JOHN WILLIAM SLATER MEMORIAL FUND REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED31 DECEMBER 2020 Registered Charity No: 270706 Haysmacintyre LLP Chartered Accountants Re8iStered Auditors
JOHN WILLIAM SLATER MEMORIAL FUND FIIYANCIAL STATEMEiYrs FOR THE YEAR ENDED31 DECEMBER 2020 CONfErffts Page Trustees. report Auditor5, report Statement of financial activities Balance sheet Statement of cash l]ows Notes to the financial siatements 10- 12
JOHN WILLIAM SLATER MEMORIAL FUND TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 REFERENCE AND ADMIIYISTRATIVE DETAIIS CHARITY SECRETARY David Appleton 1- 2 The Shrubberies, George Lane. Sollth Woodford London E18 IBD Tel.. Fax.. E-mail 020 8989 6677 020 85iO 1015 slater@nautilusint.org TRUSTEES Anthony Mark Di¢kinson David Slater Gl¢nys Jackson INVESTMENT ADVISORS UBS AG l Finsbury Av¢nu¢ London EC2M 2AN AUDITOR Haysmacintyre LLP 10 Queen Street Place London EC4R IAG PRINCIPAL BANKER Unity Trust Bank PIC Nine Brindleyplace Birmingham BI 2HB
JOHN WJLLIAM SLATER MEMORIAL FUND TRUSTEES, REPORT FOR THE YEAR ENDED31 DECEMBER 2020 The Trustees submit the statutory report and financial statements of the John William Slater Memorial Fund for the year ended 31 Decetnber 2020. Thc activities of the Fund arc presented in Compliance with the provisions of the Statement of Recommended Pra¢ii¢e for Charilie5 (SORP 20191 (FRS 102). The financial siaiettlents comprise the Statement of Finattcial A¢tivities, the Balance Sheet. the Statement of Cash tlows and supporting notes. STRUCTURE, GOVERNANCE AND MANAGEMENT The John William Slater Metnorial Fund is registered as a Charity under number 270706 and is govemed by the terms of a Trus¢ Deed dated 4 Dtcember 1975. The Tru5tee5 of the Charity hav¢ the power to apply both the capital and the income for the general purp)ses of the Charity. Accordingly, the Capital doe5 not represent a pemianent ¢ndowtnent. The Charity is administered by the Secr¢tsry under the direction of the Trustees. A Management Com]nittee. which includes ihe Trustee5 and other persons with relevant knowledge in its membership, considers individual applicatiot)s and other relevaRt items and mak¢s recommendaiions to the TTUStees. OWECTIVES AND ACTIVJTIES The Charity's objects are for general charitable purposes. wth particular regard for the following educational purpose5 which were of particular interest to the settlor= The provision of financial assistance to ships ratings to enable them to obiain certificates of eompetency or other officer5, certifjcates or diplomas. The provision of grants for research into manag¢ment and labour relatLon5. particularly wtthin the shipping atld air transport indu5tri¢s and the publication of the results of such rcaTch. The Principal aim currently is the provision of financial as515tance to suitable ships. ratings to ¢nabl¢ ihern to obtain Certificates of CoTnpetence or oth¢r Officers. Certificates and Diplomas. The Charity's sol¢ activity is the making of grants 10 individuals in fvrtherance of ihis aim. ACHIEVEMENTS AND PERFORMANCE In 2020 the number of ¢nquiTies saw a noticeable decline due to college closures and travel restrictions caused by the 2020 COVID 19 healih pandnIC. In 2020 the Fund was only able io give 22 awards12019.. 1381 of which 1412019.. 97) were taken up. The amount of each award is £18,SOO plus £1,500 on obtaining an Otyjcer of the Watch certificate (2019.. £18,500 plus £1,500). FINANCIAL REVIEW The Charity supported 21 awards in 2020 {2019.. 97). The value of each award is £18.500 plus £1,500 on obtaining an Olyicer of the Watch certificate duTing the year. A generous grant of £400,00012019'. £41K).0001 was received from the Maritime Education Foundation. In the accounts for the year ended 31 DrGember 2019. an amount of £500,000 had been accrued in respe¢t of this grant. Subsequent to the approval and signing of the 2019 accounts. the amount tsf the grdnt actually re¢erved was £400,000. This over provision has been Tecognised in the results for the current year and explains why the amount of the grant recognised in the year ended 31 December 2020 has been reduced by £IOO.000 to £300,000. The Tru51ees are also grateful for the support frorn Nautilus International of £3,500 and considerable professional and administrative support. Risk Managemen¢ The Tnjstees are responsible for identifying any major risks to which the Charity is exposed. reviewing these and establishing Systems to tnitigate the effect of any such risk.
JOHN WILLIAM SLATER MEMORIAL FUND TRusfEES' REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2020 FINANCIAL REVIEW (eontinued) The principal risk faced by the Charity remains the cessation of the major annual grant re¢eived from the Maritime Education Foundation In 2020 this grant wa5 £400,000. The charity current inves¢men¢s were valued at £4.9million as at 31 December 2020 {2019.. £5.5millionl and are availabl¢ to assist in conirol manage]nent of the current and future awards expendiiuTe. The Charity'5 Assets The investments held by the Charity can be invested ITh ac¢ordance wilh the TTusiees' instruction5 without restriction. A review of the investments by the Trust¢es confirtn5 that the assets are properly held and are adequate (o fulfil the obligations of the Charity. The Trustee Act 2000 gov¢ms ihe investrentS held by the Charity. The Trustees have delegated the management of the investment portfolio to UBS with the objective to mlmiSe long total reiurns comtnensurate with a moderate degree of risk. UBS provid¢5 quarterly updates regarding the portfolio value. purchases and sales. Performance of ihe portfolio is monitored and it5 total turned measured quarterly against the CAPS median benchmark. Th¢ perfomiance of the portfolio net of fees over the year was -0.12% against the benchtnark-0.03Y.. Reserves Policy The Charity maintains reserves to 2SSlSt with the fijnding of training awards. The level of reserves is reviewed annually by the Trustees io enable the Charity to continue to provid¢ su¢h awards. The Charity has built up the level of funds to assisi in meeting the provision in the Balance Sheet whieh currently stand at £3,071,000. This provisioo is reviewed annually and any adjustment is taken through the Income and Expetlditure Statemet]l. The Charity's free resetwes 3moutLted to £2.278.642 at 3 1 December 2020 {2019.. £1,882,075}. The Trntstees are continuin8 the process of formulating a formal policy for reserves, which will set a t2r8et range for fre¢ reserves in futllr¢ years. Statement on publlc benefit The objectives and activities, and achievement and performance sections of this report clearly set out the activities whiGh the Charity undertake5 for the public benefii. The Trustees confimi that they have complted with the duty in section 17 of th¢ Charities Act 2011 to have due regard to public benefjt guidance published by the Commis55on in detenllinin8 the activities undertaken by th¢ Charity. FUTURE PLANS To increase the nutnbers and value of awards to suitable applicants as far as available resources permit.
JOHN WILLIAM SLATER MEMORIAL Fuf4D TRUSTEES, REPORT (continued} FOR THE YEAR ENDED31 DECEMBER 21J20 STATEMENT OF TRUSTELS, RESPONSIBJLITJES The Trust Deed provides that the Trustees are re5ponsibl¢ for the absolute Control and administration of the affairs and the investments of the Charity. The Trustees of the fund are currently Anthony Mark Dickinson, David Slater and Glenys Jackson. Law applicable t(> charities in England and Wales requires the Trustees to prepare financTal statement5 for each financial year that give a true and fair view of the cliarity's activities during the year and of its financial position at the end of the year. In preparing those financial statemenls, th¢ Trustees are required to. select suitable accounting policies and then apply them consi$tenily' make judgements and estimaies ihat are reasonable and prudent", observe the methods and principles of the Charities SORP; state whether applicable accounting standards and sMtements of recommended practice have been followed. subject to any material departures disclosed and explained in the fjnancial statements,. prepare the financial statements on the going ¢on¢em basi5 unless it is inappropriate to presume ihat the ehartty will ¢ontinue in operation. The TTUSte¢s are responsible for keeping proper accounting records whi¢h dis¢lose with reasonable accuracy at any tiJne the flnancial sitiOn of the Chaiity and to enable them to ensure ihai the financial statetnents comply with the Charities Act 2011. They are also responsible for safeguardtng the assets of the charity and hence for taking reasonable steps fr>r the prevention and dete¢iion of fraud and other itreglllarities. The a55ets of the Charity are held on Trust by th¢ Tnjstees. Approved by and tsn behalf of the Trllstees on 18 March 2021 A M DIckin)n Tnjstee
REPORT OF THE INDEPENDENT AUDITORSTOTHE TRUSTEESOF JOHN WILLIAM SLATER MEMORIAL FUND Opinion We have audiied the financial statements of the John William Slater MemoTial Fund for the year ended 31 De¢efftber 2020 which comprise Statement of Financial Activities the Balance Sheet, the Statement of Cashflows and notes to the financial statetnenls, including a suminary of significant accounting policies. The financial reporting fiamework that has been applied in their preparation is applicabl¢ law and United Kingdom Accounting Standards. including Finan¢iat Reponing Standard 102 The Fits&n¢ial Repoi'ling SiaNdui"d applicable IPT ihe UK and Reptiblic of IrelL7Md (United Kingdom Generally Accepted Accounting Practice). Irk our opinion, the financial statetnetLts'. give a tru¢ and fair view of the state of the charity's affairs as at 31 December 2020 and of the charity's net movement in funds for th¢ year then cnded., have been properly prepared in accordante with United Kingdom Generally Accepted Ac¢ountitLg Pr&ctice' and have been prepared in a¢cordance with the requirements of the Chariti¢s Act 2011. Ba515 for opinion We have been appoinied as auditor und¢r s¢¢lion 144 of the Charities Act 2011 and report in ¢0[dance with the Act and relevant regulations made or having effe¢t thereunder. We conducted our athdit in accordance with Intemaiional Standards on Auditing (UK) {ISAs (UKII artd applicable law. Our responsibilities under those standards are further d¢scribed in ihe Auditor's responsibilities for the audit of the financial staternenls section of our report. We are indep¢ndeni of The charity in accordance with the ethical requirements that are relevant to our audit of the ftnancial statements in the UK, including the FRC'S Ethical Stsndard. and we have fulfilled our other ethtcal responsibilities in accordance with these requirefflents. We believe tha¢ the audit. vidence we h8ve obtained is sufficient and appropriate to provide a basis for ouropinion. Conclusions r¢latlng to going concern In auditing lh¢ financial statements, we have ¢oncluded that the trustees. us¢ of the going ¢on¢ern ba515 of a¢unting irt the preparation of the fjnancial stat¢ments is appropriate. Based on the work we have perfomed, we have not identified any material un¢ertainiies relating to events or condiiions that, individually or collectively. may cast 518nificant doubt OH th¢ charity's ability to continue &$ a going cort¢eTn for a period of at least tw¢lve months froin whcn the financial statements are authorised for issue. Our resnsIbilItieS and the responsibilities of th¢ trustees with respect tQ 8gtng eon¢em ar¢ described in the relevant sections of this report. Other inform9tson The irustees are responsible for the other inforniation. The other information comprises the inforrnation included in the Truste¢s' Report. Our opinion on ¢he financial statements does not cover the other inforn]ation and, except to the extent otherwise explicrtly stated irt our report. w¢ do not express any fonn of assurance conclus20n thereon. In connection wtth our audii of the financial statements, OUT resFx)nsibility 15 to rcad the other information and, in doing SO. Consider wheth¢r the other infonnation is materially in¢onsistent with the financial statements or our knowled8t obtained in the audit OT Otherwise appears to b¢ materially misstated. If we idcntify such material tn¢onsi5tencies or apparent material misstatetnents. we are required lo delerrtline whether there is a material missthtement in the financial statemen¢s or a material mLSStatcment of the other information. If, based on the work we have perfornied. we con¢lude thai there is a material missialement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulattons 2008 require us to report to you if, in our opinion.. adequate accounting records have not been kept by the charity. or sufficient accouniing records have not been kept,. or lh¢ Charity financial statements are not in agreement wÈth the accounting records and retums., or we have not re¢eived all the iThfomiation and ¢xplanations we require for our audit. Responsibilities of trustees for the financigl $t4tement5 As explained more fully in the trustees. responsibiliiies statement set out on pa8e 4, the trnstees are responsible for the prepararion of the financia15tatemenis and for being sat15fied that they giv¢ o irue and fair view. and for su¢h
REPORT OFTHE IP4DEPENDENT AUDITORS TO THE TRUSTEES OF JOHN WILLJAM SLATER MEMORIAL FUND (continued) internal control as th¢ trustees determine is necessary to ertable the prepardtion of financial statements that are fret from material mjsstatement. whether due to fralld or error. In preparing the financial statements, the trusle¢s are responsible for &%sessing the ¢harity's abiliry to continue as a going concern. disclosing, as applicable, malleTS related to going concern and using the going concern basi5 of accollnting unless the tru5t¢¢s either intend to liquidate the ¢haiity OT to cease operation5, or have no realistic alternative but to do so. Auditor's respon$ibÉlitie5 for the gudit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial staternents as a whole are free from material mi551atement, whether due to fraud or error, and to issye an auditor's report that includes our opinion. Rcasonable assurance is 8 high level of a55urance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always deie¢t a material misstatement when it exists. Mi55tatements can arise from fralld or error and are considered material if, individually or in the aggiegate, they could reasonably be expected to influence the economie decisions of users taken on the basis of rhese flnancial statements. Irregularities, including fraud. Are instances of non-compliatt¢e with law5 and regulattons. We design procedures in line with our responsibiliiies. outlined above, to deteci material misststements in respect of irregularities, in¢ludiJ)g fraud. The extent to whi¢h our procedures are pable of detecting irregularities. including fraud is detailed below= Based Oll our understanding of the charity and the environment in which it operates, we identified that the principal risk5 of non-¢ompliance with laws and regulations related to revenue recognition, and we considered rhe exieni 10 which non- compltan¢e might have a rtiaterial eff¢¢r on the financial statements. We also considered those laws and regulations that have a direct itnpact on the preparation of the fJnatLcial statements such as the Chaiiiies Act 2011. We evaluated management's incentives and opportunities for fraudulent manipulation of th¢ fin8n¢ial siatetnent5 (including the Tisk of override of controls}, and deterrnined that the principal risks were related to matteFS requiring judgement and esiimation techniques. Audit pro¢edure5 performed by the engagement team included.. Discussions with managetnent including consid¢raiion of known or su5PeCted instances of non-compliance with laws and regulation and fraud., Evaluating management's controls designed to prevent and detect irregularitie5' Identifying and testing journals. in particular journal entries posted wilh utsusual account combinations, postings by unusual users or with unusual descriptions: and Challenging assumptions and judgetnents made by management in their ¢riti¢al ac¢ounting estimates. A further description of our responsibilitie5 for the audit of th¢ finatjcial staternentS 15 located on the Financial Reportitlg )oii%ibilitiL'.%. This description form5 part of our auditor's report. Use of our report This report is inade 501ely to the charity's trustecs. as a body. in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the ¢harity's trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume r¢sponsibility to anyone other than the charity's truste¢s as a dy for our audit work. for thi5 report, or for the opinions we hav¢ formed. H#y5macintyre LLP Statutory Auditors 18 March 2021 10 Queen Street PIAct London EC4R IAG Haystnacintyre LLP is eligible to act as an auditor in ternis Of section 1212 of ihe Companies Aci 2006
JOHN WILLIAM SLATER MEMORIAL FUND STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED31 DECEMBER 2020 Unrestricted Fund 2020 2019 Note Restgted INCOME FROM: Donations Invesiments 303,500 114.717 503,500 181,659 Total income 418.217 685,159 EXPENDITURE ON: Charitable ActLVlties: Provision of financial assistatL¢e to Suitable ships, ratings.. rratning grants awarded in the year Adjustment io training grants provisioo Support cosis 722,671 (863,6001 25,000 .591,590 {154,3001 25,000 Total expenditure {115,929) 1.462,29) NET INCOME I (EXPENDITURE) BEFORE GAINSI{LOSSES) 534,146 {777.131) OTHER RECOGNJSED GAIN&I(LOSSES): ILK)sse$ygains on investments.. - Realised Unreali%d 138.637) 198,942} 77,449 620,568 NET INCOME I (EXPENDITURE) FOR I'HE YEAR 396,567 {79.1141 Funds brought forward as previously reported Prior period adjustment 1,727,775 154,300 1,961.189 Funds brought forward &5 restated 1,882,075 1,961,189 Balance carried forward at 31 December £2,278,642 £1,882,075 The notes on pages 10 and 12 forni part of these financial sratetnents.
JOHN WILLIAM SLATER MEMORIAL FUND BALANCE SHEET AS AT31 DECEMBER 2020 2020 2019 Note Restated FIXED ASSETS Inv¢siments 4,741,617 5,503,511 CURRENT ASSETS A¢crued income Cash with the Marine Society & Sea Cadets Bank and cash Money held by invesiment managers 17.805 60,000 646,505 163.713 528,996 60,000 150,840 47.564 888.023 787.400 Creditors= Provision for awards Training grants creditor {3,071,0001 1279,9981 (3,924,600) {484,2361 (3,350,998) 14,408.836) r4et Current liibilities 12.462.975) {3.621.436) NET ASSETS £2.278.642 £1,882,075 FUND Unrestricted funds £2,278,642 £1,882.075 The financial statements wer¢ approved and authorised for issue by the Board of the Trustees otl 18 March 2021 and were signed below on tts behalf by= Trustee A M Dickinso Trustee The notes on pages 10 and 12 form part of these financial statements.
JOHN WILLIAM SLATER MEMORIAL FUND STATEMENT OF CASH FLOWS AS AT 31 DECEMBER2020 2f120 2019 Cash flow frorn opergting activitie5 Net cash used by operating activities {12,501) (605,027) Cash flows from investÉng gCtivitie5 Proceeds from sale of investfflents Pui¢hase of investments 2,959.952 (2.335.637) 2,149,367 {1,732,239) Ntt cash provid¢d by investing Attivities £624.315 £417,128 Change in Cash snd cash ¢qulvAlents in the reporting period Cash #nd cash equivalents at the begÉnning of the reporting period 611,814 198.404 1187,8991 386.303 Cash and cash eqknivalents at the end of th¢ reporting period £810218 £198,404 Reeoneiliation of net expenditure to net CAsh flow from operating activities 2020 2019 Restated Net incomel (expenditure) for the year Adjustmenis for.. Lossesllgains) on investmenis Increase in debtor5 IDe¢rea5eyincre&st in creditors 396.567 179,1141 137,579 {699.017) 132 172.972 (1,057,838} Net cash used by operating activities £112.5011 £1605,0271 Re¢oneiliation of net debt The Charity does not have any debt. and all information is included aix>ve, so no net debt recoTrciliation requiTed.
JOHN WILLIAM SLATER MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 ACCOUNTING POLICIES B#515 of accounting The financial stateThents have been prepared under the hi5tori¢al Cost convention, with the exception of fixed asset investments, whi¢h are included at their market value at the balance sheet da. The financial statements have been prepared in accordance with the Statetnent of Recommended Practice for Charitle5 {SORP Second edition, effective l January 2019), the Cotllp2nies Act 2006 and applicable accounttng standards IFRS1021. The principal accounting policies and estirnation techntques are as follows. Coing ¢on¢ern There are no material unceTtsintle5 surrounding the charity's ability to contiE)ue as a 80ing conc¢m. The charity has sufficient liquid &ssets which could be called un tts meet its financial commitments as they fall due. Consequently. these financial statements have been prcpared on a going eon¢em basis. Income All its¢ome is recognised on a receivable basis. Income from voluntary donatlOll5. legacies, grants and other in¢otne receivable is accounted for when the ¢harity has entitlement to the income. the amount can be measured reliably and thc likelihood of receipt is probable. Fund Accounting The charity has only one fund, which is unrestricted. Investments Listed investments are re¢ognised at rnarket value. The unrealised gain5 or 105se5 are accounted for in the Siaiement of Financial Activities. as are any realised gains and losses. D¢btor5 Other debtors are recognised at the settlement amount due after any dtscounts offered. Pr¢paymenis are valued at the amount prepaid net of any discounts dlle. Awards A provision is made in the financial statements for anticipated expenditure on awards grdtlted before the year-end where tÈaining ha5 commenced. All grants are rnade to individu2ls and ther¢ are no ittsiitutional grants. Flngneial Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instrument5. Basic financial instrutnents are initially r¢wgnised at trdnsaction valuc and subsequently measured at their settlement value. Judgements In ipplying accounting policies #nd key Sources of estimation untertAinty Estimates and judgements are continually evaluated and are based on historical experience and oihcr factors. including expectations of future events ihat are believed to be reasonable under the circumstances. Although these estimates arc based on management's best ktlowledge of the amoun¢ events or action5. acts]al resulis may ultimately differ from those estimates. The trustee5 consider the following itetns to be areas subject to esiimation and judgement.. PrOVl0f0r award The charity consider5 the provision on an annual basis reviewing the m&ximum exposure versus the amount already spent, less an estimate for non-starters and siudents who will not lJ5e the full grani. In 2020, the Charity has revtsed its grant awards Provision accounting poli¢y to better retlect the estimate of grants truly outsianding at the year end. For grants awarded outside of the 4-year award. the Charity has rcviewed each grant re¢ipi¢nt individually to assess whether they are still entitled to the fund5 or whether they should be written off. Note 7 provides det211s of the prior year adjustment. whieh has resulted from an error being identified in this accounting estimate at ihe year ended 31 December 2019. GRANTS PAYABLE Training grants payable in the year r¢present awards Tnade to 22 individuals {2019'. 138 individuals). 10
JOHN WILLIAM SLATER MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS (tontinued) FOR THE YEAR ENDED31 DECEMBER2020 STAFF COSTS AND TRUSTEES, REMUNERATION The charity has no employees 12019.. none} and no trustees receive remuneration from the Charity. No trustees received reimbursemeni of expenses in the year {2019.' none). FIXED ASSETS INVESTMENTS UBS AG is responsible for the day-to-day management and custody of the Charity'5 investments. The following are the investments of ihe Fund.. Cost Market value 2020 2019 2020 2019 Ftxed interest securities Other qUtsd s¢curities'.- Equity holdin85 133.319 162.125 132,917 161.597 3,778,143 3,969,260 4,608,700 5.341.914 £3,911,462 £4,131,385 £4,741,617 £5.503,511 2020 2019 Movement IN rnarket VAlue of investm¢nts Market value at l January Le55.' di5w>sals proceeds Add.. aquisilions at ¢ost Net Gain/{Loss) at 31 December Equalisation 5,503,511 5.221.622 {2,959,9521 12.149.367) 2,335,637 1.732,239 1137,5791 698,017 1,000 Market value at 31 December £4.741.617 £5,503.511 Realised and unreali5ed gains on investments Realised Gain l{Lossl Unrealised Gain /(Loss) 138,637) 198.942) 77.449 620.568 £1137.5791 £698.017 PROVISION FOR AWARDS The Trustees estimate that a spe¢ifi¢ provision of £3,071,000 {2019.. £3.924.600 as restated) may be required for awards granted before the year.end. At l January 2020 (Restated) Provisions for grants no longer required Increase in provisÈon based on number of awards made 3.924.600 (863.6001 10,000 At 31 December 2020 £3,071,000 RELATED PARTY TRANSACTIONS There were no related party transactions other than the donation of £3.500 received from Nautilus International {2019. £3.500).
JOHN WILLIAM SLATER MEMORIAL FUND NOTES TO THE FINANCIAL STATEMENTS {continued) FOR THE YEAR ENDED 31 DECEMBER2020 PRIOR YEAR AWUSI'MENT In 2020, the Charity has revised its calculation of the grant award5 provisiots to better reflect thc estimate of grants truly outsianding at the year end. For grants awarded outside of the 4-yeaT award, the Charity has reviewed each gtant reripient individually ¢0 assess wh¢iher they are still entitled to the funds or whcther they should be written off. This has lcd to 2 f¢sialement of 2019 figures for the grant awards provision and general reserves. as an error was identified as theTe were several recipients who were not entitled to the fundin8 at 31 Dernber 2019 due their grants having lime lapsed. Therefore a decrease in the provision was required. The resiatement of the openitlg reserves as ai l January 2020 resulted in them being incrvascd by £154,300 than previously reported with rhe net expenditure for the year decreasing by this amount. 12