ALBERT'S OF SALFORD CIO
Registered Charity Number: 1190274 CE022418
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH APRIL 2022
ALBERT'S OF SALFORD CIO
2
INDEX
| PAGE NUMBER 5 6 7 8 9 - 13 |
CONTENTS TRUSTEES ANNUAL REPORT INDEPENDENT EXAMINERS REPORT STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET STATEMENT OF CASH FLOWS NOTES TO THE ACCOUNTS |
|---|---|
1
Report of the trustees for the year ended 30 April 2022
The trustees present their annual report and financial statements of the charity for the year ended 30 April 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, 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 in the UK and Republic of Ireland published (FRS 102) (effective 1 January 2019).
Reference and administrative information
Charity Name: Albert’s of Salford CIO
CE022418
Charity Number: 1190274
Structure, governance and management
The Charity is a charitable incorporated organisation and converted from Albert’s of Salford CIC Co. No. 06565112 and was registered on 7[th] July 2020.
Trustees
Joyce Lyamuya
Michael Thorpe (resigned 14.July 2022)
Dave Morgan
Robert Hinder (appointed 4[th] May 2021)
Principal Office
Humphrey Booth Centre
Heath Avenue
Salford
M7 1NY
Independent Examiners
Community Accountancy Service Limited
4
The Grange, Pilgrim Drive
Beswick, Manchester M11 3TQ
Bankers
Bank of Scotland plc, The Mound, Edinburgh, EH1 1YZ
Objectives and activities
The purposes of the charity is the promotion of community participation in healthy recreation for the benefit of the inhabitants of Salford and the surrounding areas by the provision of facilities for playing, in particular, but not exclusively, football.
The trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the Charity’s aims and objectives, in planning future activities, and setting the policies for the year.
The charity furthers its charitable purposes for the public benefit by providing facilities for playing football and other recreational activities.
A review of our achievements and performance: How our activities delivered public benefit:
Despite the intrusion of stop start restrictions related to Covid 19 the year 21/22 reflected a resurgence in all areas of activity at Albert’s CIO other than the long-standing youth club run in conjunction with The Broughton Trust. Commercial evening and weekend pitch bookings were restored with over 50% being at community concessionary rates. About 30% of usage was from BEM groups from Churches, Social groups and Refugee Support organisations. Targeted postschool and weekend free access to the pitch was reintroduced. Subsidised day -time pitch use was strengthened by the ongoing use by Foundation 92 (Salford FC Community Trust) as part of their community education and well-being programme and by a number of local Jewish Boys schools. Occupancy remains over 90% for evening use and about 70% overall across the year. The summer period (2021) saw the planned reintroduction of community/family/church weekend festival events involving the whole facility.
Foundation 92 renewed their commitment to use Albert’s as their operating base for the following year and to invest in the new development. This together with the continued support of ‘anchor’ users such as Barr Hill FC and Village FC has contributed to a stability of funding in the first year of the CIO.
The charity had an income for the year of £ 80,352 and expenses of £87,296. Total reserves of £67,826 include £1,932 restricted funds.
Investment powers and policy
Aside from retaining a prudent amount in reserves each year, most of the charity’s funds are to be spent in the short term so there are few funds for any longer term investment.
Reserves policy and going concern
The balance held in unrestricted reserves at 30 April 2022 was £65,894 (2021: £72,838) of which £65,739 (2021: £72,591) is free reserves, after allowing for funds tied up in tangible fixed assets.
The trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately six months of charitable expenditure. The trustees consider that this level will provide sufficient funds to respond to applications for grants and ensure that support and governance costs are covered. The trustees also intend to designate reserves for future capital investment including the pitch.
The Charity's main source of income is grants and facilities hire. The Trustees consider that it is appropriate to prepare the accounts on a going concern basis and, consequently, the accounts do not include any adjustments that would be necessary if these sources of income should cease.
Risk management
The trustees have conducted a review of the major risks to which the charity is exposed and systems have been established to mitigate those risks.
Plans for Future Periods
With the assistance of grants from Salford City Community Committee plans were made to the floodlights with an LED system (this took place in June 21). The pitch has failed its FA test having exceeded its planned/anticipated life span. It has been carefully maintained but we now need to apply to the Football Foundation for grant aid towards a new pitch. This will have to be matched by a significant fund-raising strategy. The stop-start nature of Covid lockdown has reduced pitch usage and the FA have had a tolerant view of continued usage until a replacement can be funded. Future development at Albert's will need to factor in an ongoing relationship with F92 and new forms of partnership will be explored.
Appointment of trustees
New trustees are appointed by the Board and serve for three years after which they may put themselves forward for re-appointment. The Trust Deed provides for a minimum of three trustees, to a maximum of six trustees, with no more than two trustees due for re-appointment in any one year.
At the quarterly trustee meetings, the trustees agree the broad strategy and areas of activity for the Charity, including investment, reserves and risk management policies and performance. The day to day administration of the Charity is delegated to the facilities Manager.
6
Trustee induction and training
All trustees receive induction into the organisation including an induction and training handbook.
Trustees’ responsibilities in relation to the financial statements
The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales 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, of the charity for that period. In preparing the financial statements, the trustees are required to:
-
Select suitable accounting principles and then apply them consistently;
-
Observe the methods and principles in the applicable Charities SORP;
-
Make judgments and estimates that are reasonable and prudent;
-
State whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
-
Prepare the financial statements on a going concern basis unless it is not appropriate 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, the applicable Charities (Accounts and Reports) Regulations, and the provision of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees on 22 November 2022 and signed on their behalf by:
Robert Hinder
CHAIR of TRUSTEES
7
INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF ALBERT'S OF SALFORD CIO REGISTERED CHARITY NO. 1190274
I report on the accounts of the charity, for the Year Ended 30[th ] April 2022 which are set out on pages 6 to 13.
Respective Responsibilities of Trustees and Examiner
The charity's trustees are responsible for the preparation of the accounts. The charity trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 201 1 (the 201 1 Act) and that an independent examination is needed. The charity is preparing accrued accounts and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.
It is my responsibility to:
-
Examine the accounts under section 145 of the 201 1 Act;
-
follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 201 1 Act; and
-
To state whether particular matters have come to my attention.
Basis of Independent Examiners Report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out below.
Independent Examiner's Statement
Except as disclosed below, in connection with my examination, no matter has come to my attention:
(l) which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records have in accordance with section 130 of the 201 1 Act; and
-
to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 201 1 Act,
have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
E.L Anderson MA FCA CTA
Signed:
ALBERT'S OF SALFORD
8
Date:22 November 2022 Community Accountancy Service Ltd
The Grange, Pilgrilu Drivc, Dcswick, Manchester, Ml 1 3 TQ
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2022 INCLUDING INCOME AND EXPENDITURE ACCOUNTS
| Total | Total | Total | ||||||
|---|---|---|---|---|---|---|---|---|
| Funds | Funds | |||||||
| Unrestricted | Restricted | Year | Year | |||||
| Ended | Ended | |||||||
| Fu | Funds | 30 April | 30 | April | ||||
| nds Notes Income from: | 2022 | 2021 | ||||||
| Charitable Activities | (3) | 76,581 | 3,76 | 80,34 | 68,764 | |||
| 7 | 8 | |||||||
| Investment Income | 4 | 4 | 12 | |||||
| Total | 76,585 | 3,767 | 80,352 | 68,77 | ||||
| 6 | ||||||||
| Expenditure on: | ||||||||
| Charitable Activities Total |
(4) | (83,529) | (3,767) | (87,296) | (51 , 385) |
|||
| (83,529) | (3,767) | (87,296) | (51 , | |||||
| Taxation - pre conversion | 385) | |||||||
| Net gains/(losses) on investments Net income/(expenditure) |
935 | |||||||
| Transfers between funds | (1 1 ) | (6,944) | (6,944) | 18,32 6 |
||||
| Net movement in funds | ||||||||
| Reconciliation of funds | (6,944) | (6,944) | 18,32 6 |
|||||
| Total funds brought forward | (1 1 ) | |||||||
| 72,838 | 74,770 | |||||||
| Total funds carried forward statement of financial activities |
(1The | 1,932 | 56,44 4 |
|||||
| includes all gains and losses in the year. incoming resources and resources |
65,894 | 1 ,932 | 67 | ,826 | 74,77 0 |
All | ||
| expended derive from continuing activities. |
ALBERTS OF SALFORD
7
The notes on pages 9 to 13 form part of these accounts.
BALANCE SHEET AS AT 30 APRIL 2022
CE022418
| Notes Fixed assets: Tangible assets (8) 155 247 Total fixed assets Current assets: Debtors (9) Cash at Bank & in Hand Total current assets Liabilities: Creditors: Amounts falling due within one year (1 0) Net current assets or liabilities Total net assets or liabilities The funds of the charity: Restricted income funds (1 1) Unrestricted income funds (1 1 ) Total charity funds Approved on behalf of the Trustees Management Committee Dave Morgan |
30 April 2022 30 April 2021 ~~(Trustee)~~ 155 247 4,517 65,918 7,9 90 68,9 00 70,435 76,8 90 (2,764) (2,3 67) 67,671 74,5 23 67,826 74,7 70 1,932 65,894 1 , 93 2 72,8 38 67,826 74,7 70 |
|---|---|
Bob Hinder
(Trustee)
Date: 22 November 2022
The notes on pages 9 to 13 form part of these accounts.
ALBERT'S OF SALFORD
| 10f | ||||||
|---|---|---|---|---|---|---|
| orthe yearended30April | ||||||
| Net movement in funds | (6, 944) | 18,326 | ||||
| Add back depreciation | 92 | 92 | ||||
| Add interest paid | 26 | |||||
| Deduct investment income | (4) | (12) | ||||
| Decrease/(increase) in debtors | 3,473 | (1 , | ||||
| 700) | ||||||
| Increase/(decrease) in creditors Increase/(decrease) in provisions |
~~397~~ (2,986) |
~~(3,787)~~ (34) 12,9 1 1 |
||||
| Statement of Cash Flows | 2022 | |||||
| Reconciliation of net movement in | funds | to net cash flow from | 12 | |||
| operating activities | (26) | |||||
| (1 | ||||||
| Year Ended | 4 | 59) | ||||
| Year Ended | 4 | (173 | ||||
| 30 April 2022 30 April 202~~1~~ | ) | |||||
| 12,7 | ||||||
| Net cash used in operating activities | 38 | |||||
| (2,982) | ||||||
| Cash flows from investment | activities: | 56,1 | ||||
| Interest | 68,900 | 62 | ||||
| Interest Paid | 65,918 | 68,9 | ||||
| Purchase of fixed assets | 00 | |||||
| Net cash provided by investing activities |
Increase/(decrease) in cash and cash equivalents during the year
Cash and cash equivalents brought forward Cash and cash equivalents carried forward
1. Accounting policies
(a) Basis of preparation and assessment of going concern
The accounts (financial statements) have been prepared under the historical cost convention with items recognsied at cost or transaction value unless otherwise stated in the relevant notes to these accounts. 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 (FRS 102) issued on 1st January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102.
(b) Funds structure
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed. There is one restricted fund at year end.
Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose.
Further details of each fund are disclosed in note 11.
ALBERT'S OF SALFORD
11
Notes to the accounts for the year ended 30 April 2022
(c) Income recognition
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. Ir the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilmenl of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
(d) Expenditure Recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attributior refer to note (f) below.
(e) Irrecoverable VAT
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
(f) Allocation of support and governance costs
Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to independent examination ad legal fees together with an apportionment of overhead and support costs.
Governance costs and support costs relating to charitable activities have been apportioned based on type of expense. The allocation of support and governance costs is analysed in note 5.
(g) Taszation
The period up to 6th July 2020 has been treated for taxation purposes as a CIC. From 7th July 2020 tne organisation has charitable status and will be applying for exemption from tax on income and gains.
(h) Charitable Activities
Costs of charitable activities include governance costs and an apportionment of support costs as shown in note 4 (i) Tangible fixed assets and depreciation
All assets costing more than €500 are capitalised and valued at historical cost. Depreciation is charged on the following basis:
Facilities, Security & Equipment
20% on cost
(j) Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their varying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
(k) Pensions
ALBERT'S OF SALFORD
12
Notes to the accounts for the year ended 30 April 2022
The charity currently does administer contributions to an auto enrolment pension scheme on behalf of individuals. The charity has no liability beyond making its contributions and paying across the deductions for the contributions.
(l) 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.
(m)Creditors and Provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event thé will probably result in the transfer of the funds to a third party and the amount due to settle the obligation
| 3. Income from charitable activities | Unrestricte | Unrestricte | Restricte | Restricte | Total | can be |
|---|---|---|---|---|---|---|
| d | d | Funds | ||||
| Year | Ended | Year | Year | |||
| 30 | Ended | Ended | ||||
| April | 30 April | 30 April | ||||
| Grants: | ~~2022~~ 76,581 |
~~2022~~ | 3,767 | ~~2022~~ 80,34 |
||
| Salford City Council - floodlights repair | 3,76 | 3,767 8 |
||||
| Facilities Hire | 76,58 | ~~7~~ | 76,581 8,73 3 |
|||
| measured of estimated reliably. Creditors and provisions are normally recognised at their settlement |
1 8,733 |
19,4 16 40,61 |
amount | |||
| after allowing for any trade discounts due. | 40,615 | 19,416 | 5 |
2. Related party transactions and trustees' expenses and remuneration
The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2020: Enil). Expenses paid to the trustees in the period totalled Enil (2020: Enil).
Previous Year
Grants:
Coronavirus Retail, Hospitality & Leisure Grant
HMRC CJRS
Facilities Hire
49,348 19,416 68,764
ALBERT'S OF SALFORD
13
Notes to the accounts for the year ended 30 April 2022
| l2022 | l2022 | l2022 |
|---|---|---|
| Year Ended Year |
||
| Ended 30 | April 2021 | |
| 34, 164 | ||
| 1 | ||
| 41 | ||
| 7 | ||
| 7,355 | ||
| 3,418 | ||
| 91 | ||
| 5 | ||
| 78 | ||
| 65 | ||
| 12 | ||
| 5 | ||
| 1 ,324 | ||
| 92 | ||
| 44 | ||
| 1 | ||
| 66 | ||
| 5 | ||
| 2,325 | ||
| 51 1385 | ||
| 19,416 | ||
| 31 ,969 | ||
| 4. | inc pitch | |
| Expendi | lighting | |
| ture | Repairs & | |
| Renewals | ||
| Expendi | Floodlight | |
| ture | on | Repairs |
| charitab | Insurance | |
| le | Minor | |
| activitie | Equipmen | |
| s: | t | |
| Employ | Refreshm | |
| ment | ents | |
| Costs | Advertisin | |
| Rent | & | g & |
| Rates | Publicity | |
| Cleanin g & Waste |
Telephone & Internet Depreciati |
|
| on | ||
| Heat, Light Water |
& | Card Charges |
ALBERT'S OF SALFORD
14
Notes to the accounts for the year ended 30 April 2022
| ed30A | pril2022 |
|---|---|
| G o v e r n a n c e C o s t s S u p p o r t C o s t s Restricted 30 April 2022 38,569 38,569 2,445 2,445 1 ,097 1 ,097 10,085 10,085 2,765 2,765 21 ,600 3,767 25,367 986 986 726 726 25 25 100 100 1 ,363 1 ,363 92 92 |
|
| Restrict ed funds Unrestri 351 351 668 668 |
|
| ~~cted~~ funds Unrestric ted ~~2,657~~ 2,657 83,529 3,767 87,296 |
| Employment Costs Post, Printing & Stationery Sundries Interest Payable Accountancy Fees Payroll Bureau Legal Fees Bank Charges |
51 ,385 Support Governanc e 2022 Total 2021 Total 1 ,200 1 , 200 1 ,200 6 6 28 279 27 9 341 26 66 8 66 8 665 208 20 8 611 648 64 8 316 31 6 119 2,657 668 3,32 5 2,990 Year Ended 30 April 2022 39,50 5 26 4 Year Ended 30 April 2021 34,8 27 537 39,76 9 35,3 64 |
|---|---|
| 648 316 |
5. Allocation of governance and support costs
The breakdown of support costs and how these were allocated between governance and other support costs is shown below:
General
6. Analysis of staff costs
Wages and Salaries
Social Security Costs Pension Costs
The average number of employees during the year was 3 (previous year: 3) with the full time equivalent of I .6. The charity considers its key management personnel comprises the trustees. The total employment benefits, including employer pension contributions of the key management personnel were Cnil (previous year: Enil), No employee has benefits in excess of €60,000 (previous year: none).
- Independent Examiner Fees
Year Ended Year Ended 30 April 2022 30 April 2021
| Independent examination fees | 578 | 575 |
|---|---|---|
| Other services | 90 | 90 |
| 8. Tangible Fixed Assets Cost At 1 May 2021 Additions At 30 April 2022 Depreciation At 1 May 2021 Charge for Year At 30 April 2022 NET BOOK VALUE At 30 April 2022 At 30 April 2021 9. Analysis of debtors Other Debtors Prepayments All debtors relate to unrestricted funds in 2021 and 2022. 10. Creditors: amounts falling due within one year Tax & Social Security Costs Other creditors Accruals All creditors and accruals relate to unrestricted funds. 11. Analysis of charitable funds Balance at 1 May Incoming Resources Balance at 30 Restricted Funds 2021 Resources Expended Salfoird CVS - youth projects 1 ,932 Salford City Council - floodlight 3,76 7 (3,767) Facilities & Security 60,159 60,15 9 60,158 60,15 8 1 1 |
Facilities & Security 60,159 |
66 8 66 5 |
|---|---|---|
| Equipmen t 4, 766 Total 64,92 5 |
||
| 60,15 9 |
4,76 6 64,92 5 |
|
| 60,158 | 4,52 0 9 2 64,67 8 92 |
|
| 60,15 8 |
4,61 2 64,77 0 |
|
| 1 | 15 4 155 |
|
| 1 | 24 6 247 |
|
| Year Ended 30 April 2022 3,90 0 61 7 Year Ended 30 April 2021 7,51 4 476 |
||
| 4,51 7 7,99 0 |
||
| Year Ended 30 April 2022 44 6 50 5 1,81 3 Year Ended 30 April 2021 518 317 1,532 |
||
| 2,76 4 2,367 |
||
| Transfer April 2022 1 ,932 |
| Unrestricted Funds General Fund Total Previous Year Restricted Funds Safford CVS HMRC CJRS IJnrestricted Funds General Fund Total Name of restricted fund: Safford CVS 12. Analysis of net assets between funds Tangible fixed assets Cash at bank and in hand Other net current assets/(liabilities) Total Previous Year Tangible fixed assets Cash at bank and in hand Other net current assets/(liabilities) |
1,932 3,767 (3,767) 1,932 |
|---|---|
| 72,838 76,585 (83,529) 65,89 4 |
|
| 72,838 76,585 (83,529) 65,89 4 |
|
| 74,770 80,352 (87,296) 67,82 6 |
|
| Balance at 1 May 2020 1,93 2 Incoming Resources 19,416 Resources Expended (19,416) Transfer Balance at 30 April 2021 1,932 |
|
| 1 , 932 19,416 (19,416) 1 ,932 |
|
| 54,512 49,360 (31,034) 72,83 8 |
|
| 54,512 49,360 (31,034) 72,83 8 ~~Description nature and purpose of the fund~~ |
|
| 56,444 68,776 (50,450) 74,770 ~~,~~ towards youth provision |
|
| Unrestrict ed Restricted funds 2022 funds 2022 Total 2022 155 1 5 5 63,986 1 ,932 65,9 18 1 ,753 1 , 75 3 65,894 1,932 67,8 ~~26~~ IJnrestrict ed Restricted funds funds 2021 2021 Total 2021 247 247 66,968 1 ,932 68,9 00 5,623 ~~72,838~~ 1 ,932 5,6 23 74,7 70 |
Total
- Financial Instruments
The financial charity instruments only has financial are initially assets recognised and liabilities on a transaction of a kind that value qualify and as subsequently basic financial measured instruments. at theirBasic
settlement value with the exception of bank loans which are subsequently measured at an amorlised cost using the effective interest method
15. Post Balance Sheet Events
The trustees do not consider that there have been any material post balance sheet events that impact on the financial statements as shown.