ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
EDITHS HOPE
(Charitable Incorporated Organisation)
CHARITY REGISTRATION No: 1186895
Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
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EDITHS HOPE
(Charitable Incorporated Organisation)
CONTENTS
| Page 3 | Legal and Administrative Information |
|---|---|
| Pages 4 to 6 | Trustees' Report |
| Page 7 | Independent Examiner's Report |
| Page 8 | Statement of Financial Activities |
| Page 9 | Balance Sheet |
| Pages 10 to 16 | Notes to the Financial Statements |
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EDITHS HOPE
(Charitable Incorporated Organisation)
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER 1186895 DATE OF REGISTRATION 11th December 2019 START OF FINANCIAL YEAR 1st April 2022 END OF FINANCIAL YEAR 31st March 2023 TRUSTEES AT 31ST MARCH 2023 Lindsey Stuart Clegg Keren Elizabeth Wickins Paul Leppitt Dr. Robert Powell LEGAL STATUS Charitable Incorporated Organisation GOVERNING INSTRUMENT CIO - Foundation Registered 11th December 2019.
OBJECTS
For the public benefit the relief of poverty and hardship among orphans and vulnerable children in Uganda through the provision of shelter, food, medicines, education, training and other such Charitable services at the Trustees may from time to time think fit.
CORRESPONDENCE ADDRESS
St. Boniface Church Hursley Road Chandler's Ford Eastleigh SO53 2FT
PRIMARY BANKERS CAF Bank Ltd 25 Kings Hill Avenue West Malling Kent ME19 4JQ
INDEPENDENT EXAMINERS
Castle View Accounting Ltd New Barn Mudberry Lane Bosham Chichester West Sussex PO18 8TS
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EDITHS HOPE
(Charitable Incorporated Organisation)
TRUSTEES' REPORT FOR THE YEAR ENDED 31ST MARCH 2023
Edith’s Hope launched in February 2020 to continue and develop the work of Edith’s Home UK and its Ugandan partner. Edith’s Hope seeks to support the Ugandan team with fundraising, strategic advice, accountability, transparency and challenging growth in all projects.
Edith’s Hope wants to develop more sustainable funding streams and greater accountability with our partners in Uganda to ensure that we can grow our projects and empower more orphaned children out of poverty and into a more hopeful future.
Vision
The majority of people think of poverty as purely lacking financial resources to meet basic living requirements, however, orphaned families dealing with poverty are also challenged by:
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Educational Poverty
-
Parental Poverty
-
Spiritual Poverty
The cumulative effect of these different forms of poverty creates the most damaging outcome of all—the constant presence of Hopelessness.
Hopelessness generates a destructive cycle from one generation to the next. Without hope and the belief that life can be better, the motivation and energy needed to break the cycle are very low.
Edith’s Hope vision is to empower orphaned children through sustainable solutions, shifting the mindset from dependency towards a self-sufficient, more hopeful future.
We believe this will break the cycle of poverty and the culture of hopelessness and empower orphaned children, their families and generations to come to live more hope filled lives.
Projects in Uganda
Vocational School
In pursuit of developing a financially sustainable model in Uganda we saw the introduction of fee-paying students at the vocational school in January 2022. This has allowed the team to put in structures and processes to manage fee paying students and to generate income locally.
In total there were 220 students at the vocational school, 90 orphaned students supported by Edith’s Hope and 130 fee paying students. The profits from the fee-paying students were used to develop a block of offices for heads of each department and store rooms for supplies.
During the end of 2022 we funded an external audit of the projects in Uganda and this identified challenges moving forward. The issue of the ownership of the land that the school operates from was a concern raised and we are currently exploring our options for how best to develop a sustainable school on land that we own, in order to secure its future and safeguard the investment made.
Child Headed Family Project
After a tough year of Covid lockdowns the previous year, our social workers were free to engage in all activities on the CHF project. Weekly visits, food distribution, medical needs, training, and counselling have been in full swing, thanks to the amazing generosity of our UK donors. We have also been able to fund building 7 new homes for child headed families, which creates a ongoing legacy for the families after they have finished the programme.
The Christmas appeal raised £4000 and ensured all families on the programme received 2 new mattress, food and money for the Christmas break.
15 new families were taken into the project this year, with 15 families graduating out. This is always an exciting time as we see and measure the Impact of the 4-year programme and how orphaned families are in a much more stable position to build a more hopeful future.
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EDITHS HOPE
(Charitable Incorporated Organisation)
TRUSTEES' REPORT (Continued) FOR THE YEAR ENDED 31ST MARCH 2023
Businesses
During the last year the businesses based in Uganda made 16 million shillings profit. This has enabled 6 million shillings a year to be transferred to the vocational school as part of the financial sustainability programme. All the businesses have been developed to create local employment and to raise funds to go into the project. So, it’s great to see this happening on a significant scale.
Hut Building
As families graduate from the Child Headed Family programme, we want to build new homes for them and to put in place the final infrastructure to provide these families with the support, tools and skills to maintain a more hopeful future. To this end members of the families are selected for training as students at the vocational school with all the skills to build sustainable homes, so the graduate orphaned children are building new homes for other orphaned families. This year we have completed 7 new homes and want to develop this to 10 a year over the next 3 years.
Audit
After covid and a year getting back to normality, we engaged an external auditor in Uganda to undertake a full audit over the last 2 years of operation. This has given us the most comprehensive report on the health of the work in Uganda. The conclusions of the project identified several areas of development needed and issues around the land that our vocational school site is on.
The auditors are going to undertake bimonthly audits over 2023, to not only identify areas of need but to also implement the training and tools to upskill the team to develop a sustainable project.
Strategic Development
As the audit identified areas of development within the project in Uganda, we looked for local partners who can support the team to develop sustainable projects and for models of working that have potential to be self-reliant and not need western aid (for operating costs). We believe the best way to make a difference over the long term is to empower the projects with all the tools, systems and models to operate successfully and flourish without our support.
We are currently in discussion with Musana Community Development project to learn from how they have built a sustainable model and how a partnership could deliver this in the Teso region of Uganda.
Uganda Visits and Summer Retreat
We had the absolute pleasure to take a UK team to Uganda to support the Child Headed Families retreat. This has been the first time in 4 years we have been able to run this retreat, which is a 7-day residential holiday club for children on the CHF project. This was such a fun trip as we supported the social work team in delivering games and activities which ensured these kids had the best retreat possible and probably the only ‘holiday’ they will ever have
We also undertook a several other trips including a study tour with our senior team in Uganda to Iganga where Musana are based, for the team to connect and learn from the practices and ethos of how Musana operate.
Church/School Engagement
Over the course of the year, we have built new relationships and strengthened existing relationships which include, Christchurch Baptist Church, Parish of Chandlers Ford, Dunblane Free Church, Ardoch Parish Church, Raglan Baptist Church and the Vine Church.
We have had tremendous support from The Kings School, Chandlers Ford Infants School and Merdon Junior School who have all run fundraisers over the last year. We are also developing new relationships with schools and are developing schools’ packs to support this.
Corporate Support
Over the course of our first year, we have had support from various corporate sponsors, Thank you to YouSeq and Hogchester Farm. We also want to thank Powell Family trust for their ongoing support.
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EDITHS HOPE ICtrori1a Incortvo(l Organisati) TrUSTEES' REPORT IContinu•dl FOR TIIE YEAR ENOED 31ST MARCH 2023 ofthe rtIeon fin at Hog¢WI1drfe These •T• (urls ccffjnec¢ wlh FOt•ntial new donLK5 and 5wead news ol Ethth'6 Hcw * do Volunt•• AS A charity we have had frrtac WFpy¢ Irun a We hm bew to •SJ lo that grwp and In h8 had 45 aLJJ¥dy in ¢M . Ethih's trk¥¢ w•it to tharth * the Fc48 for their and ded durirvJ a wory ¢fficL yw fc all crfu& Trurt••¥' R•¥pWWlI Th8 ChaniN8s Ad 2011 requires ithe InJees 10 stalwnents exh fvwrKial year wlych gi a true and f)Ir vievl ol th8 of affr6 01 the CIQ AThJ ol the 01 cio fL¥ Vwt Lj. In t InJ5t•e5 are reww•d lo.. . SdBCt 8uttat accwrtiro Jnd C¢MYlerfy . Make iudgomw estimatps th•1 ¥e re8Xt4e )d KXL . Pryr• fthnu•l ¥¢•twMrts cfrt•m t•¥$ rt Li to ry••JW Ih•i th• CIO wil m fjMist•nc. fin8nry8¢ rd the CIO. Thgy are also fespxBtde lty s•fewarthJ ts w8ols rl fv CIO I•irv4 r•#8tsnabl• si•w for Ihtr atxl dthOuthoI ar¥J oiw irr•gLd•ii 2fj..S.eptemb.e.r..2.Q.2.3........... .. on ¢hw"r hlbY Trn8te¢.......... ....... Pnn Name. eA¢Z<¢
EDITHS HOPE {ChaiiIae InCNatj Organisaknonl INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS Report to th8 trustee members of Ediths W on tha Jnts for the year ended 31st March 2023 set out on pages 8 to 16. R•sp•etl¥• rponsIbIlItI•$ of truste•s ¥nd •vmln•r The ¢hanty8 tW8te8s are responsible for the preparat of aw)unl8. Th& charity's trustees cL)nsider that an audit is not required for thls year undef section 144 of the Chariti8s Act 2011 Its Charitws Act) and that an indeF*ndènl exarninalion 15 no8d8d. It Is my rèsponslbllity to.. gxamlng th& acuunts under secaion 145 ofthe Charitw ACL follow the proceduros laid dcmn in thè g•nwal DirtI$ gr1 by the Charity Commi86ion lund8r sectlon 14515llbl of tha Charlllos Act. and slate whethèr partku48r matters have ¢?)ry to my attontknn B•sS8 of Ind•p•nd•nt •xarnln•rf8 8tat•m•nt My examlnatlon wa$ cafrle(l out In xo)rdance with geral th.rect$ gNen by Ihe Charity Commi886on. An examination includes a review of the accounlirvJ wor(Is kept by thtr charity and a comparison of the accounls pr8s&nl8d with thos8 record8. It also includes consideration of any unusual rtems LY discbsures in the accounts, and seeking explanations from the Iruslees conceming any SLKh matters. The WOC8dures YJertak8n do not wvide all the evidence that would be required in an audit, and consequently no opinkn) 1$ gN¢n 88 io vthether the accounts present a 'trn• and foir, vbw and tho r$port is limited lo those matters set out in thg ststwnent bek)w. Indep•nd•nt •xamln•fi •t•tsm•nt In connection with my examinath, matter has o)mg to my altenlky): which gives me r8a50nable causo to bo1 that in any malarial rèsps¢L th• r¢qukgments'. to IEeep accounting records in accordaru wrth sgctth 130 of th& Chariii88 ACL and to praparè accounts whth e0rd with th• o¢wirting rOrdS and comply with tho a¢c4)unting roquirem8nts of the Charrtoes A¢¢ have not been met.. or to which. in my opinb)n. attgnlkn b& dr in crfrkn to enatAe i proper understsnding of the ELcounts to be ach8d. K. Collaku MAAT Castlo View Accounting Ltd New Bam Mudberry Lane Bosham Chichester West Sussex P018 8TS Dale: Sth October 2023
EDITHS HOPE
(Charitable Incorporated Organisation)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2023
| Notes INCOMING RESOURCES Incoming Resources from Generated Funds Donations, Grants & Legacies 3a Charitable Activities 3b Activities for Generating Funds 3c Investment Income 3d Other Incoming Resources 3e TOTAL INCOMING RESOURCES RESOURCES EXPENDED Costs of Generating Funds Cost of Charitable Activities 4a Cost of Generating Funds 4b Governance Costs 4c TOTAL RESOURCES EXPENDED NET INCOMING (OUTGOING) RESOURCES Funds Brought Forward Transfer Between Funds TOTAL FUNDS CARRIED FORWARD |
Unrestricted Designated Restricted TOTAL TOTAL Funds Funds Funds 2022/23 2021/22 £ £ £ £ £ 251,785 - - 251,785 208,205 18,322 - - 18,322 3,734 25 - - 25 1,865 30 - - 30 - 35 - - 35 - 270,197 - - 270,197 213,804 274,476 7,164 - 281,639 212,102 - - - - 1,176 1,416 - - 1,416 2,734 275,892 7,164 - 283,056 216,012 (5,695) (7,164) - (12,859) (2,208) 81,891 - - 81,891 84,099 (7,164) 7,164 - - - 69,032 - - 69,032 81,891 |
|---|---|
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 10 to 16 form part of these financial statements.
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EDITHS HOPE ICh¥i8t4e Irwwaied or9arMsat•1 BALANCE SHEET AS AT 31ST IAARCH 2023 Rerictsd Total 31-Mir.22 31.Mr-23 FIAed Tangitrle Assets InvestmBnts Total Flxod A•••t• Curr•nt Au•t• Stttk Deb¢(n & Prepaym$ Ca¥h ai and In Mand TO1 Curr•th A•xts 3.437 3.437 3.437 68.199 71.136 68.199 71,636 80.474 83.911 Cr•dhor•'. Alru1 due b••r 10 2.020 NET CURAENT A&W8 69.032 81,891 TOTAL A88ETS1•88 rrant 19.032 •9,032 Cr•dllort'. l•llrY4 in mm tr cm year 11 NET AsseT$ 61.032 61032 81.891 ollhp ¢h•rlly General Fun05 D8gnated FuNJ8 Ro#nrted Fur1 09.OJ2 89.032 81,891 $9,032 1•.032 Apwoved bylhe Tru8teesC.............26..S.epternbeI.202I..... S4oNd th*r Trwt••..... . ......... Pn"rrt¢d Name..
EDITHS HOPE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
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.
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EDITHS HOPE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2023
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: 31st March 2023 : None
31st March 2022 : None
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EDITHS HOPE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2023
3. INCOMING RESOURCES
| a) Donations, Grants & Legacies Gifts & Donations Gift Aid Tax b) Charitable Activities Activities & Projects c) Activities for Generating Funds Products & Services d) Investment Income Interest e) Other Incoming Resources Sundry Income |
Unrestricted Designated Restricted TOTAL TOTAL Funds Funds Funds 2022/23 2021/22 £ £ £ £ £ 241,667 - - 241,667 200,763 10,117 - - 10,117 7,442 251,785 - - 251,785 208,205 18,322 - - 18,322 3,734 18,322 - - 18,322 3,734 25 - - 25 1,865 25 - - 25 1,865 30 - - 30 - 30 - - 30 - 35 - - 35 - 35 - - 35 - |
|---|---|
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EDITHS HOPE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2023
4. RESOURCES EXPENDED
| a) Cost of Charitable Activities Activities & Events Administrative Expenses Advertising & Publicity Bank Charges Equipment Costs Fund Raising Costs Gifts & Grants Insurance Costs Printing, Postage & Stationery Staff Costs 13 Sundry Expenses Training Costs Travel & Subsistence Website Costs 6 b) Cost of Generating Funds Product Costs c) Governance Costs Independent Examiners Fees 9 Legal & Professional Fees |
Unrestricted Designated Restricted TOTAL TOTAL Funds Funds Funds 2022/23 2021/22 £ £ £ £ £ 30,709 - - 30,709 1,842 1,690 - - 1,690 1,359 1,587 - - 1,587 3,676 321 - - 321 264 87 - - 87 120 318 - - 318 834 177,247 - - 177,247 152,852 1,120 - - 1,120 1,070 883 - - 883 632 57,483 - - 57,483 34,485 1,246 - - 1,246 1,350 - - - - 59 1,784 - - 1,784 6,955 - 7,164 - 7,164 6,604 274,476 7,164 - 281,639 212,102 - - - - 1,176 - - - - 1,176 950 - - 950 900 466 - - 466 1,834 1,416 - - 1,416 2,734 |
|---|---|
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EDITHS HOPE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2023
5. RESTRICTED FUNDS
The CIO held no Restricted Funds during this or the previous financial period.
6. DESIGNATED FUNDS
CURRENT FINANCIAL PERIOD
| Web Platform PREVIOUS FINANCIAL PERIOD Web Platform |
Balance Balance 01-Apr-22 Income Expenditure Transfers 31-Mar-23 £ £ £ £ £ - - 7,164 7,164 - - - 7,164 7,164 - Balance Balance 01-Apr-21 Income Expenditure Transfers 31-Mar-22 £ £ £ £ £ 6,056 - 6,604 548 - 6,056 - 6,604 548 - |
|---|---|
Designated funds are wholly represented by the charity's cash reserves and are to be expended as designated above.
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EDITHS HOPE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2023
7. INVESTMENTS
The CIO held no fixed assets investments during this or the previous financial period.
8. CASH AT BANK AND IN HAND
| Cash at Bank & in Hand | Unrestricted Restricted Total Total Fund Fund 31-Mar-23 31-Mar-22 £ £ £ £ 68,199 - 68,199 80,474 68,199 - 68,199 80,474 |
|---|---|
9. DEBTORS AND PREPAYMENTS
Sundry Debtors
| Unrestricted Restricted Total Total Fund Fund 31-Mar-23 31-Mar-22 £ £ £ £ - - - - |
|
|---|---|
| - - - - |
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| PAYE & N.I Independent Examiners Fees |
Unrestricted Restricted Total Total Fund Fund 31-Mar-23 31-Mar-22 £ £ £ £ 1,654 - 1,654 1,120 950 - 950 900 2,604 - 2,604 2,020 |
|---|---|
11. CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
The CIO held no long term liabilities during this or the previous financial period.
12. NET ASSETS BETWEEN FUNDS
| Fixed Asset Investments Net Current Assets Long Term Liabilities |
Unrestricted Restricted Total Total Funds Funds 31-Mar-23 31-Mar-22 £ £ £ £ - - - - 69,032 - 69,032 81,666 - - - - 69,032 - 69,032 81,666 |
|---|---|
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EDITHS HOPE
(Charitable Incorporated Organisation)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2023
13. STAFF COSTS AND NUMBERS
| TOTAL 2022/23 £ Gross Wages & Salaries 57,483 Employer's National Insurance Costs - Pension Contributions 1,096 58,578 Employees who were engaged in each of the following activities: TOTAL 2022/23 Charitable Activities 2 |
TOTAL 2021/22 £ 33,711 - 774 34,485 TOTAL 2021/22 2 |
|---|---|
The Charity operates a PAYE scheme to pay all members of employed staff and no employees received emoluments in excess of £60,000. (2021/22:None)
14. 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.
15. 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.
16. 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.
17. 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
18. STOCK
Stock consist of items purchased in order to generate income to further the Charity's objects. Stock is valued and included in the accounts at the lower of cost or net realisable value.
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