## **MONKCHESTER COMMUNITY ASSOCIATION CIO**
**REPORT AND FINANCIAL STATEMENTS For the year ended 31 March 2023**
**Charity Number 1160426**
**MONKCHESTER COMMUNITY ASSOCIATION CIO**
## **ANNUAL REPORT AND FINANCIAL STATEMENTS**
For the year ended 31 March 2023
|**Contents**|**Page**|
|---|---|
|Trustees' annual report|1 to 6|
|Independent examiners report|7|
|Statement of Receipts and Payments|8|
|Statement of Assets and Liabilities|9|
|Notes to the financial statements|10 to 17|
**MONKCHESTER COMMUNITY ASSOCIATION CIO TRUSTEES ANNUAL REPORT For the year ended 31 March 2023**
The trustees are pleased to present their annual trustees’ report together with the financial statements of the charity for the year ended 31 March 2023.
The financial statements comply with the Charities Act 2011, the Memorandum and Articles of Association, and 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 October 2019)
## **1. Objectives and Activities**
Monkchester Community Association CIO provides a range of community resources for local people in its purpose-built community centre, offering a welcoming venue with facilities that include: a large meeting space, a smaller multi-purpose meeting room, two office spaces (one for the CIO the other on long-term let, a fully equipped catering kitchen, IT suite (currently under re-development), and outside areas with play facilities and seating areas.
Activities over the year included:
- Youth club
- Summer and school holiday play schemes for local children and families
- Extra curriculum support and homework clubs provided by Into University Monday to Friday
- Community kitchen projects including FoodCycle
The facilities were also hired out for a variety of activities, including ward council meetings, local councillor surgeries, as a polling station during elections, and ongoing by regular groups such as dog training classes and an independent church, plus one-off hire for children’s parties and special events.
This is a well-respected and well-used community centre and the trustees have ambitions to develop the facilities and the range of activities once the Community Asset Transfer of the Centre building from Newcastle City Council/Your Homes Newcastle has been completed.
Funds received during the year ended 31 March 2023:
New Toilets – We received £38,334.00 from Biffa Awards to get the Toilets at the Community Centre Refurbished. They look fantastic and will help the centre stay open to capacity now that we have fully working modern toilet facilities.
We received £3000.00 from Greatham hospital towards the cost of running our Summer playscheme.
We received £1000.00 from Arnold Clark towards our Summer playscheme.
1
We received £2300.00 from the local Ward Committee towards our Summer Playscheme.
We received £300.00 Towards having a Jubilee party for the local community.
We received £2000.00 from the Ward committee to purchase a new Cooker for the Community Centre.
We received £689.00 to purchase a new Dishwasher for the community Centre.
We received £300.00 towards a Christmas party and small gift for the local children from the Ward Committee.
We received £551.00 towards an Easter party and easter egg for the local children from the Ward Committee.
We received £1000 from YHN to help purchase new games and activities for our weekly Youth club.
We received £400.00 from Asda green tokens to help purchase new kitchen utensils.
We Fundraised ourselves money to use towards a residential the total amount was £1135.00.
We received £2000.00 from the Winter wellbeing fund from Newcastle city council. This helped us to provide a hot free meal to all attendees and a ward place to come and sit.
We received £1000.00 from Northumbria police towards both the playscheme and the weekly sessions. We also received 4 new Go-karts from Northumbria Police.
And finally we received £4061.94 from the 106 money at Newcastle city Council towards the cost of new tablets but we have not spend this yet as we are still refurbishing the computer room.
## **2. Public Benefit Statement**
The trustees have paid due regard to the Charity Commission guidance on public benefit and are confident that the CIO’s aims, objectives and activities are in accordance with the guidance on public benefit.
Our activities and achievements as outlined above demonstrate our commitment to ensuring that the organisation’s resources and activities maximise the potential benefit to our local community and others accessing the Community Centre.
2
## **3. Achievements and Performance**
2022/23 has been a good year for Monkchester Community Association CIO, it has Continued to serve the needs of local people.
In particular:
- The CIO has made considerable progress in strengthening its governance, policies and procedures and in future planning
- Further progress has been made in regularising arrangements with Into University, as they would be a key tenant; however, we are in a 5 year agreement with them to rent both office space and main hall
- The CIO recognises it will need to plan ahead to achieve and maintain optimum and appropriate usage of the facilities, to meet local need, to cover costs and generate income
## **4. Financial review**
## **Review of the year**
The results for the year and the charity's financial position at the end of the year are shown in the attached financial statements.
During the year the Charity had income of £96,836 of which £46,936 was restricted (2022: £57,449 of which £16,204 was restricted) and expenditure of £97,595 of which £42,874 was restricted (2022: £51,201 of which £16,204 was restricted). There was an operating deficit of £759 of which a surplus of £4,062 was restricted (2022: surplus of £6,248 of which £nil was restricted).
At 31 March 2023, the Charity had cash funds of £72,821 of which £4,302 was restricted (2022: £73,580 of which £240 was restricted).
## **Reserves policy**
The Trustees consider the level of reserves, £68,519 (2022 £73,340), prudent for the Charity at this time taking into account potential liabilities in the event that the charity ceased. Our Reserves Policy is reviewed annually.
Part of the reserves for the year ended 31 March 2023 is designated for repairs and maintenance to the community centre at a value of £16,505 (2022: £18,787).
3
## **5. Plans for future periods**
Monkchester Community Association CIO recognizes the need to continue developing its capacity, procedures and practices across a range of its activities in the coming year, to be ready for the responsibilities of taking over the building on behalf of the local community.
These include:
- Continuing to support new and incoming trustees
- Developing systems and capacity to meet the more rigorous financial and administrative requirements of being a CIO
- Updating and/or developing appropriate policies, procedures and practices suitable for a CIO following the asset transfer of the building from the Local Authority
- Developing a more strategic approach to service delivery, budgeting, fundraising, reporting and monitoring, and service development
## **6. Reference and administrative details of the charity, its trustees and advisors**
## **Registered charity name**
Monkchester Community Association CIO
## **Charity number**
1160426
## **Registered office**
48 Lightfoot drive Newcastle upon Tyne NE6 3BY
## T **rustees and Members of the Board**
S Bell
C McLaughlin C Brumwell
## **Independent Examiner**
Doug Maltman FMAAT Connected Voice Business Services Ltd One Strawberry Lane Newcastle upon Tyne. NE1 4BX.
## **Bankers**
Lloyds Bank
4
## **7. Structure, governance and management**
## **Recruitment and Appointment of the Board**
Under the requirements of the Memorandum and Articles of Association, at the Annual General Meeting one-third of the Directors, who are subject to retirement by rotation, shall retire. Retiring Directors can be re-appointed at the Annual General Meeting.
Trustees are selected on the basis of specialist skills and commitment to the objectives and aims of the organisation.
## **Board Induction and Training**
New Board Members are introduced to the work of the organisation and informed of their legal roles and responsibilities at an induction meeting. The induction and training programme for new Board Members includes:
- A briefing by the Chair.
- An explanation of roles and responsibilities as a Board Member
- Copies of the main company documents including the Memorandum and Articles of Association and the Financial Statements
- Copies of recent board papers.
## **8. Statement of Trustee Responsibilities**
The trustees are responsible for preparing the Trustees’ Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity SORP 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 charity and of incoming resources and application of resources, including the receipts and payments of the charity for that year. In preparing those financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
5
24/07/2023 Approved by the Trustees on ____________ and signed on their behalf by:
S Bell Trustee
## S Bell
S Bell (Jul 24, 2023 16:40 GMT+1)
6
## **MONKCHESTER COMMUNITY ASSOCIATION CIO**
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES**
For the year ended 31 March 2023
I report on the financial statements of Monkchester Community Association CIO for the year ended 31 March 2023, which are set out on pages 8 to 17.
## **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.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
- h examine the accounts under section 145 of the Charities Act,
- h 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
- h 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 material matters have come to my attention which gives me cause to believe that in, any material respect:
- h the accounting records were not kept in accordance with section 130 of the Charities Act; or
- h the accounts did not accord with the accounting records; or
- h the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than if the requirements that the accounts give a "true and fair" view which is not a matter considered as part of an independent examination.
I have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
> Doug Maltman FMAAT S Bell Connected Voice Business Services Ltd S Bell (Jul 24, 2023 16:40 GMT+1) One Strawberry Lane Newcastle upon Tyne NE1 4BX
Date:
24/07/2023
7
Charity Number 1160426
## **MONKCHESTER COMMUNITY ASSOCIATION CIO**
## **STATEMENT OF RECEIPTS AND PAYMENTS**
For the year ended 31 March 2023
**----- Start of picture text -----**
Unrestricted Restricted Total Total
/Designated
Funds Funds 2023 2022
£ £ £ £
Receipts:
Voluntary Receipts
Donations, gift aid and legacy 3 4,897 - 4,897 106
Charitable activities
Grants and contracts 4 44,203 46,936 91,139 57,343
Other trading activities 5 800 - 800 -
Total receipts 49,900 46,936 96,836 57,449
Payments:
Charitable activities
Operation of the charity 6 54,721 42,874 97,595 51,201
Total payments 54,721 42,874 97,595 51,201
Surplus/(deficit) for the year and
( 4,821 ) 4,062 ( 759 ) 6,248
movement of funds
Reconciliation:
Opening cash at bank and in hand 73,340 240 73,580 67,332
Surplus/(deficit) for the year and ( 4,821 ) 4,062 ( 759 ) 6,248
movement of funds
Closing cash at bank and in hand 68,519 4,302 72,821 73,580
Notes
**----- End of picture text -----**
The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities
The notes on pages 10 to 17 form an integral part of these accounts.
8
**MONKCHESTER COMMUNITY ASSOCIATION CIO**
Charity Number 1160426
## **STATEMENT OF ASSETS AND LIABILITIES**
As at 31 March 2023
|**Cash funds:**
Cash at bank and in hand
11
**Liabilities**
14
Notes|Unrestricted
/Designated
Funds
£
68,519|Restricted
Funds
£
4,302|**Total**
**2023**
**£**
**72,821**
**666**|**Total**
**2022**
**£**
73,580
666|
|---|---|---|---|---|
These financial statements were approved by the Board on:
## 24/07/2023
and are signed on its behalf by: S Bell Trustee
The notes on pages 10 to 17 form an integral part of these accounts.
9
## **MONKCHESTER COMMUNITY ASSOCIATION CIO**
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 31 March 2023
## 1 **Accounting Policies**
The principle accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
## 2 **Basis of accounting**
## 2.1 **Basis of preparation**
The accounts have been prepared using the receipts and payments basis. An audit is not required by the Charity's constitution and has not been requested by the Trustees.
10
## **MONKCHESTER COMMUNITY ASSOCIATION CIO**
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 31 March 2023
## **Analysis of receipts**
|3
**Donations, gift aid and legacy**
4
**Charitable activities**
5
**Other trading activities**
Arnold Clark - Playscheme
Youth Club - Playscheme
Newcastle City Council Grant
Newcastle City Council Grant - Easter Party
Newcastle City Council Grant - Computers
Newcastle City Council Grant - Christmas Party
Newcastle City Council Grant - Dishwasher
Newcastle City Council Grant - Youth Club
Newcastle City Council Grant - Cooker
Biffa Awards - New toilets
Greatham Hospital - Playscheme
Newcastle City Council Grant - Community
Fund
Newcastle City Council Grant - Playscheme
Youth Club - Playscheme
Other receipts
Newcastle Ward Committee Grant
Clothworks Grant
Northumbria Police Grant
Donations and gifts
Activities
ASDA - Youth Club
Barbour Trust Grant
Joicey Trust Grant
Rothley Trust Grant
The Gillian Dickinson Trust Grant
R W Burn Grant
J H Burn Trust Grant
Sir James Knott Grant
Your homes newcastle Grant
Newcastle City Council Grant
The Childrens Mission Grant|Unrestricted
/Designated
Funds
£
4,897
4,897
33,728
1,475
-
-
-
-
-
-
-
-
-
2,300
300
-
3,000
1,000
400
-
-
-
-
-
-
-
-
-
2,000
-
-
44,203
800
800|Restricted
Funds
£
-
-
-
-
-
-
-
300
551
4,062
689
2,000
1,000
-
-
38,334
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
46,936
-
-|**Total**
**2023**
**£**
**4,897**
**4,897**
**33,728**
**1,475**
**-**
**-**
**-**
**300**
**551**
**4,062**
**689**
**2,000**
**1,000**
**2,300**
**300**
**38,334**
**3,000**
**1,000**
**400**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**2,000**
**-**
**-**
**91,139**
**800**
**800**|Total
2022
£
106
106
29,556
-
2,759
8,670
500
-
-
-
-
-
-
-
-
-
-
-
-
1,000
1,800
1,200
1,000
2,825
2,000
100
1,000
1,600
150
250
2,933
57,343
-
-|
|---|---|---|---|---|
11
## **MONKCHESTER COMMUNITY ASSOCIATION CIO**
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 31 March 2023
## **Analysis of payments on charitable activities**
|6|**_Charitable activities_**
Direct costs
Support costs
Governance costs
Admin support
Water
Office costs
Utility costs
Telephone/internet
Other payments
Independent examiner's fees for reporting on
the accounts
Youth Club - Playscheme
Licences
Insurance
Repairs and maintenance
Equipment
Fareshare
Covid-19 costs|Unrestricted
/Designated
Funds
£
17,226
-
399
9,928
642
5,459
1,845
597
12,282
4,485
1,046
-
182
630
54,721|Restricted
Funds
£
1,851
-
-
-
-
-
-
41,023
-
-
-
-
-
-
42,874|**Total**
**2023**
**£**
**19,077**
**-**
**399**
**9,928**
**642**
**5,459**
**1,845**
**41,620**
**12,282**
**4,485**
**1,046**
**-**
**182**
**630**
**97,595**|Total
2022
£
9,696
333
778
6,415
641
5,605
1,131
1,259
21,706
436
975
1,000
590
636
51,201|
|---|---|---|---|---|---|
## 7 **Fees for examination of the accounts**
|Independent examiner's fees for reporting on the accounts|**2023**
**£**
**666**
**666**|2022
£
636
636|
|---|---|---|
There were no other fees paid to the examiner (2022: £nil)
## 8 **Analysis of staff costs and the cost of key management personnel**
The key management personnel of the charity, comprise the trustees. The total employee benefits of the key management personnel of the charity were £nil (2022: £nil)
## 9 **Transactions with trustees**
None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity.
12
## **MONKCHESTER COMMUNITY ASSOCIATION CIO**
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 31 March 2023
## **Trustees' expenses**
No trustee expenses have been incurred in the year.
## **Transaction(s) with related parties**
The following detail the related party transactions in the reporting period.
## **As at 31 March 2023**
|Name of the trustee or related
party
Description
of the
transaction
C Connelly
Related to a
Trustee
Admin
Support
**As at 31 March 2022**
Name of the trustee or related
party
Description
of the
transaction
C Connelly
Related to a
Trustee
Admin
Support
Relationship
to charity
Relationship
to charity|**Amount**
**£**
6,415
**Amount**
**£**
9,928|**Balance at**
**period end**
**£**
**6,415**
**Balance at**
**period end**
**£**
**9,928**|**Amounts**
**written off**
**£**
-
**Amounts**
**written off**
**£**
-|
|---|---|---|---|
## 10 **Corporation Taxation**
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives.
## 11 **Cash at bank and in hand**
|Cash at bank
Cash in hand
Other accruals
Accruals
Independent examination of accounts
**Liabilities (payable within 1 year)**|**2023**
**£**
**71,940**
**881**
**72,821**
**2023**
**£**
**630**
**36**
**666**|2022
£
73,499
79
73,578
2022
£
630
36
666|
|---|---|---|
## 12 **Liabilities (payable within 1 year)**
## 13 **Events after the end of the reporting period**
No other significant events affecting the Charity since the year end.
13
## **MONKCHESTER COMMUNITY ASSOCIATION CIO**
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 31 March 2023
## 14 **Analysis of charitable funds**
## **Analysis of movements in unrestricted funds For the year ended 31 March 2023.**
|**Unrestricted funds**
General unrestricted fund
Designated funds
Building repairs and
maintenance
**_Totals_**|**Fund**
**balances**
**brought**
**forward**
£
54,553
18,787
73,340|**Incoming**
**resources**
£
49,900
-
49,900|**Resources**
**expended**
£
( 42,439 )
( 12,282 )
( 54,721 )|**Transfers**
£
( 3,495 )
3,495
-|**Fund**
**balances**
**carried**
**forward**
**£**
**58,519**
**10,000**
**68,519**|
|---|---|---|---|---|---|
**Analysis of movements in unrestricted funds For the year ended 31 March 2022.**
|**Unrestricted funds**
General unrestricted fund
Designated funds
Building repairs and
maintenance
**_Totals_**|**Fund**
**balances**
**brought**
**forward**
£
45,769
21,323
67,092|**Incoming**
**resources**
£
41,245
-
41,245|**Resources**
**expended**
£
( 22,461 )
( 12,536 )
( 34,997 )|**Transfers**
£
( 10,000 )
10,000
-|**Fund**
**balances**
**carried**
**forward**
**£**
**54,553**
**18,787**
**73,340**|
|---|---|---|---|---|---|
## **Purpose of unrestricted funds**
General unrestricted fund Designated funds: - Building repairs and maintenance
The free reserves of the charity.
Funds allocated for repairs and maintenance of the premises.
14
**MONKCHESTER COMMUNITY ASSOCIATION CIO**
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 31 March 2023
## **Analysis of movement in restricted funds**
## **For the year ended 31 March 2022.**
|**Restricted funds**
Newcastle City Council - Solicitor
Newcastle City Council -
Christmas Party
Newcastle City Council -
Computers
Newcastle City Council -
Dishwasher
Newcastle City Council - Easter
Party
Newcastle City Council - Cooker
Biffa Awards - New toilet
Newcastle City Council -
Community Foundation
**_Totals_**|**Fund**
**balances**
**brought**
**forward**
£
240
-
-
-
-
-
-
-
240|**Incoming**
**resources**
£
-
300
4,062
689
551
2,000
38,334
1,000
46,936|**Resources**
**expended**
£
-
( 300 )
-
( 689 )
( 551 )
( 2,000 )
( 38,334 )
( 1,000 )
( 42,874 )|**Transfers**
£
-
-
-
-
-
-
-
-
-|**Fund**
**balances**
**carried**
**forward**
**£**
**240**
**-**
**4,062**
**-**
**-**
**-**
**-**
**-**
**4,302**|
|---|---|---|---|---|---|
## **Analysis of movement in restricted funds For the year ended 31 March 2022.**
|**Restricted funds**
Newcastle City Council - Solicitor
Newcastle City Council - Ward
Committee
Clothworks
Newcastle City Council
The Gillian Dickinson Trust
Rothley Trust
Your Homes Newcastle
Newcastle City Council
**_Totals_**|**Fund**
**balances**
**brought**
**forward**
£
240
-
-
-
-
-
-
-
240|**Incoming**
**resources**
£
-
1,259
8,670
500
2,825
1,200
1,600
150
16,204|**Resources**
**expended**
£
-
( 1,259 )
( 8,670 )
( 500 )
( 2,825 )
( 1,200 )
( 1,600 )
( 150 )
( 16,204 )|**Transfers**
£
-
-
-
-
-
-
-
-
-|**Fund**
**balances**
**carried**
**forward**
**£**
**240**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**240**|
|---|---|---|---|---|---|
15
## **MONKCHESTER COMMUNITY ASSOCIATION CIO**
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 31 March 2023
## **Purpose of restricted funds**
Restricted funds represent income resources used for a specific purpose within the charity as identified by the donor. Funds for the solicitor costs for the property change of use. Newcastle City Council - Solicitor Newcastle City Council - Ward Funds for the purchase of chairs. Committee Clothworks Funds for the cost of new flooring. Newcastle City Council Funds for repairs to the toilet facilities. The Gillian Dickinson Trust Funds to take the children on an Ester residential weekend. Rothley Trust Funds to purchase green house and garden equipment. Your Homes Newcastle Funds for Christmas party and transport to the Ester residental weekend. Newcastle City Council Funds for Christmas party gifts. Newcastle City Council Funds for Christmas Party. Newcastle City Council Funds to purchase computer equipment. Newcastle City Council Funds to purchase dishwasher. Newcastle City Council Funds for Easter Party. Newcastle City Council Funds to purchase cooker. Biffa Awards Funds to purchase new toilets. Newcastle City Council - Funds for Youth Club and Playscheme activities. Community Foundation **As at 31 March 2023 Transfers between funds Reason for transfer Amount £** Between unrestricted and Transfer of funds to property repairs and maintenance **3,495** designated funds fund. **As at 31 March 2022 Transfers between funds Reason for transfer Amount £** Between unrestricted and Transfer of funds to property repairs and maintenance **10,000** designated funds fund.
## 15 **Guarantee**
there have been no guarantees given by the charity at 31 March 2023.
## 16 **Debt**
There is no debt outstanding which is owed by the charity and which is secured by an excess charge on any of the assets of the charity at 31 March 2023.
## 17 **Governing document**
The organisation is a Charitable Incorporated Organisation - Foundation registered on 11 February 2015 as a body corporate under part 11 of the Charities Act 2011.
16
## **MONKCHESTER COMMUNITY ASSOCIATION CIO**
## **NOTES TO THE FINANCIAL STATEMENTS**
For the year ended 31 March 2023
## 18 **Capital commitments**
As at 31 March 2023, the charity had no capital commitments (2022 -£nil)
17