REGISTERED CHARITY NUMBER: 1181116
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
FOR
THE BRIGHTON RAINBOW FUND
F1 CRT Limited Flat 24 Wellingtonia Court Laine Close Brighton East Sussex BN1 6TD
THE BRIGHTON RAINBOW FUND
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | ||
| Notes to the Financial Statements | 8 | to | 15 |
THE BRIGHTON RAINBOW FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023
The trustees present their report with the financial statements of the charity for the year ended 30 September 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 (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the CIO are: 'To promote equality and diversity for the public benefit and in particular the elimination of discrimination on the grounds of sexual orientation or gender identity, including in particular but not exclusively by provision of finance for the purpose of:
(1).Raising the awareness of the public with regard to all aspects of discrimination in society and issues and difficulties affecting the lives of lesbian, gay, bisexual and transgender (LGBT) people;
(2).Cultivating a sentiment in favour of equality and diversity in particular through celebrating the achievements of LGBT people and the diversity of the LGBT community;
(3).Producing publications, lectures, media, promoting public events and exhibitions, public advocacy and other means of communication;
(4).Associating with voluntary organisations, and/or governmental, public and private bodies to develop and maximise the effectiveness of voluntary organisations run by and for LGBT people;
(5).Staging and promoting LGBT events; (6).Promoting and providing resources where necessary for providing equality of access for members of the LGBT community to sports, training, employment, business or similar opportunities, where there are barriers to equal access for the time being;
(6).Promoting activities to foster understanding between people from diverse backgrounds;
(7).Maintenance of the AIDS memorial in Brighton.
The charitable activities of the charity were associating with voluntary organisations, and/or governmental, public and private bodies to develop and maximise the effectiveness of voluntary organisations run by and for LGBT people.
Significant activities
The principal activity was the distributing of grants to LGBT projects in Brighton and Hove, and continued facilitation of the creation and running of The Ledward Centre, an LGBTQ+ community and cultural centre for which The Brighton Rainbow Fund is the leaseholder.
A number of grants which had been approved for payment this financial year had not been claimed and/or paid by 30th September, the end of the financial year.
We continued to repay the Bounce Back Loan.
We continued to support both Scene magazine and The Ledward Centre to support growth toward sustainability for both organisations.
The amount of funding to The Ledward Centre has been charged as an exceptional item in the accounts.
The amount of funding to Scene magazine has been catagorised as a loan, since we expect this organisation to start repaying the sum. There is no fixed date for repayment, nor formal loan agreement.
Christopher Gull, Trustee, became aware that he should have declared a possible conflict of interest as Director of Scene Magazine Media CIC, which publishes the online Scene magazine and website.
Brighton Pride, our main donor was severely affected by bad weather and a train drivers work to rule, which we believe will severely reduce our available funds to distribute in the next financial year.
Page 1
THE BRIGHTON RAINBOW FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023
OBJECTIVES AND ACTIVITIES
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in the planning of future activities.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Associating with voluntary organisations, and/or governmental, public and private bodies to develop and maximise the effectiveness of voluntary organisations run by and for LGBT people.
FINANCIAL REVIEW
Financial position
There was a deficit during the year of £(57,956) ( 2022 : Surplus £7,655) and this has been deducted from the reserves brought forward of £18,055 so as to leave reserves of £(39,901) to be carried forward.
Reserves policy
As stated above there is a deficit on unrestricted reserves at 30 September 2023 of £(39,901).
The charity is making efforts to correct this negative position to enable it to make grants in accordance with its charitable objectives.
FUTURE PLANS
We will continue to hold an annual funding round We will be recruiting to add members to the independent grants panel, and to enlarge the board from 3 to 5 Trustees. We continue to facilitate the creation and operation of The Ledward Centre, and to maintain the AIDS memorial
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust dated 11 December 2018.
Charity Constitution
The CIO was formed on the 11 December 2018 and took over the activities and assets of Rainbow Fund CIC on the 3 April 2019.
Recruitment and appointment of new trustees
There must be at least three charity trustees.
There is no maximum number of charity trustees that may be appointed to the CIO.
Apart from the first charity trustees,every trustee must be 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 must have regard to the skills,knowledge and experience needed for the effective administration of the CIO.
Decision making
Any decision may be taken either:
a).At a meeting of the charity trustees;or
b).By resolution in writing or electronic form agreed by all charity trustees,which may comprise either a single document or several documents containing the text of the resolution in like form to each which one or more charity trustees has signified their agreement.
Questions arising at a meeting shall be decided by a majority of those eligible to vote.
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THE BRIGHTON RAINBOW FUND
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT Induction and training of new trustees
The charity trustees will make available to each new trustee,on or before their first appointment:
a).A copy of the current version of the constitution;and
b).A copy of the CIO's latest trustees' annual report and statement of accounts.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1181116
Principal address
C/O The Ledward Centre 14a Jubilee Centre Brighton East Sussex BN1 1GE
Trustees
C Gull C Ansell J Pritchard J Mezzone
Independent Examiner
Christopher Robert Tyler FCA DChA FCIE F1 CRT Limited Flat 24 Wellingtonia Court Laine Close Brighton East Sussex BN1 6TD
Bankers
Metro Bank One Southampton Row London WC1B 5HA
Registered Company CIO Number
CE015877
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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THE BRIGHTON RAINBOW FUND
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 30 SEPTEMBER 2023
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 10 September 2024 and signed on its behalf by:
C Gull - Trustee
Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BRIGHTON RAINBOW FUND
Independent examiner's report to the trustees of The Brighton Rainbow Fund
I report to the charity trustees on my examination of the accounts of The Brighton Rainbow Fund (the Trust) for the year ended 30 September 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement - matters of concern identified
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination.
As shown in the accounts the charity had net liabilities at the above date of £39,901 caused by the events detailed in the accounting policies note. The trustees consider that the accounts should be prepared on a going concern basis.
Should the assumptions regarding the loan prove to be incorrect then this will need to be provided for.
I confirm that no other matters have come to my attention that give me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
Christopher Robert Tyler FCA DChA FCIE
F1 CRT Limited Flat 24 Wellingtonia Court Laine Close Brighton East Sussex BN1 6TD
12 September 2024
Page 5
THE BRIGHTON RAINBOW FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 284,898 Charitable activities 4 Grants received - Investment income 3 186 Total 285,084 EXPENDITURE ON Raising funds 5 8,149 Charitable activities 6 Grants payable 152,400 Support costs 7,316 Other 10 225,175 Total 393,040 NET INCOME/(EXPENDITURE) (107,956) Transfers between funds 17 50,000 Net movement in funds (57,956) RECONCILIATION OF FUNDS Total funds brought forward 18,055 TOTAL FUNDS CARRIED FORWARD (39,901) |
Restricted fund £ - 50,000 - 50,000 - - - - - 50,000 (50,000) - - - |
2023 Total funds £ 284,898 50,000 186 335,084 8,149 152,400 7,316 225,175 393,040 (57,956) - (57,956) 18,055 (39,901) |
2022 Total funds £ 55,505 - 4 |
|---|---|---|---|
| 55,509 | |||
| 13,296 32,159 2,399 - |
|||
| 47,854 | |||
| 7,655 - |
|||
| 7,655 10,400 |
|||
| 18,055 |
The notes form part of these financial statements
Page 6
THE BRIGHTON RAINBOW FUND
BALANCE SHEET
30 SEPTEMBER 2023
| Unrestricted Restricted fund fund Notes £ £ CURRENT ASSETS Debtors 13 48,164 - Cash at bank 13,285 - 61,449 - CREDITORS Amounts falling due within one year 14 (69,357) - NET CURRENT ASSETS/(LIABILITIES) (7,908) - TOTAL ASSETS LESS CURRENT LIABILITIES (7,908) - CREDITORS Amounts falling due after more than one year 15 (31,993) - NET ASSETS/(LIABILITIES) (39,901) - FUNDS 17 Unrestricted funds TOTAL FUNDS |
2023 Total funds £ 48,164 13,285 61,449 (69,357) (7,908) (7,908) (31,993) (39,901) (39,901) (39,901) |
2022 Total funds £ 73,584 2,690 76,274 (17,913) 58,361 58,361 (40,306) 18,055 18,055 18,055 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 10 September 2024 and were signed on its behalf by:
C Gull - Trustee
The notes form part of these financial statements
Page 7
THE BRIGHTON RAINBOW FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015)', Financial Reporting Standard FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The trustees have reviewed the financial position of the charity in view of the loss for the year of £57,956 and the net liabilities at the 30 September 2023 of £(39,901) on unrestricted funds.
The loss for the year and the net liabilities at the year end have been caused by the following:
1.Included within creditors are grants payable of £58,038 in respect to grants awarded in 2022/23 but had not been claimed or paid by 30 September 2023.
2.In addition the charity advanced funds during the year to The Ledward Centre CIC of £225,175 to facilitate the project of creating the LGBT Centre for Brighton and Hove.
As described in Note 13 and 18 the charity has advanced funds amounting to Scene Magazine Media CIC of £48,164. There is no formal loan agreement and the intention is that this loan shall be repaid from surpluses produced by this company. The trustees consider that it is appropriate that this amount be shown as a debtor and no provision be made. Should this amount prove not to be recoverable then it will need to be charged to the Statement of Financial Activities.
Subject to the above the trustees consider that the accounts should be prepared on a going concern basis.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK Corporation Tax purposes. Accordingly the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
continued...
Page 8
THE BRIGHTON RAINBOW FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023
1. ACCOUNTING POLICIES - continued
Fund accounting
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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. DONATIONS AND LEGACIES
| Donations - Other Grants Grants received, included in the above, are as follows: Access Reach Fund Brighton Pride 3. INVESTMENT INCOME Deposit account interest 4. INCOME FROM CHARITABLE ACTIVITIES Activity Grants Grants received Grants received, included in the above, are as follows: The Clothworkers |
2023 £ 284,898 - 284,898 2023 £ - - - 2023 £ 186 2023 £ 50,000 2023 £ 50,000 |
2022 £ 41,505 14,000 |
|
|---|---|---|---|
| 55,505 | |||
| 2022 £ 9,000 5,000 |
|||
| 14,000 | |||
| 2022 £ 4 2022 £ - |
|||
| 2022 £ - |
continued...
Page 9
THE BRIGHTON RAINBOW FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023
5. RAISING FUNDS
Raising donations and legacies
| Marketing Fundraising 6. CHARITABLE ACTIVITIES COSTS Direct Costs (see note 7) £ Grants payable 8,941 Support costs - 8,941 7. DIRECT COSTS OF CHARITABLE ACTIVITIES Maintenance Overheads Rent Subscriptions Sundry expenses 8. GRANTS PAYABLE Grants payable |
Grant funding of activities (see note 8) £ 143,459 - 143,459 |
2023 £ 1,645 6,504 8,149 Support costs (see note 9) £ - 7,316 7,316 2023 £ 3,672 3,167 - 1,339 763 8,941 2023 £ 143,459 |
2022 £ - 13,296 13,296 Totals £ 152,400 7,316 |
2022 £ - 13,296 |
|---|---|---|---|---|
| 13,296 | ||||
| 159,716 | ||||
| 2022 £ - 6,650 3,960 - 1 |
||||
| 10,611 | ||||
| 2022 £ 21,548 |
continued...
Page 10
THE BRIGHTON RAINBOW FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023
8. GRANTS PAYABLE - continued
The total grants paid to institutions during the year was as follows:
| GRANTS PAYABLE - continued The total grants paid to institutions during the year was as follows: |
||
|---|---|---|
| Brighton and Hove Housing Coalition Brighton & Hove Sea Serpents RFC Clare Project Gaydio Brighton Limited Gay Sober Socials Gscene Latest Lunch Positive Navigate Brighton Grass Roots Marlborough Radical Rhizomes RADIOREVERB Rainbow Families The Rainbow Chorus SEAS Sim Heals Switchboard Trans Pride Brighton and Hove Traumfrau Transober Worthing Table Tennis |
2023 £ 199 610 24,768 2,000 996 14,230 - 29,460 1,000 5,232 1,000 800 5,316 1,500 200 33,557 15,833 780 5,728 250 143,459 |
2022 £ - - - - - - 2,528 18,500 - - - - - - - - - 520 - - |
| 21,548 |
9. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Management | costs | Totals | |
| £ | £ | £ | |
| Support costs | 4,196 | 3,120 | 7,316 |
| Support costs, included in the above, are as follows: | |||
| 2023 | 2022 | ||
| Support | Total | ||
| costs | activities | ||
| £ | £ | ||
| Interest payable and similar charges | 4,196 | 599 | |
| Independent Examination | 3,120 | 1,800 | |
| 7,316 | 2,399 |
continued...
Page 11
THE BRIGHTON RAINBOW FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023
10. OTHER
The charity has advanced funds to The Ledward Centre CIC of £225,175 to facilitate the project of creating the LGBT Centre for Brighton and Hove.
11. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2023 nor for the year ended 30 September 2022.
Trustees' expenses
The trustee, C.Gull, was reimbursed travelling expenses of £1,253 during the year.
12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted Restricted fund fund £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 55,505 - Investment income 4 - Total 55,509 - EXPENDITURE ON Raising funds 13,296 - Charitable activities Grants payable 32,159 - Support costs 2,399 - Total 47,854 - NET INCOME 7,655 - RECONCILIATION OF FUNDS Total funds brought forward 10,400 - TOTAL FUNDS CARRIED FORWARD 18,055 - |
Total funds £ 55,505 4 |
|---|---|
| 55,509 | |
| 13,296 32,159 2,399 |
|
| 47,854 | |
| 7,655 10,400 |
|
| 18,055 |
continued...
Page 12
THE BRIGHTON RAINBOW FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE | YEAR | |||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| £ | £ | |||||
| Loan | 48,164 | 73,584 | ||||
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||||
| 2023 | 2022 | |||||
| £ | £ | |||||
| Other loans (see note 16) | 8,313 | 8,313 | ||||
| Other creditors | 5 | 6,000 | ||||
| Grants payable | 58,038 | - | ||||
| Accrued expenses | 3,001 | 3,600 | ||||
| 69,357 | 17,913 | |||||
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | |||||
| 2023 | 2022 | |||||
| £ | £ | |||||
| Bank loans (see note 16) | 31,993 | 40,306 | ||||
| 16. | LOANS | |||||
| An analysis of the maturity of loans is given below: | ||||||
| 2023 | 2022 | |||||
| £ | £ | |||||
| Amounts falling due within one year on demand: | ||||||
| Bounce back loan | 8,313 | 8,313 | ||||
| Amounts falling due between two and five years: | ||||||
| Bounce back loan | 31,993 | 40,306 | ||||
| 17. | MOVEMENT IN FUNDS | |||||
| Net | Transfers | |||||
| At | movement | between | At | |||
| 1.10.22 | in funds | funds | 30.9.23 | |||
| £ | £ | £ | £ | |||
| Unrestricted funds | ||||||
| General fund | 18,055 | (107,956) | 50,000 | (39,901) | ||
| Restricted funds | ||||||
| Building fund | - | 50,000 | (50,000) | - | ||
| TOTAL FUNDS | 18,055 | (57,956) | - | (39,901) |
continued...
Page 13
THE BRIGHTON RAINBOW FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023
17. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 285,084 Restricted funds Building fund 50,000 TOTAL FUNDS 335,084 Comparatives for movement in funds At 1.10.21 £ Unrestricted funds General fund 10,400 TOTAL FUNDS 10,400 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 55,509 TOTAL FUNDS 55,509 Transfers between funds |
Resources Movement expended in funds £ £ (393,040) (107,956) - 50,000 (393,040) (57,956) Net movement At in funds 30.9.22 £ £ 7,655 18,055 7,655 18,055 Resources Movement expended in funds £ £ (47,854) 7,655 (47,854) 7,655 |
|---|---|
The charity received a grant of £50,000 from The Clothworkers during the year to finance the work and running costs of The Ledward Centre.
As these funds have been spent during the year a transfer to unrestricted reserves has been made.
continued...
Page 14
THE BRIGHTON RAINBOW FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023
18. RELATED PARTY DISCLOSURES
The following related party transactions took place in the year:
The charity has lent Scene Magazine Media CIC £48,164 as at 30 September 2023 (2022 : £43,933). There is no formal loan agreement. C Gull is the sole director of Scene Magazine Media CIC and is a trustee of The Brighton Rainbow Fund.
The charity has advanced funds of £225,175 to The Ledward Centre CIC to facilitate the project of creating the LGBT Centre for Brighton and Hove. This amount has been charged to the Statement of Financial Activities during the year and because of its size has been shown as an 'Exceptional Item'. C.Gull is a director of The Ledward Centre CIC and is a trustee of The Brighton Rainbow Fund.
19. ULTIMATE CONTROLLING PARTY
Ultimate control lies with the trustees.
20. DISSOLUTION
If the CIO is wound up, the members of the CIO have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities.
As provided by the Dissolution Regulations, the CIO may be dissolved by resolution of its members. If any assets remain these must be applied for charitable purposes the same or similar to those of the CIO.
Page 15