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2024-03-31-accounts

Annual Report and Accounts for Period Ending 31[st] March 2024

The Olive Branch (Faith in Action) Registered Charity No: 1186017

Alston House, White Cross Estate, Lancaster, LA1 4XQ Alston House, White Cross Estate, Lancaster, LA1 4XQ
Tel: 01524 555715
Email :info@the-olivebranch.org.uk
website:www.the-olivebranch.org.uk
Contents Page
The Purposes of the Charity 2
Structure, Governance and Management 2
Volunteers and Community Support 4
Achievements and Performance 4
Serious Incidents 8
Future Plans 8
Financial Review 8
Independent Examiner’s Report 12
Financial Statements
Receipts and Payments Accounts 13
Statement of Assets and Liabilities 14

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The Purposes of the Charity

The Olive Branch (Faith in Action) is a registered charity. Our purpose is expressed as a mission statement which is:

Our specific objects are:-

How our activities deliver Public Benefit

The Charity Commission issues guidance on delivering public benefit, which in summary requires that

The Trustees have had regard to this guidance in managing the activities of the Charity and believe our activities meet these requirements.

Specifically, our activities provide benefit to those who live in the area administered by Lancaster City Council. Our emergency food provision is available to any member of the public facing hardship at a particular time in their lives, primarily as deemed by referral agencies such as Citizen’s Advice, with whom we work in close partnership.

Our face-to-face work provides hospitality and on-going support to anyone who is disadvantaged, marginalised or vulnerable. This support includes a safe place of welcome, a ‘listening ear’, signposting to specialist agencies (such as for budgeting advice, or support to address substance misuse), information, access to the internet and the offer of prayer when appropriate, as well as emergency food.

Working alongside other agencies, these activities provide support that relieves poverty and helps people towards improved well-being. The personal benefits to individuals are those intrinsic to our purpose and so are not deemed to be excessive.

Structure, Governance and Management

The Olive Branch (Faith in Action) exists as a Charitable Incorporated Organisation (CIO), under a constitution adopted on 29[th] October 2019.

There are currently eight Trustees of the Charity. They are: Linda Currin Trustee and Hon Chair Barbara Kirby Founding Trustee (and Hon Secretary to June 2023) Page 2 of 14

Paul Holland Trustee and Hon Treasurer
Jonathan Mullen Founding Trustee
Michael Pidd Founding Trustee (until June 2023)
Amy Parker Trustee (until June 2023)
Michael Sparks Trustee
Victoria Wellesley-Smith Trustee
Tim Purcell Trustee
Kathryn Froggatt Trustee (from June 2023)

The Trustees meet monthly as a Management Committee, joined by the (non-voting) Project Manager and Assistant Project Manager.

Leslie Mann Project Manager Jaimie Heath Assistant Project Manager

Honorary Officers hold office for one year and Trustees for two. Honorary Officers and Trustees do not receive remuneration.

Members of the charity elect honorary officers and Trustees at the AGM in accordance with the constitution. The Management Committee may appoint additional members to serve as co-opted Trustees until the next AGM.

Trustees agreed not to fill the office of Hon Secretary when Barbara Kirby stepped down at the AGM. Responsibilities are shared amongst the Trustees, with minutes of meetings being taken by the Admin and Comms Assistant, Lucy Barker.

Trustees are recruited in a range of ways. Some are invited by existing Trustees who recognise their potential suitability for the role. Some approach us themselves, having been aware of our work through local churches or other agencies which support our work. Where specific vacancies exist on the Trustee body, the need is advertised through our networks.

Most often Trustees are recruited from our team of volunteers who are therefore already involved with our work and wish to strengthen their commitment to the Charity.

Unless already well known to Trustees, potential Trustees are interviewed by two existing Trustees who then propose them if satisfied of their suitability.

Bankers

CAF Bank Ltd,25 Kings Hill Ave,Kings Hill, West Malling, Kent, ME19 4JQ Kingdom Bank, Ruddington Fields Business Park, Mere Way, Ruddington, Nottingham, NG11 6JS

Santander Bank, PO Box 1109, Bradford, BD1 5ZJ

Premises

In February 2023, after a search of several years, the Charity moved into two units in Alston House on the White Cross Estate. The units are held on leases fixed for three years to January 2026, with annual break clauses. The two units complement each other, one offering facilities for the foodbank and the other providing space for drop-in and hospitality work. The premises have the advantage of a convenient location near Lancaster city centre with adequate parking and bus service for volunteers, donors and guests.

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In March 2024 the opportunity arose to consider relocating to larger twinned units in Harpers Mills on the same White Cross Estate. Whilst this incurs higher charges, it ensures all activities are co-located which will greatly improve efficiency, working together, space to improve the drop-in/listening service, capacity to extend services and hold all food stock on site. The units will be held on leases fixed for five years to May 2029, with third year break clause. The lease for Harpers Mill will take effect on 1[st] May, without penalties with respect to Alston House.

Volunteers and Community Support

The generous support and engagement of the community in and around Lancaster is a hallmark of our work, and a privilege for which we are continually thankful.

The charity provides volunteer opportunities for adults who help with hospitality and welcoming of visitors; administration; storing supplies and packing food parcels; delivering food parcels; cleaning etc. We have approximately 30 volunteers who may offer just a few hours or up to 2 or 3 days each week. Volunteers are the lifeblood of The Olive Branch and we are immensely grateful to each one of them for their commitment, skills, time, good humour and vitality – all of which make possible the work of the organisation.

During 2023 the Bookkeeping role was transferred from Howard Townshend to Mike Sparks, both serving in a voluntary capacity. Thanks are due to both for their detailed and committed work in this role.

In addition, community support is received from a multitude of members of the public. They donate non-perishable food items either individually or via local schools, churches, community groups and businesses. As the cost-of-living crisis has continued to affect everyone, there has been some reduction in food donations but a correlating increase in financial support.

A further indication of community support came from an unexpected quarter during 2023. A Lancaster version of the game ‘Monopoly’ was produced, which was to include squares featuring four local charities. The four were chosen by public vote, and The Olive Branch is privileged to be included on the Monopoly board as one of the charities chosen by local people.

Performance and Achievements

The year 2023-24 has been a time of consolidation and development for The Olive Branch, beginning with adjustment to the premises at Alston House which were very new to us as the financial year began.

Last year’s Annual Report noted four areas that would shape our plans from that point. Our performance and achievements for the year can be considered against these four areas.

1. “We plan to consolidate services at our White Cross units. This will focus on moving to a full ‘drop-in’ service, where volunteers can welcome all guests for hospitality and support, including signposting to other agencies and prayer when appropriate. Food parcels will normally be collected at that point rather than delivered (although we envisage that some deliveries will still be required).

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This plan has been successfully achieved, in all its particulars, in the course of the year. This is a wonderful accomplishment, and one for which we are thankful.

For the initial period after the move to White Cross, emergency food parcels continued to be delivered to the home of each recipient, maintaining our previous pattern. At the same time work began to make the guest area into an attractive space where hospitality, listening, signposting and prayer could be offered, and where guests could collect their food parcels in person.

Systems and processes needed to be developed to enable this new pattern to work effectively. Great credit is due to the staff team, who resolved some significant challenges over a period of 6 months. Telephone and WiFi connectivity were perhaps chief among these and were not easily addressed, but the team’s tenacity was rewarded in due course. The logistics of moving food between the two units were also addressed, made more complex by the split between two floors.

The team worked closely with partner agencies to introduce a new system of referrals, combining smart-phone technology and shared emails to streamline the process. Referring agencies have recognised the value to guests of collecting their own food parcels, so becoming active in their own support. Referring agencies have also co-operated in indicating where delivery (rather than collection) of a food parcel is still required. By the end of the year, approximately 5% of food parcels were being delivered rather than collected.

As part of the planning period, summer 2023 saw the long-awaited introduction of a new internal recording and reporting system. ‘FoodBank Manager’ is widely used by independent foodbanks across the UK and has been tailored for our particular requirements; special thanks are due to Mick Pidd for heading up the work on this customisation. The new system allows for an automated process from the arrival of a guest in the hospitality area to the details of their food parcel arriving in the food store, through to the daily register, and on to the generation of statistical reports each month. The system has continued to be successfully adjusted for our needs, especially for reports, and has also helped to facilitate communication between the two units in Alston House.

There came a moment when opening our doors to guests, introducing the pattern of food collection and implementing the many new systems all needed to come together. This moment came in September 2023 with the opening of the drop-in guest area – accompanied with a mixture of joy, anticipation and trepidation. Only the Manager and a handful of volunteers had been with The Olive Branch ‘pre-Covid’ and could recall how hospitality had been offered in earlier years, so careful preparation was offered to the new team of ‘listeners’ who would welcome our guests face to face. (More details are given below on their training and support.)

The whole team, both staff and volunteers, have risen to the new ways of working magnificently. Listeners have very quickly shown their skill, sensitivity, wisdom and prayerfulness in supporting the wide range of people who come through our doors on any day. One team member remarked: ‘This is so much more demanding than when we were just delivering food, but so very much more rewarding’. Equally important have been our volunteer packers, sorters and drivers who continued to handle food donations, pack food parcels and deliver any when required.

Guests too have had to adjust to the new arrangements. Some resistance or even a drop in demand were anticipated, but neither has transpired in practice. Many guests comment on

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the peace of the guest area as they arrive, and their appreciation is often expressed of a place where they are safe to talk, to be heard, to be accepted, supported and, when appropriate, to share prayer.

As well as the day to day work of hospitality and food provision, we were glad to offer once again two specific seasonal ways to support families facing hardship. These were ‘Back to School’ packs (school clothes and equipment) and ‘Winter Warmer’ packs (warm jackets, hats and gloves) – both projects supporting primary age children. 44 children benefitted from one or both of these initiatives during the year.

2. “We plan to deepen collaboration with other organisations who seek to address poverty, hardship and distress in Lancaster and its surrounding area.”

Many agencies work together in Lancaster to support people facing hardship and we are glad to be a valued part of this.

Good relations have continued through the Food Justice Network and more closely with particular organisations such as Citizens Advice, Lancaster & District Homeless Action and Morecambe Bay Foodbank. We have engaged with the new ‘Schools and Families Advisor’ (funded by CA and Trussell Trust) whose role is to identify families in hardship at an early point and to flag up any food needs to CA, or to ourselves directly.

Our work supporting asylum seekers has grown during the year, and partnership with Global Link is the foundation for this. To simplify GL’s role as a referral agency, a new system was introduced during the year requiring only a monthly update to the referral for each asylum seeker, who may be in need of food support over an extended period of time.

Lancaster has a growing network of food clubs, which channel potential food waste from supermarkets to those in need, using a low-cost membership arrangement. As food clubs overlap with our mission and charitable aims, we have been in a position to share some stock with them from time to time. The success of our Christmas and Easter Egg appeals offered two such occasions, when we passed on gift items to these clubs including Morecambe Pantry, Hala Pantry and Ryelands Residents Group.

In the latter part of the year we have started to explore ways of working with The Banks Lyon Memorial Trust. BLMT is a local organisation with a very specific remit, to support young people aged 16-25 into employment. BLMT have invited us to become one of their ‘trusted partners’ in reaching young people who can benefit from their funding, and we are pleased to be exploring with them how best to implement this initiative. We believe this partnership will offer us a way to extend our provision, and specifically to help interrupt inter-generational poverty through employment.

3. “We plan to strengthen our donor base. We are blessed with a generous and committed network of individuals and groups who contribute financially to our work, so we look to build on strong foundations to secure future provision.”

In summer 2023 we commissioned an external organisation, FutureKraft, to look at our fund-raising position and make recommendations for any changes, in view of the impending retirement of our volunteer Bid Writer, Howard Townshend. The resulting report praised our approach to fundraising, Howard’s skill and our systems that provide supporting information.

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Unexpectedly, their main recommendation was to continue as now, and pray for a replacement who would continue Howard’s good work! To our joy, this has happened and a new Bid Writer/Fundraiser, Geraint Harries, is currently being inducted by Howard. We are immensely grateful to both for their contribution to the organisation’s sound financial position.

Supported by Geraint, our own analysis has identified that the area where extension could be most valuable is in regard to funding from local businesses. While several already support us through seasonal food collections or staff donations, a more systematic approach with a focus on corporate financial contributions could be beneficial. Work is expected to continue along this line in due course.

4. “We plan to develop our team. This may include adjusting staff hours or roles and increasing the number of volunteers. We would also like to offer training and development opportunities to both staff and volunteers.”

The Olive Branch operates with a very small staff team – only three employees and all of these part-time. Trustees recognised that an increase in hours for administration would benefit the organisation by relieving the Manager and Assistant Manager of some of the more routine tasks in their work, thereby releasing them for more supervisory and strategic responsibilities. Our Comms and Admin Assistant, Ruth Dunstan, covered the extended role until her career took her to a new post in September. Ruth had been a committed and highly valued member of the team and we were sad to see her leave. Thankfully, we were able to appoint a former volunteer, Lucy Barker, to the post from October and Lucy has quickly established herself as an invaluable part of the team.

The huge change to our operations represented by our return to face-to-face work prompted a series of training opportunities for volunteers, as explained above. Learning included:

Further learning opportunities for volunteers and staff are being planned, including in the areas of safeguarding, mental health and first aid. There are also plans to introduce a 6 monthly ‘check-in’ meeting with each volunteer to offer time for reflection, feedback from the volunteer and general support in the role.

Professional development opportunities for staff members are currently being explored.

Fulfilling our mission

There is a palpable feeling at The Olive Branch that we are now doing fully what we are meant to be doing, and being ‘so much more than a foodbank’ in supporting those facing distress and hardship in our city and beyond. We are enormously thankful for everyone who has played a part this year in the God-given work to which we are called. Our constitution makes clear that The Olive Branch is an organisation rooted in faith and our intention this past year has continued to be simply to walk as followers of Jesus, to be His hands serving those in need, and to be His voice to those in distress. Above all, we continue to be thankful to God for the privilege of serving, as we meet Him in those around us and work together for the coming of His Kingdom of justice and love.

Serious Incidents

In the course of the year the Trustees approved a ‘Serious Incidents Policy’, as recommended by the Charity Commission. By this we are required to include in the Annual

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Report a declaration of any Serious Incidents that occurred during the year. We are pleased to report that no such incidents occurred during 2023-24.

Future Plans

In the course of the year, the Trustees have undertaken a piece of work to identify our strategic aims for the coming 3 years.

Six aims have been identified, as follows:

  1. Maintain our core activities offering food and hospitality; and extend our support for people facing hardship

  2. Gain deeper insights into the benefits of The Olive Branch to guests, using IT and other mechanisms

  3. Develop our team of staff and volunteers to increase capacity and ensure a rewarding working experience

  4. Collaborate with other agencies to share good practice and promote food justice

  5. Generate financial resources and use them effectively to ensure sustainability

  6. Seek continuous improvement in governance and compliance as a charitable organisation

The trustees will develop each of these aims to identify more fully how they will be implemented and how achievement will be recognised. Future Annual Reports will take these aims as the underpinning format for Performance and Achievements.

We look forward to taking the work of The Olive Branch forward as we move into our new premises in May 2024.

Financial Review

Overall, this has been a stable financial year with income (£117,775) virtually matching expenditure (£117,123) resulting in a small increase in funds of £652. Expenditure has been generally kept to budget whilst income from donations exceeded expectations and grant making bodies have often provided unsolicited generous support for the work of the charity amongst disadvantaged or marginalised people in Lancaster.

Expenditure

This year total expenditure was £117,123, an increase of £7,112 compared to the previous year. £4,195 was for furniture and equipment that will continue to support our activities over the next few years, so the underlying expenditure on operations was broadly flat. However, inflation has had a significant impact on employment costs and food purchases (23%) but these have been largely offset by reduction in premises costs following the consolidation of our previous two sites into White Cross.

The graph below shows the breakdown of costs. The Food Bank costs include food purchases and direct premises costs of the storage and packing space. Other General costs include all employment costs and direct premises costs of the welcome and administration space.

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----- Start of picture text -----
Annual Expenditure
140000
120000
100000
80000
60000
40000
20000
0
2019 / 20 2020 / 21 2021 / 22 2022/ 23 2023/24
ACTS435 Pastoral (R) Foodbank Other General Premises Assets
----- End of picture text -----

As with most charities, the accounts reflect only the financial resources received and used and do not do justice to the value of the thousands of hours given by volunteers nor the value of the food generously donated, which actually constitutes about 90% of all food parcels. Without these we would not be able to do the work we do but equally we are inspired by the role we play in giving the people of Lancaster district an opportunity to show their concern and compassion for their neighbours through their giving of time, food as well as money; For these we and our guests are truly grateful.

Our ‘fund raising’ costs of £1,159 are primarily £510 annual subscriptions to network organisations that provide guidance not only on fund-raising but also on charities’ regulation and best practice to ensure we are legally compliant and cost effective, and £638 for the review of our fundraising practices and strategy by FutureKraft.

Going forward, we have set a budget of £125,000 for the year to March 2025 which includes £11,000 of extra costs associated with having the larger unit in Harper Mill on the White Cross site. These extra costs will be funded for the next three years from the New Premises Fund which we had previously built up in anticipation of having to undertake major works on new premises and will no longer be required because Harpers Mill is fully serviced and requires minimal adaption. We also anticipate that food purchases will abate slightly thanks to some food being sourced through a government Household Support Fund grant secured by our partner EggCup. Whilst we anticipate there will be some costs associated with fitting out Harper Mill, these will be modest as we will take with us all of our furniture and equipment and food storage racking and will are aiming to secure specific grants and support to cover any costs.

Income

Total income was £117,775 which was a slightly lower than the previous year (of £128,110) but significantly higher than we had planned for. After careful consideration of our reserves

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and past support from many local charitable trusts we paused active fundraising of grants and planned to use some of our reserves to cover any income shortfall in the year, but have been blessed by some trusts and local organisations who have continued to support us without any appeal from ourselves. This not only has enabled us to ‘balance the books’ and continue with the passive approach to grant fundraising but has been an immense encouragement and endorsement for the Charity to continue its work.

Donations and legacies made up 69% of our income and we are appreciative of the support of local people and for the increased numbers supporting us through regular monthly gifts. We would like to boost that percentage to towards 80% to give us more financial certainty, and we are aware that to do so we must continue to provide public benefit and demonstrate good stewardship to merit the funds we are given. The chart below illustrates that both small and large donations make a difference and are all equally welcome.

----- Start of picture text -----
All Donations by Number All Donations by Amount
£100- over
£500 over £500 Under £100
£499
3% 37% 31%
14% Under
£100
83%
£100-£499
32%
----- End of picture text -----

Reserves

We reviewed our Reserves Policy in accordance with Charity Commission guidelines (CC32) and set a minimum reserves target of £31,000 which is sufficient to cover fluctuations in income and expenditure and allow for an orderly closure of the charity, if ever required. In addition, we have designated £33,000 of our New Premises Fund to cover the increased costs of occupying Harper Mill over the next three years. At the end of the year our general unrestricted reserves were £77,843 which we anticipate will be gradually used to reduce our dependency of grant income to sustainable levels. The trustees recognise that the reserves provide time over the next three years for the Charity to establish a balanced long term income mix that meets what we believe is now our annual funding requirement and also to finally establish the full range of charitable activity out of our new premises that we have been praying for over these last five years.

Acknowledgements

Particular thanks go to Howard Townshend for his fundraising and to Mike Sparks who has taken over the bookkeeping activities, which have been an immense support to the charity. Howard has served the charity and Lancaster with immense skill and compassion for many years and is passing on the fundraising activities to Geraint Harries.

In keeping with our past practice we acknowledge with gratitude non-individual donors and grantors;

ASDA collection (customers) Our Lady's Catholic College
Bethel Chapel Penny Street Collectables
Caton Baptist Church Peterson UK Ltd
Cedar Financial Management PM Major Charitable Trust
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CMD Polling Ltd Q Charitable Trust Cornerstone Church Quernmore Clay Pigeon Shoot EJ Thompson Charitable Trust Ripley St Thomas Evangelical Church Capernwray Rotary Club of Lancaster Furness Building Society Salvation Army Holy Trinity Church, Bolton-le-Sands SPECSAVERS Hope Church St John's Ellel Jean & Leslie Connor Charitable St Mary's Hornby & Our Lady's Trust Caton John Mason Family Trust St Paul's Church Joseph Strong Frazer Trust St Thomas Church PCC Kirkby Lonsdale Methodist Church St Wilfrid's Church, Melling Lancaster Baptist Church Stobart Newlands Trust Lancaster John O'Gaunt Rowing Club Terra Cycle UK Ltd Lancaster University Bright Club The Archer Trust The Dowager Countess Eleanor Lee Bakirgian Family Trust Peel Trust Marsh Christian Trust The Performance Studios Lancaster MIG-TECH LTD Trinity United Reformed Church MJ Hindley Charitable Trust Wordarium New Life Church, Lancaster Yordas Group Lancaster Norman Whiteley Trust

Declaration

This report was approved by the Trustees on 18[th] April 2024 and signed on its behalf by

L Currin

Linda Currin Chair of Trustees

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Independent Examiners Report

I report to the trustees on my examination of the accounts of the The Olive Branch (Faith in Action) (the Charity) for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity trustees of the Charity 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 Charity'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 giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records.

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.

Signed: I English

Name: Ian English

Relevant professional qualification or membership of professional bodies (if any): Retired Finance Manager

Address: 38 Sambourn Close, Solihull, B91 2SA

Date: 11 June 2024

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Financial Statements

The Olive Branch (Faith in Action); Charity Reg. No. 1186017

Receipts and Payments Accounts

----- Start of picture text -----
For the period from 1st April 2023 To 31st March 2024
Receipts and Payments
Unrestricted Restricted4 Designated5 Restricted5 Restricted
General Fund4 Pastoral Fund New Premise New Premise ACTS 435 Total funds Last year
Fund Fund Fund
£ £ £ £ £ £ £
Receipts
Donations & Legacies 71,234 - - - 1,235 72,469 71,595
Gift Aid 8,994 - - - - 8,994 7,048
Grants9 2,000 - - - - 2,000 2,100
Charitable Trusts 23,182 - 175 10,000 - 33,357 47,069
Other chariable activity 668 - - - - 668 170
Interest 287 - - - - 287 128
Sub total 106,365 - 175 10,000 1,235 117,775 128,110
Asset and investment sales
Sub total - - - - - - -
Total receipts 106,365 - 175 10,000 1,235 117,775 128,110
Payments
Volunteer costs 1,152 - - - - 1,152 907
Employee Remuneration 36,212 - - - - 36,212 27,119
Other employment costs 418 - - - - 418 371
Rent of premises 9,297 - - - - 9,297 24,877
Other premises costs 10,220 - 2,215 - - 12,435 13,816
Fundraising 1,159 - - - - 1,159 507
Supporting Guests (foodbank, sleeping
bags, ACTS 435) 44,789 - - - 983 45,772 37,158
Supporting Community projects6 - - - - - - 750
Other General support costs7 6,483 - - - 6,483 4,506
Sub total 109,730 - 2,215 - 983 112,928 110,011
Asset and investment
Furniture & Fittings 1,525 - 2,670 - - 4,195 -
purchases Sub total 1,525 - 2,670 - - 4,195 -
Total payments 111,255 - 4,885 - 983 117,123 110,011
Net of receipts/(payments) (4,890) - (4,710) 10,000 252 652 18,099
Transfers between funds5 - - - - - - -
Cash funds last year end5 82,733 - 40,150 - 723 123,606 105,507
Cash funds this year end 5 77,843 - 35,440 10,000 975 124,258 123,606
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Statement of Assets and Liabiir(ies at the end of the eriod De¥i9ll¥te Ne￿P￿rn￿e Fund R¢￿tri￿te NewP￿rn54e Fund R¢￿triSt¢ ACTS43S Fund T￿t￿fundS La8t ywr C4te4orfes CAF Bank Lid King¢omB8nk wlth racalpts and bkiym¢hts ¥¢¢ounll TS Oth•rmon•t 7.N5 407 A$¥4tsrel4in￿f￿r1￿erh FumIu￿. E sown ug0 3.720 2.025 E Peel Foundthn P¥ lo HMR S￿nthr PrirtiNam Da￿ Dfar4YDval Signed by￿￿)￿b￿?&0n b￿ha￿OIS1 thetsustse5 tsn.TrèÈ&urtr P. H￿1￿rnd Note¥totheAcrount 1 The3Cc￿Trts hFvpbeEn Dll 8 Rereipts Bnd Payrnenl¥ cash bp915 pennrttedbYSeC￿Tr 133oftheChFrrtEgAct2011 W0v￿E¢ 1￿cherty'S gr03¥ nolov S),ON.andtheCharity c￿m￿S￿￿gU￿e1l￿e CC16 receiNs aThJptyM15 acco￿￿￿ has been awli o uwn rÈGeplotcÈ5h Orca5h Equ￿è1èrtls towhich IhÈ Iharrty hÈ5 £nlrflÈmÈ ExkEndlure. ￿(lUS￿E pfirre¢Lwer4blpVAT. ￿ re¢L¥nisedvpw p4yrnentoFp Invoire Thg reg￿teredforvAT. o Fixedasseis aTebaSed1￿3Ssel￿1Cha&ep8Y￿nts amortised on a 33% Redwedeakwnce bas15. 3 Fund tsÈrthallur￿$éIèVhré$lrt1éd lunds v¢hLh arèavailAèfor usèal ￿#￿ISt￿t￿m￿lhè I￿s￿&S tt ￿rthèr￿MoÈ01￿èQèrtèr￿o￿C￿ès tslth&tFority- Dg5ynptsd tun¢5 compr￿? unr£FIr￿lE¢ Tunds lhpl￿VPbF￿ll set￿￿18 by IhB Irustey5 for pvrpJ5£5. RPsIr￿tsd lundF Irpdonsl￿s bg w¢h5F￿ff￿ reSIr￿lI￿n¥ by thors".they ￿r￿d?￿at￿D5 r￿e￿edfrorn ?ppepl¥ fgrsp￿￿i￿ WOFoI5. 4. The Gener3lFufid ￿C￿P￿e3 ￿IhthedrW-1￿ andfwdb&Dk except[or￿a￿S and gr8Dtswhere reSIr￿￿￿ foru5e lThthe￿bank ha5 bee￿ffl￿e ty the dO￿l￿a￿tor (wh￿h￿reac£0Un￿￿ forMiheseparate Rest￿ted PastoraFundl 5 fhÈ NÈwPrÉm￿È lund was luffi￿ In PrÉvthS olièÈtritiÈdQranls and d￿￿n￿l￿d IranÈfÈrÈ ufftrÉslrÉlÈi ￿￿ra1 fhÈ rÉslrtlÈd ￿￿tU￿È￿I yvprwp5 IOT hOl￿t￿1th￿￿Trts In PJstynHwse- 1h991?nti￿ Grvdrtor ppr¢n9frou￿pmo0f￿iO4U9SI10Ippvrw5PlhP9r￿￿tfOrfflln9 6. orgran15 M￿￿t0$￿￿C0￿munty￿0FCts. In thEprevHJus yw adonalHMvMs ffladetoEggCupl£750l￿funhEFa￿ceoff￿eCh￿tslob￿5 OfT￿O￿￿e anchlF&lh kn Acknl. 7. The lfidependentExaminerha3 ￿lI￿V0￿￿Jf0r￿eex4M￿at￿120z3".￿￿}I 8 Trustégs any ￿￿￿al￿￿.Tr￿LgÈSdo￿lgd £￿012023..£2.5￿7l Page 14 of 14