GYNAE-ONCOLOGY RESEARCH AND CLINICAL EXCELLENCE (GRACE) Charitable Incorporated Organisation
Registered Charity Number 1189729
Report and Financial Statements
For the year ended 31 March 2024
1
GRACE (Registered Charity No 1189729)
Report of the trustees for the period ending 31 March 2024
The trustees are pleased to present their annual report together with the financial statements of the charity for the ten month period ended 31 March 2024.
The financial statements comply with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 102)(effective 1 January 2019).
Chair’s Report
Research
The charity continues to support research into gynaecological cancers, help support patients having to undergo treatment and supply local hospitals with vital surgical equipment. Current research projects continue to be supported and fundraising activity is re-establishing itself. New researched proposals are being assessed if they can be supported within the charity’s existing cash flow predictions. Note 7 highlights the current support being given by GRACE.
Fundraising
The 2023/24 financial year saw GRACE focus on developing its strategy and positioning, alongside its service delivery. At the heart of our work, was the co-production and designing of the charity’s offering in partnership with women who have lived and experienced gynaecological cancers. Our fundraising approach was underpinned by this. GRACE exists to provide women-centred support at every stage of a gynae cancer diagnosis – from treatment through to recovery. Our fundraising has been geared towards this, with grants, individual giving and event messaging and resulting revenue being focussed on the delivery of a new counselling support service for women and their families , a programme of therapeutic peer groups in East Surrey and Guildford , as well as our free enrichment events , which enable women to meet others with similar experiences while taking part in a fun activity. This is in line with our purpose to ensure that women diagnosed with gynae cancers don’t just live, but live well.
Income generated for the charity this year came through several different channels, but mainly through the sales of products via our new online shop on our website; the Reigate Christmas Fayre; a match funded individual giving campaign via the Big Give Christmas Challenge; a grant from the Community Foundation for Surrey; third party events such as the Pink Tie evening; and the Lewis Car Show in Churt.
The work undertaken in this financial year has put us in positive position and 2024/25 is the first year since pandemic that we aim to make a surplus from fund raising activities alone; earlier than initially projected. We are hugely grateful to all the people whose support enabled us to do this; especially to those who gave their time and energy to helping us fundraising. We’re grateful to the Hospital Saturday Fund; the Community Foundation for Surrey; the Farnham Lions, the Farnham Rotarians and all the many individuals who helped make their events and fundraising efforts a success.
Trustees
The Charity would not exist without the trustees who voluntarily give their time and effort to help run and manage the Charity. My thanks go to them.
Simon Butler-Manuel Chair
2
GRACE (Registered Charity No 1189729)
Our purposes and activities
GRACE was established in 2005 to improve the prognosis and survival rates for women with gynaecological cancers, a desperately neglected area of medicine. Since then a unique service for the gynaecological cancers has been established at St. Luke’s Cancer Centre, Guildford, supporting a clinical network across Surrey, Sussex and Hampshire delivering equity of high-quality care. GRACE uses its funds to raise awareness, patient support, purchase equipment, fund research and has contributed to the development of a centre of excellence for the treatment of gynaecological cancers, with a growing national and international reputation.
GRACE’s Mission
GRACE supports women with gynaecological cancers by raising awareness, funding research, offering peer support for women who have been diagnosed and providing local hospitals with vital surgical equipment.
Its mission is to
-
Raise standards of gynaecological cancer care and treatment for women across Surrey, West Sussex and Hampshire.
-
Promote early diagnosis and treatment through awareness.
-
Raise funds to support ground-breaking research into the cause, progression and treatment of gynaecological cancers.
Achievements and performance
Over the last twelve months the Charity has spent £32.3k (2023: £50.3k) funding research, research related projects and peer support for women who have been diagnosed.
Financial review for the period
Total deficit for the twelve-month period was £4,672 (2023: surplus £11,873). The movement between the years can be explained as follows. Within the revenue GRACE did not benefit from a legacy donation of £38.4k which was received in the prior year. GRACE’s research assistant, who left in December 2022, donated part of her salary back to GRACE with gift aid, this loss of revenue was £9.9k. Further timing of gift aid claims reduced revenue by a further £1.9k. During the year the RCT Mirrors trial started and expended £13.1k which was matched with the Intuitive Foundation grant of $60k, now fully received and ring fenced for this research. Fund raising activity this year has accelerated and netted a further £8.8k in revenue. During the year GRACE also received £5k from Surrey Community Foundation to help support a counselling service for peer support. This year GRACE benefit from interest rate increases receiving £0.6k in additional interest receipts.
Within the expenditure, GRACE’s significant saving was the research assistant’s salary of £38.0k. As mentioned above the cost incurred of £13.1k for the RCT Mirrors trial was match with the grant received. During the year GRACE incurred the additional cost of a fundraising assistant who was made redundant in October 2023, this cost GRACE £4.8k with external personnel advice cost. This year GRACE trialled a counsellor service with the Fountain Centre at a cost of £14.2k. Research projects completed, or timings changed, saved a further £6.1k. Other increases in cost included additional marketing and product cost of £5.7k.
3
GRACE (Registered Charity No 1189729)
Overall, the financial position of the Charity remains cautious but has improved over last year. With current annual running costs of £83k and existing net assets of £133k there are sufficient funds to cover its running costs for at least nineteen months. The charity endeavours to retain sufficient reserves to continue running the charity and its research funding for at least twenty-four months. With fundraising slowly resuming, future and proposed research projects are still being evaluated in the light of GRACE’s cash forecast position.
Investment powers and policy
The trustees, having regard to the liquidity requirements of the charity, maintain funds which are readily accessible.
Reserve’s policy and going concern
The Charity is in a fortunate position where it is not committed to any long-term liabilities. Nevertheless, it is deemed prudent for the Trustees to ensure there are sufficient reserves to ensure the continued running of the Charity and its research funding for at least twenty-four months. As mentioned above the charity has sufficient funds to cover nineteen months (2023: sixteen months) of running and committed research costs, this falls short of the trustees’ desire to maintain at least twenty-four months cover.
However, this is not unexpected, and it is anticipated GRACE’s reserves will remain below the desired twenty-four months cover for the coming years whilst fundraising accelerates and depleted reserves are replenished.
GRACE continues to consider the future expected cash flows of the charity and its status as a going concern. Following this exercise, using conservative assumptions, the trustees conclude the charity remains a going concern.
Reserves Policy will be reviewed annually at the end of each financial year.
Plans for future periods
GRACE will continue to provide funding support to research and awareness of gynaecological cancers. The Charity is looking to expand its offering of peer support for women who have been diagnosed and will look at the opportunities of supporting a facility to co-ordinate this.
Structure, Governance and Management
The Trustees are responsible for managing the affairs of the charity.
The Board of Trustees are governed by the Charity’s constitution which is the Model Constitution of a Charitable Incorporated Organisation.
Trustees are appointed for a fixed term at which point they may be re-elected or resign. In appointing a new individual as a Trustee, the Trustees must have regard to skills, knowledge and experience needed for the effective management of the Charity.
The Trustees confirm that they have had due regard to the Charity Commission’s guidance on public benefit in reviewing the charity’s aims and objectives, in planning future activities and in compiling this report.
4
GRACE (Registered Charity No 1189729)
Reference and administrative details
Charity number: 1189729 Registered office: Department of Gynae-oncology, The Royal Surrey County Hospital Egerton Road Guildford Surrey, GU2 7XX Our advisors Independent examiner Anne Jenkins FCA, Darbyns Brook Littleford Lane Shamley Green GU5 0RH Bankers CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ Our trustees Trustees: Simon Butler-Manuel (Chair/Director) Richard Willacy (Treasurer) Caroline Hobbs (resigned 20 June 2023) Dr Agnieszka Michael Hellen Revenko (resigned 1 June 2023) Katrina Mack (resigned 1 December 2023) Helen Nicks (resigned 20 June 2023) Dr Adrian Franklin (resigned 20 June 2023) Jay Chatterjee (appointed 10 October 2023) Lynn Vellin (appointed 10 October 2023) Christian Wells (appointed 10 October 2023)
Trustees’ responsibility in relation to the financial statements
The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable Charity Law, Charities Act 2011 and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity Law and the Charities Act 2011 requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.
In preparing the financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgments and estimates that are reasonable and prudent;
-
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
5
GRACE (Registered Charity No 1189729)
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charitable website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
By order of the committee of trustees
2nd October 2024
Simon Butler-Manuel
Date:
6
Independent Examiners Report on the Accounts Report to the Trustees of GRACE (Registered Charity No 1189729) l port to the tharity trustees on my examination of the COUnt$ of the Charitable Incorporated Organisation, GIiACE. for the year ended 31 March 2024. whlch are set out on pages 8 to 17. Rew>nslbllltles and basls of r•port As the chadty's trustees. you are responsible for the pParatIOn of the accounts In accordance wlth the requirements of the Charlties Act 2011 (the Art). I report in respect of my examination of the Charity's accounts carrfed out under section 145 of the Act. In carrying out my examination I have followed all applicable Directlons glven by the Charity Commission under sectlon 145(5)(b) of the 2011 Act. Indepdent examlnw's st¥tement I have completed my examination. I confirni that no materfal matters have come to my attention in connection wlth the examlnation glving me cause to believe that in any material respect.. accounting records were not kept in respert of the Charty as requlred by sertlon 130 of the Art; or 2. that the accounts do not accord wlth those records; or 3. that the accounts do not comply with the applicable requlrements concerning the form and content of accounts set out In the Charities (Accounts and Reports) Regulation5 2008 other than the reqU1ment that the accounts give a "true and fair view" which is not a matter consldered as part of an independent examinatlon. I have no concems and have come across no other matters in connection wlth the examination to which attention should be drawn in this report in order to enable a proper UndetandIng of the accounts to be reached. loi Signed Date Anne Jenkins FCA, Darbyns Brook Littleford Lane Shamley Green GU5 ORH
GRACE (Registered Charity No 1189729) Statement of Financial Activities (SOFA) For the Period Ending 31 March 2024
| Notes Income: Donations and legacies 2 Income from charitable activities: Fund raising 3 Income from other activities: Grants Investment income 4 Total income Expenditure Cost of raising funds Cost of generating voluntary income 5 Fund raising costs 5 Expenditure on charitable activities 5 Total expenditure Net movement in funds from operating activities Net gains/(losses) on investments Net income/(expenditure) Transfers between funds Net movement in funds Reconciliation of funds: Funds transferred Total funds carried forward |
Unrestricted Funds 12 Month Period to 31 March 2024 £ Restricted Funds 12 Month Period to 31 March 2024 £ 20,267 - 39,231 - 5,000 13,106 1,065 - 65,563 13,106 (43,888) - (7,114) - (19,233) (13,106) (70,235) (13,106) (4,672) - - - (4,672) - - - (4,672) - 138,012 - 133,340 - |
All Funds 12 Month Period to 31 March 2024 £ All Funds 12 Month Period to 31 March 2023 £ 20,267 82,373 39,231 27,370 18,106 - 1,065 400 78,669 110,143 (43,888) (36,124) (7,114) (11,800) (32,339) (50,346) (83,341) (98,270) (4,672) 11,873 - - (4,672) 11,873 - - (4,672) 11,873 138,012 126,139 133,340 138,012 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the period. All income and expenditure are derived from continuing activities.
8
GRACE (Registered Charity No 1189729) Balance Sheet For the Period Ending 31 March 2024
| Notes Fixed Assets: Tangible assets 8 Total Fixed Assets Investments Current Assets: Debtors 9 Cash at bank and in hand 10 Total Current Assets Liabilities Creditors due within one year 11 Net Current Assets Total assets less current liabilities Net Assets The funds of the charity: Unrestricted Fund 12 Restricted Fund 12 Total charity funds |
31 March 2024 £ 763 763 - 2,616 167,750 170,366 (37,789) 132,577 133,340 133,340 133,340 - 133,340 |
31 March 2023 £ 645 645 - 1,829 164,367 166,196 (28,829) 137,367 138,012 138,012 138,012 - 138,012 |
|---|---|---|
The notes on pages 11 to 17 form part of these financial statements.
Approved by the Board of Trustees on __ and signed on its behalf by:
Richard Willacy Treasurer
9
GRACE (Registered Charity No 1189729) Cash Flow For the Period Ending 31 March 2024
| Cash flows from operating activities Cash flows from investing activities Dividends and interest Purchase of property, plant and equipment, investments Net cash provided by (used in) investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period Analysis of cash and cash equivalents Cash in hand Reconciliation of net movement in funds to net cash flow from operating activities Net movement in funds for the reporting period (as per the statement of financial activities) Adjustments for: Depreciation charges Dividends and interest (Increase)/decrease in debtors Increase/(decrease) in creditors Net cash provided by (used in) operating activities |
12 months period to 31 March 2024 £ 2,894 1,065 (575) 490 3,383 164,367 167,750 31 March 2024 £ 167,750 12 Month period to 31 March 2024 £ (4,672) 457 (1,065) (786) 8,960 2,894 |
12 months period to 31 March 2023 £ 26,167 |
|---|---|---|
| 400 (614) |
||
| (214) | ||
| 25,953 138,414 |
||
| 164,367 | ||
| 31 March 2023 £ 164,367 |
||
| 12 Month period to 31 March 2023 £ 11,873 218 (400) 83 14,393 |
||
| 26,167 |
10
GRACE (Registered Charity No 1189729) Notes to the Accounts 31 March 2024
1. Accounting Policies
[a] Basis of Preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. GRACE meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). GRACE accounts have been prepared on the basis of being a going concern.
[b] Fund Accounting General funds are unrestricted funds that are available for the use, at the discretion of the trustees, in furtherance of the objectives of the charity and have not been designated for other purposes. Designated funds comprise of unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are funds that are to be used in accordance with specific restrictions imposed by donors or that have been raised by the charity for particular purposes. Costs relating to such funds are charged against specific funds.
[c] Incoming Resources
All incoming resources are included in the SOFA when the charity is legally entitled to the income, there is reasonable certainty of receipt and the amount can be quantified with reasonable accuracy. The following specific policies apply to categories of income.
- i. Donations/Collections
These are accounted for when received or where there is reasonable certainty of receipt.
ii. Legacies
Entitlement is the earlier of the charity receiving the final estate accounts or the legacy being received.
iii. Donated Goods/Services
This is included at the value to the charity where this can be quantified.
iv. Grants
Where these are related to the performance and specific deliverables, they are accounted for as the charity earns the right to consideration by its performance. Where income is received in advance, its recognition is deferred and included in creditors. Where entitlement occurs before income is received, the income is accrued.
[d]
Resources Expended
All expenditure is accounted for on an accruals basis and has been classified under the headings that aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings, they have been allocated on a basis consistent with the use of the resource. The following specific policies apply to categories of expenditure.
- i. Tangible fixed assets and depreciation
Tangible assets held by the charity for its own use are capitalised and
11
GRACE (Registered Charity No 1189729) Notes to the Accounts 31 March 2024
depreciated on a straight-line basis. This permits the write-off of their costs over their useful lives as follows,
- Office/Computer equipment – 3 years
ii. Cost of generating voluntary income
These costs are those costs, be it fixed or variable, incurred in seeking voluntary contributions.
- iii. Fundraising trading costs
Are those costs incurred for products sold to raise funds for the Charity.
iv. Charitable activities cost
These are the cost incurred directly funding the aims of the Charity. It also includes the directly associated costs incurred in running GRACE’s charity events.
[e]
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
[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 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
[g] Financial instruments
The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
[h] Taxation
GRACE is a registered charity and is therefore potentially exempt from taxation of its income and gains to the extent that they fall within section 505 of the Income and Corporation Taxes Act 1998 and section 256 of the Taxation of Chargeable Gains Act 1992. No tax charge has arisen in the year.
2. Income from donations and legacies
| Donations | 12 Month Period to 31 March 2024 £ 20,267 |
12 Month Period to 31 March 2023 £ |
|---|---|---|
| 82,373 |
All income from donations and legacies was unrestricted.
12
GRACE (Registered Charity No 1189729) Notes to the Accounts 31 March 2024
3. Income from charitable activities: Fundraising
| 12 Month Period to 31 March 2024 £ Fundraising/Products 39,231 Other - 39,231 All fundraising activities represent unrestricted funds. nvestment income 12 Month Period to 31 March 2024 £ CAF Deposit Account interest 1,065 |
12 Month Period to 31 March 2023 £ 27,370 - 27,370 12 Month Period to 31 March 2023 £ |
|
|---|---|---|
| 400 |
All fundraising activities represent unrestricted funds.
4. Investment income
| 5. Analysis of resources expended 12 Month Period to 31 March 2024 £ Unrestricted Restricted Total Cost of generating voluntary income: PR, web site costs, IT 3,295 - 3,295 Insurance 491 - 491 Bank charges 78 - 78 Salary/Sub-Contracted costs 35,785 - 35,785 Administration costs 3,782 - 3,782 Depreciation 457 - 457 43,888 - 43,888 Fundraising trading costs: Products 4,161 - 4,161 Sundry 2,953 - 2,953 7,114 - 7,114 Charitable activities: Funded projects/research 19,233 13,106 32,339 |
All Funds 12 Month Period to 31 March 2023 £ Total |
|---|---|
| 998 464 88 32,598 1,758 218 |
|
| 36,124 | |
| - 11,800 |
|
| 11,800 | |
| 50,346 |
13
GRACE (Registered Charity No 1189729) Notes to the Accounts 31 March 2024
6. Staff Costs
| taff Costs | ||
|---|---|---|
| Salaries and wages Social security costs Pension costs (defined contribution scheme) Average headcount Fundraising Charitable activities Total |
12 Month Period to 31 March 2024 £ 33,372 1,758 655 35,785 4 - 4 |
12 Month Period to 31 March 2023 £ |
| 30,374 1,776 448 |
||
| 32,598 | ||
| 4 - |
||
| 4 |
7. Analysis of support given (included in the cost of charitable activities)
| Projects | 12 Month Period to 31 March 2024 Grants to individuals £ Support Costs £ Total £ 13,106 - 13,106 - - - - - - 5,000 - 5,000 2,356 - 2,356 (3,455) - (3,455) 15,332 - 15,332 32,339 - 32,339 |
12 Months to 31 March 2023 Total £ |
|---|---|---|
| MIRRORS Study Adipocytokines and their relationship to endometrial cancer. Targeting Chemotherapy resistance using HTL01 (HOX/PBX) inhibitor in combination with MPK1 (DUSP1 inhibitor) in platinum resistant ovarian cancer. Circulating tumour cells in gynaecological malignancies in collaboration with Brunel University Risk prediction for women undergoing cancer surgery Research Assistant Peer Support (Incl. Counsellor) |
2,298 11,900 (9,500) 5,000 6,096 34,552 - |
|
| 50,346 |
The above grants primarily help support PhD (Doctor of Philosophy) and MD (Doctor of Medicine) students who study areas of cancer supported by GRACE. The £3.45k credit reflects an incorrect recharge of salary from the previous year.
14
GRACE (Registered Charity No 1189729) Notes to the Accounts 31 March 2024
| 8. Fixed Assets Cost or Valuation At 1 June 2023 Additions Disposals At 31 March 2024 Depreciation At 1 June 2023 Charge for the year Disposals At 31 March 2024 Net Book Values At 1 June 2023 At 31 March 2024 9. Debtors Accrued Gift Aid Accrued Income PAYE Repayment Prepayments 10. Cash at bank and in hand CAF Bank current account CAF Bank deposit account |
Office, Computer Equipment £ Total £ 1,063 1,063 575 575 - - 1,638 1,638 418 418 457 457 - - 875 875 645 645 763 763 As at 31 March 2024 £ 125 2,200 - 291 2,616 As at 31 March 2024 £ 130,033 37,717 167,750 |
Total £ |
As at 31 March 2023 £ |
|---|---|---|---|
| 1,063 575 - |
|||
| 1,638 | |||
| 418 457 - |
|||
| 875 | |||
| 645 | |||
| 763 | |||
| 438 - 1,114 277 |
|||
| 1,829 | |||
| As at 31 March 2023 £ |
|||
| 127,459 36,908 |
|||
| 164,367 |
15
GRACE (Registered Charity No 1189729) Notes to the Accounts 31 March 2024
11. Creditors due within one year
| Accounts payable Accruals Payroll creditors Other creditors |
As at 31 March 2024 £ - - - 37,789 37,789 |
As at 31 March 2023 £ 3,555 - 839 24,435 28,829 |
|---|---|---|
12. Analysis of movements in unrestricted and restricted funds
| Unrestricted General fund Restricted fund Represented by: Fixed Assets Investments Current Assets Current Liabilities |
Transferred Balance 31/03/2023 £ Income £ Expenditure £ 138,012 65,563 (70,235) - 13,106 (13,106) General Fund £ Designated Fund £ Restricted Fund £ 763 - - - - - 135,526 - 34,840 (2,949) - (34,840) 133,340 - - |
Transfer | Balance 31/03/2024 £ |
|---|---|---|---|
| - | 133,340 | ||
| - | - | ||
| All Funds £ |
|||
| 763 - 170,366 (37,789) |
|||
| 133,340 |
13. Description of Reserves
Unrestricted Fund Funds held available for the ordinary purposes of the charity. Designated Fund The designated fund comprises resources invested in the charity’s fixed assets. It is therefore, not readily available for other purposes. Restricted Fund These funds represent a number of donations received which carry specific restrictions imposed by the donor.
16
GRACE (Registered Charity No 1189729) Notes to the Accounts 31 March 2024
14. Reserves Policy
There are a number of predictable costs involved in the running of GRACE. These include PR, IT, website, insurance, administration and ongoing research project costs. As we rely heavily upon fund raising and donations for our income, which can lead to irregular cash flows, we need to maintain adequate reserves to meet these costs. To this end we endeavour to hold reserves to meet regular expenditure for twenty-four months.
Expenditure for GRACE, based on the period to 31 March 2024 is £83,341 which implies reserves cover ratio of nineteen months (2023: sixteen months). This is as expected given the slow recovery of the industry and fundraising activities. It is anticipated GRACE’s reserves will remain below the desired twenty-four months cover for the coming years whilst fundraising resumes and depleted reserves are replenished.
15. Trustees Remuneration and expenses
Trustees are not remunerated for their time and no expenses have been claimed.
17