(-h2rity number.. 11785C)() The Lute Society Rep()rt 2nd accnunts f()r the year ended _31 December 202_3
The Lute Society
Contents
Charity No. 1178599
| Report of the trustees | 1-3 |
|---|---|
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes forming part of the accounts | 6-11 |
| Report of the independent examiner | 12 |
The Lute Society
Charity No. 1178599
Report of the trustees
for the year ended 31 December 2023
The trustees present their report and accounts of the Lute Society (the “Society”) for the year ended 31 December 2023. The accounts have been prepared in accordance with the second edition of SORP (FRS 102) (“the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard 102”), FRS 102 itself, the Charities Act 2011 and UK Generally Accepted Accounting Practice.
In following SORP (FRS 102), the accounts have departed from the Charities (Accounts and Reports) Regulations 2008 which require an earlier Charities SORP, since withdrawn. This departure is as advised by the Charity Commission and is only to the extent required to provide a ‘true and fair view’.
Objectives and activities
The objects of the Society are to advance the study of, and to educate the public in, the history, playing technique, music, construction and other aspects of the lute and related instruments.
To further these objectives the Society produces a quarterly magazine for members and an annual scholarly journal; publishes editions of sheet music for the lute; maintains a collection of lutes and related instruments available for hire; and holds regular public meetings, mostly in London, with presentations of research papers and performances of lute music.
In setting our objectives and planning our activities the trustees have given careful consideration to the Charity Commission’s public benefit guidance.
Achievements and performance
Further details of the Society's activities, publications and lutes available for hire can be found on the Society's website at www.lutesociety.org.
Membership
Anyone interested in the lute, whether as a maker, player, student, musicologist, or for whatever reason, is welcome to become a member for a modest subscription. Concessionary subscriptions are available. There were 1,092 (2022: 1,183) subscribing members at the end of December, including 453 electronic-only members (2022: 452) who in return for a lower subscription receive the magazine and journal in electronic format.
| UK Europe USA and Canada Japan Australia and New Zealand Other countries |
2023 466 302 232 43 40 9 1,092 |
2022 496 324 259 49 41 14 |
|---|---|---|
| 1,183 |
Magazine and journal
The quarterly magazine for members, Lute News , distributed to members by post or on-line, and the Lutezine, available to them on-line , include articles on subjects related to the lute, and a music supplement with sheet music not generally accessible otherwise. New members are sent an introductory New members’ pack with a selection of sheet music for the lute.
The annual scholarly journal, The Lute, is produced in arrears, and is sent to those who were members of the Society for the relevant year. The Society published the 2018 journal in 2023, and plans to issue the journal for 2019 and further journals in 2024.
1
The Lute Society
Report of the trustees (continued) for the year ended 31 December 2023
Charity No. 1178599
Publications
The Society publishes sheet music editions, working plans, and other publications relating to the lute and related instruments. Popular titles are pre-printed and held in stock, while others are printed to order. During the year, the Society published Cancionero de Uppsala (duets for vihuela arranged by Massimo Marchese and Ugo Nastrucci) and a new edition of Brian Wright’s arrangements of twelve German carols originally published by the German Lute Society. The Society reprinted four collections of lute music originally published by Lyre Editions. Work in progress includes editions of the works of Daniel Bacheler and François Dufault, and a facsimile edition of Playford’s Choice Ayres, Songs and Dialogues .
The Society also sells publications from other publishers who are no longer active including the Brian Jordan/Scolar Press editions of English Ayres and early guitar music from Chanterelle. The Society continues to promote modern lute music, and makes compositions by members available for downloading from its web page.
Hire of instruments
The Society's collection of lutes and similar instruments enables potential players to experiment before buying their own instrument. The more unusual instruments in the collection, including lutes of different sizes and tunings, enable groups to perform the particular works requiring these instruments, and the smaller lutes encourage children to take up the lute.
Three renaissance lutes valued at £4,300 in total were donated to the Society during the year: a seven-course lute donated by the Midland Early Music Forum, an eight-course lute converted from a Turkish oud by Ian Harwood and formerly owned by the late Ailsa Dixon, and a bass lute donated by Sam Brown.
Public meetings
The Society holds regular public meetings, normally at the Dutch Church in London, which include the presentation of papers, and live performances of music for the lute and similar instruments either in a formal concert setting or illustrating papers. Attendance at the meetings is free for members of the public but there is an admission fee for the main recital at the end of the day. Parts of the meetings are recorded so that members unable to attend can view them later on-line.
Educational and outreach activities
Benslow Music Trust held a four day educational course, the 'Lutefest', at Hitchin in Hertfordshire, in association with the Society, which was led by Lynda Sayce and included individual tuition for participants, and workshops and performances with singers, other instrumentalists and lute consorts. The ‘Lutefest’ will be repeated in 2024.
The Society encourages members to participate in a variety of lute related activities. Playing days to encourage players of all levels were held in Bristol and in Yorkshire. Several informal 'Flow my beers' evenings were held in pubs, with opportunities for lutenists to play. Members of the Society joined the European Lute Orchestra for their concert in Prato near Florence.
The Society also maintains links with related societies worldwide, and sent a representative to their meetings in Paris, Rome and Utrecht.
Volunteers
The Society is indebted to the considerable work done voluntarily by its members and others which include editing publications and getting them ready for publication, contributions to the magazine and journal, participation in public meetings, and serving on the committee.
2
The Lute Society
Report of the trustees (continued)
Charity No. 1178599
for the year ended 31 December 2023
Financial review
Funds at the end of the year were £173,362 (2022: £166,640) including £5,654 (2022: £17,123) in the general fund, £157,306 (2022: £149,160) in the instrument fund and £754 (2022: £357) in the student bursary fund.
Reserves policy
The reserves policy is to set the instrument fund equal to the value of instruments held in fixed assets, to set aside the Gillian Brown fund (see note 13) for special projects over five years, and to maintain the remaining reserves in a general fund at a level where income covers expenditure (excluding one-off costs) year on year. The financial risks of rising and falling demand are managed by matching expenditure on activities to the related income where possible.` The Society's cash surplus results in part from membership subscriptions received up to three years in advance and the backlog of annual journals for previous years not yet produced. The trustees consider this policy adequate to cover future contingencies as if additional cash is needed the Society can sell instruments.
Structure, governance and management
The Lute Society is a Charitable Incorporated Organisation (CIO), charity no. 1178599, formed under a constitution dated 5 May 2018. It is the successor to the unincorporated Lute Society, which was formed in 1956 and became a registered charity on 24 January 2001, and which transferred its operations and assets to the CIO on 31 December 2018.
As trustees, the elected members of the committee examine the major risks which the Society faces when preparing and updating plans for future activities.
Principal office
3 Dolcey Way, Sharnbrook, Bedfordshire, MK44 1LE.
| Charity trustees | Officers and co-opted members of the committee (non-voting) |
|---|---|
| David van Edwards, President | Secretary: Christopher Goodwin |
| Luke Emmet, Chair and website editor | Publicity secretary: Hector Sequera |
| Nancy Carlin | New CD listings, reviews editor: John Reeve |
| Sam Chapman | |
| Richard Corran | Other roles |
| Kevin Drake | Lute hire administrators: Bridgewood & Neitzert |
| Martin Hudson | Plans administrator: Bruce Brook |
| Peter Jones | Microfilm librarian: John Reeve |
| Ciska Mertens (appointed 20 May 2023) | Donald Gill librarian: Djilda Segerman |
| David Protheroe, Treasurer | Magazine editor: Christopher Goodwin |
| Sarah Shepley | Journal editor: Christopher Goodwin |
| Alain Verberkmoes | Editorial sub-committee: Michael Lowe, Tim Crawford, |
| John Robinson, Peter Forrester, Matthew Spring, | |
| David van Edwards, Christopher Page, Peter Holman | |
| Honorary members | |
| Anthony Bailes, John Robinson, Peter Lay, and | Independent examiner |
| Dame Emma Kirkby CBE | Michael Gray |
Approved by the trustees on 13 April 2024 and signed on their behalf by:
Luke Emmet, Chair
3
The Lute Society
Statement of financial activities
Charity No. 1178599
for the year ended 31 December 2023
| Note Income from donations and legacies Donations of instruments Donations to student bursary fund Gillian Brown bequest 13 Other donations from charitable activities Membership subscriptions Magazine and journal 3 Publications 4 Hire of instruments 5 Public meetings 6 other income Bank interest Total income Expenditure on charitable activities Magazine and journal 3 Publications 4 Hire of instruments 5 Public meetings 6 Awards of student bursaries Total expenditure Net income for the year Reconciliation of funds Total funds at 1 January Total funds at 31 December 13, 14 |
Unrestricted funds £ |
Restricted funds £ |
Total 2023 £ 4,300 900 - 1,213 6,413 39,231 255 17,070 14,643 1,742 72,941 1,117 80,471 42,429 15,438 7,468 7,911 503 73,749 6,722 166,640 173,362 |
Total funds 2022 £ |
|---|---|---|---|---|
| 4,300 - - 1,213 |
- 900 - - |
4,300 900 - 1,213 |
5,400 410 9,648 1,079 |
|
| 5,513 | 900 | 16,537 | ||
| 39,231 255 17,070 14,643 1,742 |
- - - - - |
39,231 255 17,070 14,643 1,742 |
39,832 140 18,225 14,928 2,723 |
|
| 72,941 1,117 79,571 42,429 15,438 7,468 7,911 - 73,246 6,325 166,283 172,608 |
- - 900 - - - - 503 503 397 357 754 |
75,848 175 |
||
| 92,560 | ||||
| 47,581 15,977 7,572 8,638 389 |
||||
| 80,157 | ||||
| 12,403 154,237 |
||||
| 166,640 |
4
The Lute Society
Charity No. 1178599
Balance sheet
at 31 December 2023
| Note Tangible fixed assets 8 Current assets Stock 9 Debtors Short term deposits Cash and cash equivalents Liabilities: amounts falling due within one year 10 Net current assets Total assets less current liabilities 11 Provisions for liabilities 12 Net assets Funds Unrestricted funds Instrument fund 13 Gillian Brown fund 13 General fund 13 Restricted income funds Student bursary fund 14 Total funds Liabilities:amounts falling due after more than one year |
31 December 2023 £ 158,659 2,885 2,217 40,761 14,938 60,801 (22,711) 38,090 196,749 (4,028) (19,359) 173,362 157,306 9,648 5,654 172,608 754 173,362 |
31 December 2022 £ 152,080 |
|---|---|---|
| 3,836 1,824 10,059 53,772 |
||
| 69,491 (27,513) |
||
| 41,978 | ||
| 194,058 (5,302) (22,116) |
||
| 166,640 | ||
| 149,160 - 17,123 |
||
| 166,283 357 |
||
| 166,640 |
The accounts on pages 4 to 11 were approved by the trustees on 13 April 2024 and signed on their behalf by:
Luke Emmet, Chair
5
The Lute Society
Charity No. 1178599
Notes forming part of the accounts
for the year ended 31 December 2023
1. General
The Lute Society is a Charitable Incorporated Organisation (CIO) registered with the Charity Commission in England and Wales under number 1178599. Its principal office is at 3 Dolcey Way, Sharnbrook, Bedfordshire, MK44 1LE.
2. Accounting policies
Basis of preparation
The accounts have been prepared in accordance with the Charities SORP (FRS 102) second edition, FRS 102, the Charities Act 2011 and UK Generally Accepted Accounting Practice.
Accounting convention
The accounts have been prepared under the historical cost convention as modified by the inclusion of donated assets at fair value in 1997 or at the date of acquisition if later. Expenditure is accounted for on an accruals basis.
Going concern
The trustees consider the Society is a going concern as there are no material uncertainties affecting its ability to continue and it is able to manage its costs in line with income.
Support costs
Support costs are apportioned to activities to present the costs of those activities fairly, in proportion to the related income, the purpose of the expenditure, or the secretary’s time on each activity.
Fixed assets
Fixed assets are recorded at cost or, if donated to the Society, at their fair value on the date of the gift. Depreciation is provided at 20% a year on cost for office equipment in order to write it off over its estimated useful life. No depreciation is provided on instruments for hire because of their high residual value. Fixed assets are regularly assessed for impairment, and written down if impaired.
Stock
Stock is recorded at the lower of cost of net realisable value. Because of the long periods over which stock for resale is held, ten years or more, and the uncertainty over future sales, net realisable value is generally taken as zero once a title reaches its break-even point. The effect of this is that stock for resale is written down by cumulative sales until the value of the stock reaches nil. Any further sales are credited directly to income.
Slow moving stock is assessed for impairment at the end of each year, and impairment losses are recognised or reversed accordingly.
Deferred income
Subscriptions paid in advance are carried forward in the balance sheet as deferred income. Deferred income is discounted by the time value of money, if material, over the period until it is expected to be settled.
Provisions
The costs of printing and distributing the annual journal and quarterly magazines are provided in the year to which the journal or magazine relates because members are entitled to receive a copy for each year that they belong. The provision is discounted by the time value of money over the period until it is expected to be settled, if material.
Instrument fund
The instrument fund is an unrestricted fund designated by the trustees to establish a collection of lute and related instruments. Donated instruments which the trustees intend to hold permanently for the benefit of the Society are credited to the instrument fund at the fair value on the date of donation. When an instrument is purchased, the amount of the purchase is transferred from the general fund to the instrument fund. Impairments or reversals are charged or credited to the instrument fund. Other income and expenditure relating to the instruments is included in the general fund.
6
The Lute Society
Charity No. 1178599
Notes forming part of the accounts
for the year ended 31 December 2023
2. Accounting policies (continued)
Student bursary fund
To encourage greater uptake of the instrument among music students, the society has set up a bursary fund to fund places on short courses such as the Society’s annual residential weekend at Benslow, for students who want to try the lute. It is classed as a restricted income fund, in that any money raised for the fund can only be used for this purpose.
Donated goods and services
Donated goods are recognised at fair value at the date of the donation. Donated services are measured at the value of the gift to the Society. No accounting value however is placed on the time contributed by volunteers because it is impractical to calculate reliably.
Cash flow statement
No cash flow statement has been presented as FRS102 exempts small entities from disclosing cash flows.
3. Magazine and journal
| Magazine and journal Income from advertising in magazine Expenditure Quarterly magazine printing Annual journal printing New members’ packs reprinting Design software Postage and packing Apportionment of support costs (note 7) Net expenditure on magazine and journal Publications Income from sales of publications Expenditure Printing to order Cost of sales from stock (note 9) Postage and packing Apportionment of support costs (note 7) Net income on publications Hire of instruments Income from hire of instruments Expenditure Repairs and maintenance Instrument administration Apportionment of support costs (note 7) Net income from hire of instruments |
2023 255 10,721 724 - 596 13,664 16,724 42,429 42,174 17,070 5,220 1,238 5,164 3,816 15,438 1,632 14,643 2,427 3,280 1,761 7,468 7,175 |
2022 140 |
|---|---|---|
| 13,057 2,700 1,592 596 14,000 15,636 |
||
| 47,581 | ||
| 47,441 | ||
| 18,225 | ||
| 4,961 1,178 5,531 4,307 |
||
| 15,977 | ||
| 2,248 | ||
| 14,928 | ||
| 2,960 2,702 1,910 |
||
| 7,572 | ||
| 7,356 |
4. Publications
5. Hire of instruments
7
The Lute Society
Charity No. 1178599
Notes forming part of the accounts
for the year ended 31 December 2023
| 6. Public meetings Income from concert tickets and refreshments Expenditure Performers and lecturers Hire of venue Secretary’s travel to public meetings Public liability insurance Apportionment of support costs (note 7) Net expenditure on public meetings 7. Support costs Secretary's fee Office costs Bank charges Publicity Travel in respect of office move General travelling expenses Depreciation of office equipment (note 8) Apportionment of support costs to charitable activities Magazine and journal (note 3) Publications (note 4) Hire of instruments (note 5) Public meetings (note 6) |
2023 1,742 3,120 2,604 484 96 1,607 7,911 6,169 19,691 1,845 1,439 419 - 399 115 23,908 16,724 3,816 1,761 1,607 23,908 |
2022 2,723 |
|---|---|---|
| 3,734 2,653 453 96 1,702 |
||
| 8,638 | ||
| 5,915 | ||
| 18,516 1,733 1,619 - 849 709 129 |
||
| 23,555 | ||
| restated 15,636 4,307 1,910 1,702 |
||
| 23,555 |
The apportionment of costs is based on the secretary’s time or, for bank charges, on the relevant income. Some costs which used to be included in support costs are now directly attributed to the relevant activity. Comparative figures have been restated accordingly. There was no impact on fund balances or on net income.
The independent examiner received no remuneration (2022: £nil).
8
The Lute Society
Charity No. 1178599
Notes forming part of the accounts
for the year ended 31 December 2023
| 8. Tangible fixed assets Cost or valuation At 1 January 2023 Acquisitions Disposals Donations At 31 December 2023 Accumulated depreciation and impairments At 1 January 2023 Charge for the year Disposals At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022 9. Stock Held for resale Consumables There were no capital commitments (2022: £nil). |
Instruments for hire 153,656 1,200 - 4,300 159,156 1,850 - 1,850 157,306 151,806 |
Office equipment Total 4,192 157,848 1,194 2,394 (2,726) (2,726) - 4,300 2,660 161,816 3,918 5,768 115 115 (2,726) (2,726) 1,307 3,157 1,353 158,659 274 152,080 31 December 2023 2,595 290 2,885 |
31 December 2022 3,416 420 |
|
|---|---|---|---|---|
| 3,836 |
Stock held for resale includes facsimiles, modern editions of lute music, working drawings and CDs. Other publications printed to order are not included in stock. The stock of consumables comprises postage stamps for future mailings.
| Movement of stock At 1 January Acquired Postage of magazine and journal Postage of publications Publications sold from stock (note 4) General postage At 31 December |
Held for resale 3,416 417 - - (1,238) - 2,595 |
Consumables 420 10,059 (5,159) (4,933) - (97) 290 |
2023 Total 3,836 10,476 (5,159) (4,933) (1,238) (97) 2,885 |
2022 Total 4,734 9,477 (4,996) (4,021) (1,178) (180) |
|---|---|---|---|---|
| 3,836 |
9
The Lute Society
Charity No. 1178599
Notes forming part of the accounts
for the year ended 31 December 2023
| 10. Liabilities: amounts falling due within one year Trade creditors Secretary's fee 11. Liabilities: amounts falling due after more than one year Deferred income: subscriptions received in advance between one and two years ahead between two and three years ahead between three and four years ahead 12. Provisions for liabilities Provisions for journal and magazine printing and distribution: expected to be produced in the following year expected to be produced in the year after Movement in provisions At 1 January Increase in provision Utilised in the year At 31 December 13. Unrestricted funds Movement in year Instrument At 1 January 151,806 Net income for the year 4,300 Funds transfer: instruments purchased 1,200 Designation of Gillian Brown fund - At 31 December 157,306 Deferred income: subscriptions and hire income received in advance for the following year |
10. Liabilities: amounts falling due within one year Trade creditors Secretary's fee 11. Liabilities: amounts falling due after more than one year Deferred income: subscriptions received in advance between one and two years ahead between two and three years ahead between three and four years ahead 12. Provisions for liabilities Provisions for journal and magazine printing and distribution: expected to be produced in the following year expected to be produced in the year after Movement in provisions At 1 January Increase in provision Utilised in the year At 31 December 13. Unrestricted funds Movement in year Instrument At 1 January 151,806 Net income for the year 4,300 Funds transfer: instruments purchased 1,200 Designation of Gillian Brown fund - At 31 December 157,306 Deferred income: subscriptions and hire income received in advance for the following year |
10. Liabilities: amounts falling due within one year Trade creditors Secretary's fee 11. Liabilities: amounts falling due after more than one year Deferred income: subscriptions received in advance between one and two years ahead between two and three years ahead between three and four years ahead 12. Provisions for liabilities Provisions for journal and magazine printing and distribution: expected to be produced in the following year expected to be produced in the year after Movement in provisions At 1 January Increase in provision Utilised in the year At 31 December 13. Unrestricted funds Movement in year Instrument At 1 January 151,806 Net income for the year 4,300 Funds transfer: instruments purchased 1,200 Designation of Gillian Brown fund - At 31 December 157,306 Deferred income: subscriptions and hire income received in advance for the following year |
Journal 15,100 2,700 (3,100) 14,700 Gillian Brown - - - 9,648 9,648 |
31 December 2023 5,223 4,691 12,797 22,711 3,955 73 - 4,028 12,959 6,400 19,359 2023 Magazine Total 7,016 22,116 4,659 7,359 (7,016) (10,116) 4,659 19,359 2023 General Total 14,477 166,283 2,025 6,325 (1,200) - (9,648) - 5,654 172,608 |
31 December 2022 9,290 3,106 15,117 |
|
|---|---|---|---|---|---|---|
| 27,513 | ||||||
| 4,695 607 - |
||||||
| 5,302 | ||||||
| 8,900 13,216 |
||||||
| 22,116 | ||||||
| 2022 Total 18,763 9,716 (6,363) |
||||||
| 22,116 | ||||||
| 2022 Total 153,901 12,382 - - |
||||||
| 157,306 | 166,283 |
Instrument fund
Donations of instruments are allocated to the instrument fund. All other unrestricted income and expenditure is allocated to the general fund.
Gillian Brown fund
Former member Gillian Brown bequeathed £9,648 to the Society in 2022. In 2023 the Trustees designated the bequest as an unrestricted fund to be spent over the next five years on strategic initiatives to extend the Society’s impact.
10
The Lute Society
Charity No. 1178599
Notes forming part of the accounts
for the year ended 31 December 2023
14. Restricted fund
| . Restricted fund | ||
|---|---|---|
| Student bursary fund At 1 January Donations received Awards of student bursaries At 31 December |
2023 357 900 (503) 754 |
2022 336 410 (389) |
| 357 |
The student bursary fund encourages greater uptake of the instrument among music students by providing places on short courses, such as the annual residential weekend at Benslow, for students who want to try the lute. It is classed as a restricted fund because money raised for the fund can only be used for this purpose.
15. Related party transactions
Trustees or parties connected to them received £1,284 (2022: £1,539) in total for specialist services provided to the Society. These were reasonable amounts for the services provided and were pre-agreed by the Society having regard to Charity Commission guidance in respect of the remuneration of trustees. Two trustees claimed expenses of £161 in total (2022: three trustees £306).
Specialist services provided by trustees
| Specialist services provided by trustees | |||
|---|---|---|---|
| Service provided Repairs to lutes for hire Lecture and recital fees Royalties on working drawings Purchases of books for resale Total services |
Trustee or connected party Luke Emmet, trustee Matthew Spring, trustee David van Edwards, trustee Smokehouse Press, connected to David von Edwards, trustee |
2023 1,274 - 10 - 1,284 |
2022 1,310 200 10 19 |
| 1,539 |
No other trustee or person connected with a trustee has been paid remuneration or received other benefits from the Society.
11
Charity No. 1178599
Report of the Independent Examiner to the trustees of The Lute Society on the accounts for the year ended 31 December 2023
I have examined the accounts on pages 4 to 11.
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 procedures laid down in the General Directions given by the Charity Commissioners under section 145(5)(b) of the Charities Act and to state whether particular matters have come to my attention.
Your attention is to drawn to the fact that the charity has prepared the accounts in accordance with the Charities SORP (FRS 102) second edition in preference to the earlier Charities SORP issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
Basis of independent examiner's report
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 financial statements 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 I do not express an audit opinion on the accounts.
Independent examiner's statement
In connection with my examination, no matter has come to my attention
-
which gives me reasonable cause to believe that in any material respect the requirements (a) to keep accounting records in accordance with section 130 of the Charities Act, and (b) to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act, have not been met; or
-
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Michael Gray
15 Chesterfield Road, Cambridge, CB4 1LN
13 April 2024
12