Charity Number: 1184873
THE DASHLIGHT FOUNDATION
(Charitable Trust)
REPORT AND FINANCIAL STATEMENTS
for the year ended 31 March 2024
UNAUDITED
The Dashlight Foundation
Annual Report and Accounts for the Year Ended 31 March 2024
| CONTENTS | page |
|---|---|
| Trustees' Annual Report | 1 - 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Statement of Cash Flows | 8 |
| Notes to the Accounts | 9 - 14 |
The Dashlight Foundation
Report of the Trustees for the year ended 31 March 2024
The Trustees present their report along with the financial statements of the charity for the year ended 31 March 2024. The Financial Statements have been prepared in accordance with the accounting policies set out on page 9 and comply with the charity’s trust deed, the Charities Act 2011, and Accounting and Reporting by Charities: Statement of Recommended Practice (SORP).
The charity is a Public Benefit Entity.
Structure, Governance and Management
The Dashlight Foundation was established on 23 May 2019 by the settlors, Owen and Jacqueline Clarke and its governing document is a deed of trust. It is a registered charity no. 1184873.
The power to appoint additional Trustees rests with the settlors during their lifetime. Should new Trustees be appointed, a formal induction process would be carried out. Other training is undertaken as and when appropriate. The Trustees must meet at least once per year.
The Trustees award grants based on the criteria within the objectives of the charity. There are no employees of the charity, and the Trustees are responsible for the overall management and control of the charity’s activities.
Trustees Owen John Clarke Jacqueline Paula Clarke Bethany Ellen Clarke (resigned 2 September 2023) Dominic Hugh Clarke Hannah Patricia Clarke
Principal Office Independent Examiner Bankers Flat G A. C. Rodaway CAF (Charities Aid Foundation) 49 Wellington Street HPH Chartered Accountants 25 Kings Hill Avenue LONDON 54 Bootham Kings Hill WC2E 7BN YORK West Malling YO30 7XZ KENT ME19 4TA
Risk management
The Trustees have a number of policies in place which are reviewed and updated periodically. These include donation making guidelines and policies covering overseas donations, conflicts of interest, investment, trustees’ expenses, and safeguarding. The Trustees have considered the major strategic, business, and operational risks which the charity faces and consider that appropriate systems and processes are in place and reports are produced to monitor and mitigate these risks.
Objectives and activities
The Foundation allocates funds for general charitable purposes. It does so by supporting a range of charitable organisations with the following main areas of focus:
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Promotion of mental health and wellbeing, and projects that alleviate deprivation in communities, across the UK.
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Relief of issues arising from poverty, anywhere in the world.
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Protection of environmental habitats, including wildlife conservation and support for biodiversity.
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Support for refugees.
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Support for charitable activities in Yorkshire for the benefit of the public in Yorkshire.
These areas of focus are not exclusive and other areas may be considered from time to time.
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The Dashlight Foundation
Report of the Trustees for the year ended 31 March 2024
Public benefit
In meeting the objectives, the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and judge that all donations made meet this guidance. All grants are listed in note 4 on page 11.
Our approach
The Trustees use their own research and experience to decide which charitable organisations should benefit from funding. They will also selectively consider grant applications (preferably by email).
Most of our grants are to charities which are established, but relatively small, where we believe our support can make a meaningful difference and those running the charity are close to their charitable activities. However, Dashlight occasionally supports larger charities if we believe they have a material impact in one of our areas of focus.
We seek to identify charities which we are enthusiastic to support and then empower them to identify their priorities and how best to deliver them. We therefore aim to make the process by which the Trustees review applications for funding as streamlined as possible and we normally provide unrestricted funds, rather than funding a specific project.
We often provide further grants to charities which we have supported previously, typically following a review of a short report from the charity around the anniversary of our previous grant. During the year, we successfully implemented a policy of providing selected charities, where we have high conviction, with improved visibility of future funding by providing commitments of up to 5 years’ grants, subject to limited conditions.
We are grateful for the hard work and commitment of those working in the charities we support and aim to be mindful of our position of power in making judgements over funding their activities in an environment where many of them face fundraising challenges, cost pressures and rising demand. We are also committed to considering ways to address the potential risks in supporting charities active in developing countries and we encourage the involvement of local communities in charities’ operational activities and their governance and strategic decision making.
Achievements and performance
During the year we supported 16 charities with donations totalling £300,110. This is a little lower than the prior period but is in line with our aims. All donations we made during the year were to charities we have supported previously. We provided multi-year grant commitments to 10 of these charities, and also to a further 3 since the end of the financial year. We anticipate that we shall continue to make donations in the region of £300,000 to £500,000 per annum and in the year to 31 March 2025 we do anticipate providing grants to a small number of charities which we have not previously supported. The following summarises our grants during the year:
Community and wellbeing Environment and conservation Global poverty Refugees
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The Dashlight Foundation
Report of the Trustees for the year ended 31 March 2024
Achievements and performance (continued)
Environment and Conservation
We continue to identify and support a select group of environmental and conservation charities, which together received 45% of the funding we provided during the year. Their activities range from climate action, supporting wildlife and habitat conservation (including marine wildlife and habitats) and addressing the demand for products of trade in wildlife, to improving agricultural land and water availability for communities in parts of Africa.
Community and Wellbeing
We provided grants to four charities which support individuals in their local communities who are facing challenges arising from deprivation or poor mental health.
Refugees
We also provided grants to three charities which provide support to refugees either in Europe or across the world.
Global Poverty
We provided grants to two charities which provide training or resources to communities where income levels are very low, particularly in Africa. The work of a number of the Environment and Conservation charities which we support also have a material focus on improving the prospects of the local communities where they operate.
Yorkshire
Two of the charities we supported in the area of Community and Wellbeing are Yorkshire based.
Financial review
The Foundation’s income dropped by 91% this year to £86,769 (2023: £938,029), due to the absence of share donations, which were valued at £780,271 in 2023. As a result, this year’s income came solely from interest and dividends (2023: £157,758).
Total expenditure fell by 19% to £310,440 (2023: £384,922), mainly due to a decrease in grants paid to £300,111 (2023: £376,026). Charitable grants accounted for 97% of the expenditure, with the remaining 3% allocated to support costs.
During the year, the value of investments held by the Foundation increased by £567,652 to £2,475,512. It would be inappropriate to highlight this without equally noting the reduction in the value of investments in the prior year! 77% of the value of investments held is represented by shares in Admiral Group PLC. This is a high concentration, but the Trustees are satisfied that this is mitigated by a number of factors:
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The business and management team is very well known to one of the Trustees.
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The business has a number of risk factors, but also has attractions including a strong management team and strong market position and attractive dividend yield.
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The shares increased in value very substantially for the settlors prior to being donated to the Foundation and therefore arguably the performance of the shares over a longer period than they have been held by the Foundation has contributed to the value of the investment which is now available for the Foundation’s charitable activities.
Notwithstanding these considerations, it is the intention of the Trustees to progressively reduce its investment in Admiral Group PLC.
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The Dashlight Foundation
Report of the Trustees for the year ended 31 March 2024
Financial review (continued)
At the end of March 2024, the Foundation held cash of £238,943, which represents greater than 6 months’ expenditure on charitable activities.
Reserves policy
It is the policy of the Trustees to maintain unrestricted funds at a level sufficient both to maintain an active ongoing grant-making programme, as well as to fund future commitments which might be entertained or entered into. The reserves policy is reviewed annually.
Plans for the future
The Trustees will continue to invest the trust capital in order to generate a regular return of income.
Trustees’ responsibilities in relation to the financial statements
Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. 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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Make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and
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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 operation.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and 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 the Trustees on 29 November 2024 and signed on their behalf by:
Owen J Clarke Jacqueline P Clarke Trustee Trustee
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Independent Examiner’s Report to the Trustees of The Dashlight Foundation
I report to the Trustees on my examination of the accounts of the Trust for the year ended 31 March 2024.
This report is made solely to the charity’s trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner’s work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity, the charity’s members as a body and the charity’s trustees as a body for my independent examiner’s work, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the charity’s trustees, 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 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
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accounting records were not kept in accordance with section 130 of the Charities Act; or
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the accounts did not accord with the accounting records; or
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the accounts did 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 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.
Adrian Rodaway, BA, FCA, BFP, DChA HPH, Chartered Accountants 54 Bootham YORK YO30 7XZ
29 November 2024
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The Dashlight Foundation
Statement of Financial Activities for the Year Ended 31 March 2024
| Income from: Note Donations and legacies 2a Investment income 2b Other income 2b Total income Expenditure on: Charitable activities 3 Total expenditure Net gain/(losses) on investments Net income and net movement in funds Funds brought forward 1 April 2023 Funds carried forward 31 March 2024 10 Net income/(expenditure) and net movement in funds before gains on investments |
2024 £ - 78,342 8,427 86,769 310,440 310,440 (223,671) 567,652 343,981 2,367,528 2,711,509 £ |
2023 £ 780,271 149,914 7,844 |
|---|---|---|
| 938,029 | ||
| 384,922 | ||
| 384,922 | ||
| 553,107 (327,777) |
||
| 225,330 2,142,198 |
||
| 2,367,528 £ |
All funds are unrestricted and derive from continuing activities.
The notes on pages 9 to 14 form part of these accounts.
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The Dashlight Foundation Balance Sheet at 31 March 2024
| Note Fixed assets Investments 8 Current assets Cash at bank and in hand Creditors: amounts falling due within one year Creditors and accruals 9 11 Funds of the charity Unrestricted Total net assets Net current assets |
£ £ 2,475,512 238,943 238,943 2,946 235,997 2,711,509 £ 2,711,509 £ 2024 |
£ £ 1,907,860 462,500 462,500 2,832 459,668 2,367,528 £ 2,367,528 £ 2023 |
£ £ 1,907,860 462,500 462,500 2,832 459,668 2,367,528 £ 2,367,528 £ 2023 |
|---|---|---|---|
| 462,500 459,668 |
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| 2,367,528 £ |
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| 2,367,528 £ |
Approved by the Board of Trustees on 29 November 2024 and signed on their behalf by:
Owen J Clarke Jacqueline P Clarke Trustee Trustee
The notes on pages 9 to 14 form part of these accounts.
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The Dashlight Foundation Statement of Cash Flows for the Year Ended 31 March 2024
| £ £ Cash flows from operating activities: Net cash provided by (used in) operating activities (310,326) Cash flows from investing activities: Dividends, interest and rents from investments 86,769 Purchase of investments - Net cash provided by (used in) investing activities 86,769 (223,557) 462,500 238,943 £ Reconciliation of cash flows from operating activities 2024 £ Net income for the reporting period 343,981 Adjustments for: (Gains)/losses on investments (567,652) Dividends, interest and rents from investments (86,769) Increase/(decrease) in creditors 114 Net cash provided by (used in) operating activities (310,326) £ Analysis of cash and cash equivalents 2024 £ Cash in hand 238,943 Total cash and cash equivalents 238,943 £ At 01/04/2023 £ Cash 462,500 Total 462,500 £ Analysis of changes in net debt 2024 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
£ £ 128,707 157,758 (1,280,271) (1,122,513) (993,806) 1,456,306 462,500 £ 2023 £ 225,330 327,777 (157,758) (266,642) 128,707 £ 2023 £ 462,500 462,500 £ At Cash-flows 31/03/2024 £ £ (223,557) 238,943 2023 |
£ £ 128,707 157,758 (1,280,271) (1,122,513) (993,806) 1,456,306 462,500 £ 2023 £ 225,330 327,777 (157,758) (266,642) 128,707 £ 2023 £ 462,500 462,500 £ At Cash-flows 31/03/2024 £ £ (223,557) 238,943 2023 |
|---|---|---|
| Cash-flows £ (223,557) |
||
| 462,500 £ |
||
| 2023 £ 225,330 327,777 (157,758) (266,642) |
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| 128,707 £ |
||
| 2023 £ 462,500 |
||
| 462,500 £ |
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| At 31/03/2024 £ 238,943 |
||
| (223,557) £ |
238,943 £ |
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The Dashlight Foundation Notes to the Accounts for the Year Ended 31 March 2024
1. Accounting policies
a) Basis of accounting
These 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) (effective 1 January 2019), and the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The Dashlight Foundation constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
The financial statements have been prepared to give a "true and fair view" and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair view". This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
The Trustees have a reasonable expectation that the Charity has sufficient resources to be able to continue in existence for the forseeable future and that they therefore believe that the going concern basis of accounting is appropriate in the preparation of the accounting statements.
b) Donations, legacies and similar income
Donations, legacies and similar income are shown in the accounts when receivable and the value of the incoming resources can be measured with sufficient reliability.
c) Expenditure
All expenses are accounted for on an accruals basis and includes the irrecoverable element of Value Added Tax. Support costs are apportioned on a percentage of the grant activity.
Charitable activities are those activities which are undertaken to meet our charitable objectives. See note 3.
d) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid.
e) Cash at bank
Cash at bank and in hand includes cash and any short-term deposit accounts with a maturity of three months or less from the opening date.
f) Creditors
Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount after allowing for any trade discount due.
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The Dashlight Foundation Notes to the Accounts - Continued for the Year Ended 31 March 2024
g) Funds
Unrestricted funds are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.
h) Taxation
The charity is exempt from tax on its charitable activities and is not registered for Value Added Tax. Wherever possible, Gift Aid is recovered on cash donations.
i) Investments
The investments are included in the accounts at fair value at the year end. The SOFA includes the net gains and losses on investments arising on revaluation at the year end and on disposals throughout the year. Realised gains and losses on sales of investments are calculated as the difference between the sale proceeds and opening market value. Unrealised gains and losses represent the movement between market values.
2. Income from:
a) Donations and legacies
| Dividends receivable Total income Donation of shares Interest receivable on interest-bearing accounts b) Investment income |
2024 £ - 78,342 8,427 86,769 £ |
2023 £ 780,271 |
|---|---|---|
| 149,914 7,844 |
||
| 938,029 £ |
3. Charitable activities
| Community and wellbeing Environment and conservation Global poverty Refugees Yorkshire |
£ 87,500 135,000 35,000 42,611 - 300,111 £ Activities Undertaken Directly (see note 4) |
£ 3,011 4,646 1,205 1,467 - 10,329 £ Support Costs (see note 5) |
Total £ 90,511 139,646 36,205 44,078 - 310,440 £ |
2023 £ 75,750 174,022 56,301 68,612 10,237 |
|---|---|---|---|---|
| 384,922 £ |
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The Dashlight Foundation
Notes to the Accounts - Continued for the Year Ended 31 March 2024
4. Grants paid or payable
| Registered Charity No. 1115989 Greece 1101441 284934 512987 1158697 Greece 1135192 1112425 1074559 512422 1094478 USA 1118191 Africa 1064185 1194177 280437 224776 USA Total Vetlife WildAid Tools for Self Reliance Greenpeace Environmental Trust Kirkwood Hospice Legs4Africa Lighthouse Relief Route One to Wellness Painted Dog Conservation UK PhysCap Sand Dams Worldwide Ltd The Exodus Project The Honeyguide Foundation Build It International Centro Folce Municipal The Shark Trust Tiyeni Saving the Blue Mustard Tree Children on the Edge |
2024 £ 20,000 5,182 20,000 - - 15,000 17,429 30,000 12,500 15,000 - 25,000 10,000 20,000 20,000 20,000 25,000 - 25,000 20,000 300,111 £ |
2023 £ 30,000 20,000 25,000 10,000 5,000 15,000 22,026 30,000 24,000 20,000 5,000 30,000 10,000 20,000 20,000 25,000 30,000 10,000 - 25,000 |
|---|---|---|
| 376,026 £ |
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The Dashlight Foundation
Notes to the Accounts - Continued for the Year Ended 31 March 2024
5. Support costs
| 5. Support costs Governance costs Accountancy fees Independent examiner's fees Other costs Bank charges Subscriptions Investment fees Other Total expenditure on support costs |
2024 £ 2,154 744 2,898 185 - 2,000 5,246 7,431 10,329 £ |
2023 £ 2,250 752 |
|---|---|---|
| 3,002 | ||
| 197 - 1,997 3,700 |
||
| 5,894 | ||
| 8,896 £ |
No staff were employed during the year (2023 - None).
6. Payments to Trustees
a) Trustees' remuneration and benefits
None of the Trustees have been paid any remuneration or received any other benefits from the Charity.
b) Trustees' expenses
Trustees' expenses of £2,246 were reimbursed to Dominic Clarke in the year ended 31 March 2024 (2023 - £nil).
7. Related party transactions
There have been no transactions with persons or entities that are closely connected to the charity or its Trustees.
8. Fixed asset investments
| 8. Fixed asset investments 9. Creditors and accruals Accruals Total Market value as 1 April 2023 Additions Revaluation Market value at 31 March 2024 All investments are UK listed assets |
2024 £ 1,907,860 - 567,652 2,475,512 £ 2024 £ 2,946 2,946 £ |
2023 £ 955,366 1,280,271 (327,777) |
|---|---|---|
| 1,907,860 £ |
||
| 2023 £ 2,832 |
||
| 2,832 £ |
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The Dashlight Foundation
Notes to the Accounts - Continued for the Year Ended 31 March 2024
10. Movement in funds
| Brought forward Income £ £ Unrestricted funds 2,367,528 86,769 Total 2,367,528 £ 86,769 £ Comparative year Brought forward Income £ £ Unrestricted funds 2,142,198 938,029 Total 2,142,198 £ 938,029 £ 11. Analysis of net assets between funds Fixed asset investments Current assets Current liabilities Net assets at 31 March 2024 Comparative year Fixed asset investments Current assets Current liabilities Net assets at 31 March 2023 |
Expenditure £ (310,440) (310,440) £ Expenditure £ (384,922) (384,922) £ |
Gain on investment £ 567,652 567,652 £ Gain on investment £ (327,777) (327,777) £ Unrestricted funds £ 2,475,512 238,943 (2,946) 2,711,509 £ Unrestricted funds £ 1,907,860 462,500 (2,832) 2,367,528 £ |
At 31 March 2024 £ 2,711,509 |
|---|---|---|---|
| 2,711,509 £ |
|||
| At 31 March 2023 £ 2,367,528 |
|||
| 2,367,528 £ |
|||
| Total funds £ 2,475,512 238,943 (2,946) |
|||
| 2,711,509 £ |
|||
| Total funds £ 1,907,860 462,500 (2,832) |
|||
| 2,367,528 £ |
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The Dashlight Foundation
Notes to the Accounts - Continued for the Year Ended 31 March 2024
12. Contingent liabilities
As at the year-end 31 March 2024, the charity has committed to multiple year grants between 3 - 5 years, ending 31 March 2028.
The potential remaining liability of these commitments is £629,858. These commitments will be paid out of the unrestricted reserves held.
All mutiple year grants are subject to certain conditions and annual assessments. As a result, these commitments have not been provided for.
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