## **ANNUAL REPORT AND FINANCIAL STATEMENTS**
# **FOR THE YEAR ENDED 31ST MARCH 2023**
## **KIRDFORD CHAPEL CIO**
**(CHARITABLE INCORPORATED ORGANISATION) CHARITY REGISTRATION NUMBER 1177457**
Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham PO18 8NF
## **KIRDFORD CHAPEL CIO (CHARITABLE INCORPORATED ORGANISATION) CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023**
||**Page**|
|---|---|
|**Legal and Administrative Information**|3|
|**Trustees' Report**|4 to 8|
|**Independent Examiner's Report on the Accounts**|9|
|**Statement of Financial Activities**|10|
|**Balance Sheet**|11|
|**Notes to the Accounts**|12 to 18|
## **KIRDFORD CHAPEL CIO (CHARITABLE INCORPORATED ORGANISATION) LEGAL AND ADMINISTRATIVE INFORMATION**
## **CHARITY NUMBER**
1177457
## **WORKING NAMES**
Kirdford Chapel
## **START OF FINANCIAL YEAR**
01 April 2022
## **END OF FINANCIAL YEAR**
31 March 2023
## **TRUSTEES AT 31 MARCH 2023**
Mr Roger John Loosley Chairman Mrs Beatrice Anne Wood Deacon Ms Miriam Ruth Lindsay Deacon Mr Robert Arthur Sneller Mrs Jill Wigmore Deacon Mrs Judith Joy Loosley Deacon
The existing trustees appoint any new trustees following the provisions laid out in the CIO's governing instrument.
## **GOVERNING INSTRUMENT**
CIO - Association Registered 07 Mar 2018
## **REGISTRATION DATE**
7th March 2018 : CIO registration
## **OBJECTS**
1. The advancement of the Christian faith in accordance with the Basis of Faith primarily, but not exclusively within Kirdford and the surrounding neighbourhood, and:-
2. Such other charitable purposes as shall, in the opinion of the members of the Church in general meeting, put into practice the Christian faith in accordance with the Basis of Faith and consistent with the Doctrinal Distinctives and Ethical Statements.
## **CORRESPONDENCE ADDRESS**
Apartment 203 The Residence 4 Alexandra Terrace Guildford GU1 3DA
## **PRIMARY BANKERS**
Lloyds TSB Bank Plc 514 Cowbridge Road East Victoria Park Cardiff CF5 1BL
## **INDEPENDENT EXAMINER**
Donna Leppitt Independent Examiners Ltd Unit 2 The Broadridge Business Centre Delling Lane Bosham PO18 8NF
3
## **KIRDFORD CHAPEL CIO**
## **TRUSTEE ANNUAL REPORT for the year ended 31 March 2023**
## **1. Introduction**
The trustees of the charity, Kirdford Chapel CIO, present their report with the financial statements of the charity for the year ended 31 March 2023.
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 (FRS102) (effective 1 January 2005).
## **2. Structure, governance, and management**
The Trustees have the responsibility to appoint trustees and appoint any new trustees following the provisions laid out in the organisation's governing instrument. The following have served throughout the accounting period:
- Roger Loosley (Chairman)
- Anne Wood
- Miriam Lindsay
- Bob Sneller
- Jill Wigmore
- Judith Loosley
There have been no resignations or appointments in the current financial year. Normally, the Trustees meet four times per year to consider financial considerations and operations of the Charity.
## **Governing document**
Kirdford Chapel is a Charitable Incorporated Organization governed by a constitution adopted on the 22 October 2017 and entered on the Register of Charities by the Charity Commission on 7 March 2018 under number 1177457.
## **Organisational structure**
The charity employs a Community Pastor, who reports to the Trustees. The Trustees give their time voluntarily and received no benefits from the charity, except that the charity rents a house from Judith loosely for occupation of the Community Pastor and his family. No expenses have been reclaimed by any of the trustees from the charity in the period concerned, other than re-imbursement of payments made on the charity’s behalf.
The general governance of the charity is the responsibility of the Trustees; however, the day-to-day operation is delegated to the five Deacons.
## **3. Aims and purposes**
Our purposes as recorded in our constitution are:
- 3.1 to advance the Christian faith in accordance with our Basis of Faith primarily but not exclusively within Kirdford and the surrounding neighbourhood, and
- 3.2 such other charitable purposes as shall, in the opinion of the members of the Church in general meeting, put into practice the Christian faith in accordance with the basis of Faith, including but not limited to the prevention and relief of need, hardship and sickness and the advancement of education
provided that the advancement of such purposes must be undertaken in a manner that is consistent with the Doctrinal Distinctives and Ethical Statements as may be adopted and amended by the Church from time to time in accordance with the provisions of the Church Handbook.
## **4. Achievements and Performance**
##
The charity carries out a wide range of activities in pursuit of its charitable aims. The trustees consider that these activities, summarised below, provide benefit both to those who are part of Kirdford Chapel and the wider community of Kirdford and the surrounding neighbourhood.
Our new Community Pastor, James Clarke, started working with us and Rudgwick Chapel on 1 May 2022. Initially the accommodation for him and his family was a small bungalow a few miles from the Chapel, but they were able to move into a house in the village at the beginning of December 2022. We held a Welcoming Service for James and he and his wife Lori were welcomed into membership, making the total number of members 13.
Our regular pattern of services on Sunday mornings continued with the introduction of an all-age Family Service led by James on the fourth Sunday in each month, with congregations numbering mostly between 20 and 30. Special Sunday services were held for Harvest, Christmas, and Easter and to celebrate the Chapel’s 130[th] Anniversary. A joint service was held with Rudgwick Chapel on Good Friday. Prayer meetings and Bible Studies were held on each Tuesday. Our quarterly Ladies Teas continued to be very well attended.
James organized some outings for the Good News Children’s’ Club during the summer term and a Holiday Club at the end of August. He also organised stands at Platinum Jubilee events in Kirdford, Plaistow and Rudgwick. A special edition of John’;s gospel for the Platinum Jubilee was distributed to houses in Kirdford, Plaistow, Ifold and Wisborough Green.
The Good News Club for children at primary school started the autumn term with four children which grew steadily to 15 by the end of the winter term. Good News Explorers for young people at secondary school started in the autumn but has been slow to develop with a regular attendance of three boys.
During the half-term holidays, “drop-ins” for Good News children were organized together with an outing. Attendance has grown as parents have planned for these events. At Christmas there was an outing to the nativity play at Wintershall.
We were pleased to host and join in the Lent Course arranged by St. John’s Kirdford.
The weekly coffee morning for Kirdford, Ifold and Plaistow continues to meet at the Chapel.
## **5. Financial review**
Total incoming resources for the period were £43,369 (2022: £21,144) of which £42,839 was unrestricted income (2021/2: £20,439). Total resources expended were £57,813 (2021/2: £15,965) all of which was unrestricted expenditure. A full review of the financial position of the charity can be found on the attached financial statements.
## **6. Reserves policy**
As at the balance sheet date of 31 March 2023 the charity had free reserves (unrestricted funds) of £307,024 (2021/2 £322,704) and restricted reserves of £1,235 (2021/2 £705).
## **7. Risk Management**
The trustees have a duty to identify and review the risks which the charity is exposed to and ensure appropriate controls are in place for reasonable assurance against fraud and error.
The trustees do not perceive any major risks to the charity currently.
## **8. Future-plans**
The Trustees intend to continue to fund the employment of our Community Pastor from a combination of income and unrestricted reserves and to pursue plans to build a Youth Hub on the Chapel site, replace the Chapel floor, extend the kitchen, and carry out other necessary repairs and maintenance from a combination of restricted and unrestricted funds.
## **9. Public Benefit**
Trustees have paid due regard to the Charity Commission Guidance on 'Public Benefit' in deciding what activities the charity undertakes. All activities undertaken by _Charity Name_ are focussed on our charitable purposes.
## **10. Going Concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
KIRDFORD CHAPEL CIO
(CHAAITABLE IIICORPORATED ORGAIIISATION)
TRusfEES' REPORT {contknued)
FOR THE YEAR ENDED 31ST MARai 2023
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## **KIRDFORD CHAPEL CIO (CHARITABLE INCORPORATED ORGANISATION) INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023**
Report to the trustees/ members of Kirdford Chapel CIO on the accounts for the year ended 31st March 2023.
## **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,
- 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
- 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
## **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 Charities Act; and
- **·** to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities 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.
Donna Leppitt Independent Examiners Ltd Unit 2 The Broadridge Business Centre Delling Lane Bosham PO18 8NF Date: 18th July 2023
9
## **KIRDFORD CHAPEL CIO (CHARITABLE INCORPORATED ORGANISATION) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2023**
|**Notes**
**INCOMING RESOURCES**
Donations & Legacies
**3a**
Investment Income
**3b**
Other Income
**3c**
**TOTAL INCOMING RESOURCES**
**PAYMENTS**
Costs of Charitable Activities
**4**
**NET INCOMING/(OUTGOING) RESOURCES**
Balances Brought Forward
**BALANCES CARRIED FORWARD**
**TRANSFERS BETWEEN FUNDS**
**NET MOVEMENT IN FUNDS**
**RESOURCES EXPENDED**|Unrestricted
Restricted
**Total**
**Total**
Funds
Funds
**2022/23**
**2021/22**
£
£
**£**
**£**
39,221
530
39,751
20,383
2,504
-
2,504
731
1,114
-
1,114
30|
|---|---|
||**42,839**
**530**
**43,369**
**21,144**|
||57,813
-
57,813
15,965|
||**57,813**
**-**
**57,813**
**15,965**|
|||
||**(14,974)**
**530**
**(14,444)**
**5,179**
-
-
-
-|
||**(14,974)**
**530**
**(14,444)**
**5,179**|
||321,999
705
322,704
317,525|
||**307,024**
**1,235**
**308,260**
**322,704**|
All of the Charity's operations are classed as continuing operations.
The notes form part of these financial statements, found on pages:12 to 18
10
KIRDFORD CHAPEL CXO
(CHAATfABLE IIICORPORATED ORGANISATION)
BALA14CE SHEET
AS AT 31 MARC•1 2023
Trtal
3141*23 31-M•Tr22
Fund
Fund
Tangible hssets
Investment A55rt5
DebtcKs & Fwaymenls
C¥sh at bank ¢Y hwd
1.173
306,910
1.173
308.145
376
322,778
1,235
CY•dIlo amounts falng dve
1.058
1.058
450
307.024
1.235
308,260
322.704
fthg Oue in mrAe
FUIIOS OF ThE CHAAnY
Gen¥al Funds
tritt*AI fijnds
307.024
307.024
1,235
321,999
705
1,235
TOTAL FUIIDS
235
4>prUl by the Tru$t&s ..
S6Jna1 cd th* beh*f by Trust*...........
Printe# Ne..
## **KIRDFORD CHAPEL CIO (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023**
## **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 CIO 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 CIO'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
- 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 gift to which they relate.
## **Contractual Income and Performance Related Grants**
This is only included in the SOFA once the related goods or services has been delivered.
## **Gifts in Kind**
Gifts in kind are accounted for at a reasonable estimate of their value to the CIO 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 CIO. Gifts in kind for use by the CIO 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 Report of the Trustees.
## **Donated Services and Facilities**
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the CIO is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the CIO 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
12
## **KIRDFORD CHAPEL CIO (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023**
## **1. ACCOUNTING POLICIES (continued)**
## **Expenditure and Liabilities**
## **Liability Recognition**
Liabilities are recognised as soon as there is a legal or constructive obligation committing the CIO 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 advice to trustees on governance or constitutional matters.
## **Grants with Performance Conditions**
Where the CIO 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 CIO.
## **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.
## **Pensions**
Pension contributions are charged to the Statement of Financial Activities as they become payable. **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 CIO.
## **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:
Furniture & Equipment
25%
There has been no change to the accounting polices (Variation rules and methods of accounting) since last year.
## **2. TANGIBLE FIXED ASSETS**
The CIO held no fixed assets investments during this or the previous financial period.
This page does not form part of the statutory financial statements
13
## **KIRDFORD CHAPEL CIO (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023**
## **3. INCOMING RESOURCES**
|Note
**c) Other Income**
**a) Donations & Legacies**
Building fund income
Collections (was Free will offerings)
Donations (was Gift Aid)
Donations-General
Donations-KIP
Donations-Ladies Tea
**b) Investment Income**
Investments (income)
Donations-Lunch
Donations-Toybox sale
Gift Aid from HMRC
Rudgewick reimbursement
Other income|Unrestricted
Restricted
**Total**
**Total**
Funds
Funds
**2022/23**
**2021/22**
£
£
**£**
**£**
-
428
428
564
6,613
-
6,613
13,114
13,556
103
13,658
3,312
2,780
-
2,780
2,564
600
-
600
350
-
-
-
10
19
-
19
12
-
-
-
80
5,070
-
5,070
-
10583.96
-
10,584
378|
|---|---|
||**39,221**
**530**
**39,751**
**20,383**|
||2,504
-
2,504
731|
||**2,504**
**-**
**2,504**
**731**|
||1,114
-
1,114
30|
||**1,114**
**-**
**1,114**
**30**|
This page does not form part of the statutory financial statements
14
## **KIRDFORD CHAPEL CIO (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023**
## **4. RESOURCES EXPENDED**
|**4. RESOURCES EXPENDED**||
|---|---|
|Note
**Charitable Activities**
Advertising-Website
Cost of Events
Gifts expense
Insurance & Licences
Legal & Administration
Lighting & Heating
Mission-Other
Mission-Toybox
Repairs & Maintenance
Staff expenses
Staff-Rent
**Staff Costs:-**
Wages & Salaries
Employer's National Insurance Costs
Pension Contributions
Sundries
Youth Expense
**Governance costs:-**
Independent Examiner Fee|Unrestricted
Restricted
**Total**
**Total**
Funds
Funds
**2022/23**
**2021/22**
£
£
**£**
**£**
-
-
-
37
1,262
-
1,262
2,337
543
-
543
750
1,178
-
1,178
1,697
7,444
-
7,444
274
5,808
-
5,808
1,917
1,200
-
1,200
2,267
-
-
-
179
3,002
-
3,002
2,807
793
-
793
428
13,000
-
13,000
2,000
3,460
-
3,460
823
913
-
913
-
15,801
-
15,801
-
1,772
-
1,772
-
826
-
826
-
810
-
810
450|
||**57,813**
**-**
**57,813**
**15,965**|
This page does not form part of the statutory financial statements
15
## **KIRDFORD CHAPEL CIO (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST MARCH 2023**
## **5. RESTRICTED FUNDS**
## **CURRENT FINANCIAL YEAR**
|Building Fund Income
Building Fund Gift Aid|**Balance**
Gains &
**Balance**
**01-Apr-22**
Income
Expenditure
(Losses)
Transfer
**31-Mar-23**
£
£
£
£
**£**
564
439
-
-
-
1,003
141
92
-
-
-
233|
|---|---|
||**705**
**530**
**-**
**-**
**-**
**1,235**|
## **PREVIOUS FINANCIAL YEAR**
|Building Fund Income
Building Fund Gift Aid|**Balance**
Gains &
**Balance**
**01-Apr-21**
Income
Expenditure
(Losses)
Transfer
**31-Mar-22**
£
£
£
£
**£**
-
564
-
-
-
564
-
141
-
-
-
141|
|---|---|
||**-**
**705**
**-**
**-**
**-**
**705**|
The Restricted Funds are wholly represented by the CIO's cash reserves and are to be expended as specified above.
This page does not form part of the statutory financial statements
16
## **KIRDFORD CHAPEL CIO (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST MARCH 2023**
## **6. INVESTMENTS**
The CIO held no investment assets during this or the previous financial period.
## **7. CASH AT BANK AND IN HAND**
|**7. CASH AT BANK AND IN HAND**|||||||
|---|---|---|---|---|---|---|
||Unrestricted|Restricted|||**Total**|**Total**|
||Funds|Funds|||**31-Mar-23**|**31-Mar-22**|
||£|£|||**£**|**£**|
|Current A/c|7,026||1,235||8,262|7,523|
|Lloyds Deposit A/c|91,322|||-|91,322|107,136|
|Charity Bank-Deposit A/c|205,031|||-|205,031|202,733|
|No 2 Staff|3,530|||-|3,530|4,670|
|Petty Cash|-|||-|-|715|
||306,910||1,235||308,145|322,778|
|**8. DEBTORS AND PREPAYMENTS**|||||||
||Unrestricted|Restricted|||**Total**|**Total**|
||Funds|Funds|||**31-Mar-23**|**31-Mar-22**|
||£|£|||**£**|**£**|
|Gift Aid|1,173|||-|1,173|376|
||**1,173**|||**-**|**1,173**|**376**|
|**9. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE WITHIN ONE YEAR**|||||||
||Unrestricted|Restricted|||**Total**|**Total**|
||Funds|Funds|||**31-Mar-23**|**31-Mar-22**|
||£|£|||**£**|**£**|
|Deferred Income|398|||-|398|-|
|Independent Examiner's Fee|660|||-|660|450|
||**1,058**|||**-**|**1,058**|**450**|
This page does not form part of the statutory financial statements
17
## **KIRDFORD CHAPEL CIO (CHARITABLE INCORPORATED ORGANISATION) NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31ST MARCH 2023**
## **10. CREDITORS AND ACCRUALS AMOUNTS FALLING DUE IN MORE THAN ONE YEAR**
The CIO held no long term liabilities during this or the previous financial period.
## **11. STAFF COSTS AND NUMBERS**
|Gross Wages & Salaries
Employer's National Insurance Costs
Employer's Pension Contributions|**TOTAL**
**2022/23**
**£**
18,333
1,448
344
**20,125**|**TOTAL**
**2021/22**
**£**
-
-
-|
|---|---|---|
|||**-**|
Average number of employees who were engaged in each of the following activities:
||**TOTAL**||**TOTAL**||
|---|---|---|---|---|
||**2022/23**||**2021/22**||
|Charitable Activities||1||-|
The CIO operates a PAYE scheme to pay all employed members of staff and no employees received emoluments in excess of £60,000. (2021/22- None)
## **12. TRUSTEES AND OTHER RELATED PARTIES**
Mrs. Judith Loosley received £6000 in rent for the house occupied by the charity's Community Pastor. No other payments were made to trustees or any persons connected with them during this financial period. No other material transaction took place between the organisation and a trustee or any person connected with them. (2021/22- None)
## **13. RISK ASSESSMENT**
The Trustees actively review the major risks which the CIO 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 CIO's needs. This is based on the CIO's size and the level of financial commitments held. The Trustees aim to ensure the CIO 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 CIO acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the CIO 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 CIO should undertake.
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