REGISTERED COMPANY NUMBER: 08121374 (England and Wales) REGISTERED CHARITY NUMBER: 1184616
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
FOR
NEW MEANING FOUNDATION
Staffords Chartered Accountants Unit 1, Cambridge House Camboro Business Park Oakington Road, Girton CAMBRIDGE Cambridgeshire CB3 0QH
NEW MEANING FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
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Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6 to 7
Cash Flow Statement 8
Notes to the Cash Flow Statement 9
Notes to the Financial Statements 10 to 16
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NEW MEANING FOUNDATION (REGISTERED NUMBER: 08121374)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 September 2024. 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 Charity's objects are building modular homes for ex-homeless residents and training ex-homeless and others from a background of hardship including SEND learners, in construction and functional skills.
Significant activities
During the year the charity constructed, completed and installed 4 SPACE© microhomes in Cambridge. These were funded with additional grants for training from Allia and It Takes a City Community Land Trust Cambridge.
Peripatetic work experience and study programmes were completed by 20 additional needs learners (functional skills and employability programme over 10 months.)
The construction team has also completed x3 high quality, high specification "Mojo SPACE© " Garden Rooms - 60 year minimum lifespan; 12 year warranty; one in Newnham, Cambridge now being used as a home gym; one in Barnwell, Cambridge offering a studio flat extension for visiting family members and another a home business office.
Construction projects are assessed against budgeted costs and productivity targets. Learners work experience days are included in these projects. Providing Patient (paid) employment to trainees enables their progress as tradespersons to be assessed live on projects, ultimately resulting in progression to (external) contractor or self-employed work.
Additional needs training is measured against funders specific project criteria and for state funded EHCP learners against individual learning plans - monitored and evaluated by Local Authority officers.
HACT social ROI measurements are also reported as an annual measure of Impact.
Public benefit
The trustees have complied with the duty in S4 of the 2006 Charities Act to have due regard to guidance published by the Charity Commission on public benefit..
FINANCIAL REVIEW
Financial position
The financial statements for the year ended 30 September 2024 show a small surplus which is encouraging, and the trustees consider the overall result to be satisfactory.
Reserves policy
The trustees seek to hold 6 months of unrestricted reserves. Reserves as at 30 September 2023 stood at £93,112.
FUTURE PLANS
The charity continues to operate a peripatetic learner's scheme covering Cambridgeshire to North Hertfordshire and Bedfordshire. The plan remains to build and operate a community enterprise cafe- a new site is being searched for and collaboration discussed with a potential new partner in North Cambridge. This will provide further on the job training, and patient employment in the kitchen, front of house, and customer service/food delivery. The charity is seeking a new factory location. It is aiming to double capacity of SPACE microhomes up to a potential highest volume of 54 per annum.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
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NEW MEANING FOUNDATION (REGISTERED NUMBER: 08121374)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024
The company registered as a charity with the charity commission on 26 July 2020.
Recruitment and appointment of new trustees
Trustees are recruited via advertising, contacts, and through the networks of existing trustees.
Risk management
Risks for construction projects include rising materials costs, weather effects or inaccurate quotes. Also staff leaving can be considered to provide a risk to the organisation.
Changes in legislative requirements for Additional Needs provision require ongoing training and safeguarding improvement measures across the organisation. With EHCP learners many have specific requirements such as provision of 1 or 2 chaperones; behaviour management strategies, etc. There can be a risk to peers if these approaches are not understood, coached and updated as necessary.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
08121374 (England and Wales)
Registered Charity number
1184616
Registered office
Unit 1, Cambridge House Camboro Business Oakington Road, Girton Cambridge Cambridgeshire CB3 0QH
Trustees
A G W Beckett Director J C Evans Director Mrs C G Evans Director (resigned 17/6/2024) P Zipp Director Ms R I P Orde Director (resigned 14/10/2024) S Pickering Director (resigned 14/2/2025) A Aus Director (appointed 17/6/2024) Ms L Canham Director (appointed 17/6/2024) (resigned 18/12/2024) Ms T Dawson Director E Jallow (appointed 14/2/2025)
Independent Examiner
Staffords Chartered Accountants Unit 1, Cambridge House Camboro Business Park Oakington Road, Girton CAMBRIDGE Cambridgeshire CB3 0QH
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NEW MEANING FOUNDATION (REGISTERED NUMBER: 08121374)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2024
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on ............................................. and signed on its behalf by: 30/07/2025
........................................................................
A G W Beckett - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NEW MEANING FOUNDATION
Independent examiner's report to the trustees of New Meaning Foundation ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
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. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 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 accounting requirements of Section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Matthew Pettifer FCA
The Institute of Chartered Accountants in England and Wales
Staffords Chartered Accountants Unit 1, Cambridge House Camboro Business Park Oakington Road, Girton CAMBRIDGE Cambridgeshire CB3 0QH
Date: .............................................
Page 4
NEW MEANING FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 3 10,217 Charitable activities 4 General 499,580 Total 509,797 EXPENDITURE ON Charitable activities 5 General 475,610 NET INCOME 34,187 RECONCILIATION OF FUNDS Total funds brought forward 58,925 TOTAL FUNDS CARRIED FORWARD 93,112 |
Restricted fund £ - - - - - - - |
2024 Total funds £ 10,217 499,580 509,797 475,610 34,187 58,925 93,112 |
2023 Total funds £ 24,688 561,872 |
|---|---|---|---|
| 586,560 | |||
| 552,923 | |||
| 33,637 25,288 |
|||
| 58,925 |
The notes form part of these financial statements
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NEW MEANING FOUNDATION (REGISTERED NUMBER: 08121374)
BALANCE SHEET
30 SEPTEMBER 2024
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 13 194 CURRENT ASSETS Debtors 14 77,320 Cash at bank 117,913 195,233 CREDITORS Amounts falling due within one year 15 (86,130) NET CURRENT ASSETS 109,103 TOTAL ASSETS LESS CURRENT LIABILITIES 109,297 CREDITORS Amounts falling due after more than one year 16 (16,185) NET ASSETS 93,112 FUNDS 18 Unrestricted funds TOTAL FUNDS |
Restricted fund £ - - - - - - - - - |
2024 Total funds £ 194 77,320 117,913 195,233 (86,130) 109,103 109,297 (16,185) 93,112 93,112 93,112 |
2023 Total funds £ - 51,253 154,471 205,724 (139,187) 66,537 66,537 (7,612) 58,925 58,925 58,925 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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continued...
NEW MEANING FOUNDATION (REGISTERED NUMBER: 08121374)
BALANCE SHEET - continued
30 SEPTEMBER 2024
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 30/07/2025
.............................................
A G W Beckett - Trustee
The notes form part of these financial statements
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NEW MEANING FOUNDATION
CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Net cash (used in)/provided by investing activities Cash flows from financing activities New loans in year Loan repayments in year Net cash provided by/(used in) financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2024 £ (61,917) (362) (62,279) (291) (291) 29,395 (3,383) 26,012 (36,558) 154,471 117,913 |
2023 £ 58,658 (321) 58,337 - - - (3,300) (3,300) 55,037 99,434 154,471 |
|---|---|---|
The notes form part of these financial statements
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NEW MEANING FOUNDATION
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2024
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES |
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | |||
| Net income for the reporting period (as per the Statement of Financial | ||||
| Activities) | 34,187 | 33,637 | ||
| Adjustments for: | ||||
| Depreciation charges | 97 | 9,491 | ||
| Interest paid | 362 | 321 | ||
| (Increase)/decrease in debtors | (26,067) | 4,204 | ||
| (Decrease)/increase in creditors | (70,496) | 11,005 | ||
| Net cash (used in)/provided by operations | (61,917) | 58,658 | ||
| 2. | ANALYSIS OF CHANGES IN NET FUNDS | |||
| At 1/10/23 | Cash flow | At 30/9/24 | ||
| £ | £ | £ | ||
| Net cash | ||||
| Cash at bank | 154,471 | (36,558) | 117,913 | |
| 154,471 | (36,558) | 117,913 | ||
| Debt | ||||
| Debts falling due within 1 year | (3,400) | (17,439) | (20,839) | |
| Debts falling due after 1 year | (7,612) | (8,573) | (16,185) | |
| (11,012) | (26,012) | (37,024) | ||
| Total | 143,459 | (62,570) | 80,889 |
The notes form part of these financial statements
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NEW MEANING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
1. LEGAL FORM
The charity is a registered charity registered in England and Wales, and a company limited by guarantee having no share capital incorporated in England and Wales.
Its registered office is Unit 1, Cambridge House, Camboro Business Park, Girton, Cambs, CB3 0QH.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 '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.
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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost Computer equipment - 33% on cost
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
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NEW MEANING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024
| 3. DONATIONS AND LEGACIES Donations 4. INCOME FROM CHARITABLE ACTIVITIES Activity Primary purpose trading General Grants General Grants received, included in the above, are as follows: John Apthorpe Charity Hopestead 5. CHARITABLE ACTIVITIES COSTS General 6. GRANTS PAYABLE General 7. SUPPORT COSTS General |
Direct Costs £ 472,962 |
2024 2023 £ £ 10,217 24,688 2024 2023 £ £ 489,580 558,272 10,000 3,600 499,580 561,872 2024 2023 £ £ - 3,600 10,000 - 10,000 3,600 Support costs (see note 7) Totals £ £ 2,648 475,610 2024 2023 £ £ - 2,441 Governance costs £ 2,648 |
|---|---|---|
continued...
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NEW MEANING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024
8. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Depreciation - owned assets 9. TRUSTEES' REMUNERATION AND BENEFITS Trustees' salaries Trustees' social security |
2024 £ 97 2024 £ 50,525 5,717 56,242 |
2023 £ 9,491 2023 £ 45,695 5,167 |
|---|---|---|
| 50,862 |
John Evans, a trustee was remunerated in accordance with the articles of the charity. This was in respect of services supplied for both project management and working as the full time CEO of the charity.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 September 2024 nor for the year ended 30 September 2023.
10. STAFF COSTS
| Wages and salaries Social security costs Other pension costs |
2024 £ 211,089 13,070 3,339 227,498 |
2023 £ 225,018 6,042 2,658 |
|---|---|---|
| 233,718 |
The staff costs relating to Key Management Personnel were £56,242 (2023: £50,862).
The average monthly number of employees during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| Operations | 12 | 9 |
No employees received emoluments in excess of £60,000.
continued...
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NEW MEANING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024
| 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted fund fund £ £ INCOME AND ENDOWMENTS FROM Donations and legacies 24,688 - Charitable activities General 561,872 - Total 586,560 - EXPENDITURE ON Charitable activities General 543,432 9,491 NET INCOME/(EXPENDITURE) 43,128 (9,491) RECONCILIATION OF FUNDS Total funds brought forward 15,797 9,491 TOTAL FUNDS CARRIED FORWARD 58,925 - 12. INDEPENDENT EXAMINER'S REMUNERATION The independent examiner received remuneration during the year of £2,615 (2023:£2,140). 13. TANGIBLE FIXED ASSETS Plant and Computer machinery equipment £ £ COST At 1 October 2023 28,474 871 Additions - 291 At 30 September 2024 28,474 1,162 DEPRECIATION At 1 October 2023 28,474 871 Charge for year - 97 At 30 September 2024 28,474 968 NET BOOK VALUE At 30 September 2024 - 194 At 30 September 2023 - - |
Total funds £ 24,688 561,872 |
|---|---|
| 586,560 | |
| 552,923 | |
| 33,637 25,288 |
|
| 58,925 | |
| Totals £ 29,345 291 29,636 29,345 97 29,442 194 - |
continued...
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NEW MEANING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024
| 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Bank loans and overdrafts (see note 17) Social security and other taxes Other creditors Accruals and deferred income 16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Bank loans (see note 17) |
2024 £ 77,320 2024 £ 20,839 6,578 47,563 11,150 86,130 2024 £ 16,185 |
2023 £ 51,253 |
||
|---|---|---|---|---|
| 2023 £ 3,400 5,498 85,614 44,675 |
||||
| 139,187 | ||||
| 2023 £ 7,612 |
17. LOANS
Loans comprise a bounce back loan of £7,629 (2023:£11,012) from HSBC Bank PLC, and a loan of £29,395 from Unlimited.
18. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS |
At 1/10/23 £ 58,925 58,925 Incoming resources £ 509,797 509,797 |
Net movement At in funds 30/9/24 £ £ 34,187 93,112 34,187 93,112 Resources Movement expended in funds £ £ (475,610) 34,187 (475,610) 34,187 |
Net movement At in funds 30/9/24 £ £ 34,187 93,112 34,187 93,112 Resources Movement expended in funds £ £ (475,610) 34,187 (475,610) 34,187 |
|---|---|---|---|
| 34,187 |
continued...
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NEW MEANING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024
18. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1/10/22 £ Unrestricted funds General fund 15,797 Restricted funds GCP Grant Fund 9,491 TOTAL FUNDS 25,288 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 586,560 Restricted funds GCP Grant Fund - TOTAL FUNDS 586,560 |
Net movement At in funds 30/9/23 £ £ 43,128 58,925 (9,491) - 33,637 58,925 Resources Movement expended in funds £ £ (543,432) 43,128 (9,491) (9,491) (552,923) 33,637 |
Net movement At in funds 30/9/23 £ £ 43,128 58,925 (9,491) - 33,637 58,925 Resources Movement expended in funds £ £ (543,432) 43,128 (9,491) (9,491) (552,923) 33,637 |
|---|---|---|
| 33,637 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds GCP Grant Fund TOTAL FUNDS |
Net At movement At 1/10/22 in funds 30/9/24 £ £ £ 15,797 77,315 93,112 9,491 (9,491) - 25,288 67,824 93,112 |
Net At movement At 1/10/22 in funds 30/9/24 £ £ £ 15,797 77,315 93,112 9,491 (9,491) - 25,288 67,824 93,112 |
|---|---|---|
| 93,112 |
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continued...
NEW MEANING FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2024
18. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 1,096,357 | (1,019,042 ) | 77,315 |
| Restricted funds | |||
| GCP Grant Fund | - | (9,491) | (9,491) |
| TOTAL FUNDS | 1,096,357 | (1,028,533 ) | 67,824 |
Purposes of Restricted Funds
GCP Fund
Grant funding from Cambridgeshire County Council towards training of people in basic construction skills, and qualifications in English, Maths, ICT and Employability up to level 2, and the set up of a dedicated training and construction centre in the Greater Cambridge area.
19. RELATED PARTY DISCLOSURES
New Meaning Training Limited
A company with directors in common
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Amount due to related party at the balance sheet date | 44,550 | 70,977 |
| Mojo Foundation A charity with trustees in common |
||
| 2024 | 2023 | |
| £ | £ | |
| Amount due from related party at the balance sheet date | 45,093 | 45,093 |
These amounts are disclosed in Other Debtors and Other Creditors as appropriate.
The loan to the Mojo Foundation was made by the directors in the knowledge that it may never be recovered due to the perilous economic situation in the Gambia, but are confident that the funds will be used for charitable purposes.
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