Charity number- 1195180 LINCOLNSHIRE RURAL & AGRICULTURAL CHAPLAINCY UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 UNCOLNSHIRE RURAL & AGRICULTURAL CHAPLAINCY CONTENTS Pagè Refèrence and Administrative Detalls of tho Chartty, its Trustees and Advlsers Trustèès. Report Independent Examlnefs Report Statomgnt of Flnancl•l Actlyltles Balance Sh￿t Not•8 to the Flnanclal Stst•monts 9-17 UNCOLNSHIRE RURAL & AGRICULTURAL CHAPLAINCY REFERENCE AND ADMINISTRATIVE OEfAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2024 Trustee5 M S Ward, MBE, Chair Rev D Dadswe Rev A Hwwes Rev l Br(y*n. OBE J Hiles S A Robin80n J W LockvKxid. MBE A Price S Ward (appointed 7 December 20231 Charlty r•gFstsr•d numbor 1195180 Prlnclpal offlcg Lincolnshire Shwrwnd Grangfrdfrlngs Lincoln Lincolnshir8 LN2 2NA 8•nk•rs HSBC 221 High Street Lincoln Lincolnshire LN11TS CCLA Senator House 85 Queen Vthria Street London EC4V 4ET Sollcltorn Wilkin Chapman LLP The Maltings 11-15 Biayford Wharf East Lincoln LN5 7AY Page 1 UNCOLNSHIRE RURAL & AGRICULTURAL CHAPLAINCY TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2024 The Trustees present their annud report ttrjelher W￿th the financial statements of the Charty for the year 1 July 2023 to 30 June 2024. Objectivey and act5vltles . Poll¢les •nd obloctlves The objectwes ol Lincolnshire Rural & AgriculturJ Chaplwncy are lo rdk?ve and improv8 the positive w8llbeiThJ of persons resident in rural Greater Lineolnshire by supporting and Securing the conlinual+on of the Lincolnshire agricuttural chaplains the Publ￿ benefrt. In 59tting objectives and planning f￿ actNitJo$. the Trustees have given due conskleration tts general guidance published by the Chanty Commission ielats'ng to public benefit. including the guidance 'Publi¢ b8nefrt'. running a charty IPB21'. b. M*Sn actlvltles undertaken lo furth8r th• Charltys purpos￿ for Ihg publ1¢ bon•fft Lincolnshiro Rural & Agricultural Ch8plairy furtherf8 tha public's benefft through but not exclu8Nely limitèd to.. making grants and award8 towards costs of maintsining thè Lirthln8hire agricultural chaplain$', making grants and awards tc¥wards the costs of projects undertaken by tho Lincolnshire agricultsjral ¢hapl8ins', prcffioling and informing tho Publ￿ of the undertaken by thg Lincolnshire agricuf(ural chaplains advan¢gment of Christian values for the Publ￿ tsel￿rrt of all persons, including thosé of other faiths and non, through providing the rural communty wlh qUaIrf￿1, ￿t[edrted p8sloral and spiritual ros¢wrcg8, especialty al times ot struggle. pain, loss and d￿treSS, in recognrtion of the key role of religion and spirilualty in overall human heatth. Achlevoments and perfomianc• . Maln achl•v•m•nts of tho Cha￿ty During the ygar, the Charity has continued lo raise aw8rentss of the work of the agri¢uliural and rural thaplain¢y semce and build the Profi￿ of the Chanty, and the opportunities lo give lo support tho continuation of the semce. 2024 has celebrated 25 years of semce from the current agri¢uRural chaplain, Canon Revd Alan Robson, and has been an opportunity lo run a County wde ¥•peal and events to support the fundraising which started in April 2024. Thé focus femains on buihjing a £1.5 millK)n fund over the noxt five years through donations, legac¢es, events and the release of domiant funds to achieve this vision. Flnanclal review a. Golng concern After making appropriate enquiries, the Truslees have a reasonable expectation that the Charity has adequate resources lo mnlinue in Operation￿ exislence for the foreseeab￿ future. For this reason, they contsnue lo adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concem basis can be fwnd in the accounting pol￿￿$. Page 2 UNCOLNSHIRE RURAL & AGRICULTURAL CHAPLAINCY TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 b. Res8ryes pollcy As al 30 June 2024. the balance ol unrestricted funds was £223,002. The tNsl8es seek lo maintain o balance of funds lo run the charity, whilst investing surplus funds lo build an endchvment fuThJ which wll gengrale an annual investmènt income Surr￿lent to support the needs of rural chaplaincy in future. The funds, held in resolves, are SUff￿l￿t to pemiit the Charty to continue in operation. Structurè. govgmanc• Ind Management a. Constltutlon Lln¢olnshire Rur81 & Agricutturd Chaplaincy18 a registered charty. number 1195180, and is constilu19d under a Chanty Commiss*)n Scheme. b. M•thod¥ of appolntment or electlon of Trusto The maThagem8nl of th8 Chanty 18 the responsibilty of the Trustsés V*tho are electad and c￿opted under th$ le￿5 ofthe Charity Commission Scheme. c. Flnanclal rlsk manag•mènt The Trustees have 888essed the major risks to ¥th￿h the Charity is OXPQ50d, in particular those relatèd to the operations and finances ol the Charty, and are satisf￿ that 8y818ms and procedur05 arg in placè lo mitigate exposure to tho major risks. Page 3 UNCOLNSHIRE RURAL & AGRICULTURAL CHAPLAINCY TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 Structuro. govomance and rnanagèmènt leontlnugd) Statomont of Trust￿$. r￿pOnSIbl11t1eS The Twslees are responsble for preparing the Trustees. Report and the financial statements in accordanco with applicable law and Unrted Kingdom Accounting Standards (United Kingdom General￿ Accepted Accounting Pracliee}. Tho law applicable to charitios in England & Wales requires the Trustees lo prepare financial statements for each financial which give a true and fair Vi￿ of the stale of affairs of the Charrty and of ils incoming resourGe5 and application ol resources, including ts income expenditure, for that period. In preparing Iheso financial stalemenls, the Trustees are required lo.. select suitable accounting p￿￿leS and then appty them consistenty. obsorve the methods and principles of the Charities SORP (FRS 1021.. make judgments and accounting ests'mates that arè reasonab￿ and prudent.. slate whether applicable UK Accounting Standards IFRS 1021 have been folbwad, subject to any m8lefial departures disclosed and explained in the financial statements.. prepare the financial ststemenls on the going concém basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible keeping adequate accounting record5 that are SLrficienl lo show and explain the Charity5 transactK)ns and disclose wrth reaSona￿e accuracy at any lime the financ￿1 posrtion of the Charty and enable thom lo ensurè that the financial $lalemenls comply wth the Charitie8 Act 2011, the Charty (Accounts and Reports) Regulations 2008 and the provisions of the Charty Commission Scheme. Thoy aro also responsible for safeguarding the assets of the Charity and henco for tsking reasonab￿ steps for Ihg prevention and delects'on of fraud and other irregularities. Approved by order the members -4--( L loL* the board of and signed on their behaw by. Trustees on M S Ward MBE Chair of Trugtees Page 4 UNCOLNSHIRE RURAL & AGRICULTURAL CHAPLAINCY INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2024 Independent Examiner's Report to tha Trustofjs of LI￿￿1n$hi1a Rural & Agrlcultural Chaplalncy I'the Charity. I report lo the charity Tru3te8s on my eX￿inat￿lft of the accounts of the Charrty for the year ended 30 June 2024. Reyponslbllitlos and Basls of RoPOrt As the Trustees of the Charity you are responsib￿ for the preparation of th8 xctyjnts in arxordance wlh the requIr￿entS of Ihe Charthes Act 2011 fthe 2011 A¢r). I report in rg¥pe¢t of my examin8th)n of the Charitys account8 C8rri&* out under section 145 of tha 2011 Act and in carrying out my examination I have folknved the applicabla Directions given by the Charity Commission undor section 14515llbl ot the 2011 Act. Independènt Ex•mln•rfs Statement Your attèntion is drawn to the l&t that the Chanty has prepared the a¢¢ounls in accordance wlh A¢¢ounlino and Repgrting by Charitses.. Slalemenl of Rocommended Practice applicable lo charities prepartng their accounts In accordance with th6 Financial Reporting Standard appl￿ts￿ in the UK and Rgpublic of Ireland IFRS 1021 in preferenee to the Accounting and Reporting by Charities.. Statement of Re¢C￿Mer￿10d Practice 18su¢d on 1 Aprll 2005 which is rgferyed lo in tha extant regulatic￿8 bul has be￿ wthdrawn. l understand that this ha8 been done in order for the aceounls lo pwde a tnje and fair vivw in accordance witti the Generalty Accepted Accountsng Practice effe¢live for rewting periods beginning on or after 1 January 2015. I havè e¢mplelgd my examination. I confimi that no matters have ¢ome to my attention In conn0clh￿ wrth the examination giving me causè lo beI￿ve that in any material respoGL' vKcounling r￿OrdS were not kept in respect of the Chanty as required by section 130 of the 2011 ACL or the accounls do not &cord wth those rec￿d$.. or the accounts do r￿1 CoM￿Y with Ihe applicable reqU1￿ments concerning the form and conlenl of accounts sel OLrt in the Charibes (Accounts and Reports) Regulati￿$ 2008 other than any requirement that the accounts gNe a Irue and fairf wew which is not a matter cons*Jered as part of an independent examination. I have no concems and have C(￿ across no other matters in conngclion wlh the examination to which attention Should be drawn in this report in order lo enable a proFer understanding of the accounts to be reached. Page 5 LINCOLNSHIRE RURAL & AGRICULTURAL CHAPLAINCY INDEPENDENT EXAMINER'S REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 This report is made soldy to the Chariws Trustees. as a body, in accordance with Part 4 of the Charities {Accounts and Reports) Regulations 2008. My work has been undertaken so that I might slate lo the Charitys Trustees those matters l am required lo slate lo them in an Independent Examinerfs Report and for no other purpose. To the lullesl extent pemirtted by law, I do not accept or assume reskx)nsibilty to anyone other than the Charity and the Chartys Trustees as a body. for my work or for this report Signed.. Datgd.. Llnda Lord BS¢ FCA TEP Isènlor Statutory Audltorl Tower House Lucy Tower Street Lincoln Lincolnshire LN1 1XW Page 6 UNCOLNSHIRE RURAL & AGRICULTURAL CHAPLAINCY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024 Unre5trlcted funds 2024 Total funds 2024 Tot81 funds 2023 Note Income from: Oonations and legacias 73.245 58,950 Total Income 73,245 73,245 58,950 Expendlture on: Raising funds Charitable actNIIi88 11,696 2.059 11.696 2.059 10,915 2.012 Totsl •xp•ndlturn 13,755 13,755 12,927 Not In¢omg befor• net galn8 on Invostm•nts Net gain8 on investments 69.490 11,927 59,49Q 11.927 46,023 270 Net mov•mgnt In fund¥ 71.417 71,417 46,293 Reconclllatlon of funds: Total funds brought fON￿rd Nel movement in funds 151,585 71A17 1 $1,$85 71.417 105,292 46,293 Total funds carrtod lorward 223,002 223.1)02 151,585 The Statement of FlnarLial Acti￿lieS includes all gains and losses recogni8ed in the year. The notes on pages 9 to 17 lomi part of these financial Ststements. Page 7 UNCOLNSHIRE RURAL & AGRICULTURAL CHAPLAINCY BALANCE SHEET AS AT 30 JUNE 2024 2024 2023 Not• Flxed assets Inveslm8n18 112.197 100,270 112,197 100,270 Current assets Cash at bank and in hand 112.005 52,515 112.006 52.515 Creditors.. amounts falling due wthin ono year 10 {1,21)0) (1,2CQ) Not curr•nt 110.80S 51,315 Total as80ts1oss currnnt Ilabllltlgs 223.002 151,585 Net a¥¥ets •x¢ludlng pen8Son as•ot 223.1x12 t51,585 Total not assets 223.002 751,585 Charlty funds Reslricled funds Unrestricted funds 11 11 223,002 151,585 Tot41 fund$ 223,002 151,585 The finan¢ial 8L*emenls were approved and authorised for issue ty the Trusts¢s on and signed on thgir bghaff by.. M S Ward MBE Chair of Trustees The notes on page5 9 10 17 form wt of these financial statwments. Page 8 UNCOLNSHIRE RURAL & AGRICULTURAL CHAPLAINCY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Genoral Infomlatlon 'ncolnshire Rural & Agricultural ChaplainGy is a Charrtable Incorporated Origanisalion (CIO). regislored in England & Wales. The registered office of the Charity is Lineolnshire Swround, Grang&de-lings, Lincoln, knncdnshire. The principal objeclNes of the charTty are lo advance the phsweal, mental health and spiritual well-being of persons rèsident in rural Greater ￿n￿1nShIre by 8UPPQrting and 8ecuring the continuation of the Lincolnshire Agricultural ChapLqins for the public b8nafiL The financial stalemants are prepared in pound sterling l£} which is also the functional currency of the Charity. Accountlng pollcles 2.1 Ba¥ls of pr•p*rntlon of Ilnanclal itatemgnts The financial 81atemenls have been p￿pared in accordance with th8 Charities SORP IFRS 1021- Accounting and Reporting by Charities.. Stslemenl of Recommended Practice applicable to chari1105 preparing their accounts in accordance wrth the Financial Roporting Standard applicabl8 in the UK and Republ￿ of Ireland IFRS 102) (eff￿11¥8 1 January 2019}, the Financial Reporting Stsndard applubh in the UK and Republ￿ of Ireland {FRS 1021 and the Ch8ribay Act 2011. The financial statements have been prepared to give a 'true and fair wthv and have departed from the Charities (Accounts and Reports) Regulations 2008 lo the extent iequired lo provida a 'lrue and fairf Vie*V. This departure has invofved follwng the Charits"es SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Slatemenl of Recommendfjd Practice effeclivo frcyn 1 April 2005 which has since been ¥vilhdrawn. Lineoln$hire Rural & Agricultural ChapLaincy meets the definit￿ft of a Publ￿ benefit enlty under FRS 1Q2. Assets and lknibilities a￿ initialty recognised at histor￿1 cost or transaction valu8 unless olherwse slated in the relevant •e¢ounting Fdry. 2.2 In¢om• All inccyne is recc#3nrsed onco the Charlty ha$ entrtlement to the incwbe, it is probable that the income will be rethved and the amount of income receivable be measured reliably. The reccgnitKJn of income from legacies is dependent on establishing enlitlemenl, the probabilty of receipt and the 8bilty lo estimate wth suffKienl accur&y thg amount recaivablo. Evidence of ent￿ement lo a legacy exists when the Charity ha5 sufficient ewdence that a grft has been left to them Ilhrough knowledge of the existence of a valKI wll and the death of the benefactor) and the executor is satisfied that the propety in questK)n wll not be required lo satisfy claims in the estate. Receipt of a legacy musl be recognised when (( is probable that il wll be received and the fair value of the amount receivable, wh￿h wll generalty be the eXP￿ted cash amount to be distributed lo the Charty, can be reliabty measured. Grants are included in the Stslement of Financial Actiwlies on a wgNable basis. Tho balance of income received for specffic purposes but not expended during the peri￿ 15 shown in the rèlevant funds on the Balance Sheet. Where income is receNed in advance of entillemenl of receipt, its recognibon is deferred and included in creditors as deferred income. Where entillemenl Lxcur8 before income is receNed, the income is xwed. Page 9 UNCOLNSHIRE RURAL & AGRICULTURAL CHAPLAINCY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accountlng pollclos Iconllnuod) 2.3 Expendlture Expenditurg is rKognised oneè there is 8 legal or constructive obligation to transfer èconomic benefit 10 8 third party, it is probable that a transfer of economic benefits will bg required in settlement and the amount of the oblgalion can be measured reliabty. Expenditure is classified by activty. The costs of each activity are made up of the totsl of direct costs and shared costs, including support costs involved in undertaking each aetiwty. Direcl costs attributable lo a single activty are allocated directly lo that activity. Shared costs wh￿h contribute lo more than one adivty and support costs whieh are not attribul8ble lo a single aclivty are apportion￿ bewn those ath'vities on a basis consislenl with the use of resources. Central staff costs are albcated on the basis of time spont, and depfecialion charges all￿ted on the portion of the asset's uso. Expenditure on raising fund5 includes all expenditure incurred by the Charity to raisè funds for Ft$ charitable purposes and includes costs of all fundraising actNities events and nonJnised a$ exp8ndrture when the conditions attaching are fulfilled. Grants offered Subject lo condrt*)ns which ha￿ not been mel at the year end are noted a$ a CC4nmilment, but not accrued as expendrture. l exponditure is inclu8Ne of Irrecover*kn VAT. 2A Investments Fixed asset invesbnenls are a fomi of financial Instrument and are Inillally recognised al thalr transaction cost and subsequentty measured at fair value al the Balance Sheet dale, unless the v81ug cannot be measured reliabty in vthich case rt is maasured al cost bess impaimienl. Investment gains and losses, whether realised or unrealised. are combined and presented as 'GainsllLossesl on investments, in Ihg Stslement of Financial AcIN1t￿. 2.5 Cash at bank and In hand Cash at bank and in harKI includes cash and short4ern hvJhty liquid inve5tmgnl$ with a short maturty of three months or less from the date of acquisitmin or opening of the deposrt or similar account. 2.6 Llabllltlo8 and provlslons Liabilities are rncogni58d when there is an c4)ligab'on al the 8atance Sheel date as a result of a past event. it is probable that a transfer of econom￿ benefit wll bo required in settlement. and the amount of the setdement can be estimated rdiabty. Liabilities are recognised al the amount that the Charity anticipates il will pay to settle th8 dèbt or thè amount it has received as advanced payinents for the goods or seThices it must provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Where the effect of the limg value of money is maleTi81, the provision is based on the present value of those amounts, discounted al the pr&tax discount rale that reflects the risks s￿¢￿IC lo the liabilty. The unwinding of the discount is recognised in Ihe Statement of Financial Activities as a finance cost. Page 10 UNCOLNSHIRE RURAL & AGRICULTURAL CHAPLAINCY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accounting policios Iconilnuadl 2.7 Flnanclal Instruments The Charty onty has financial assets and financial liabilitEs of a kind that qualfy as basic financial inslrumenls. Basic financial instruments are initk41ty reccgnised at Iranyaclion value and subsequently measured at their settlement value with the exception of bank loans Nthich are 8ub8equendy measured at amortised cost using the effective interest methc¥J. 2.8 Fund atcountlng General funds arè Unr￿triCted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and whKh have not been desgnaled for other purposes. Income from donatlons and l•gacleg Unrostrfcted funds 2024 Total funds 2024 DDnation8 73,245 73.245 Unr8slrict&d funds 2023 Tot81 funds 2023 Donat￿n3 58,9 58,9 Expendlturo on raSslng funds Costs of ralslng voluntary Income Unr8strlctod funds 2024 Total funds 2024 Markellng 11.696 11.696 Page11 UNCOLNSHIRE RUFiAL & AGRICULTURAL CHAPLAINCY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Exponditure on ralslng funds 1contlnu￿l Costs of raising voluntary In￿Me (ContInu￿￿ Unrnstilcted funds 2023 Total fvnds 2023 Markets'ng 10.915 10,915 Analysts of oxpendlturo on charltsble actlvltl Summary by fund typ• Unrestrfctgd funds 2024 Total 2024 Charitsble Activities 2,059 2,059 Unresti7Cted lunds 2023 Tofal 2023 Charitable AdivTtig$ 2,012 2,012 Analysls of expendhure by actlvttles Support costs 2024 Total fund$ 2024 Charitable Activities 2,059 2,059 Page 12 UNCOLNSHIRE RURAL & AGRICULTURAL CHAPLAINCY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Analysls of expendlture by adivitios Icontlnuodl Support cosls Tot81 funds 2023 2023 Charitable Athities 2.012 2,012 Indopendont examln8r's r•munoratlon Thg IrKlependenl examinef8 remunoration wnounts to an indyndgnl ex￿lner fee of £600 (2023 - £6¢XIJ, and preparation of the financial statements of £6W12023- £600). Truito01' r•mungratJon and oxpeMo8 During the year, no Tru$l8ès recfjived any remuneralkM or othw bgn8fts (2023- £NIL). During tho year ended 30 June 2024. no TN$lee expenses have been incurred {2023- £NILI. Flx•d asg•t In¥Ktments CCLA Investments Cost or valuatFon Al 1 Juty 2023 Revalu*ions 100.000 12,197 At 30 June 2024 112,197 Not book value At 30 June 2024 112,197 AI 30 Juna 2023 100,OCQ Page 13 UNCOLNSHIRE RURAL & AGRICULTURAL CHAPLAINCY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 10. Creditors: Amounts falllng due wlthln ono year 2024 2023 Accruals and deferred inccrfne 1,200 1,200 Page 14 UNCOLNSHIRE RURAL & AGRICULTURAL CHAPLAINCY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 11. Statemont of funds Stat•mont of funds- current year Balance at 30 Jun• 2024 Balance at 1 Juty 2023 Income Expendrtur• Unr8Strlct6d fund¥ Genèral Funds 151,585 85.172 {13,768) 223,002 Unrwtrlctod Funds General funds - Gener￿ funds are fund8 recei¥*d which are available for use at the discretion of the Truste68 in furtherance of tha geMr81 objecti¥ts of the Charity. Page15 UNCOLNSHIRE RURAL & AGRICULTURAL CHAPLAINCY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 11. Statement of funds {contlnuod) ststomont of funds- prlor year 88lancg af 30 June 2023 Balance at l July 2022 Gain (Losses) Inc￿ Expenthlure Unrostrlcled funds General Funds 105.292 58,95) (12.927) 270 151,585 12. Summary of funds Summary of funds. current y••f Balancè at 30 June 2024 Balance at 1 July 2023 Incom• Ex￿ndM￿r0 Ganeral funds 151,583 85.172 113.7S61 223,002 Summary of funds- prfor y•ar Balance 8t 30 June 2023 Balance al l July 2022 G8insi (Losses) Income Exp8nditure General funds 105,292 58,9&) {12,927J 270 151, 585 Page 16 UNCOLNSHIRE RURAL & AGRICULTURAL CHAPLAINCY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 13. Analysls of net assets between funds AnaJy81s of net assets betwoen funds- cuffent perlod Unrostrlcted funds 2024 Total funds 2024 F￿ed asset inv88knenl$ Current 888¢t$ Creditors due within one year 112.197 112,005 {1,2001 112.197 112,005 11,21)0} Total 223,IJ02 223,002 14. Related paty trnnsactlons Donations inccffle Includes Income from received Tru8t¢e$. The Trustees (lo not receive any p￿fOren11al bonerrts or seNces for their donations and have not attached any condition8 which would require the charty lo alter signrficantty the nature of rt's exisling objectives cons8quendy. thè amounts have not been indimdually disclosed. Page 17