# **ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2022** ## **ONE DRUM FOUNDATION** (Charitable Incorporated Organisation) **CHARITY REGISTRATION No: 1185202** Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS 1 ## **ONE DRUM FOUNDATION** (Charitable Incorporated Organisation) ## **CONTENTS** |Page 3|Legal and Administrative Information| |---|---| |Pages 4 to 5|Trustees' Report| |Page 6|Independent Examiner's Report| |Page 7|Statement of Financial Activities| |Page 8|Balance Sheet| |Pages 9 to 15|Notes to the Financial Statements| 2 ## **ONE DRUM FOUNDATION** (Charitable Incorporated Organisation) ## **LEGAL AND ADMINISTRATIVE INFORMATION** ## **CHARITY NUMBER** **CHARITY NUMBER** 1185202 **DATE OF REGISTRATION** 6th September 2019 **START OF FINANCIAL YEAR** 1st August 2021 **END OF FINANCIAL YEAR** 30th September 2022 **TRUSTEES AT 30TH SEPTEMBER 2022** Sayara Beg Olushola Salako James Allie Rita Ball Kudzai Baker ## **LEGAL STATUS** Charitable Incorporated Organisation ## **GOVERNING INSTRUMENT** CIO - Foundation Registered 6th September 2019 ## **OBJECTS** To advance the education of the public in the arts, history and culture of African music, in particular but not exclusively through the provision of educational workshops and performances. ## **CORRESPONDENCE ADDRESS** **CORRESPONDENCE ADDRESS** 224 Haggerston Road London E8 4HT **PRIMARY BANKERS** Lloyds Bank Plc 25 Gresham Street London EC2V 7HN ## **INDEPENDENT EXAMINERS** Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS 3 ## **ONE DRUM FOUNDATION** (Charitable Incorporated Organisation) ## **TRUSTEES' REPORT** ## **FOR THE YEAR ENDED 30TH SEPTEMBER 2022** ## **Summary of the Main Activities** One-Drum Foundation runs authentic interactive African drumming, singing, and dancing workshops and performances for all ages and abilities. Our purpose is to educate the public on the history and legacy of ancient African drumming rhythms and African percussion instruments and the powerful impact African drumming rhythms, songs and dance has on popular music still influenced by the historical African slave trade. The main activities have been to secure funding for African drumming and dancing workshops for school-age children. The Trustees have had regard to the guidance issued by the Charity Commission on public benefit. ## **Contribution Made by Volunteers** Volunteers manage and run the Charity but have also contributed to the provision of interactive African drumming and dancing workshops and performances. ## **Achievements and Performance** The main achievements of the charity so far have been: A professional musicianship workshop ran monthly for nine months first at Hoxton Hall then later in a local community space, from Sept 2021 to May 2022, engaging with residents aged from 12yrs to 21yrs to understand and develop musical rhythm and create a piece of music that tells a personal story. African Drumming is one of the oldest forms of storytelling and the participants learnt how to tell their story through African drumming rhythms. One-Drum Foundation contributed to the Africans in Hackney exhibition at Hackney Museum from October 2021 to January 2022. Abass Dodoo (CEO) provided short educational video that explains how to play a simple African drumming rhythm, as well as donated an ancient kpanlogo drum for display. Accompany the drum included a personal story of how the drum had been passed down many generations in the family and still used today for community celebrations. One-Drum Foundation held a memorial concert on Hackney Empire celebrating the life of its patron, Ginger Baker. A friend and mentor to Abass Dodoo, the concert celebrated Ginger Baker’s journey into African music and his love of the African drum. On stage performing with professional musicians included Grand Union Youth Orchestra and the East London Youth Cellists ensemble. Professional musicians donated a significant proportion of their professional fee to the charity, by agreeing to perform alongside the youth groups and with One-Drum Rhythms band at a significantly reduce fee. A special thanks to: Peter Brown, Malcolm Bruce, Peter Lemer, Mo Nazan, Mark Mondesir and Omar Puente. All students studying Music GSCE, their parents, and their teachers from every secondary school in Hackney were invited to attend the event for free. One-Drum Foundation supported the One-Drum Rhythms monthly performances at the Folklore jazz venue in Hoxton from April to July, with subsidised ticket sales for residents, to enjoy live West African Highlife music. One-Drum Foundation supported One-Drum Rhythms preforming in Servant Jazz Quarters venue in Stoke Newington as part of the Hackney Hello Again initiative to encourage local residents to attend local music venues, through a total of four live music performances. One-Drum Foundation supported the One-Drum Rhythms perform at the Summer by the River festival in August 2022 on a public open stage near London Bridge. One-Drum Foundation supported Abass Dodoo in a project with EFG Serious to open the London Jazz Festival with an interactive performance in the Clore Ballroom at London Southbank venue. 4 ONE DRUM FOUNDATION Icharitable Ir￿[￿ated 0rganwtK￿l TRUSTEES. REPORT (Continued) FOX THE YÉAR ÉNDED 30TH SEPTEMBER 2022 tytm8 and dandng The 4¥eraw nwthrofsxHJth p•rtlctyts 12. Th8 a¥wag& nun*wrla(*A¢8 pertk*arts all￿*VJ kn20. Flnanclal R•vlow The Charlty 1$ kn a str(ty fir￿r￿1 • wvtk)n oflh• f￿￿81￿ w f•r*• b• *d4d lo r880Thw In na￿ 12 months. Truit•M' A•spon￿￿11￿1 The Acl 2011 InNIe￿ to fil￿r￿ 68ch yegrvklth al￿ a true and fak vitr4 oflho $talo afgflalr¥ rjo •ThJ olfv wy￿u•￿1h8 ao thai p*W. It￿0 I1￿ 61at6ment* tha truth8 gTe requlred lo.. . Pr8par8 Ilnart￿l 8talOm8n￿ ￿ thè f*rt•n both 10 th•t th• CIO conllnuq In e*51w. Th8 IFuslegB are re￿￿4@ fcf F40KW8¢c4*￿l￿j r8•8(ffith acontyaianyllmb the Ina￿la1 po8llk)n ol tho CIO. Thtry aré ￿$tr &1feguor¢Yro I1* 46B81ts of th8 ao arkl for tskJrvJ ra8￿n¥￿e 8t8P8 fLY t￿ wo¥or1kna￿$de1￿th1 arxlothBr b7￿￿1¥￿18& Apty￿rt bythtrTv￿E*la0Th........................ Prfnled Na￿. ONE DRUM FOUNDATION (c￿ritable Incorrorated organ193tic￿I INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS R•port to the trust8￿ membern ofthe Ckne Drum Foundation on th• ￿¢￿nIS for thè year •nded 30th S8Pt8mb8r 2022 sot out on pages l 10 1>. R￿P￿¢t1¥0 rwpon¥ibiltho oftrwteM and •xamlnor Tha charitls trust88s arè rèsrkMsibk8 for IhÈ preparat￿ nf Ar*ffjimts Th# eharity's lrnstees consiclor that an audit is not reqUIr￿ for IhLry yeaf ufKler 5ecihJn 144 of tne CN2rn1es AfA 2011 (IM cr*iit*S Aai aTrJ an Inaepenoeni examinauon Is nocdcd. It L8 my reskKJnsikn"lty to.. examin¥ tho alX￿nts 145 otlhB Ch¥ili95 *rt follow the procedures la￿ down in th¢ g¢wal ThFeGlioDs gi¥￿ by Chaiily Cuiiiiiiwvii luiiU¥i ￿lIUli 14515llbl of tho Charit￿ Aet. and state whether parbrJJkir matt8rs ha¥• c¢N* to my attentiryi 88•1• ol Ind•p•ndgnt •x•mln•rf• •t•t•rn￿t My exarnlnaiion w3s carrteo ijut In ￿)rO￿ oenerni Lmrwxons tsy th& Chaniy Cc4nmtssion. An tsxarnination Inelud¢)s a rovlow of tho occountlThJ rocordg kept by the chedty a comp8rfwn of the accoun¢3 presented wlth those rAe.nrrJa It Allo indijdes ￿ns￿le￿atIon of any unugu81 it•m$ or disclosures in th• accounts, and s••king •xplanation$ from thè trustees concernlng any matters. Th6 tyoeedures undertaken do nol providè all the evidence that would ba requlrod In on authL •n¢ ¢on#¢quentty no opinion is 9iven a• tr* the w¥Mtxil oiid foil. ¥¢￿ ¥sKI IIi¥ report19 Ilmttod to tho•• m•tt•r# s•t ¢￿t in th• 8t•tom8nt b•lty. Ind•￿nd1￿ •xJmin•f• ¥tstem•m In connectlon w￿h rny exarnlneUon. no IT￿r has eom¢ tg my ¥￿￿t￿n. whsch giv89 me reggongbl• ¢•us• ￿ bdw• that in any m•t•rial r•sp8c( lh• rwuhY*ii•: to keep xcounling records In xccKd*)c• sec￿n 130 of the char￿85 Aci.. and to prepare acxounts wh*h accortt vAlh th¢ a¢0)￿ records and compty *lth the a¢xountln rcquircrncntJ of tho ¢hgritwJa AGI have not b88n m8L' to whKh, in rny OF¢nwJn. attentw gts)uhJ ￿ drthvn to a wopgr urK19rsIgnd￿g ol ihg gwJwiIB lo bg r•achgd. K. Collaku MAAT Castle View Accounting Ltd New BaTn Mudbwry Lane BoBham Chichester est bUSSeY P018 8T8 Date: 1 May 2023 ## **ONE DRUM FOUNDATION** (Charitable Incorporated Organisation) ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH SEPTEMBER 2022** |**Notes**
**INCOMING RESOURCES**
**Incoming Resources from Generated Funds**
Donations, Grants & Legacies
**3a**
Investment Income
**3b**
**TOTAL INCOMING RESOURCES**
**RESOURCES EXPENDED**
**Costs of Generating Funds**
Cost of Charitable Activities
**4a**
Governance Costs
**4b**
**TOTAL RESOURCES EXPENDED**
**NET INCOMING (OUTGOING) RESOURCES**
Funds Brought Forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
Designated
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
Funds
**2021/22**
**2020/21**
£
£
£
£
£
39,618
3,426
-
43,044
67,438
5
-
-
5
-
**39,623**
**3,426**
**-**
**43,049**
**67,438**
38,214
570
7,716
46,500
40,859
-
650
-
650
575
**38,214**
**1,220**
**7,716**
**47,150**
**41,434**
**1,409**
**2,206**
**(7,716)**
**(4,101)**
**26,004**
6,726
200
27,830
34,756
8,752
**8,135**
**2,406**
**20,114**
**30,655**
**34,756**| |---|---| Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing. The notes on pages 9 to 15 form part of these financial statements. 7 ONE DRUM FOUNDATION IGharitatAe ItKorpNated (kganisutiMI BALANCE SHEET AS AT 30TH SEPTEMBER 2022 Total 30-Sep-21 Note 304ep-22 FlxedAsset• T¥￿Ibl* Assels Inveslmarfs Total Flxéd A8*0ts Curr¢nt Au¢t8 Oeblors & Prepawnent8 C88h ai Bank and In Herwj Yotal Currotht Aleoti 10,541 fO.S41 20,764 20.764 31.305 31,305 31,331 35,331 Cr•dltorn'. Arnwnl8 faHtro duB om 375 NET CURRENT A8SET8 10.541 20,114 34,756 TOTAL ASSETS wrwtlJt41 10.541 21114 30.US 34,756 er•dltor•.' Arnwnt• In rrvp than ¢ year 12 NET ASSETS 10,541 34,75Q Funds olth• Ch•rlty Genw41 Fu￿8 ndted funds R881rle18d FUNJS 8.135 135 2.4(kS 20.114 6,726 200 27,830 2Q114 Totsj Fund 20.114 30,655 Approved bylhb TN8the8en......... . J on Ihdr behalfbyTnHteo....................... Prtrrted Nam&: ## **ONE DRUM FOUNDATION** (Charitable Incorporated Organisation) ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2022** ## **1. ACCOUNTING POLICIES** ## **Basis of Preparation & Assessment of Going Concern** ## **Basis of Preparation** The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements 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 (FRS102) (effective 1 January 2015) - (Charities SORP - FRS102) and the Charities Act 2011. The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes. ## **Assessment of Going Concern** Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern. ## **Incoming Resources** ## _**Recognition of Incoming Resources**_ These are included in the Statement of Financial Activities (SOFA) when: ▪ the charity becomes entitled to the resources; ▪ the trustees are virtually certain they will receive the resources; and ▪ the monetary value can be measured with sufficient reliability ## _**Incoming Resources with Related Expenditure**_ Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA. ## _**Grants and Donations**_ Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources. ## _**Tax Reclaims on Donations and Gifts**_ Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate. ## _**Contractual Income and Performance Related Grants**_ This is only included in the SOFA once the related goods or services has been delivered. ## _**Gifts in Kind**_ Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable. ## _**Donated Services and Facilities**_ These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received. ## _**Volunteer Help**_ The value of any voluntary help received is not included in the accounts. ## _**Investment Income**_ This is included in the accounts when receivable. ## _**Investment Gains and Losses**_ This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. 9 ## **ONE DRUM FOUNDATION** (Charitable Incorporated Organisation) ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2022** ## **1. ACCOUNTING POLICIES (continued)** ## **Expenditure and Liabilities** ## _**Liability Recognition**_ Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. ## _**Governance Costs**_ Include costs of the preparation and examination of statutory accounts, the costs of the trustees meetings and cost of any legal advice to trustees on governance or constitutional matters. ## _**Grants with Performance Conditions**_ Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output. ## _**Grants Payable without Performance Conditions**_ These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity. ## _**Investments**_ Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees' best estimate of market value. ## _**Unrestricted funds**_ These funds can be used for the general objectives of the charity as set out in the trustees report. The movements of the unrestricted funds are given in the Statement of Financial Activities. ## _**Restricted funds**_ These funds are where the donor has specified a purpose for the donation made. These restrictions often arise as a result of appeals for special offerings for specific purposes. ## _**Designated funds**_ These funds are funds set aside by the trustees out of unrestricted general funds for particular purposes or projects. ## _**Fixed Assets**_ Fixed Assets are capitalised if they can be used for more than one year and cost at least £1,500. They are valued at cost or, if gifted, at the value to the charity on receipt. ## _**Depreciation Expense**_ Depreciation is calculated at a rate to write off the cost of tangible fixed assets over their estimated useful lives. The rates applied are as follows: Fixtures, Fittings and Equipment 25% - Reducing Balance Basis ## **2. TANGIBLE FIXED ASSETS** The CIO held no fixed assets during this or the previous financial period. The annual commitments under non-cancelling operating leases and capital commitments are as follows: 30th September 2022 : None 30th September 2021 : None 10 ## **ONE DRUM FOUNDATION** (Charitable Incorporated Organisation) ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2022** ## **3. INCOMING RESOURCES** |**Note**
**a) Donations, Grants & Legacies**
Gifts & Donations
Grants Received
**5**
**b) Investment Income**
Bank Interest
**4. RESOURCES EXPENDED**
**a) Cost of Charitable Activities**
Activities & Projects
Administrative Expenses
Advertising & Publicity
Artist Performance Costs
Bank Charges
Equipment Costs
Insurance Costs
Licenses & Subscriptions
Rent & Rates
Staff Costs
Telephone Costs
Training Costs
Travel & Subsistence
Utility Costs
**b) Governance Costs**
Independent Examiners Fees
**11**|Unrestricted
Designated
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
Funds
**2021/22**
**2020/21**
£
£
£
£
£
30,118
3,426
-
33,544
23,938
9,500
-
-
9,500
43,500
**39,618**
**3,426**
**-**
**43,044**
**67,438**
5
-
-
5
-
**5**
**-**
**-**
**5**
**-**
Unrestricted
Designated
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
Funds
**2021/22**
**2020/21**
£
£
£
£
£
6,420
300
741
7,461
3,688
356
-
-
356
135
1,635
-
-
1,635
1,092
-
-
6,975
6,975
4,350
23
-
-
23
-
980
-
-
980
-
-
170
-
170
170
12
100
-
112
-
11,631
-
-
11,631
15,420
15,000
-
-
15,000
15,000
281
-
-
281
306
150
-
-
150
-
621
-
-
621
65
1,105
-
-
1,105
632
**38,214**
**570**
**7,716**
**46,500**
**40,859**
-
650
-
650
575
**-**
**650**
**-**
**650**
**575**| |---|---| 11 ## **ONE DRUM FOUNDATION** (Charitable Incorporated Organisation) **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2022** ## **5. RESTRICTED FUNDS** ## **CURRENT FINANCIAL YEAR** |Arts Council Fund
Cockayne (LCF) Grant
Kids Charity
Hackney Community Fund|**Balance**
**Balance**
**01-Oct-21**
Income
Expenditure
Transfers
**30-Sep-22**
£
£
£
£
£
20,142
-
7,716
-
12,426
3,500
-
-
-
3,500
4,188
-
-
-
4,188
-
-
-
-
-
**27,830**
**-**
**7,716**
**-**
**20,114**| |---|---| ## **PREVIOUS FINANCIAL YEAR** |Arts Council Fund
Cockayne (LCF) Grant
Kids Charity
Hackney Community Fund|**Balance**
**Balance**
**01-Aug-20**
Income
Expenditure
Transfers
**30-Sep-21**
£
£
£
£
£
-
40,000
19,858
-
20,142
-
3,500
-
-
3,500
4,188
-
-
-
4,188
5,000
-
5,000
-
-
-
**9,188**
**43,500**
**24,858**
**-**
**27,830**| |---|---| Restricted funds are wholly represented by the charity's cash reserves and are to be expended as specified above. ## **6. DESIGNATED FUNDS** ## **CURRENT FINANCIAL YEAR** |Management & Administrative Fund
**PREVIOUS FINANCIAL YEAR**
Management & Administrative Fund|**Balance**
**Balance**
**01-Oct-21**
Income
Expenditure
Transfers
**30-Sep-22**
£
£
£
£
£
200
3,426
1,220
-
2,406
**200**
**3,426**
**1,220**
**-**
**2,406**
**Balance**
**Balance**
**01-Aug-20**
Income
Expenditure
Transfers
**30-Sep-21**
£
£
£
£
£
-
-
-
200
200
**-**
**-**
**-**
**200**
**200**| |---|---| Designated funds are wholly represented by the charity's cash reserves and are to be expended on the particular purposes detailed above. 12 ## **ONE DRUM FOUNDATION** (Charitable Incorporated Organisation) ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2022** ## **7. GIFTS IN KIND AND DONATED SERVICES** Gifts in Kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Donated Services are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity for the service or facility received. During the financial period the following Gifts in Kind and Donated Services were received: |**Gifts in Kind and Donated Services**
Activities & Projects
Rent & Rates
Staff Costs
Telephone Costs
Utility Costs|**TOTAL**
**2021/22**
£
-
11,631
15,000
281
1,105
**28,017**|**TOTAL**
**2020/21**
£
3,000
5,000
15,000
306
632
**23,938**| |---|---|---| 13 ## **ONE DRUM FOUNDATION** (Charitable Incorporated Organisation) ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2022** ## **8. INVESTMENTS** The CIO held no fixed assets investments during this or the previous financial period. ## **9. CASH AT BANK AND IN HAND** |Cash at Bank & in Hand
**10. DEBTORS AND PREPAYMENTS**
Sundry Debtors|Unrestricted
Restricted
**Total**
**Total**
Fund
Fund
**30-Sep-22**
**30-Sep-21**
£
£
**£**
**£**
10,541
20,764
31,305
31,331
**10,541**
**20,764**
**31,305**
**31,331**
Unrestricted
Restricted
**Total**
**Total**
Fund
Fund
**30-Sep-22**
**30-Sep-21**
£
£
**£**
**£**
-
-
-
4,000
**-**
**-**
**-**
**4,000**| |---|---| ## **11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Independent Examiners Fee|Unrestricted
Restricted
**Total**
**Total**
Fund
Fund
**30-Sep-22**
**30-Sep-21**
£
£
**£**
**£**
-
650
650
575
**-**
**650**
**650**
**575**| |---|---| ## **12. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR** The CIO held no long term liabilities during this or the previous financial period. ## **13. NET ASSETS BETWEEN FUNDS** |Fixed Asset Investments
Net Current Assets
Long Term Liabilities|Unrestricted
Restricted
**Total**
**Total**
Funds
Funds
**30-Sep-22**
**30-Sep-21**
£
£
£
£
-
-
-
-
10,541
20,114
30,655
34,756
-
-
-
-
**10,541**
**20,114**
**30,655**
**34,756**| |---|---| 14 ## **ONE DRUM FOUNDATION** (Charitable Incorporated Organisation) ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30TH SEPTEMBER 2022** ## **14. STAFF COSTS AND NUMBERS** The Charity employed no members of staff during this or the previous financial period. ## **15. TRUSTEES AND OTHER RELATED PARTIES** No payments were made to trustees or any persons connected with them during this financial period. No material transaction took place between the organisation and a trustee or any person connected with them. ## **16. RISK ASSESSMENT** The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks. ## **17. RESERVES POLICY** The Trustees have considered the level of reserves they wish to retain, appropriate to the CIO's needs. This is based on the CIO's size and the level of financial commitments held. The Trustees aim to ensure the CIO will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The Trustees will endeavour not to set aside funds unnecessarily. ## **18. PUBLIC BENEFIT** The CIO acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the CIO has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the CIO should undertake. 15