explanation in the change of accounting policy for art sales.

3.6 Fixed assets

Individual fixed assets costing £100 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight-line basis as follows:

Asset category	Annual rate
Computers	20%
Plant & equipment	20-50%
Fixtures & Fittings	10%

3.7 Debtors & Prepayments

Trade and other debtors are recognised at the settlement amount due less provision for amounts that may prove uncollectable. Prepayments are valued at the amount prepaid net of any discounts due. 2025 Debtors reflect unbanked cash from income taken during November and December.

3.8 Cash at bank and in hand

Cash at bank and in hand is cash held on deposit at the bank and petty cash balances. The funds reflected in Cash at bank and in hand therefore include both that with CAF and The Cooperative Bank.

3.9 Creditors

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

3.10 Reserves Policy

The Trustees continually monitor the level of reserves that The Woodfield Project should hold. Reserves are needed to cover for repairs or expenditure that exceed the income generated, either due to lower levels of income than expected or from unforeseen maintenance requirements or emergency costs. The Trustees have reviewed the level of Unrestricted and Restricted Funds as at 31 December 2025 and have budgeted that 2026 operating income and expenditure will remain broadly similar to 2025, meaning that they expect most operating costs can be covered from income generated. The Trustees believe that the reserves level is adequate to cover building repairs and emergency costs during 2026, and to continue to fund the manager and the additional support recruited in 2024.

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4. Staff costs, trustees’ expenses, and remuneration

Staff costs in 2025, including pension costs of £2,217, were £44,199 inc. ex gratia payment of £565 (2023: £37,948 including an ex-gratia payment of £524). All Staff costs were paid from unrestricted funds. No employees had employee benefits in excess of £60,000 in 2025 (2024: nil). The average number of staff employed during 2025 was 1.2 FTE (full time equivalents), with the addition of an administrative assistant working 1 day a week (2024: 1). The Trustees also approved additional payments outside the scope of her employment contract to the manager for decorating services £275 (included in Maintenance expense line) (2024: £775) and art sold at exhibitions (included in Art Commission income as an expense) £195 (2024: £155) for a total of £470 (2024: £930).

The Trustees all give their time and expertise, as trustees, without any form of remuneration or other benefit in cash or kind (2024: £nil). Expenses paid to the Trustees for costs incurred on behalf of the charity in the year totalled £141, while £203 of waived expenses were treated as donations by the Trustees, for a total of £354 (2024: £844). No other paid services were received from, or payments made to, any of the Trustees in 2025 £nil (2024: £nil).

The balance of the professional fees of £5,472 were for HR services provided to the Board by Roots HR, and £372 for the ASHP Project revised planning application to Hollins Planning Ltd. Total professional fees were 2025 £5,844 (2024: £802. There were no related party transactions in 2025 (2024: nil).

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During 2025, the Charity received a grant from the London Community Energy Fund (LCEF) £1,571 (2024: £1,571), and a Government BUS Grant of £7,500 toward the completion of the ASHP project (2024: £nil). The ASHP is now operational and the remaining funds of £1,074 is to be used for redecoration and ongoing education projects relating to the project.

During 2025, a grant was received from the National Lottery of £11,285 for new multi-functional lighting within the Pavilion. The Project was completed during 2025 with a balance of £187 remaining which is to be used for remedial decorating works.

Other income within the Restricted Fund included donations, including Gift Aid, received to continue the work of the Woodfield Community Orchard during 2025 and totalled £675 (2024: £2,023). Expenditure was made from the Restricted Fund to cover WCO project expenses and water usage.

The total balance of £1,558 in Restricted Funds at the end of 2025 represents the £297 for the WCO project and £1,261 from the LCEF and National Lottery grants (see section 2. Balance Sheet).

The value of other donated goods, services, or facilities (excluding the Trustees’ waived expenses detailed in section 4. Staff costs, trustees’ expenses, and remuneration) was £67 (2024: £362). This, together with the Trustee’s waived expenses, are included in both the donations received and the appropriate expenditure line. There were no donations of legal time or other professional services.

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7. Independent examiner

The independent examiner will be paid £nil in 2025 (2024: £nil) for his work in examining these accounts.

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These financial statements have been prepared by Elizabeth Steer, Treasurer of The Woodfield Project.

Approved by the trustees on 31[st] March 2026 and signed on their behalf by

Elizabeth Steer Treasurer

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Part 2: Report of the Independent Examiner for the year ended 31 December 2025

I report on the accounts of the charity for the period from 1 January 2024 to 31 December 2025, set out on pages 2 to 10.

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(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination, although not required, is good practice. I am qualified to undertake the examination as I am a member of the Institute of Chartered Accountants in England & Wales (ICAEW).

It is my responsibility to:

• examine the accounts under section 145 of the 2011 Act;

• follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and

state whether particular matters have come to my attention.

Basis of independent examiner's report

My examination was carried out in accordance with the 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 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 on 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:

(1) which gives me reasonable cause to believe that in any material respect the requirements:

• to keep accounting records in accordance with section 130 of the 2011 Act; and

• to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Simon Hemsley FCA

31[st] March 2026

io Part 2: Report of the Independent Examiner for the year ended 31 December 2025 I report on the accounts of the charity for the period from l January 2024 to 31 December 2025, set out on pages 2 to io. Respectlve responslbllltles of trustees and examlner 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 144121 of the Charities Act 2011 Ithe 2011 Artl and that an independent examination, although not required. is good prartice. l am qualified to undertake the examination as l am a member of the Institute of Chartered Accountsnts in England & Wales IICAEWI. It is my responsibility to: examine the accounts under settion 145 of the 2011 Act; follow the procedures laid down in the General Directions given by the Charity Commission under section 1451511bl of the 2011 Act,. and state whether particular matters have come to my attention. Basis of Independent examinerfs report My examination was carried out in accordance with the 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 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 on whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the statement below. Independent examinerfs statement In connertion with my examination, no matter has come to my attention: {11 which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with section 130 of the 2011 Act; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or 121 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the account5 to be reached. Simon Hemsle FCA