2020-12-31-accounts

rose opera Rose Opera A Charitable Incorporated Organisation (CIO) Report and Financial Statements Year ending 31 December 2020 Charity Number 1179516

Rose Opera

Contents of the report and financial statements For the year ended 31 December 2020

Trustees and administrative details	-	-	-	-	-	-	3
Report of the Trustees		-	-	-	-	-	5
Statement of financial activities	-	-	-	-	-	-	15
Balance sheet - -	-	-	-	-	-	-	16
Notes to the financial statements		-	-	-	-	-	17

Wagner’s Spinning Chorus from Der fliegende Holländer, Oct 2020 Opera Gala

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Trustees

Rose Opera’s Trustees:

Andrew Evans (Chairman) Tamara Ravenhill (Treasurer and Artistic Director) Alethea Tabor (Chorus Master) Paul Ravenhill (Director)

Reference and Administrative Details

Charity Number: 1179516 Registered with: The Charity Commission of England and Wales Correspondence Address: 154 Dora Road, Wimbledon, LONDON, SW19 7HJ Charity Form: Charitable Incorporated Organisation (CIO), Foundation Model

All Trustees were appointed on the incorporation of Rose Opera on 10[th] August 2018.

Rehearsals for Rose Opera’s production of Wagner’ Der fliegende Holländer

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Contacting Rose Opera

Rose opera can be contacted through the email address: [e-mail]. More information about Rose Opera can be found on our web site, www.roseopera.co.uk.

Structure, Governance and Management

Rose Opera is governed by its Constitution, which is available for download from the Charity Commission web site.

Appointment of Trustees

Apart from the first charity trustees, every trustee has been appointed by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees have considered the skills, knowledge and experience needed for the effective administration of the CIO.

The Rosenkavalier Trio, by Richard Strauss, from Rose Opera’s October 2020 Gala

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Rose Opera

Report of the Trustees for the year ending 31 December 2020

The Trustees of Rose Opera are pleased to present their annual report, together with the financial statements of the charity for the year ending 31[st] December 2020, which have been prepared under the accrual basis method. This report and the accompanying accounts have been prepared to meet the requirements of the Charity Commission.

Rose Opera was incorporated as a Charitable Incorporated Organisation based on the Foundation Model on 10[th] August 2018 and is registered with the Charity Commission of England and Wales, registration number 1179516. This is the second annual report of Rose Opera. It covers the first financial year, which is the period from 1[st] January to 31[st] December 2020, a period of 12 months.

More information about Rose Opera is available on our web site, at www.roseopera.co.uk.

The defining backdrop to 2020 was the Covid-19 pandemic. In common with other performing arts organisations, Rose Opera’s plans for 2020 were substantially disrupted by the Covid-19 pandemic. This forced the late cancellation of our planned performances of Wagner’s Der fliegende Holländer in mid-March 2020, just two weeks ahead of the scheduled first night, and the replacement of the planned Verdi’s Simon Boccanegra in October 2020 with a socially distanced opera gala.

The Trustees took rapid and aggressive action with the primary goal of protecting the many singers, orchestra players, technical colleagues and audience members involved in our productions. We also managed our finances carefully to balance the need to preserve cash with a desire to honour financial commitments up to the point of cancellation of the shows. As a result, we now have the financial capacity to relaunch our cancelled shows as soon as the situation allows. We expect that this will be from mid-2021 onwards.

The remainder of this report should be read against the backdrop of the coronavirus pandemic.

1. Objects, Organisation and Activities

The purpose of Rose Opera is to advance the arts for the public benefit through the promotion and presentation of opera to the highest possible standards for the benefits of the local communities in which the company performs; and to advance the education of the public in opera through outreach to educational institutions, and young performers in the early stage of their careers.

Along with performing opera, Rose Opera strives to use the medium of opera to foster social inclusion and to engage young people in the performing arts.

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The trustees confirm that they have, with regard to the Charity Commission’s guidance on public benefit, implemented plans to promote opera as an art form and to increase the scope and impact of the charity on accessing members of the public not previously reached.

2. Review of activities

Rose Opera’s planned artistic schedule for the year 2020 was disrupted by the COVID-19 pandemic, as with all performing arts organisations. The planned schedule for the year was:

• Der fliegende Holländer by Richard Wagner, due to be performed in German in the Normansfield theatre (Teddington, Surrey) in March 2020. This show was cancelled two weeks prior to its opening night.

• Simon Boccanegra by Guiseppe Verdi, due to be performed in Italian in the Normansfield Theatre (Teddington, Surrey) in October 2020. This show was cancelled and replaced with:

• Opera Gala presented to a limited audience with social distancing precautions and offered free of charge via video streaming from the Rose Opera Vimeo site in October 2020 (www.vimeo.com\roseopera ).

Rose Opera’s newly launched Vimeo video streaming site

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2.1 Wagner’s, Der fliegende Hollander, March 2020, Rescheduled to Oct 2021

A ghost captain (the ‘Flying Dutchman’) is cursed to roam the seas forever, coming ashore only once every seven years. Only if he finds a wife who loves him truly whilst he is ashore can he be freed from this eternal fate. Senta, the daughter of another sea captain, wants to be that wife. But she had previously pledged her love to another, with disastrous results for the ‘Flying Dutchman’ and for Senta herself.

Rose Opera’s production of the Flying Dutchman was due to take place in the Normansfield Theatre in Teddington on March 27-29[th] , 2020. This production was scheduled to leverage a community chorus of 20 singers, an orchestra of 35 players, and 6 soloists. Rose Opera provided coaching in German to company members as required.

Rose Opera commissioned new sets for this production, including a suitably ghostly ship which can be moved around the stage between the three acts of the opera. The ship sides also could be let down flat on the stage during the end of the show to signify the ship sinking. Singers

could walk freely inside and out of the ship, signifying on and offboarding. An original spinning wheel to support the famous spinning chorus and a ships wheel (purchased at an antiques shop) completed the key props.

We made the difficult decision to defer the show on 15[th] March 2020, just two weeks prior to first night. Whilst this was a heart-breaking decision for Trustees and company members alike, it was the only one we could in conscience make given the alarming rise in coronavirus infections and the imminent likelihood of a full UK lockdown. In the event, the UK actually went into a full lockdown exactly two weeks later, on production weekend. To help provide a good experience for cast and crew alike, we ran the entire opera on the weekend of 15/16 March with no audience but with full orchestra, this was much appreciated by company members.

We had designed a custom lighting scheme using the Theatre’s lights for this show. In the event, the tech rehearsal, which did proceed before the show was cancelled, indicated a number of improvements that could be made in this area with the use of additional lights. Rose Opera kept a close eye on sales of additional lights during the lockdown and was able to purchase a total of eight used lights: two LED multicolour spotlights, two tungsten spotlights with gobos,

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and four smaller LED battens. This was a very cost-effective way to add significant depth of colour and lighting effects to our shows, supplementing the installed theatre lights.

The Ghostly Ship from Wagner’s Der fliegende Holländer

2.2 Verdi’s Simon Boccanegra, October 2020

Set in 14[th] century Genoa, Simon Boccanegra charts the story through his lifetime of a young pirate who becomes the Doge (the Chief Magistrate of the Republic), all the way from his youth when his illegitimate daughter is hidden for her own safety, through to his later life in which he is reunited with his daughter Amelia, only to discover that her lover is Gabriele Adorno, his sworn enemy.

This is a powerful story of death, deception, divisiveness and distrust as the story unfolds through murderous plots and counterplots against the key protagonists. Verdi wrote some of his most powerful music for this opera.

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Rose Opera’s production of Simon Boccanegra, which was due to take place in October 2020, was cancelled because of the coronavirus pandemic, and was instead replaced by a socially distanced opera gala. We hope to reschedule this show during late 2021 or early 2022. No material costs had been incurred in the development of this show at the point at which it had been cancelled.

2.3 Opera Gala, October 2020

In place of Verdi’s Simon Boccanegra, Rose Opera performed a socially distanced Opera Gala in the Normansfield Theatre, Teddington on Sunday October 25[th] , 2020. Soloists were specially invited to perform at this event to support a carefully curated program of opera arias, duets and other ensembles. The Rose Opera Chorus was in attendance and performed from in front of the stage with at least 2m between each performer and 6m between performers and the audience.

A small audience was invited to attend, and the gala was video recorded with high quality audiovisual equipment (which was loaned without charge from various Trustees and company members).

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The programme included:

• Tchaikovsky, Iolanta, Duet: Iolanta & Vaudémont

• Puccini, Tosca, Te Deum, Aria: Scarpia & Chorus

• Strauss, Der Rosenkavalier, Trio

• Mozart, Cosi fan Tutte, Alla Bella Despinetta, Sextet

• Massenet, Herodiade, Vision Fugitive, Aria

• Gounod, Faust, Faites-lui mes aveux, Aria

• Mozart, Cosi fan Tutte, Soave sia il vento, Trio

• Wagner, Der fliegende Holländer, Senta's Ballade & Spinning Chorus

• Mozart, Idomeneo, Placido è il mar, Ilia & Chorus

• Tchaikovsky, Queen of Spades, Yeletsky's Aria

• Bizet, Carmen, Don José's Aria

• Handel, The Flock shall leave the Mountain, Trio*

• Verdi, Simon Boccanegra, Aria: A te l'estremo addio

• Puccini, Bohème, Aria: Donde lieta

Rose Opera developed a strict social distancing policy for the event which followed all the Government and Theatre guidelines in force at the time, and placed safety of audience and company members as the top priority. Rose Opera’s social distancing policy can be viewed here.

The gala was viewed as a success by those who took part and was much appreciated by many company members, for some of whom this was the only opportunity they had had to sing in a live performance, albeit socially distanced, since March.

2.4 Sponsorship

Rose Opera is pleased to have attracted a number of important sponsors throughout the financial year. The key ones are:

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• Big Yellow Storage (Sheen) – we are very grateful for the provision of two storage rooms on a charity basis by Big Yellow Storage, Sheen. This is such an important facility for an Opera Company, allowing for secure, safe storage of costumes, sets, props, lights, and other items. We are proud to advertise this partnership in our programmes, on our web sites and in our marketing literature.

• Trustees – one of our Trustees is a Director of a consulting company which made corporate donations during the year. Other Trustees also donated as individuals.

• Voluntary contributions –for the gala in October 2020, we asked company members to consider making voluntary donations to Rose Opera. Many chose to do so.

We set up a new fund raising and donations site during the year with Virgin Money Giving. Our fund-raising site is at: Donate_Rose_Opera . One of the many advantages of this more professional standard fund-raising site is that it is configured for automatic reclaim of gift aid (providing the donor has confirmed that this is eligible). The entire process from donation to gift aid reclaim has now been fully automated end to end. Additionally, reporting on donations is excellent.

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The Rose Opera fund-raising site

2.5 Community impact and inclusivity

Rose Opera is committed to maintaining inclusivity in all its productions and to ensuring that our impact in the local communities of Kingston, Richmond and Wimbledon from which we draw company members and in which we perform is valued and positive. In particular, we focus on generating positive impact through:

• Local audiences - all our performances based at the Normansfield Theatre in Teddington attracted local audiences, bringing rarely performed pieces performed to a high standard to the local community.

• Young artist scheme – to attract and support young singers, we have established and funded a young artist bursary scheme. The bursaries are awarded based on performance in audition. So far, we have appointed three young professional singers, all in the early stages of their singing careers. This has given them the opportunity to participate in fully staged opera performances and to take smaller solo roles.

• Chorus coaching – Rose Opera has an in-house chorus master who as a Trustee and volunteer has invested hundreds of hours in recruiting and coaching members of the chorus, many of whom are amateur singers. Chorus members have greatly appreciated the learning and support provided through extensive chorus coaching in the musical and language aspects of the production.

• Language coaching – all performers, especially soloists, are provided with language coaching if they need and want to take advantage of this.

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• Orchestra – our orchestras comprise a mix of strong amateur players, and young professionals from the Royal Academy of Music (RAM) and the Royal College of Music (RCM). It is the objective that we consciously pursue – to create an atmosphere for young musicians to work with professional conductors and players as a part of their transition into the professional musical world at the end of their studies.

• Chorus – our chorus in Flying Dutchman attracted a diverse group of singers including ethnic minority and wide demographics (singers aged from 25 to 80).

• Theatre – in creating our opera productions, we have worked closely with the management of The Normansfield theatre in Teddington to create innovative productions in the surrounds of this beautiful grade II protected building.

2.6 Contribution of artists and volunteers

We greatly value the contribution made to the charity in time, skills, commitment and money by artists and volunteers. Without this contribution the charity would not be able to achieve its objects or activities in any kind of capacity such as has been done. The sense of collective goodwill and community spirit is at the heart of what Rose Opera represents.

3. Principal sources of funds

The charity is supported by private donor funding, by income from admissions to productions, and by tax reliefs. This year, income was more focused on donations and tax relief than income from production, because of the impact of the COVID-19 pandemic. We secured private donations, mainly by the Trustees, of £4,000; voluntary contributions from singers of £689; income from ticket sales of £434 and tax relief income of £2,454 (this included an initial Creative Tax Relief claim for the previous financial year 2019, and gift aid claims where appropriate).

4. Risk review

The Trustees carry out:

• A regular review of the risks the charity may face;

• The establishment of systems and procedures to mitigate those risks; and

• The implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.

During the year, the Trustees were due to carry out a risk review. In view of the COVID-19 pandemic, it became clear that the risk of transmission of coronavirus amongst performers, technical colleagues and/or audience had emerged as the largest risk by far. In response to this

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risk, the Trustees cancelled the March 2020 scheduled performance of Wagner’s Der fliegende Holländer, and in preparation for the Opera Gala held in October 2020, developed a comprehensive set of social distancing policies and guidelines. This included mandatory wearing of masks for audience and all company members (except when actually singing), strict rules on distancing between performers of at least 2m and distance between performers and audience of at least 6m, and mandatory compliance with other Government and Theatre guidelines and recommendations. The full set of guidelines can be found on our website at:

Rose_Opera_Policies by clicking on the social distancing policy link.

5. Principal activity

The principal activity of the charity is that of an opera company.

6. Trustees

The trustees who held office during the period were:

Andrew Evans (Chairman) Tamara Ravenhill (Treasurer and Artistic Director) Alethea Tabor (Chorus Master) Paul Ravenhill (Director)

Appointment of directors is by ordinary resolution of the members at a general meeting.

Signed by:

Andew Evans – Chairman and Producer

Tamara Ravenhill – Artistic Director, Treasurer and Producer

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Rose Opera Statement of financial activities Year ended 31 December 2020

Recommended categories by activity	Recommended categories by activity	Unrestricted funds	Restricted income funds	Endowment funds	Total funds	Prior year funds
		£	£	£	£	£
Income		F01	F02	F03	F04	F05
Income and endowments from:
Donations and legacies		4,000	-	-	4,000	9,372
Charitable activities		1,123	-	-	1,123	14,805
Other trading activities		-	-	-	-	-
Investments		-	-	-	-	-
Grant Funding		-	-	-	-	-
Gift Aid & Creative Tax Relief		2,454	-	-	2,454	1,463
Total		7,577	-	-	7,577	25,640
Expenditure
Expenditure on:
Raising funds		-	-	-	-	-
Charitable activities		3,983	-	-	3,983	11,332
Professional fees		3,123			3,123	7,925
Support costs		1,867	-	-	1,867	2,947
Total		8,973	-	-	8,973	22,204
Net income/(expenditure) before tax for the reporting period		1,396 -	-	-	1,396 -	3,436
Taxpayable		-	-	-	-	-
Net income/(expenditure) after tax before investment gains/(losses)		1,396 -	-	-	1,396 -	3,436
Netgains/(losses)on investments		-	-	-	-	-
Net income/(expenditure)		1,396 -	-	-	1,396 ~~-~~	3,436
Extraordinary items		-	-	-	-
Transfers between funds		-	-	-	-	-
Other recognised gains/(losses):
Gains and losses on revaluation of fixed assets for the charity’s own use		-	-	-	-	-
Other gains/(losses)		-	-	-	-	-
Net movement in funds		1,396 -	-	-	1,396 ~~-~~	3,436
Reconciliation of funds:
Total funds brought forward		3,436	-	-	3,436	-
Total funds carried forward		2,040	-	-	2,040	3,436

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Rose Opera Balance sheet As at 31 December 2020

Balance sheet

	Unrestricted funds	Restricted income funds	Endowment funds	Total this year	Total last year
	£	£	£	£	£
Fixed assets	F01	F02	F03	F04	F05
Intangible assets	-	-	-	-	-
Tangible assets	-	-	-	-	-
Heritage assets	-	-	-	-	-
Investments	-	-	-	-	-
Total fixed assets	-	-	-	-	-
Current assets
Stocks	-	-	-	-	-
Debtors	-	-	-	-	-
Investments	-	-	-	-	-
Cash at bank and in hand	2,040	-	-	2,040	3,436
Total current assets	2,040	-	-	2,040	3,436
Creditors: amounts falling due within oneyear	-	-	-	-	-
Net current assets/(liabilities)	2,040	-	-	2,040	3,436
Total assets less current liabilities	2,040	-	-	2,040	3,436
Creditors: amounts falling due after oneyear	-	-	-	-	-
Provisions for liabilities	-	-	-	-	-
Total net assets or liabilities	2,040	-	-	2,040	3,436
Funds of the Charity
Endowment funds	-			-	-
Restricted income funds		-		-	-
Unrestricted funds	2,040		-	2,040	3,436
Revaluation reserve				-
Fair value reserve
Total funds	2,040	-	-	2,040	3,436

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Rose Opera Accounts

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ending 31 December 2020.

No notice has been deposited under Section 476 of the Companies Act 2006 in relation to its financial statements for the financial year.

The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to small companies subject to the small companies’ regime and in accordance with FRS102 SORP.

Signed on behalf of the Directors

Tamara Ravenhill

Treasurer

August 2020

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Notes to the financial statements For the period 1/1/20 – 31/12/20

1. Accounting policies

Basis of preparation

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The accounts have been prepared in accordance with:

• the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014.

• the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102)

and with the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS102.

The accounts have been prepared on a going concern basis. Having made appropriate enquiries, the trustees consider it reasonable to assume the charity has adequate resources to continue for the foreseeable future.

Recognition of income

All incoming resources are included in the statement of financial activities (SOFA) when the charity becomes entitled to the income and it is more likely than not that it will receive the income and the amount can be quantified with reasonable accuracy.

Incoming resources from charitable activities represent ticket sales, front of house income (programmes) and participation fees for operas.

Voluntary income is receivable from donations, advertising in the programme by local businesses and any related income tax recovery therein.

Expenditure

Expenditure is included on an accruals basis and is inclusive of irrecoverable VAT.

Investment assets

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The charity holds no investment assets at the balance sheet date.

Tangible assets

The charity holds no tangible assets (those being of a value of more than £500) at the balance sheet date. Rose Opera’s policy is that any asset purchased at a cost of less than £500 should be written off through the P&L in the year in which it is purchased.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds comprise unrestricted funds that have been set aside by the trustees for particular purposes, or that have been designated by a donor for a particular purpose. The charity holds no restricted funds at the date of the Balance sheet.

2. Analysis of income

	Analysis of income	Unrestricted funds	Restricted income funds	Endowment funds	Total funds	Prior year
					£	£
Donations and legacies:	Donations and gifts	4,000	-	-	4,000	9,372
	Gift Aid and tax relief	2,454	-	-	2,454	1,463
	Legacies	-	-	-	-	-
	General grants provided by government/other charities	-	-	-	-	-
	Membership subscriptions and sponsorships which are in substance donations	689	-	-	689	1,925
	Donated goods, facilities and services	-	-	-	-	-
	Other	-	-	-	-	641
	Total	7,143	-	-	7,143	13,401
Charitable activities:	Productions (incl. programmes)	434	-	-	434	12,239
		-	-	-	-	-
		-	-	-	-	-
	Other	-	-	-	-	-
	Total	434	-	-	434	12,239
TOTAL INCOME		7,577	-	-	7,577	25,640

In the trading period the main sources of income for the charity were ticket sales, private donations, singers’ contributions and tax reliefs. Proceeds from ticket sales in the amount of £434 are included in the line item “Productions incl. programmes”.

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4 Expenditure

		This year	This year	This year	This year		Last year	Last year	Last year
Analysis		Unrestricted funds	Restricted income funds	Endowmen t funds	Total funds	Unrestricted funds	Restricted income funds	Endowment funds	Total funds
Expenditure on raising funds:					£				£
Incurred seeking donations		-	-	-	-	-	-	-	-
Incurred seeking legacies		-	-	-	-	-	-	-	-
Advertising, marketing, direct mail and publicity		717	-	-	717	1,436	-	-	1,436
		-	-	-	-	-	-	-	-
Total expenditure on raising funds		717	-	-	717	1,436	-	-	1,436
Expenditure on charitable activities:
Charitable activities (productions)		3,983	-	-	3,983	11,332	-	-	11,332
General & Administrative		1,150	-	-	1,150	1,044	-	-	1,044
Artists' fees		3,123	-	-	3,123	7,925	-	-	7,925
Miscelaneous		-	-	-	-	467	-	-	467
Total expenditure on charitable activities		8,256	-	-	8,256	20,768	-	-	20,768
TOTAL EXPENDITURE		8,973	-	-	8,973	22,204	-	-	22,204

Except for general expenses such as insurance and general company branding, and a modest amount of £540 relating to fundraising (included in the line General & Administrative), all other costs are directly related to the charitable activities. Expenditure largely consists of payments to artists and hire costs to rehearsal and performance venues. The line “Charitable Activities (productions)” in the table above include the cost of newly acquired lights (see note Support Costs).

Costs).	Costs).	Costs).
Analysis of expenditure on charitable activities
		This year	Last year
Activity or programme		Activities undertaken directly	Activities undertaken directly
Activity1	Iolanta		7,915
Activity2	Cosi fan Tutti		1,742
Activity3	Idomeneo		11,203
Activity4	Hollaender	4,273	300
Activity5	Operagala	1,445	-
Other	Support Costs	3,255	1,044
Total		8,973	22,204

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5. Support costs

----- Start of picture text -----
Support cost Raising Funds Grand Total Notes
General Branding Website hosting, email
and Website 386 386 service
Incl. Employer's liability,
Insurance 349 349 public liability, Contents
Purchase of 8 lights
Lighting 1,980 1,980 (second hand)
Creative tax relief advisory
costs; initial fee for Virgin
Fund Raising costs 540 540 Money Giving site
Total 3,255 3,255
----- End of picture text -----

The general branding and website category includes costs for Rose Opera’s web site, which is hosted by wix.com and our email service, which is provided by namesco.co.uk. Insurance includes cover for Employer’s and Public liability and contents cover for sets, costumes, and lighting.

During the year, Rose Opera purchased a total of 8 second-hand lights (4 spots and 4 battens) from lighting hire companies that were offloading assets during the COVID-19 pandemic. The cost of individual lights ranged from £125 to £450. These lights can be used in conjunction with the lights provided by the theatres in which we work to enhance the range of colours and effects in our productions. Since these assets cost less than £500 individually, they have been written off through the P&L in the 2020 financial year.

Fund raising costs include a one-off initial sign-up fee for Virgin Money Giving (the previous fund-raising platform we used, Wonderful.org, had ceased trading during the year). Virgin Money Giving provides Rose Opera with access to a modern, high functionality fund raising and donations management platform, including an automatic link to HMRC for reclaim of gift aid, if appropriate. Also included in fund raising costs were advisory costs relating to Rose Opera’s claim for Creative Tax Relief.

6. Directors’ remuneration and expenses

The company directors are both directors and trustees of the company for company and charity law purposes. None of the directors were paid remuneration or expenses in their capacity as trustees.

7. Preparation and review of the accounts

In its second year of trading Rose Opera has reported £7,577 in revenues for the financial year. Given its current size and transactional complexity, the Trustees are satisfied that the accounts have been prepared by the Treasurer who is a qualified accountant (ACMA) and has a business degree (an MBA) and reviewed by the Chairman who holds a business degree (an MBA). The

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Trustees continue to feel that there is no need at this point for an additional independent review of the accounts.

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