G P S MACPHERSON CHARITABLE TRUST REGISTERED CIL4RITYNUMBER.. 201045 REPORT AND FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 OCTOBER 2023 Ludlow TnL%( Cornpany (London) Limikd 8th FIr I Southarnpton Street London WC2R OLR
G P S MACPHERSON CHARITABLE TRUST CONTENTS Pa£e Trusiees. Annua] Report Ir¥Jependent Examinerfs Report Statement of Financial Activiti¢s Balanrc Sheet 7-10 Notes to ihe Accounts
G P S MACPHERSON CHARITABLE TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 OCTOBER 2023 Rtference #lld Admlnlstrstive Infomllon Foun(kr O¢orge Philip Stewart M8cph¢rsTr Constiwtion Trusi Deed- 21 ApTiI 1970 Tru5tee$ Philip Strone Stewart Macpherwn Esq Th¢ Hon. Laura Macpherson Ludlow Tn1 Company (London) Limiied fomially known as Messrn Ho¢ Trustees Directors: Gary St John Collins Walter Duncan Coxon Christopher Iart Thurlow Matthew John Wickers Nature of Trujt A re815tered chty with the Charity Commissioners for En8land and Wal¢J. Charity number 261045. Re8iStettd Offlce Ludlow Trust Company (Lottdonl Limited fOallY known as Messrs Hoart Trustees Limited 8th Floor I Southampton StTe¢t London WC2R OLR Bankers C. Hoare & Co. 37 Fleet Street London EC4P 4DQ InvesimeDt M&er5 R8thbon¢ Inves¢m¢n¢ Management George House 50 GLa)r8c Square Gla58OW G2 IEH Independent Examiner Keith Felton FCCA Diredor KJF Accounting Limid 17 Sherin8ham Avenue South8at¢ London N144UB Administrators Ludlow Trust Cornpany (London) Litnitoj formally kllown as Messrs Hoare TTUSte¢s Limited 8th Floor I Southampton Street L¢)ndon WC2R OLR Solicitors Shepherd and Wedderburn LLP 9 Haymarket Square Edinburgh EH3 8FY
G P S MACPHERSON CHARITABLE TRUST TRUSTEESI ANNUAL REPORT eont, FOR THE YEAR ENDED 31 OCTOBER 2023 Report of ¢be Trustees for th¢ y¢8r ended 31$¢ O¢lob¢r 21123 Th¢ Trustees presen¢ their report along with the firtancial statements of the charity for the year ended 31st October 2023. The rinan¢iAI statements have been prepared in aceordanee with the accounting litieS set out OTh pa8cs 7 and 8 and comply with the charity's I'rust Dttd, the Charitics Act 2011 and thc requirerntnts of the Statement of Recommended Practice applicable to charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in ihe UK and Republic or Ir¢land (The FRS 102 Ch8Tities SORPI General Information Thc GPS Macphcrson Charitsble Trust is an un1ncory0rad registered charity wilh the Chariiy Commi8$ion for England and WeS, charity number 2611)45. The rc8iSt¢red oifice for ihe TnL 1$ Ludlow Trull Compony (London) Limited. 8th Floor, I Southampton Street, Lonth)n. WC2R OLR The Chariiy is managed by ihe TnJsl¢u who are appoinied under the tem)$ ofihe Trum Deed, with doily adminisiTation being deaIt with by ihe Cory()rate Trustee, Messrs HoaTe TNstees. No fund rdising h¢tivites are undertaken tL) SUPPOrt the work of Ihe Charity. New trusiees are given guidAncc and trdinin8 in their dutics by c5tabli5hed tNstecs. The obj¢¢ts ofihe Charity ar¢ to pay or apply Ihe capi1 or income ofthe Trusi for: i) such charitttble purposes and in such prtionS thc TrustCC5 Shall think fit, OT ill lor thc charitable purw)sc of thc body cortx>rate ofthe Provost and Scholars of the House ofthe Blessed Mary the Vir8in in Oxford, commonly lled Oriel Colle8e. Donuiion5 ttre deL'ideiJ periodiLally and paid at the Trustees, discrelion. Un501icited &ppea15 are considered as well as causes which have been 5UPPOrted in the past. Only Successful applic4nis &re notified uf the Th15tees' decision. Durin¥ the year und¢r review the Trustees made donations totslling £15,500.0012022'. £2.000.00) as delled in D¢ 4 of the financial statements. As required by Chèrilies Act 2011 ihc Trustee5 confirn ihey have Teferred to the 8uidance contained in the Chority Commi58ion' 8eneral 8uidance on public benefil when reviewin& ihe Ch8rity'5 aim¥ ond objeLtive5 gnd in planning future a¢tiviiies. chievemeni and Performance The activities of the Trust remain sat15factory and the objects of the-l-rust were achieved during the year. All the lund¥ of th¢ TTU5t are considered lo forni pgrt of on¢ Unrcslricted Fund, which may be used in general furthuon¢e of the Trust's objects. The Trustees are s&tisfied that the-l'rust's asseis ore awailable and adequate io fulfil the obligations of thc Trusi. inancilll Review Totsl unr¢stri¢L¢d InMe during ihe Ye amnun*d to £28,260.7212022.' £23,808.27). Total unrestricted expendrturc, including granls, wnounted to £23,355.63 (2022.. £9,782.39). The net outflow of funds amountcd to £11,070.91 (2022.. outllow of£54.BUI.051. The financial 51atements for the year are yet out on pa8e5 5 to 10. The Tru31ees are satisfied with the finanrial position of the Ch&rity And that they havc sufficicnt 05sets available lo fulfil their obli8ations. elated Partie The Charity d0¢5 rhot hAVe a re]ation5hip with any othcr charity or charitablc or8anisation5. Thc Trus¢5 have Considered what risks the charily face$ and believe thcse io be fraL¢d or pJor invesiTncnt Fcrfornance. AdEqUt Systems are in place io rnstigatc fraud and inve5trneTht performanLe is re8ularly monitOTed. Page 2
G P S MACPHERSON CHARITABLE TRUST TRUSTEES. ANNUAL REPORT cont'd. FOR THE YEAR ENDED 31 OCTOBER 2023 The Trustces may use their absolute di5CTetion to invest the fijnds of the Charity a5 they think fit. The investment stra*gy is overseen by the tntstce5 and inv¢5tmenl manager4 whose p2rfornJanc¢ i5 benchmarked against the targets as per the Trustrs Invesimcnt Policy Ststemeni. The over8Jl invcstment strategy is to xhieve long temi Capit Browth in real tenns. Reserves Polic It is Ihe Trusi¢es' inientioTh to maintain an unrestricted fund al least equivalcnl to th¢ hisiorical cosi of investhients together with a SMDII 5h balance of income, io enable Ihern to spOr¥j quickly to appea15 requirin8 mo significant 5UPPOrt where appropriate, the titning of which 15 unpredietable. The current level of unrestricted fvnds is £351,565.36 {2022.. £343,629.65) which the tru5tee5 consider wdequate. The intention of the fruste¢s 1$ to ¢oniiThlle with the present policy wSth regsrd to inva5tmenis and don&iions. Stgtem¢nt of Tru$¢¢¢$' RespoDslbllttleB The Trusiees are Tuponsible for preparing ihe Report of the Trustees and the financial 5tatemenis in aCCord¢t with plicable law and 0n11n8 5t4ndard3 {Uniied Kingdorn Generally Accepted AccountinR Prnciice). Charity 18w requires the Trnsiees to Prepare financi&l stotemcnts for each financiAI Tthod thRI give a true and fair view of Ihe st£ of affairs ihat the charity and of the in¢oming resources 8md appliclltion of resource5. in¢luding the income and expenditure. of the chariiy for the period. In preparing the financial statements, the Tru$i¢es are required to: select suttoble accounting tMTrltClCs and apply them ¢onsiMently', comply wilh applicablc accountin8 Standards. including FRS102, subjcct to any material depanures disclosed and explained in the financial 8taiemcnts', 5taic whcther a St&¢¢meni of Recomrnended Practice ISORPI be¢n followed. subject io ttny mhterial dep8riure¥ which are explained in Ihe finsnetal 5taian¢nts,' make judgements dnd cslimaie5 that aT¢ reasonable and prud¢nl', - prepore thc financial slat¢menls on a going conLcTn basi5 unless il 15 ÈnappropTial¢ lo pr¢sume ¢hai the charity will eonlinu¢ opera¢irb8. The Tru¢¢3 are responsiblc for keepin8 pmper Jwowiiin8 records which disclose, with reasonablc accuracy at any time, Ihe financial posilion of the charity iu ¢nsur¢ complian¥e wilh the Charities Act 2011. The Trtee5 ore ulso responsible for the safeguarding olthe &¥xts of Ihe Charity End for iakin8 re&sonablc stws for the d¢l¢¢iion and VeiL0 of fraud and other irre¥ulariiies. Approved by the TNstees on.. 1210812024 Date Philip Strone S¢ewart Macpher50n E4 The Hi>n. Laura Macpherson Ludlow Trum Company {Londonl LiTnited fonnally known me[S Hoare Tru5ter5 Lirnitcd
G P S MACPHERSON CHARITABLE TRUST INDEPENDEIYT EXAMINERS REPORT FOR THE YEAR ENDED 31 OCTOBER 2023 Independent ExamlD¢f's R¢port to the Trn$t¢¢s of G P S MAepherson Cb#rKt#ble Trust I r¢port io the Charity trustee on my examination of the accounts of the charity for the year ended 31 Oaober 2023 which are set out on pages 5 to 10. Respots#ibilitie$ qnd ba$b of r¢port As ihe ¢harity's Irustee you are resp¢)nsible for the prcparation of the accounts in accordance with the r¢quiremen¢s of the Charities Act 2011 ('the Act'}. I rcport in re5pecl of my examination of the charity's accounts ericd out ur¥Jer section 145 of th¢ Aa and in wrying oui my examination I have followed all the applicable Directions 8iv¢n by the Charity Commission under 5¢c¢ion 145(5Mbl of the Aet. Independent exmIn•$ Jt•t¢ment I hJv¢ ¢omple¢¢d my examination. I Confi that no material matters h4v¢ ¢om¢ ¢0 my aneniion in connection with the examinalion givin8 me cause to b¢lt¢ve Ihat in any m8ierial respeci.. ountin8 records were not kept in respect of ihe charity &s r¢quir¢d by seaion 130 of the Act; or the aCC(ntS do Thol Ord with ihose T¢cords; or the aOUnts do not comply with the applicable requirements concerning th¢ fom) and cont¢nt of COUnts sci out in ihe ChATities {Acwunt5 and Reportyl RegUllOnS 2(MJ8 oiher ihan any requirement that the aceounts £IV¢ A'twe and fair view, which is not A matter considered as part of an independent ttxaminatLOn. I have no eofteerns ar¥J have comt acr055 no other matter5 in connection wilh the examination to which attenlion should be drawn in ihis Teport in order io enable a proper undeTsianding ofihe 8¢eount5 to be reached. Kelth Felton FCCA KJF AccouwrtNG LIMITED 17 Sheringham Avenue Sollthgatc London N144UB Date
111.
C P S MACPHERSON CHARITABLE TRUST BALANCE SHEET AS AT 31 ocfoBER 2023 Notc 2023 2022 FIXED ASSETS Investments 784.989.72 803,996.34 CURRENT ASSETS Cash at Bank 39.105.06 28,782.09 39.105.06 28,782.09 CURRENT LIABILITIKS Creditors- falling due within one year 2,387.26 2,387.26 NET CURRENT ASSETS 36,717.80 28,782.09 r4ET ASSETS 821,707.S2 832.778.43 CAPITAL FUND ExF¢ndable Endowment 470,142.16 489,148.78 INCOME FUND Unre5trict¢d Fund 351.565.16 343.629 65 821,707.52 832,778.43 Approved by the Trusttts and authorised for i58u¢ on.. Philip Sirone Siew8rt MacpheTSOll Esq The Hon. Laura MAcpherson Ludlow Trust Company (London) Limitd formally krbown &s Mes5rs Hoare Tn]5tees Limited 1210812024 Date Pwe6
G P S MACPHERSON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 ACCOUNTING POLICIES (a) Basis of Preparntlon The financial Statements have been prepared under the historical cost convention. The financial statements have been prepared in accordance with the Financial R¢NTrrtin8 St4ndArds applible in the UK and Republic of Ireland {FRS 102). The Charity is a public benefit entity for the purposes of FRS 102 and th¢r¢fore the charity also prepared its financial ststemenLS in ae¢ordan¢¢ with th¢ StateTnent of Recommended Practice applicoble to chariti¢s pr¢paring their accounts in accordance with the Financial re1ing Standard applicable in the UK and Republic of Ireland ffl)e FRS 102 Chari1i¢5 SORP) and the Charities Act 2011. The financial sthtements are prepared in $terlin8, whi¢h 15 the functional currency of the charity. The principal accounting poli¢i¢$ adop¢¢d in the pr¢paration of the financial statements Bre set out below. (b) Fund Structure Income funds Ire unrestri¢ted fvnd5 which are available for use at the discretion of ih¢ Trust¢¢s in furtherance of the general objectiv¢s of the Charity and which haye not been designated for other purposes. Capital funds comprise expendable endowments, where there is no requirement to spend the capital unless. or until. the Trust¢¢5 d¢cid¢ to do so. These fvnd5 are invested to produce unrestricted income which con tr¢ spent in accordance with the charitable objectives. Investment incomei gains and losses are allocotsd io Ihc appropriate thnd. (e) Incorne All income 1$ r¢co8ni5¢d in the Stat¢menl of Financial Activities (SOFA) when the conditions for reteipt have been met and there is reasonable assurance of receipt. Where a ¢lairn for repayment of income tax has been or will be made, $u¢h inwtne is grossed up for the tsx recoverable. The followin8 aecouniing policies are Applied io different categories of income: Grants and Donatlong Recelvable Grants and Dortation5 arc wcognised in the SOFA when conditions for receipt have been complied with. Inv¢gtm¢nt In£oThe Intere51 receivable on deposit and se¢uriiies 1$ a¢wunted for as it accrues. Dividend income receivable on s¢¢uriti¢S 15 accounted for when received by the investment manager. (d) Expenditure Liabilities are recognised &g resources expended a$ soon as there is a legal or constructive obligatton committing the charity to the eXpendIre. All expendiDJre is ae¢ount¢d for on an accrua15 basis and has been classified under headings that aggregate all costs related to the category. The following accounting poli¢i¢s are applied lo the different caiegorie5 of expenditure: Costs of Generating Fund5 The costs of g¢neTating ndS consist of investtnent management and ¢¢rtain legal fees. ChAritsble Activities Donations payable ar¢ wogn15¢d when they are approved by the trustee5 ond the recipient of the grant has b¢tn infornied of the amouni to be poid. Govern4n£e Costs Governance costs comprise all costs involving the public accountability of the charity and its ¢ornplianc¢ with regulation and good practice. These costs include costs related to statutory alrdit fees together with support costs. Page 7
G P S MACPHERSON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 ACCOUNTINC POLICIES (CotInued) lel Fixed A5Xts Inve5tmcnts are statcd at market Value at the Balance Sheet da*. The SOFA includ¢s ihe net g8irts And losses on rev8Juation and disposals throughout ih¢ y¢9r. 10 Rt&ll8¢d And Unr¢all$td Gllns Ind Lo8$¢1 All gains and1055e5 are thken lo the SOFA a5 thcy arise. Reali5ed gains and losses on investments are calculated as th¢ ditT¢rence between sale5 proceeds and opening market value {purchas¢ d if18terl. Un1$¢d gains and losscs are calculated &$ the differcncc between the market va]ue ai the year artd opening mÈtk¢t lor purchase dait if la¢er). (¥) Goi&8 Colltern The iTUStCC5 have &%scsscd whether the use of the goin8 Loncern basis is Appropri&te wd h8ve cortsider¢d possible events or ¢onditions ih&t mighi C1 sigThifi¢ant doubt oft thc ability of the charily Io ¢Oniinue as a golng concern. The tru$iees h&ve made this 8ssessm¢nt for a p¢riad of at least onc year from the ddic of approval or the fina13) st&lctneniS. After tnakiDg ¢nquiri¢5 and considering ongoing world eveni& ihc injsiccs have onGludcd that Iherc is a rcasonablc cxpeclalion that the charity has &deqat¢ resLNjrC io ¢ontinu¢ in operation81 cxisicnce for the foresceable fuiurc. Thc chariiy Ihcrefore coniiiiues 10 adopt the going conc¢m b&si$ in prtP8rinB its fjngncial Matemenls. (h) Fln4ncl41 Instruments The Charity elcctcd lo apply the PTOV15ioll5 of Scclion I I 'Basic Finonci&l Instnjments. and Section 12 'Oth¢T FIrCIal Inmrumenis Is8ue5' of FRS 102 to all of ils finHn¢i&l insinJm¢nis. Fin&ntial insirumet)Is are reLognised tn ihe charity's balance skei when the ch8riiy be¢on$ party io the contractud provi3ion5 of the instrurneni. Finxneial assets and liabilili¢s are (>ftsei, with th¢ net amount5 prc5ented in Ihc financilll slatcmcn¢s wh¢n ihere i$ a Icgally ¢nforr¢ublc righi lo sel off thc Tccogni5cd amounts and ihere i5 &n Inl10Th to settle on a net basis or to Tulisc the scI llnd 5cttlc thc liability simultaneously. With the exceptions of prepayments 8nd deferred incom¢ All other debtor and crcdi¢or balEnce5 ue considcrcd to be b851¢ fin8J)¢ial InrUmentS under FKS 102. See noie 7 for the ¢rcdilor notcs. 111 CAsh and cash equlvalents Cash and c&8h equtvalenls include c&sh in hand, deposits held ai ¢a]I with banks. other sbort-term liquid inveylmenis wilh ori8inal maturities of Ihre¢ months or less. U) Kty E5tlm4tes 4nd Judgements In preparing financial siatcmcnls il is necessary lo make certwn jud8ements, e$tim&ies and OSSWnPiioBs ihAi aff¢¢l the amounts re¢o8nised in th¢ fin8n¢ial siat¢m¢Dl$, Thr followinB iudgetnenls and e51imalcs are considered by the tnjstees to have most significant effccl on oThounls Tec0isCd in the financial siatemenis. In the view ofihe trustees ITh applyin8 the accountin8 policies adopt¢d, rtojudgem¢nts weTf Ttyuired thHt havc a significani effect ort thE 8tnotsnlS recognised in th2 finttnci#l ststemcnls nor do any e51imate5 OT a55umption5 madc ¢arry a significant Tl5k of rrLAt¢rial adjustm¢nt in th¢ next fin11 year. TRUSTEL8' REMUIYERATION Mcssrs Ho&r¢ TTu5tee5 Idirnited receivcd & ftt of £4.825.0112022.. £4,766.95) for its services Corporate Trustee. No othcr tnjstees received remuneration durin8 the year or re¢eiv¢d r¢imburs¢ment for Cxpcn¥. IIYVESTMENT INCOME 2023 2022 Income from UK quoied s¢¢uriiies Incotne frotn Overs sccurili¢5 GT055 intrTe5t on cash deposits 25,039.84 2.436. 784.88 21.522.14 2.226.IKI 60.13 28.260.72 23,808.27 Page e
G P S MACPHERSON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMEprrs {cor4TINUEDI FOR THE YEAR ENDED 31 OCTOBER 2023 CHARITABLE ACTIVITIES 2023 2022 Grants made 15,5(Xl.(K) 2,(XXI.(K Support ¢os Govemonce costs (note 5) 4.825.01 4,766.95 20.325.01 6.766.95 The Brants made comprl8ed the following.. A•Jvn¢em¢nt of edueAdon IS,0(.[J Grange Festival Pri2es 15.0(KJ.(K) Adv4Tr¢¢men¢ ofhealtb 500.(K) Muscular DysiTophy UK SUO.(K) Adv8Dtement of eThvironm¢ntsl prot¢ctlon or Improvement 2,0(M).00 Game & Wildlife ConseTra¢ion Trtl 2.(N)O.00 OTHER EXPENSES 2023 2022 GovernADC¢ Costs.. Messrs Ho&re TNsiees Ltd fees 4,825.01 4,766.95 4,825.01 4,766.95 INVESTMEIYTS QUOTED ON A RECOGIYISED STOCK EXCHANGE 2023 2022 Inv¢•tments Mot*th Value Broughi Fon¥ard Addition5 at cost (L05s)IProfLt on revaluation 780,134.C 675,880.00 173.08Q.93 {68.826.93} {15,976.00) Marktt VAlue Carrled Forward 764.158. 780,134.00 Cosh held by Investment Mana8¢T 20,831.72 23,862.34 TolAI Investme#ts At 31 (ktobtr 202J 784.989.72 803,996.34 Paw9
G P S MACPHERSON CHAIUTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023 INVESTMENTS QUOTED ON A RECOGNISED STOCK EXCHANGE ICoDtinuedl Illvejtments compwl$lDg gr•t•r th8n 5•A of the portfolio 2023 2022 Alliance TN5t PLC ord 2.5p Bankers InvestmeThi Trust Ord 2.5p Brunner Tnvestmeni Company PLC ord 25p City of London Invesmient Tnjsi PLC ord 25p Kcystone Invesent Trust PLC ord 51)p mertIl¢ Investment Tst PLC Ord 2.5p MerGhants Trust PLC ord 25p Mutrny International Tnt51 PLC Ord 2Jp Schro(kr Oriental Income Fund ord Ip Skottish Amcrican Inveslment Co PLC Ord 25p 18.26 10.16 15.64 6.28 3.52 4.31 15.20 16.57 9.97 6.19 3.63 4.05 15.73 11.38 6.oj 8.96 6.49 CURRENT LIABILITIES 2023 2022 Me55rs Hoare Trttt$ Limited fees 2,387.26 2,J87.26 UNRESTRJCTED FUNDS The incomc funds of thc <haThty will d¢stgna¢ed by thr Tntte5 towards charitle5 and chui¢abl¢ a¢tiviue& a5 5c( oul in the Tru5tees' Report )tta¢h¢d lo Ihex arcounis. Unre5tricd funds arc reprcsenied by the currettt liabilitlC5 of the Chority. P8ge 10
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G P S.II,%(.'PIITr.RSQI CFIARITAIII,Tr. TRIIST INDF.PTr.Jl)b'.N I. r.N,IlqINFRS Rb. J>()R'l' FOR'I'iif, i'i'cilR Tr'..NDEI) 31 OC"I'()Ilb.'112O23 Indtpeftdcnl Fxaminor's Roporl to tho'l'rustCC5 of G P S Ilacphor5un C'h#ritabl¢'fru.yt I report lo lh¢ Lliarits, irll%iec on mi. exllminalion ol'ihe accixin15 of ilic cliarity. for the Lded 11 thiobei 2023 which a. scl 0111 on pllge5 5 10 10. Rosponsil)ilitie% basis of rerI As ih¢ ihariii, % Ini%iiK' )'ou [c5[n51b]C for ih¢ pr¢parnliw ofility Q¢¢WTII% IN ¢Cardli Iviih lh4 requirements ol'ihc ChariliesAcl 2011 ('theAct'). I r¢port ill resPCl ol. c¥aniiiiaiioii ofih¢ uliunl). s ai¢ouiii% 18rriLJ ciul und¥r W¢lion 145 nl'th6 Aci and iii carry'ing out ni!, exlliiiiiiaiian I havc lolloii'cd all the applibI¢ DiTh¢liun% 8ivLii thi Clianl} Cuniniibsion uiiJLr seciion 145151(b} Df ihL ALI. Independont QX2mÉner's siateinont I h81'e coinplLlcd examiiilliion. I c(mfirni thai no mlllenul maller5 hai¢ Lonie lo m). all¢nliun In wnneL'ttOD %Niili th ¢xtsminaiion biivin& ML, lo b¢libv¥ ihtsi in material [Spect. unlinby [ecoids wlicnoi k¥pi ith rtsptLI Ot tli¢¢118ri1> required bv s¢L'lioTh 1.10 ofiho Act". or Ihc accouiits do nol ac£ord wryih I110sc ,ords.. tlr the llccounls do not compli" lik Ihc appli¢able requir¥m¥nig ¢OllLcrning ilic lorm llnd conlcAt ofuccounis s out in the Cliarities IAcc4)unls llnd Keport%l RL8ultstii?n¥ 21)08 oihLr than anN' TequirLnient that the ucwiinl ji'¢ u'iru¢ and lair i'ieii. '111cli is notll niull¢rLonsidLrcd Ds part oran Ind¢pcnd¢iii cxamiiiaiion. I hvL no LLTrtl&Lnl.% 8Jid Iiuvc coinc OLfLKSS iio vilicr Ialler¥ In ¥i)TrnL'¥lioii iviili th¥ ¥xJminttiion lo Ilhich attenlion sliould bL drtsi¥n in tliis in ardLr io enablL a propcr unJ¢r.%loiidiiibi ol. lh¢ li) bti fhd. Iieitli bolton b'(."CA KJTr ACCOUN'I'IN(t LIMII-ED Sauth¥rLtc Lniidoii N14 4UB rJat¢ i( Pagg 4