MUSIC FOR MY MIND
Charity number 1167246
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022
MUSIC FOR MY MIND
CONTENTS FOR THE YEAR ENDED 31 MARCH 2022
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Trustees Annual Report | 3-5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the financial statements | 8-12 |
| Independent Examiners Report | 13 |
MUSIC FOR MY MIND
LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2022
| Charity number | 1167246 |
|---|---|
| Registered Office | Rivers Lodge |
| Harpenden | |
| Hertfordshire | |
| AL5 2JD | |
| Trustees | Ian Bullock |
| Lady Arabella Chandos | |
| Mark George Williamson | |
| Nicholas Craig | |
| Professor Keith Paul William James McAdam | |
| Professor Linda Maitland Luxon CBE | |
| Professor Sir Nicholas Black | |
| Roberto Neri | |
| Timothy Howard Clark | |
| Independent Examiners | Community360 |
| Winsley's House | |
| High Street | |
| Colchester Community Voluntary Services | |
| Essex, CO1 1UG |
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MUSIC FOR MY MIND
TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022
The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES Objectives and aims
The objects of the charity are to promote and protect the good health of people suffering from dementia by supporting research into the effects that music has on the brain and by providing such other support to those suffering with dementia and their families and carers as the trustees deem.
Music for my Mind aims to improve the well-being of people living with dementia (over 850,000 in the UK alone) and their families by creating, and making widely available, personalised music. We want to enable universal adoption of personalised music as an affordable therapy for people living with dementia (e.g. as a complementary approach to established treatments, to reduce agitation or combat depression) and others affected by it (family, friends and carers).
We all have soundtracks to our lives. We want to enable people affected by dementia to enjoy their life soundtrack through easy-to-access personalised music that improves the quality of life and wellbeing both for themselves and those closest to them.
There is growing evidence that personalised music, can be calming and/or stimulating for people living with dementia; it can recreate the ‘common ground’ stolen from relationships and improve quality of life (see = www.youtube.com/watch?v 9KTgAs1sKHs).
Our long-term vision is for every care home in Britain to have a music programme and for everyone living with dementia to benefit from music as an integral part of the therapy and care they receive.
Our mission is, through research and technological development, to promote and enable the take up of personalised music to improve the wellbeing and quality of life of people living with dementia, their relatives, friends and carers.
We have adopted four strategic objectives to guide our work over the period of this plan:
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To develop cost effective and user-friendly technological solutions to enable rapid creation of personalised playlists for people living with dementia.
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To develop cost effective and user-friendly solutions for the delivery of personalised music in a range of dementia care settings.
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To build the evidence base for the effectiveness of personalised music to improve the quality of life and wellbeing of people living with, or affected by, dementia.
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To promote awareness and take up of personalised music to improve the quality of life of people living with, or affected by, dementia.
Since we were established in 2016, we have conducted pilot studies in care homes, and developed important partnerships with a range of organisations and individuals who can help us. We have assembled an influential, highly skilled group of trustees, staff, advisors and 350+ supporters, and developed partnerships with organisations and individuals who can help us, including the Quantum Care Home group, DabApps and King’s College London – Maudsley Hospital. We employ two members of staff (a full-time Project Assistant and part time Research Assistant), with other expertise and advice provided by consultants in areas such as
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TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022
governance, fundraising, strategic planning, finances and digital communications. We continue to enjoy volunteer support and collaboration from a wide range of people including Jan Fenton (who provides invaluable HR support), Dr Marcel Gehrung from Cyted Ltd (who supports our work on facial expression change analysis using machine learning algorithms), David Simon Ltd and Haines Watts, who provide accountancy support, Kostis Tsounakis from Ahum Coaching and Chirag Rao and John Peatfield, graduate volunteers from UCL.
The charity has been generously funded so far by the Trustees, other interested individuals, an online crowdfunding campaign and grants from a number of companies and charitable trusts and foundations. In FY 2021/ 2022, we raised £76,793.57 through individual donations and grants from The Batchworth Trust, Garfield Weston Foundation, McLay Dementia Trust, National Lottery Community Fund, Remembering Not To Forget, Cecil and Hilda Lewis Charitable Trust, H C Beer Charitable Trust, Enid Slater Charitable Trust, Arnold Clark Community Fund, Mark Nickerson Charitable Settlement, Hazel and Leslie Peskin Charitable Trust, Lochlands Trust and W.G. Edwards Charitable Foundation.
The Trustees are grateful to all the supporters of the charity, to the Advisory Board members (Richard, Duke of Buccleuch; Liam Fisher-Jones, The Right Hon Lord Clive Hollick, Caroline Kemp, Jonathan May and Lady Sue Woodford-Hollick) and to our Research Advisory Group (Dr Fiona Costa, Dr Jane Fleming and Prof Andrew Nunn).
Significant activities and achievements
The Trustees confirm they have given due consideration to Charity Commission’s published Guidelines on the Public Benefit requirement under section 4 of the Charities Act 2011. Our main activities and achievements in the reporting period to further our purposes for public benefit include, but are not limited to:
• Testing and improving our Playlist Maker Web App, which helps families create a personalised playlist for a loved one with memory loss or dementia within 15 minutes, using a background and musical preferences questionnaire. We have had over 125 families use our App to create a playlist and with each user we have been collecting feedback on their experience using the App and their perceptions on the effect music listening is having on their loved one over time. Feedback from families who have used our App has been very positive and constructive:
o�Majority of responders found it to be user-friendly, consider the look and feel of the App to be good and the questionnaire easy to understand.
o�The most commonly reported effects of the music include singing and smiling when listening to the playlist and making the listener less anxious or agitated, and more cheerful.
• Updating the Web App based on the feedback we have received from users so far, with the main improvement to include YouTube as an alternative method (to Spotify) for users to access the playlist.
• Recruiting Marketing and Communications expertise to elevate the charity and our products to new levels as we prepare for wider roll-out of our Web App. This was done in the form of working with marketing consultants on specific projects and more recently, recruiting a part time member of staff to lead on raising awareness of the charity and its work.
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TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022
• Publishing a research paper on the period of our life when we are most aware of popular music. Two volunteers, students from UCL, conducted this study as an extended summer project and the paper details the headline findings that people are most aware of, and can best recall, popular music between the ages of 13 and 19 years old. This gives us confidence to tailor an individual’s personalised playlist, based on their year of birth. The paper was published in the Journal of Multidisciplinary Healthcare.
• Compiling a Scoping review on ‘The impact of music on speech and language in dementia’, led by our Speech Therapist Research Assistant, exploring the impact of music on stimulating speech and reminiscence in people living with dementia.
With over 850,000 people living with dementia in the UK alone, the Trustees believe there is demonstrable public benefit in enabling, through research and technological development, the universal adoption of personalised music as an affordable therapy for people living with dementia. Expenditure has supported our strategic objectives, through maintaining and growing a team to work on furthering the activities of the charity described above.
Plans for the future
Building on the significant progress we have made in our research and technological development plans, over the next year, we plan to continue our study in care homes, as soon as it is safe to do so, which will be supported by our recently developed Research Web App, which has integrated all the elements of the research process.
We plan to continue testing and further refining our playlist creation Web App, by working with up to 1000 families affected by dementia, who can provide feedback on the use of the App and on the impacts of the personalised playlist on their loved one. In addition, we will expand the music catalogue available through the App, to include repertoires from more diverse backgrounds and cultures.
We are designing, planning and fundraising for the recently-approved substantial amendment to our feasibility study – a pilot sub-study with 15 participants, in partnership with a research team from Maudsley Hospital - King’s College London.
We plan to submit for publishing the Scoping review on ‘The impact of music on speech and language in dementia’.
We will continue to be a part of the conversations and efforts of other like-minded organisations (e.g. Music for Dementia), in their goal of raising awareness of the positive effects of music on people with dementia and embedding music as a standard part of dementia care, through social prescribing.
We estimate that we will need to raise at least £115,000 to fund our work over 2022/23. We plan to do this through a combination of individual supporters and institutional grants, including continued support from our existing major donors.
Governance and Risk Management
The Trustees have adopted and maintain policies for safeguarding, financial control, risk management, data protection, equality, diversity and inclusion, whistleblowing, managing conflicts of interest and a wide range of HR policies. We will continue to develop further policies and procedures as the work of the charity progresses. The key risks facing the charity continue to be:
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TRUSTEES ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022
• ability to continue to raise sufficient funds to sustain our work. We continue to work with fundraising and communications consultants to advise and support us on this and have an active programme of stewardship for supporters to sustain their engagement; and
• recruiting enough families to test our Playlist Maker WebApp and provide feedback to enable us to improve it further and assess the impact of personalised music listening on their loved ones. A key task for our new Marketing and Communications Manager is to develop and implement a strategy to raise the profile of the charity and the App to mitigate this risk. We are also exploring links with local organisation (dementia groups, council networks) and using platforms such as the Join Dementia Research Network to promote our App to their beneficiaries; and
• the risk of a safeguarding incident in a care home. We have a robust safeguarding policy in place, including appropriate training and DBS checks (Trustees and staff complete appropriate online safeguarding training). Furthermore, we comply with all the safeguarding procedures in the care homes in which we work and will comply with all the latest Covid-19 safety procedures in place.
The Trustees have considered carefully the risks to the charity posed by the Covid-19 crisis and have put in place plans to mitigate these risks. These include:
• sustaining our focus on playlist creation to support people living with dementia outside care homes, whose families have been adversely affected by Covid-19 and for whom personalised music listening could be a useful tool to sustain well-being;
• continuing to emphasise the work of the charity that does not require access to care homes (such as developing the App);
• bringing a Marketing and Communications Manager on board to lead on various projects for the charity but to also help with fundraising efforts and campaigns;
• carefully monitoring and controlling expenditure;
• refocusing fundraising efforts in response to the dramatic changes in the funding environment that have arisen from the crisis; and
• ensuring that once our work in care homes can resume that this is conducted in ways that comply with government guidance and minimise the risks to care home residents and our staff/volunteers.
Music for my Mind’s fundraising activities align to professional and ethical practices and we work within the framework of the Fundraising Regulator and the Code of Fundraising Practice. Our fundraising practice and performance is regularly scrutinised by Trustees and monitored against our fundraising policies and ethical practices which include robust safeguards to protect the public, particularly vulnerable people, from unreasonably intrusive, persistent or pressurised fundraising practice. During the reporting period we did not use any external professional fundraiser services. There were no complaints received against the Charity nor anyone acting on its behalf and no failures to comply with the fundraising schemes or standards cited.
Reserves policy
The charity's reserves policy is to hold 6-12 months running costs in unrestricted reserves to mitigate against cashflow and other financial risks, recognising the inherent volatility in income experienced by a small charity like Music for my Mind.
Signed
Date 31.10.2022
Professor Keith Paul William James McAdam
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MUSIC FOR MY MIND
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022
| Unrestricted funds Notes £ Income and Endowments from: Donations and Legacies 2 65,791 Investment income 3 2 Other income - Total incoming resources 65,794 Resources expended Cost of generating funds: Charitable activities 4 51,327 Cost of raising funds 6,503 Total resources expended 57,829 Net income for the year 7,964 Total funds brought forward 97,852 Total funds carried forward 105,816 |
Restricted funds £ 11,000 - - 11,000 2,331 - 2,331 8,669 15,000 23,669 |
2022 Total £ 76,791 2 - 76,794 53,658 6,503 60,160 16,633 112,852 129,485 |
2021 Total £ 82,534 - - |
|---|---|---|---|
| 82,534 95,800 5,610 |
|||
| 101,410 | |||
| (18,876) 131,728 |
|||
| 112,852 |
The notes on pages 8 - 12 form an integral part of these financial statements.
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MUSIC FOR MY MIND
BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2022
| Notes Current assets Debtors 9 Cash at bank and in hand Creditors: Amounts falling due within one year 8 Net current assets Net assets Funds Restricted funds 10 Unrestricted funds 10 |
2022 £ 378 130,349 130,727 1,242 129,485 129,485 23,669 105,816 129,485 |
2021 £ 309 126,922 |
|---|---|---|
| 127,231 14,379 |
||
| 112,852 | ||
| 112,852 | ||
| 15,000 97,852 |
||
| 112,852 |
Signed
Date 31.10.2022
Professor Keith Paul William James McAdam
The notes on pages 8-12 form an integral part of these financial statements.
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MUSIC FOR MY MIND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1 Accounting policies
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year.
1.1 Basis of accounting
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement on Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). (Charities SORP), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Cash flow statements
The financial statements do not include a cash flow statement because the charity, as a small reporting entity, is exempt from the requirement to prepare such a statement under Financial Reporting Standard 1
1.2 Fund Accounting
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Unrestricted funds are avaliable for use at the discretion of the Directors in furtherance of the general objectives of the charity. These include the general and designated funds.
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Restricted funds are subject to restrictions on their expenditure imposed by the donor, or contained in the terms of a grant.
1.3 Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.4 Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Charitable expenditure comprises those costs incurred by the charity in delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to those activities and those costs of indirect nature necessary to support them. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include audit fees and accountancy costs linked to the strategic management of the charity.
1.5 Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
1.6 Taxation
The charity is exempt from corporation tax on its charitable activities.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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MUSIC FOR MY MIND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1.8 Financial instruments
The charity has elected to apply the provisions of Section 11 'Basic Financial instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.
1.9 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10 Pension costs and retirement benefits
Payments to defined contribution retirement benefit scheme are charged to the statement of financial activities as an expense in the period to which they relate.
1.11 Going concern
The financial statements have been prepared on a going concern basis. The trustees have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the trustees have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the trustees have concluded that they can continue to adopt the going concern basis in preparing the accounts.
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MUSIC FOR MY MIND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
2 Donations and Legacies
| 2 | Donations and Legacies | ||||
|---|---|---|---|---|---|
| **Unrestricted ** | Restricted | 2022 | 2021 | ||
| funds | funds | Total | Total | ||
| £ | £ | £ | £ | ||
| Donations & Legacies | 11,891 | 1,000 | 12,891 | 23,408 | |
| Grant Income | 53,900 | 10,000 | 63,900 | 55,000 | |
| Gift Aid | - | - | - | 4,226 | |
| 65,791 | 11,000 | 76,791 | 82,634 | ||
| Total 2021 | 57,534 | 25,000 | 82,634 | ||
| 3 | Investments | ||||
| **Unrestricted ** | Restricted | 2022 | 2021 | ||
| funds | funds | Total | Total | ||
| £ | £ | £ | £ | ||
| Bank Interest received | 2 | - | 2 | - | |
| 2 | - | 2 | - |
4 Resources Expended: Charitable activities
| Unrestricted funds £ Staff costs 34,896 Repairs and renewals - Consultancy 9,453 Recruitment 543 App development 1,800 Software costs 2,837 Travelling 9 Insurance 273 Printing, postage and stationery 167 Legal and professional 558 Bank charges 127 Events 463 Sundry 200 51,327 Total 2021 41,982 |
Restricted funds £ - - - - 2,331 - - - - - - - - 2,331 53,818 |
2022 Total £ 34,896 - 9,453 543 4,131 2,837 9 273 167 558 127 463 200 53,658 95,800 |
2021 Total £ 40,006 144 11,635 - 40,080 2,871 - 187 147 558 122 30 20 |
|---|---|---|---|
| 95,800 | |||
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MUSIC FOR MY MIND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
6 Trustees remunerations
None of the Trustees (or any persons connected with them) received any remuneration, benefits or reimbursement of out of pocket expenses from the charity during the year (2021: nil)
7 Support staff
Number of employees
The average monthly number of employees during the year was:
| Direct Staff Support staff Employment costs Wages and salaries 8 Creditors Other taxation and social security Other creditors 9 Debtors Prepayments and accrued income |
2022 Number 0.6 0.5 2022 Total £ 34,896 34,896 2022 Total £ 537 705 1,242 2022 Total £ 378 378 |
2021 Number 0.9 0.5 |
|---|---|---|
| 2021 Total £ 40,006 |
||
| 40,006 | ||
| 2021 Total £ 366 14,013 |
||
| 14,379 | ||
| 2021 Total £ 309 |
||
| 309 |
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MUSIC FOR MY MIND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
| 10 Analysis of net assets between funds Unrestricted 2022 £ Fund balances at 31 March 2022 are represented by: Current assets 105,816 105,816 |
Restricted 2022 £ 23,669 23,669 |
Total 2022 £ 129,485 129,485 |
Total 2021 £ 93,976 |
|---|---|---|---|
| 93,976 |
11 Related party transactions
There were no disclosable related party transactions during the year (2021 - none)
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MUSIC FOR MY MIND
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022
I report on the accounts of Music for my mind for the year ended 31 March 2021 which are set out on pages 6 to 12.
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 Act) but that an independent examination is needed. It is my responsibility to:
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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 Commissioners (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 the General Directions given by the Charity Commissioners. 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 considerations 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 I do not express an audit opinion on the view given by the accounts.
Independent examiner’s statement
In the course of my examination, no material matters have come to my attention which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement 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.
Shelley-Marie Rudling FMAAT AATQB for and on behalf of: Community360
Winsley’s House, High Street, Colchester, Essex
Date 07/11/2022
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