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2022-03-31-accounts

DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

REGISTERED COMPANY NUMBER: 00606888 (England and Wales) REGISTERED CHARITY NUMBER: 207400

Report of the Trustees and Audited Financial Statements for the Year Ended 31 March 2022

for

WAVELENGTH CHARITY LTD

(A COMPANY LIMITED BY GUARANTEE)

Haines Watts Essex LLP Juniper House Warley Hill Business Park The Drive Brentwood Essex CM13 3BE

DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

Contents of the Financial Statements for the year ended 31 March 2022

WAVELENGTH CHARITY LTD

Page
Report of the Trustees 1 to 7
Report of the Independent Auditors 8 to 10
Statement of Financial Activities 11
Balance Sheet 12
Notes to the Financial Statements 13 to 20
Detailed Statement of Financial Activities 21 to 22

DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

Report of the Trustees for the year ended 31 March 2022

WAVELENGTH CHARITY LTD

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the audited financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of 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 2015).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

WaveLength is a company limited by guarantee, and governed by its Memorandum and Articles of Association dated 24 June 1958 (as amended on 24 August 2010). It is a registered charity with the Charities Commission. Anyone over the age of 18 can become a board member and there are currently seven members (eight in 2021), each of whom agree to contribute £1 in the event of the charity disbanding.

Appointment of Trustees

As set out in the Articles of Association, the number of members of the Board shall not be less than four. There are currently six Trustees (seven in 2021).

Trustee Induction

Trustees undergo a period of orientation, are provided support upon their legal obligations under charity law; the content of the Memorandum and Articles of Association; the committee and decision-making process; strategic planning, and recent financial performance of the charity. They are encouraged to meet the staff and other Trustees and are provided with copies of relevant documents.

Organisation

The Board is responsible for the governance of the charity. The Board meets quarterly, and sub-committees covering investment, fundraising, finance and general purposes meet as required. A Chief Executive, appointed by the Trustees, has delegated authority to manage the Charity and its strategic direction. The Chief Executive's authority encompasses operational and strategic matters including finance, employment and service-related activity.

PUBLIC BENEFIT

The Trustees confirm that they have complied with the duty in Section Four of the Charities Act 2011, which came into effect in 2012, to duly regard the public benefit guidance published by the Charity Commission's 'Charities and Public Benefit' Guidance.

OBJECTIVES AND ACTIVITIES

Objective : Fighting loneliness for those in need including, but not limited to, any person affected by age, illness, impairment or situation, through the use and provision of media technology in the United Kingdom and Channel Islands for the public benefit.

Mission :

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DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

Report of the Trustees for the year ended 31 March 2022

WAVELENGTH CHARITY LTD

ACHIEVEMENT AND PERFORMANCE

Covid-19 lockdowns have been lifted which has resulted in a change in demand for TVs and away from tablets. There also seems to be a shift in loneliness with people reporting that they now feel lonely due to the roles they were involved in during the pandemic now disappearing. The war in Ukraine has also meant that WaveLength started to provide data in the form of sim cards to Ukrainian refugees and other beneficiaries. This in itself has meant that WaveLength is now undertaking preventive work.

This year, WaveLength continues to work with other charities and organisations. This allows WaveLength to work both at national and local levels throughout the UK helping us to combat loneliness and isolation for many people. We calculate that we work with over 25,000 beneficiaries a year but we have also been able to make cost savings by ensuring our grants are very much focused on reducing isolation. We have continued to help people and keep costs down. However, this will be challenging going forward as the cost of equipment is rising due to inflation, shortages in electronic manufacturing, and supply problems. This is due to a combination of factors including the continuing difficulty that Asia is experiencing with Covid-19, Brexit, and the Russian-Ukraine war affecting markets.

The charity has continued to promote and expand services throughout the UK focussing upon the charity's key remit of reducing the negative impacts of loneliness and isolation by providing comfort and companionship through media technology.

One of WaveLength's guiding principles is that beneficiaries, current and future, are at the centre of its work.

The charity continues to respond to government consultations and regulators such as Ofcom to help shape and guide policy.

WaveLength has continued to work with Universities to develop our understanding of how our work reduces loneliness. One key piece of work was the Barriers and 'what works' solutions to Digital Participation for All. To better understand the barriers to digital participation, WaveLength commissioned Professor Leela Damodaran, Professor Emerita of Digital Inclusion and Participation, School of Business and Economics at Loughborough University to undertake a research project on this important subject. The resulting report was published in April this year, identifying the main barriers to digital participation while offering practical solutions to overcome them.

The report concluded: "While there are many significant barriers to digital participation, there is also significant 'know-how' available to address the issues successfully. Rich detailed knowledge based upon extensive research and practice-exists to inform changes which can achieve the digital participation not only of older people but of many other digitally disadvantaged people in society."

WaveLength has sent a copy of this report to relevant Government contacts and advisory groups for consideration.

WaveLength continues, through our application processes, to work to our strategy of providing equipment in a way that suits organisations and individuals. We continue to cover the whole of the UK, looking to relieve loneliness wherever possible within our remit and expand our work as much as possible.

Demand for our services started to increase daily at the end of last year from January to March 2022. WaveLength has striven to help those with the highest need who are least likely to receive funding from other sources. WaveLength has continued successfully to look to tackle a level of loneliness which already existed before the pandemic, and which will persist. Where funding levels has been high such as women's aid organisations, statutory bodies and homelessness charities, WaveLength has been careful to provide funding only where absolutely necessary. As a guiding principle, WaveLength's funding is not provided to allow other organisations to put their services on line and aims to help establish organisations with smaller incomes.

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DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

WAVELENGTH CHARITY LTD

Report of the Trustees for the year ended 31 March 2022

Next steps

WaveLength purchases equipment, whose components and manufacture, are subject to global demand and markets. The fall in the value of the pound and rising inflation due to UK, European and world politics has increased the price of products. With the uncertainties of Brexit and the Covid pandemic there are difficulties with the manufacturing, importing and distribution of equipment. All these are adding costs to basic equipment at a time when there is an increased demand. WaveLength continues to be aware of the need to be financially prudent in its expenditure and its need to raise funds going forward as it has a duty not only to its current but also its future beneficiaries. WaveLength therefore feels it is prudent in uncertain times to hold reserves to ensure the stability and longevity of the organisation. Funders have also reflected to WaveLength that part of their decision to place money with the Charity has not just been the charity's ability to deliver the work, but because of the charity's financial stability.

Planning

WaveLength continues to review its work and is now at the stage where its flexible models of giving to combat loneliness are fully embedded in the organisation's work. The organisation is now in a position to work well with individuals and partner organisations who are in contact with current and future beneficiaries. WaveLength has continued to develop new systems to measure more effectively the impact of its work with individuals and organisations.

Values

- Focus . Our beneficiaries, current and future, are at the centre of all we do, and we are dignified, compassionate and approachable when working with them.

FINANCIAL REVIEW

The instability of the stock market has continued due to Brexit and Covid-19 and the recent Russian invasion of Ukraine. However, the year-end saw the value of the portfolio increase. The Trustees note that investments can go down as well as up and the valuation only reflects the value on one day a year.

WaveLength's diversification of our fundraising activities had recently helped to offset the drop in income in recent years, leaving us in a stable position, but still with a strong need for income to increase to sustain our activities. There was a recovery in the stock markets during the year and the year-end saw the value of the portfolio increase to £2,765,971 (2021: £2,701,844). As noted at the end of last financial year, the value of investments may decrease, yielding a consequent reduction in income and investment value. Dividend income has slightly recovered from the decrease in the previous year. The full Council and Investment Sub-Committee will continue to review this situation regularly.

Our work clearly demonstrated why WaveLength is a good charity to place funds with due to its stability. This financial year, the organisation is 83 years old and continues to be the leading organisation combating loneliness through technology. This is also complemented by WaveLength being a financially stable organisation meaning that when a funder places money with the organisation it can be assured that the finances will achieve not only the intended outcomes but also a lasting legacy and real value for money.

This year legacies of £144,299 were received compared to over just over £50,000 in 2021. This income is extremely unpredictable, which is why we are focusing on diversifying our fundraising to include income from trusts and foundations, companies and statutory sources. These new income sources can be used, in particular, to meet need in specific areas of the country, often providing equipment to small community based organisations.

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DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

Report of the Trustees for the year ended 31 March 2022

WAVELENGTH CHARITY LTD

We have a policy of match funding income raised from other Trusts and Foundations. This helps spread the charitable commitment, increase the number of people we are able to help and means WaveLength has a greater element of financial stability to be able to continue helping current and future beneficiaries. Given the risk inherent in a legacy and investment heavy income, WaveLength will need to maintain careful control over our financial position, to ensure that we are able to meet ongoing and unpredictable commitments. This includes continuing to provide digital-ready equipment, given the uncertainty of a digital radio rollout in the next few years, and our reaction to potential changes in the licence fee system. Internet provision will also be crucial over the coming years, and a fund for research to support digital equality and understand the impact of our work on loneliness and isolation has been set aside again to support our ongoing work and provide an academic basis for it.

WaveLength achieved a significant breakthrough by campaigning for increased access to equipment and data as a key policy theme for the Loneliness Commission and DCMS. It demonstrated WaveLength's effectiveness when dealing with large national governmental regulators and manufacturing bodies in delivering change for its beneficiaries.

A number of private benefits necessarily arise from WaveLength's activities. In particular, WaveLength finds it essential to employ and remunerate staff. These private benefits are, however, incidental as a necessary by-product of carrying out our aims. The charitable benefit of our work in challenging the isolation and loneliness, experienced by many, through the provision of radios and televisions, and in representing beneficiaries' needs and interests to Government, regulatory bodies and manufacturers has been clearly demonstrated over the last two years.

Reserves Policy

The Trustees recognise the need to strike a balance between WaveLength's continuity, and our primary objective of providing media technology and associated support to as many isolated people as possible. The Trustees remain aware that in any one year, income from donations and legacies can vary greatly and will not necessarily cover expenditure. Part of WaveLength's remit is to plan for not just current but future beneficiaries, and the reserves policy takes this into account. WaveLength also recognises that the financial stability of the charity is important to other funding organisations wishing to support WaveLength's work.

WaveLength's stability thus provides other charities with the assurance their monies will achieve the intended benefits and outcomes. Free reserves as of 31st March 2022 stand at £1,140,219 (2021 £1,135,364) excluding tangible fixed assets and designated funds.

WaveLength has developed the collaborative work it has been doing with organisations to a stage that is far better established. In the coming years this will be mainstreamed into the type of help we give. To be able to meet the growing demand WaveLengths finances have to be robust. This, coupled with the research we have undertaken, means that WaveLength is able to effectively provide technology in a way that combats loneliness and isolation. Digital technology in the form of tablets, radios and televisions are core to WaveLength's work.

These technologies are subject to global market forces and the current uncertainties concerning the UK's exit from the EU, the Covid-19 pandemic and supply chain issues mean our costs have risen. With the 50% target for listening to digital radio being reached, the government is now reviewing whether there will be a full switch over to digital radio. This again, could increase demand on the Charity. As a result, the Council has ring fenced £1.5m as a Digital Inclusion Fund to reduce risk to WaveLength's capacity to develop and deliver these new schemes, including keeping up with connected technology developments over the years and creating a web-based infrastructure so beneficiaries can communicate and be informed and entertained through the internet. The Council has decided that the specific need for this £1.5m fund continues to arise and the designated fund for the Digital Inclusion Fund has been retained, to cover current political instability and currency issues.

WaveLength still has the ambition to set up 'The Loneliness Foundation'. To this end, the Council has set up a Loneliness Foundation Fund and has ring fenced a sum of £250,000 as the first step in its development. When the uncertainties that the pandemic has brought are past, work will commence to raise funds for this initiative.

Reserves are necessary to ensure financial stability, especially given the unpredictability of the current situation due to Covid-19 and Brexit, legacy incomes, continued instability in the stock market and the potential for rising inflation, and to meet WaveLength's ongoing commitments and plans as outlined above.

With the current situation, there is also a substantial wage inflation. And WaveLength needs to be able to recruit and retain staff skills going forward in key areas. There are also plans to move the organisation's offices and we need to think about how to retain staff during this move. To ensure a buffer until staff are recruited and offices are relocated Wavelength is of the view that it does need to be able to set aside and keep reserves in place until more substantial fundraising brings in more funds

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DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

Report of the Trustees for the year ended 31 March 2022

WAVELENGTH CHARITY LTD

Risk Assessment

The Trustees have assessed the major risks to which WaveLength is exposed, in particular those related to its operation and finances, and are satisfied that sufficient systems and insurance policies are in place to mitigate exposure to major risks. Our objective of providing technology to beneficiaries in vulnerable circumstances means that some loss of equipment is unavoidable, and cannot be predicted. We continue to take action to reduce such losses, but accept some degree of risk as incumbent on our core responsibility to provide equipment to individuals living in isolated and often chaotic situations.

Part of the ethos of the charity is the understanding that its duty as a charity is to take risks on behalf of beneficiaries who cannot afford to take these risks themselves. Grants provided are increasingly monitored and measured so recipients whether groups or individuals are accountable. However, we are working with more experimental methods of providing media technology. A reserves policy is in place to bolster against new risks associated with tablet provision and uncertain times. The commissioning of external parties to assess the impact of WaveLength's work will further help to mitigate risk of trialling and testing working methods.

Investment Policy

WaveLength's investment policy is to invest in listed stocks and shares in a closely-monitored portfolio, under the guidance of its investment advisors, Redmayne Bentley LLP, who are members of the London Stock Exchange. The past year has seen a volatile stock market; dividend returns have recovered slightly after a fall in income over the past three years to £137,352 from £133,762. The values of our investments are benchmarked as a guide against the FTSE 100, 350 and All Share Indexes. This is another reason why the trustees have opted for a robust reserves policy, particularly as the charity receives no government funding. The Charity also has invested in gilt interest and corporate bond funds to provide security; these investments will not rise as readily as the indexes.

Structure, governance and management Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

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DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

WAVELENGTH CHARITY LTD

Report of the Trustees for the year ended 31 March 2022

Reference and administrative details Registered Company number 606888 (England and Wales)

Registered Charity number 207400

Registered office 159a High Street Hornchurch Essex RM11 3YB Trustees D.K. Smith JP (Chairman) S. Derrick (Deputy Chairman) Mrs M. Grainger Mrs L. Mack (resigned 10 December 2021) B. Theobald-Hicks S.J. Turner (Treasurer) D.M. Lawrence Director, Company Secretary and Chief Executive T.A. Leech Auditors Haines Watts Essex LLP Juniper House Warley Hill Business Park The Drive Brentwood Essex CM13 3BE Bankers Barclays Bank PLC The Lemonade Building 2 Station Parade Ripple Road Barking Essex IG11 8DL Investment Advisers Redmayne-Bentley LLP 9 Bond Court Leeds LS1 2JZ

Statement of trustees' responsibilities

The trustees (who are also the directors of Wavelength Charity Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

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DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

WAVELENGTH CHARITY LTD

Report of the Trustees for the year ended 31 March 2022

Statement of trustees' responsibilities - continued

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Auditors

The auditors, Haines Watts Essex LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

20-10-2022

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

.................................................................... S J Turner - Trustee

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DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

Report of the Independent Auditors to the Members of Wavelength Charity Ltd

Opinion

We have audited the financial statements of Wavelength Charity Ltd (the 'charitable company') for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

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DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

Report of the Independent Auditors to the Members of Wavelength Charity Ltd

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and the sector in which it operates. We determined that the most significant are those that relate to the reporting framework, the Charities SORP (FRS 102) and the Charities Act 2011.

We understood how the charity is complying with those legal and regulatory frameworks by making enquires of the management and those responsible for governance. We corroborated our enquiries through our review of Board minutes.

We assessed the susceptibility of the charity's financial statements to material misstatement, including how fraud might occur. The primary responsibility for the prevention and detection of irregularities including fraud rests with both those charged with governance of the entity and management.

Our audit procedures in relation to fraud included but were not limited to:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

Report of the Independent Auditors to the Members of Wavelength Charity Ltd

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jimmy Shroff (Senior Statutory Auditor) for and on behalf of Haines Watts Essex LLP Juniper House Warley Hill Business Park The Drive Brentwood Essex CM13 3BE 03-11-2022 Date: .............................................

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DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

WAVELENGTH CHARITY LTD

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the year ended 31 March 2022

Notes
Income and endowments from
Donations and legacies
2
Investment income
3
Total
Expenditure on
Raising funds
Charitable activities
4
Charitable activities
Total
Net gains on investments
NET INCOME
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 General
fund

£
181,650
154,168
335,818
13,614
270,937
284,551
227,017
278,284
1,489,210
1,767,494		 Digital
Inclusion
Fund
£
-
-
-
-
-
-
-
-
1,500,000
1,500,000		 Loneliness
Foundation
Fund
£
-
-
-
-
-
-
-
-
250,000
250,000		 2022
Total
funds
£
181,650
154,168
335,818
13,614
270,937
284,551
227,017
278,284
3,239,210
3,517,494		 2021
Total
funds
£
89,375
147,141
236,516
9,521
260,970
270,491
422,045
388,070
2,851,140
3,239,210

The notes form part of these financial statements

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DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

WAVELENGTH CHARITY LTD

Balance Sheet 31 March 2022

Notes
Fixed assets
Tangible assets
11
Investments
Investments
12
Investment property
13
Current assets
Debtors
14
Cash in hand
Creditors
Amounts falling due within one
year
15
Net current assets
Total assets less current
liabilities
NET ASSETS
Funds
16
Unrestricted funds (including fair value
reserve of £966,250 – 2021: £818,900)
Restricted funds
Total funds		 General
fund

£
99,021
1,015,971
250,000
1,364,992
25,010
404,399
429,409
(26,907)
402,502
1,767,494
1,767,494		 Digital
Inclusion
Fund
£
-
1,500,000
-
1,500,000
-
-
-
-
-
1,500,000
1,500,000		 Loneliness
Foundation
Fund
£
-
250,000
-
250,000
-
-
-
-
-
250,000
250,000		 2022
Total
funds
£
99,021
2,765,971
250,000
3,114,992
25,010
404,399
429,409
(26,907)
402,502
3,517,494
3,517,494
1,767,494
1,750,000
3,517,494		 2021
Total
funds
£
103,846
2,701,843
250,000
3,055,689
35,560
171,276
206,836
(23,315)
183,521
3,239,210
3,239,210
1,489,210
1,750,000
3,239,210

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 20-10-2022 ............................................. and were signed on its behalf by:

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.............................................
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............................................. S J Turner - Trustee

The notes form part of these financial statements

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DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

WAVELENGTH CHARITY LTD

Notes to the Financial Statements for the year ended 31 March 2022

1. Accounting policies

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Wavelength Charity Limited is a private company limited by guarantee, registered in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is 159A High Street, Hornchurch, Essex RM11 3YB.

The financial statements are presented in Sterling which is the functional currency of the charity.

Going concern

The financial statements are prepared on a going concern basis.

The trustees have reviewed and considered relevant information including future cash flows in making their assessment with regard to going concern. Based on their assessment and the current resources available, the trustees have concluded that it is appropriate to adopt the going concern basis in preparing the preparing the financial statements.

The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Donations, gifts and legacies are recorded as income in the year that they are received.

Expenditure

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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Governance costs

Government costs this year include an allocation of the chief executive's salary and of other staff reflecting time spent on governing the charity.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% on cost Office furniture and fittings - 20% on cost Computer equipment - 50% on cost

Fixed assets, except investment properties, are valued at cost less accumulated depreciation or impairment losses. Investment properties are stated at fair value and not depreciated.

Page 13

DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

WAVELENGTH CHARITY LTD

Notes to the Financial Statements - continued for the year ended 31 March 2022

1. Accounting policies - continued

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

The Digital Inclusion Fund has been established to meet the anticipated costs of satisfying the needs of beneficiaries of the Charity that may be affected by future changes to TV licencing, pay-per-view structure and developments in technology including tablet computers and connected devices.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Investments

Investments are stated in the Balance Sheet at market value. Unrealised and realised gains and losses are recognised in the Statement of Financial Activities.

Debtors and creditors falling due within one year

Debtors and creditors with no stated interest rate and falling due within one year are recorded at transaction price. Any losses from impairment are recognised as expenditure.

2. Donations and legacies

3.

Donations
Legacies
Investment income
Rents received
Other fixed asset invest - FII
Deposit account interest		 2022
£
37,351
144,299
181,650
2022
£
16,790
137,352
26
154,168		 2021
£
39,001
50,374
89,375
2021
£
13,360
133,762
19
147,141

Page 14

DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

WAVELENGTH CHARITY LTD

Notes to the Financial Statements - continued for the year ended 31 March 2022

4. Charitable activities costs

Charitable activities
5.
Net income/(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
6.
Auditors' remuneration
Fees payable to the charity's auditors for the audit of the charity's
financial statements
Auditor's remuneration for non-audit work
Independent examiner's fees		 Direct
Costs
£
252,489		 Support
costs
£
18,448
2022
£
9,523
2022
£
7,000
2,600
-		 Totals
£
270,937
2021
£
9,227
2021
£
-
1,450
5,400

7. Trustees' remuneration and benefits

There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.

8. Staff costs

2022 2021
£ £
Wages and salaries 155,000 151,653
Social security costs 12,614 10,374
Other pension costs 14,992 14,480
182,606 176,507
The average monthly number of employees during the year was as follows:
2022 2021
Administration 3 5
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
2022 2021
£70,001 - £80,000 1 1

Page 15

DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

WAVELENGTH CHARITY LTD

Notes to the Financial Statements - continued for the year ended 31 March 2022

8. Staff costs - continued

Directors remuneration

Remuneration and other benefits
Comparatives for the statement of financial activities
General
Fund
2021
£
Income and endowments from
Donations and legacies
89,375
Investment income
147,141
Total
236,516
Expenditure on
Raising funds
9,521
Charitable activities
Charitable activities
260,970
Total
270,491
Net gains on investments
422,045
NET INCOME
388,070
Transfers between funds
(750,000)
Net movement in funds
(361,930)
Reconciliation of funds
Total funds brought forward
1,851,140
Total funds carried forward
1,489,210		 Digital
Inclusion
Fund
2021
£
-
-
-
-
-
-
-
-
500,000
500,000
1,000,000
1,500,000		 2022
£
86,614
Loneliness
Foundation
Fund
2021
£
-
-
-
-
-
-
-
-
250,000
250,000
-
250,000		 2021
£
83,860
Total
Funds
2021
£
89,375
147,141
236,516
9,521
260,970
270,491
422,045
388,070
-
388,070
2,851,140
3,239,210

9. Comparatives for the statement of financial activities

Page 16

DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

WAVELENGTH CHARITY LTD

Notes to the Financial Statements - continued for the year ended 31 March 2022

10. Pension commitments

The Charity pays the personal pension contributions of the chief executive, pays a pension to a former member of staff and pays contributions to a non-contributory defined contribution pension scheme for all eligible staff. The total pension cost for the year amounted to £14,992 (2021 - £14,480).

11. Tangible fixed assets

Cost
At 1 April 2021
Additions
At 31 March 2022
Depreciation
At 1 April 2021
Charge for year
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021
Fixed asset investments
Market value
At 1 April 2021
Additions
Disposals
Revaluations
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Freehold
property
£
212,492
-
212,492
113,819
4,250
118,069
94,423
98,673		 Office
furniture
and
fittings
£
38,123
-
38,123
36,446
1,677
38,123
-
1,677
Listed
investments
£
2,630,277
39,986
(202,874)
220,812
2,688,201
2,688,201
2,630,277		 Computer
equipment
£
20,563
4,698
25,261
17,067
3,596
20,663
4,598
3,496
Unlisted
investments
£
71,566
-
-
6,204
77,770
77,770
71,566		 Totals
£
271,178
4,698
275,876
167,332
9,523
176,855
99,021
103,846
Totals
£
2,701,843
39,986
(202,874)
227,016
2,765,971
2,765,971
2,701,843

12. Fixed asset investments

There were no investment assets outside the UK.

Historic cost of fixed asset investments:

Listed investments - £1,893,987 (2021 - £1,977,477) Unlisted investments - £4,823 (2021 - £4,823)

Page 17

DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

WAVELENGTH CHARITY LTD

Notes to the Financial Statements - continued for the year ended 31 March 2022

13. Investment property

Fair value
At 1 April 2021
and 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 £
250,000
250,000
250,000

The Charity owns a freehold property that meets the requirements of a mixed use property as defined by FRS102.

The investment property proportion of the freehold property was subject to an independent professional valuation and was valued on 31 March 2019 by Hilbery Chaplin, Chartered Surveyors on the Market Value basis, subject to any formal lease in place. There were no specific assumptions made in the valuation.

In the opinion of the trustees, the market value of the investment property proportion at 31 March 2021 fell to £250,000, based on the rental income that could be achieved.

14. Debtors: amounts falling due within one year

Trade debtors
Other debtors
Prepayments and accrued income		 2022
£
2,850
2,048
20,112
25,010		 2021
£
-
4,916
30,644
35,560

15. Creditors: amounts falling due within one year

Trade creditors
Social security and other taxes
Other creditors
Accruals and deferred income		 2022
£
1,265
5,341
11,865
8,436
26,907		 2021
£
1,866
4,704
11,174
5,571
23,315

16. Movement in funds

Unrestricted funds
General fund
Restricted funds
Digital Inclusion Fund
Loneliness Foundation Fund
TOTAL FUNDS		 At 1.4.21
£
1,489,210
1,500,000
250,000
1,750,000
3,239,210		 Net
movement
in funds
£
278,284
-
-
-
278,284		 At
31.3.22
£
1,767,494
1,500,000
250,000
1,750,000
3,517,494

Page 18

DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

WAVELENGTH CHARITY LTD

Notes to the Financial Statements - continued for the year ended 31 March 2022

16. Movement in funds - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
335,818
335,818		 Resources
expended
£
(284,551)
(284,551)		 Gains and
Movement
losses
in funds
£
£
227,017
278,284
227,017
278,284

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
Digital Inclusion Fund
Loneliness Foundation Fund
TOTAL FUNDS		 At 1.4.20
£
1,851,140
1,000,000
-
1,000,000
2,851,140		 Net
movement
in funds
£
388,070
-
-
-
388,070		 Transfers
between
funds
£
(750,000)
500,000
250,000
750,000
-		 At
31.3.21
£
1,489,210
1,500,000
250,000
1,750,000
3,239,210

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
236,516
236,516		 Resources
expended
£
(270,491)
(270,491)		 Gains and
Movement
losses
in funds
£
£
422,045
388,070
422,045
388,070

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Restricted funds
Digital Inclusion Fund
Loneliness Foundation Fund
TOTAL FUNDS		 At 1.4.20
£
1,851,140
1,000,000
-
1,000,000
2,851,140		 Net
movement
in funds
£
666,354
-
-
-
666,354		 Transfers
between
funds
£
(750,000)
500,000
250,000
750,000
-		 At
31.3.22
£
1,767,494
1,500,000
250,000
1,750,000
3,517,494

Page 19

DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

WAVELENGTH CHARITY LTD

Notes to the Financial Statements - continued for the year ended 31 March 2022

16. Movement in funds - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
572,334
572,334		 Resources
expended
£
(555,042)
(555,042)		 Gains and
Movement
losses
in funds
£
£
649,062
666,354
649,062
666,354

Designated Funds

A few years ago, the Charity faced several unpredictable changes in the field of media technology. In order to future-proof our beneficiaries' needs against upcoming changes to TV licensing and pay-per-view structure, and developments in technology including tablet computers and connected devises, the Trustees set aside a designated Digital Inclusion Fund of £1m to reduce the risk to Wavelength's capacity to promote digital inclusion for our beneficiaries. The Trustees now believe the need for this fund continues to exist in particular with the current political instability and currency issues and have increased the fund to £1.5m.

WaveLength is the nation's leading loneliness charity giving technology to those in need. The Trustees have set up a designated fund 'The Loneliness Foundation Fund' with an opening balance of £250,000 in the year ending 31 March 2021 as the first stage in the development of The Loneliness Foundation.

17. Related party disclosures

There were no related party transactions for the year ended 31 March 2022.

Page 20

DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

WAVELENGTH CHARITY LTD

Detailed Statement of Financial Activities for the year ended 31 March 2022

Income and endowments
Donations and legacies
Donations
Legacies
Investment income
Rents received
Other fixed asset invest - FII
Deposit account interest
Total incoming resources
Expenditure
Raising donations and legacies
Wages
Social security
Pensions
Fund raising
Charitable activities
Wages
Social security
Pensions
Rates and insurance
Light and heat
Telephone
Printing and stationery
Sundries
PR literature
Repairs
Cleaning
Computer expenses
Postage
Staff expenses
Legal and professional
Accountancy
Depreciation
Freehold property
TV costs
Radios
Tablets
Recruitment costs		 2022
£
37,351
144,299
181,650
16,790
137,352
26
154,168
335,818
9,869
1,041
467
2,237
13,614
135,268
10,436
14,077
3,411
1,686
2,322
741
502
3,065
7,294
614
5,543
1,681
214
30,567
2,600
5,273
4,250
12,678
810
5,230
4,227
252,489		 2021
£
39,001
50,374
89,375
13,360
133,762
19
147,141
236,516
7,423
433
586
1,079
9,521
143,043
9,820
13,788
1,823
1,248
1,589
212
655
4,867
123
1,288
3,551
5,039
178
21,522
1,450
4,977
4,250
11,027
19,797
3,909
-
254,156

This page does not form part of the statutory financial statements

Page 21

DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

WAVELENGTH CHARITY LTD

Detailed Statement of Financial Activities for the year ended 31 March 2022

Support costs
Governance costs
Wages
Social security
Pensions
Auditors' remuneration
Independent examiner's fees
Total resources expended
Net income/(expenditure) before gains and
losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments
Net income		 2022
£
9,863
1,137
448
7,000
-
18,448
284,551
51,267
227,017
278,284		 2021
£
1,187
121
106
-
5,400
6,814
270,491
(33,975)
422,045
388,070

This page does not form part of the statutory financial statements

Page 22

DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

Strictly Private & Confidential S J Turner Wavelength Charity Limited 159a High Street Hornchurch Essex RM11 3YB

WA42C/JSHRO/JH

29 September 2022

Dear Steve,

Wavelength Charity Limited

In respect of the year ended 31 March 2022 please find enclosed the following for your attention;

  1. The final copy of the financial statements

  2. Letter of representation

  3. Report to management

Provided the accounts meet with your approval, I would be grateful if you could sign where indicated via Docusign and return to us.

If you have any further questions, please do not hesitate to contact me.

Yours sincerely,

Jim Shroff

Haines Watts Essex LLP

www.hwca.com

Juniper House, Warley Hill Business Park, The Drive, Brentwood, Essex, CM13 3BE

Telephone: 01708 475 220 Fax: 01708 475 283 Email: hornchurch@hwca.com

Haines Watts Essex LLP is a limited liability partnership registered in England & Wales, no OC386054

A list of the names of the principals is available at the registered office

DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

WAVELENGTH CHARITY LIMITED

159a High Street Hornchurch Essex RM11 3YB

To: Haines Watts Essex LLP Juniper House, Warley Hill Business Park, The Drive, Brentwood, Essex CM13 3BE

Dear Sirs

The following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience such as we consider necessary in connection with your audit of the charitable company’s financial statements for the year ended 31 March 2022. These enquiries have included inspection of supporting documentation where appropriate. All representations are made to the best of our knowledge and belief.

GENERAL

  1. We have fulfilled our responsibilities as directors/trustees, as set out in the terms of your engagement letter under the Companies Act 2006, for preparing financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice), for being satisfied that they give a true and fair view and for making accurate representations to you.

  2. We have fulfilled our responsibility for preparation of the financial statements which extends to the application of exemptions and options on transition to, and application of, new accounting standards (including FRS 102). As members of the Board, we have also considered the impact of new accounting standards on Wavelength Charity Limited, including the impact of going concern

  3. All the transactions undertaken by the charitable company have been properly reflected and recorded in the accounting records.

  4. All the accounting records have been made available to you for the purpose of your audit. We have provided you with unrestricted access to all appropriate persons within the charitable company, and with all other records and related information requested, including minutes of all management and trustee meetings and correspondence with the Charity Commission.

  5. The financial statements are free of material misstatements, including omissions. We believe that there are no material uncorrected misstatements, either individually or in total, in the financial statements.

INTERNAL CONTROL AND FRAUD

  1. We acknowledge our responsibility for the design, implementation and maintenance of internal control systems to prevent and detect fraud and error.

  2. There are no instances of known or suspected fraud affecting the entity involving management, employees who have a significant role in internal control or others that could have a material effect on the financial statements.

  3. There are no known allegations of fraud or suspected fraud affecting the entity’s financial statements communicated by current or former employees, analysts, regulators or others.

ASSETS AND LIABILITIES

  1. The charitable company has satisfactory title to all assets and there are no liens or encumbrances on the company’s assets, except for those that are disclosed in the notes to the financial statements.

  2. All actual liabilities, contingent liabilities and guarantees given to third parties have been recorded or disclosed as appropriate.

  3. We have no plans or intentions that may materially alter the carrying value and, where relevant, the fair value measurements or classification of assets and liabilities reflected in the financial statements.

ACCOUNTING ESTIMATES

  1. Significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable.

DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

LOANS AND ARRANGEMENTS

  1. The charitable company has not granted any advances or credits to, or made guarantees on behalf of, directors other than those disclosed in the financial statements.

LEGAL CLAIMS

  1. We have disclosed to you all claims in connection with litigation that have been, or are expected to be, received and such matters, as appropriate, have been properly accounted for and disclosed in the financial statements.

LAWS AND REGULATIONS

  1. There are no known instances of non-compliance or suspected non-compliance with laws and regulations whose effects should be considered when preparing the financial statements.

RELATED PARTIES

  1. Related party relationships and transactions have been appropriately accounted for and disclosed in the financial statements. We have disclosed to you all relevant information concerning such relationships and transactions and are not aware of any other matters which require disclosure in order to comply with the requirements of company law or accounting standards.

SUBSEQUENT EVENTS

  1. All events subsequent to the date of the financial statements which require adjustment or disclosure have been properly accounted for and disclosed.

GOING CONCERN

  1. We believe that the charitable company's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the charitable company's needs. We have considered a period of twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the charitable company's ability to continue as a going concern need to be made in the financial statements.

GRANTS AND DONATIONS

  1. All grants, donations and other income, the receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such income.

FREEHOLD PROPERTY VALUATION

  1. We believe that obtaining a fair value at the year end for the element of its freehold property that constitutes an investment property, under FRS 102 fair value rules would involve undue effort and cost and be of no value to the charitable company..

We acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that so far as we are aware, there is no relevant audit information needed by you in connection with preparing your audit report of which you are unaware.

Each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that you are aware of that information.

Yours faithfully

..............................................................................................................................

Signed on behalf of the board of trustees 20-10-2022 Date………………………

DocuSign Envelope ID: B9E30E4C-CF55-4CE3-BE2D-D005BD64FB16

PRIVATE AND CONFIDENTIAL

The Trustees Wavelength Charity Limited 159a High Street Hornchurch Essex RM11 3YB

WA42C/JSHRO/JH

29 September 2022

Dear Sirs,

REPORT TO MANAGEMENT

In accordance with our normal practice we are writing to draw your attention to various matters which arose during the course of our audit of the accounts for the period ended 31[st] December 2021.

  1. We have no comments to make concerning the qualitative aspects of the entity’s accounting practices and financial reporting.

  2. All material audit adjustments made have been adjusted after discussions with yourselves. The total of unadjusted misstatements noted during our audit work is immaterial.

  3. There are no modifications to the audit report.

  4. There are no other matters required by auditing standards that we are required to communicate to you other than those already advised to you during the course of the audit.

  5. We have attached a letter of management representations required in connection with our audit to be signed and returned to us.

We have complied with the Ethical Standards for Auditors and all threats to our independence, as identified to you, have been properly addressed through appropriate safeguards. No additional facts or matters have arisen during the course of the audit that we wish to draw to your attention and we confirm that we are independent and able to express an objective opinion on the financial statements.

This report has been prepared for the sole use of the Board of Wavelength Charity Limited and must not be shown to third parties without our prior consent. No responsibilities are accepted by Haines Watts Essex LLP towards any party acting or refraining from action as a result of this report.

Finally, we would like to express our thanks to all members of staff who assisted us in carrying out our work.

Yours faithfully Jim Shroff Haines Watts Essex LLP

www.hwca.com

Juniper House, Warley Hill Business Park, The Drive, Brentwood, Essex, CM13 3BE

Telephone: 01708 475 220 Fax: 01708 475 283 Email: hornchurch@hwca.com Haines Watts Essex LLP is a limited liability partnership registered in England & Wales, no OC386054 A list of the names of the principals is available at the registered office