1 **Horndean Community Association** Annual Report and Financial Statements For the Year ending June 30 2021 2 ## **Horndean Community Association Reference and Administration details** **Charity Name** Horndean Community Association **Charity Registration number** 301854 ( unincorporated) **Principal Office** Merchistoun Hall 106 Portsmouth Road PO8 9LJ **Registered Office** Merchistoun Hall 106 Portsmouth Road PO8 9LJ **Trustees** John Topley Margaret Plumridge Yvonne Sprack Brendan Charles Carol Cockett **Association Manager** Brendan Charles **Solicitor Bankers** National Westminster PLC 93 London Road Waterlooville PO7 7EG **Accountant** Tanya Dowthwaite Community First Leigh Park Community Centre Havant 3 ## **INTRODUCTION** Horndean Community Association is a registered charity operating in the area of Horndean parish and its environs on the southern fringes of the East Hampshire District Council area. It is also within the jurisdiction of Hampshire County Council. ## **OBJECTS OF THE CHARITY** The objects of the Association are to encourage and promote, education, social welfare and recreation for the inhabitants of Horndean and to manage a community centre for the local community – Merchistoun Hall and its Park (Grade II listed) The trustees regularly review the association’s activities, and at least once a year hold a major strategy review to ensure that future plans are compatible with the objectives and the opportunities within the area of benefit and to ensure that the activities planned are in line with the Charity Commission’s guidance on public benefit. ## **THE ACTIVITIES OF THE CHARITY** The Association is involved in the development of the following activities - The provision of leisure and educational activities & services. - The provision of facilities for other organisations running similar activities - The provision of hiring space to organisations for private meetings and functions. - The maintenance and development of the site for community use It achieves this by working both on its own and more often through working in partnership with other agencies. Through this activity Horndean Community Association demonstrates its ability to: - Work in partnership & collaborate with a wider community - Promote to a far wider audience its services, activities and events - Provide funding to support the needs of the local community ## **STRUCTURAL GOVERNANCE AND MANAGEMENT** Horndean Community Association is governed by a board of trustees. The trustees hold regular Trustees meetings though these were halted during covid. In the interim the trustees are in communication by email and additional decision making meetings are held when necessary. The decisions of the trustees are implemented by the staff led by the Association Manager and by nominated trustees and other volunteers. At the end of the year, there were 3 full time equivalent employees. This includes the staff of the “Minnows” pre-school. There are 5 trustees of the Association. Horndean Community Association also benefits from the work of a number of volunteers who help to ensure the Association functions effectively. We have with the permission of the charity commission appointed 2 staff to the board of trustees. All safeguards are in place to ensure that there is no conflict of interest. The public are made aware of the opportunity to become a trustee through internal communications to our users and volunteers, through our website, through appeals in other local 4 magazines and community fora and occasionally through press releases. Trustees can either be appointed at the Annual General Meeting or by co-option during the year. ## **OVERVIEW OF THE RECREATIONAL, EDUCATIONAL AND SOCIAL ACTIVITY** The Association provides a comprehensive programme of sessions that meet the aims of the Association Our approach continues to be: To retain our community services at a cost that does not discriminate That our hiring rates for voluntary, not for profit and community groups remain at a level that acknowledges their status The development of projects that meet the changing needs of our community The development of existing partnerships and the creation of new ones ## **DIRECTLY MANAGED ACTIVITIES** These groups have been severely curtailed because of covid. We are intending to restart as many of these groups as possible as covid comes to an end. Some are part of the silver stars programme and attendees get a discounted rate with the silver stars card. We will be looking to develop new activities as and when we can. Our current groups are :- 1. Minnows Preschool 2. Movement2Music 3. The Monday Morning Social 4. Short Mat Bowls 5. Tea Dance 6. Bridge 7. Fencing ## **OUR VOLUNTEERS** Once again the association and Horndean residents owe much to the many volunteers who give freely of their time to help in the smooth running of Horndean Community Association. They provide essential administrative assistance, raise money, lead and help with so many activities to make Merchistoun Hall a good place to be. The trustees wish to express their gratitude and thanks to them all as the association would not exist without them. ## **DUTY OF CARE - SAFEGUARDING** Staff, Trustees, and volunteers in sensitive areas are all subject to a robust induction and recruitment procedures where safeguarding is integral The Association has in place both a Safeguarding & Deputy Safeguarding Officer who continue to be trained to ensure that the association is up to date with all relevant practises and legislation in this area This commitment is supported by - The requirements of the Disclosure & Barring Services (DBS) in support of our vulnerable beneficiaries to include relevant checks on relevant staff & volunteers as administered through the DBS - The reporting requirements of the Charities Commission 5 - Our policies and procedures This is further supported by the information & advice delivered through our engagement with relevant partners. ## **RELATED PARTY TRANSACTIONS** There were no trustee payments made ## **A REVIEW OF THE YEAR AT MERCHISTOUN HALL** ## **HORNDEAN COMMUNITY ASSOCIATION JULY 2020 – JUNE 2021** ## **Feeling the effects of covid all year.** - Functions had to be abandoned and money returned or held over for the future - We supported the food bank throughout - Minnows continued to function throughout covid - We had some commercial activity meetings in September, December, April and June. All took place in the hall where we could manage the appropriate spacing - The bar was closed July 2020 to May 2021 and we had to dispose of all stock. - Parklands tea rooms were in a similar position and a lot of the stock had to be thrown away. We did do takeaways in the park - We managed to provide 25 takeaway Christmas lunches for those who wanted one. - There were 2 arts workshops in 2020 - The Baptist church used our bandstand for one of its events - Our regular community groups met August – October 2020 and restarted in June 21 - Our own activities met when appropriate and we purchased 2 gazebos so that they could meet outside in the summer months. The tea dance when unable to dance had an outside social instead - We were producing activity packs during covid for all our silver stars and sending them out by email and post. We kept in weekly phone contact with everyone as far as possible to make sure everyone was managing and didn’t need any help. - There was one skittles night in October 2020 - The staff were all on furlough except Brendan and Minnows staff. Brendan and the trustees continued to manage the organisation and the building during this period. - The trustees remained in contact by email to manage everything and met when they could. The decision was taken by them to apply for a covid bounceback loan which had very favourable rates in order to protect the organisation should covid continue to damage business. This loan (£33,000) is currently in the reserves. Repayment begins in January 2022. ## **New Community Project – The Community Library** The trustees agreed to take on the community library during this year when it was known that the county council’s library was closing. In many ways Merchistoun Hall is an ideal venue for the community library. Once the trustees decided they were going to provide this community asset Hampshire County Council gave the community association £10,000 to create it, a further £1000 was received from Cllr Hatter EHDC in the next financial year. The cost to date has been £12,156. We also received all the books (as I am sure 6 you must have noticed during the year) from the Horndean library and all the shelving we required and the pick of the furniture which you can now see around the building including the Parklands chairs, the reception desk and furniture amongst other items. We have valued the books, furniture and new reception desk at £7000. Thanks to Hampshire County Council for donating all these. This project will continue to be developed during the next financial year. New volunteers are coming forward to help run the library. Jean Reynolds gave us a donation of £80 towards this project. ## **MANAGING THE COMMUNITY ASSOCIATION’S ASSETS –** ## **MERCHISTOUN HALL AND PARK** The trustees are managing to the best of their ability the building and the park with extremely limited and sometimes virtually no finance. As you all know the building is grade 11 listed, as is the garage (workshop) and this listing itself brings its own expense. The trustees manage by setting priorities concentrating on those things that can be done within the financial limitations. A tree survey and a building survey (£1400) has been completed. ## **The Trees in the park** There are a substantial number of trees in the park mainly ash trees that will need to be removed as they are dead or dieing. We are as far as possible replacing these with smaller trees in areas where they are near local houses and buildings. ## **Repairs and renewals** The total spent on repairs and renewals this year is £26641. Below is an outline of the main works and costs throughout this year. |**Action**|**Cost**|**Notes**| |---|---|---| ||£|| |Building Survey|1400|Carried out by professional surveyor to give the trustees some idea
of the current state of the building| |Plumbing|379|General repairs| |Roof repairs|300|Replacement of tiles damaged by young people on the roof| |FellingDangerous trees stage 1|1158|Asper the tree survey| |Rear securitycages|2724|Built to reduce activityon the roof| |Repairs to ceiling in hall|3555|The trustees had been tracking the cracks as they were widening.
Over xmas the ceiling in the hall fell onto the hall floor. It is a lath
and plaster ceiling. It has been replaced with plasterboard but
should eventually be replaced with lath and plaster cost £12,000.
The plasterboard is currently protecting what remains of the
ceiling.| |Upgrade boiler and other gas
works|1315|| |Skips|420|The trustees have over the last 4 years been removing 70 years
accumulated rubbish from thepremises. This is ongoing| |Library project|11868|To date| |Forparkgates|1200|Initialpayment| |Planning permission forgates|69|A regular occurrence because of the listing| |Plantingand tidyingthepark|401|| - The building survey indicated that Merchistoun Hall was showing her age – no surprise there. The major issues are water ingress and the state of the chimney pointing and rendering. The trustees 7 have set up a programme of inspection within the roof space and of the roof itself by drone ( thanks to John groundsman for this) There are problems with breathability making it damp and consequently cold as the building should not have been coated with modern paint but there is little we can do about this at the moment.( Incidentally when we last checked ( May 22) there was no leaks from the roof which marks some progress) ## **Financial review 2020/21** ## **Key challenges for the organisation** - The organisation is asset rich and cash poor - The land and building itself can be as much a liability as an asset. The ability for a small unincorporated charity to raise sufficient income to refurbish and upgrade the manor house and park to meet its Grade 11 listed status is limited. - The trustees have continuing to develop strategies to both decrease expenditure, including continuing to review the staff costs, and increase the income through new programme developments and social enterprise. - The trustees have not changed from their view that the community association needs to generate £80.000 per annum if it is to cover its costs (excluding minnows which is supposed to be self sufficient) and £100,000 if we are to provide income for the restoration and up-keep of this grade 11 listed building and park. ## **COVID** It behoves me to make some comment about the accounts this year because they are not as normal. As you know the building was shut for our activities most of the time due to covid, causing the trustees some anxiety. But they did decide to try and stay open to provide services as required as far as possible including keeping Minnows open with just Brendan and the Minnows staff at work. The rest of the staff were furloughed. We did however meet the criteria for government funding. Thanks to Brendan for dealing with the paperwork. So you will find under voluntary income a sum of £57472 which were covid grants to support our core costs. We also got a grant from Hiwcf (£5000) for the work we were doing staying in contact with all our members during the covid year seen under incoming resources for charitable activities. Finally the furlough money £12759 ( which went out again in staff payments of course) can be found under other incoming resources. The trustees decided on one other action to try and ensure there was a future for the association once we got through covid and that was to obtain a covid bounce back loan of £33000. Year one, this year we made no repayments. This monies can be seen on the balance sheet. 8 ## **Horndean Community Association** ## **Balance sheet to June 2021** ||**To June 21**||**To June 20**||| |---|---|---|---|---|---| ||**£**|**£**|**£**||**£**| |**ASSETS**|||||| |**Fixed assets**|||||| |Property|3000000|||3000000|| |Plant and machinery|4820|||4820|| |Plant and mac - accumulated depreciation|-4715|||-4233|| |Office equipment and IT Cost|6871|||4871|| |Office equipment and IT accumulated depreciation|-4266|||-3740|| |Furniture and fittings cost|33863|||24731|| |Fixtures and fittings Accumulated Depreciation|-22281|||-20062|| |**Total fixed assets**||**3014292**|||**3006387**| |**Current assets**|||||| |Stock bar/catering|0|||900|| |Trade Debtors|6205|||195|| |Prepayments|4860|||5298|| |Nat West current account|30749|||19262|| |Petty cash|50|||61|| |Reception bar till|302|||91|| |Minnows Cash|0|||210|| |Minnows bank|24822|||15133|| |Business Reserves|33001|||2004|| |Savings account/functions|14|||14|| |Card payment account|749|||81|| |Floats|38|||201|| |Community First holding account|6000|||4000|| |**Total current assets**||**106790**|||47450| |**TOTAL ASSETS**||**3121082**|||**3053837**| |**LIABILITIES**|||||| |**Current liabilities**|||||| |Trade Creditors|8343|||6816|| |Accruals|18481|||8309|| |**Total current liabilities**||**26824**|||**6816**| |**Future Liabilities**|||||| |long term loans and mortgages ( see note 13)|33000||||| |**Total future liabilities**||**33000**|||**0**| |**TOTAL LIABILITIES**||**59824**|||**6816**| |**TOTAL NET ASSETS**||**3061258**|||**3047021**| |RESERVES|||||| |Property re evaluation||**2980927**|||**2980927**| |Funds||**80331**|||**57785**| 9 ## **Horndean Community Association** ## S **tatement of Financial Activities** ## **Incoming resources ( see note 1)** ||**Totals 2020/21**
**£**|**Unrestricted**
**Funds**
**£**|**Restricted**
**Funds**
**£**|**Total**
**2020/21**
**£**|**2019/20**| |---|---|---|---|---|---| |**Voluntary**
**income**|65041|57961|7080|65041|31324| |**Activities for**
**generating funds**|6449|6449||6449|18894| |**Investment**
**income**|3|3||3|0| |**Charitable**
**activities**|60127|13803|46324|60127|83630| |**Other incoming**
**resources**|16393|383|16010|16393|15879| |**Total**|**148013**|**78599**|**69414**|**148013**|**149727**| ## **Resources expended (See Note 2)144789** ||**Totals 2020/21**
**£**|**Unrestricted**
**Funds**
**£**|**Restricted**
**Funds**
**£**|**Total**
**2020/21**
**£**|**2019/20**| |---|---|---|---|---|---| |**Fundraising and**
**trading costs**|28071|28071||28071|4779| |**Charitable**
**activities**|95180|70796|27772|95180|133172| |**Governance &**
**other costs**|1502|1502||1502|4001| |**Other resources**
**expended**|714|714||714|| |**Total**|**125467**|**101083**|**27772**|**125467**|**141952**| 10 ## **Horndean Community Association** ## **Notes to the Financial Statements for the Year Ended June 30[th] 2021** ## **Accounting Policies** ## **Incoming resources** |**Incoming resources**|| |---|---| |**Recognition of incoming**
**resources**|These are included in the statement of Financial Activities (SOFA) when
•
The charity becomes entitled to the resources
•
The trustees are virtually certain they will receive the resources ; and
•
The monetary value can be measured with sufficient reliably.| |**Incoming resources with**
**related expenditure**|Where incoming resources have related expenditure (as with fundraising or contract
income)the incomingresources and related expenditure are reportedgross.| |**Grants and Donations**|Grants and donations are only included when the charity has unconditional
entitlement to the resources| |**Tax reclaims on donations**
**andgifts**|Incoming resources from tax reclaims are included at the same time as the gift to
which theyrelate| |**Contractual income and**
**performance relatedgifts**|This is only included once the goods or services have been delivered| |**Gifts in kind**|Gifts in kind are accounted for at a reasonable estimate of their value to the charity or
the amount actually realised
Gifts in kind for sale or distribution are included in the accounts as gifts only when
sold or distributed by the charity
Gifts in kind for use by the charity are included as incoming resources when
receivable| |**Donated goods and service**|These are only included in incoming resources (with the equivalent amount in
resources expended) where the benefit to the charity is reasonably quantifiable,
measurable and material. The value places on these resources is the estimated value
to the charityof the service or facilityreceived.| |**Volunteer help**|The value of any voluntary help received is not included in the accounts but is
described in the Trustees Annual Report| |**Investment Income**|This is included in the accounts when receivable| |**Investment gains and losses**|This includes any gain or loss on the sale of investments and any gain or loss resulting
from revaluinginvestments to market value at the end of theyear.| |**EXPENDITURE AND LIABILITIES**|
Liabilities are recognised as soon as there is a legal or constructive obligation
committingthe charitytopayour resources
Include costs of the preparation and examination of the statutory accounts, the
costs of trustee meetings and cost of any legal advice to trustees on governance
or constitutional matters
Where the charity gives a grant with conditions for its payment being a specific
level of service or output provided, such grants are only recognised once the
recipient of thegrant hasprovided the specified service or output.
These are only recognised in the accounts when a commitment has been made
and there are no conditions to be met relating to the grant which remain in the
control of the charity| |**Liability recognition**|Liabilities are recognised as soon as there is a legal or constructive obligation
committingthe charitytopayour resources| |**Governance costs**|Include costs of the preparation and examination of the statutory accounts, the
costs of trustee meetings and cost of any legal advice to trustees on governance
or constitutional matters| |**Grants with performance**
**conditions**|Where the charity gives a grant with conditions for its payment being a specific
level of service or output provided, such grants are only recognised once the
recipient of thegrant hasprovided the specified service or output.| |**Grants payable without**
**payment conditions**|These are only recognised in the accounts when a commitment has been made
and there are no conditions to be met relating to the grant which remain in the
control of the charity| 11 |**Support Costs**|Support costs include central functions and have been allocated to activity cost
categories. On a basis consistent with the use of resources,| |---|---| ## **ASSETS** |**ASSETS**|| |---|---| |**Tangible fixed assets for use**
**by the charity**|These are capitalised if they can be used for more than one year. And the cost at
least £500. They are valued at cost or , if gifted, at the value to the charity on
receipt.| |**Investments**|Investments quoted on a recognised stock exchange are valued at market value at
the year end. Other investment assets are included at the trustees best estimate
of market value| |**Stocks and work inprogress**|These are valued at the lower of cost or market value| 12 ## **Note 1** ## **Analysis of incoming resources** ## **Voluntary Income** ||**This year**
**2020/21**|**2019/20**| |---|---|---| ||£|£| |Membership and silver stars
cards|177|1234| |Donations|7392|5181| |Government covidgrant|57472|16800| |**Total**|**65041**|**23215**| ## **Activities for generating funds** |**nds**||| |---|---|---| ||**This year**
**2020/21**|**2019/20**| ||£|£| |Hire of building by external
parties|4642|17696| |Sales bar and catering|1666|11071| |Social Activitytickets|119|1103| |Fundraising|22|3117| |Outreach Commission||300| |**Total**|**6449**|**33287**| ## **Investment income** ||**This year**
**2020/21**|**2019/20**| |---|---|---| ||£|£| |**Total**|**3**|| ## **Incoming resources from** ## **Charitable activities** ||**This year**
**2020/21**|**2019/20**| |---|---|---| ||£|£| |Contribution from activities by
users|12981|10548| |Hire of building to other
communityusers|797|12851| |Contribution to Minnows
(grant & fees)|27764|45187| |Contribution to Hats||4965| |Project and activity grants|18560|5733| |MMSocial||3319| |Loan of equipment|25|75.50| |**Total**|**60128**|**82678**| 13 ## **Other Income** ||**This year**
**2020/21**|**2019/20**| |---|---|---| ||£|£| |Refunds/insurance claims|382|| |Returned deposits||1901| |Employment allowance|3250|2067| |Employment allowance
furlough|12761|| |Other miscellaneous||927| |**Total**|**16393**|**4895**| ## **Note 2** ## **Analysis of resources expended** ## **Fundraising and trading costs** ||**2020/21**|**2019/20**| |---|---|---| ||£|£| |Sales bar and catering|735|3102| |Fundraisingcosts|0|25| |Overheads|13894|11187| |Managerial costs|13442|14555| |**Total**|**28071**|**28869**| ## **Charitable Activities** ||**2020/21**|**2019/20**| |---|---|---| ||£|£| |CommunityActivities|181|7587| |Community activity
supported by grants|27772|34514| |Bandstand||894| |Overheads|33588|31595| |Managerial costs|33639|58582| |**Total**|**95180**|**133172**| ## **Governance & other costs** ||**2020/21**|**2019/20**| |---|---|---| ||£|£| |Governance|1502|321| |Other|714|3680| ||**2216**|**4001**| ## **Note 3** ## **Trustees Expenses -** No trustees were paid expenses this financial year ## **Note 4** **Independent examiner for reporting on the accounts** £ 14 ## **Note 5** ## **Paid employers for the period to June 30 2021** |**No of staff**|**2.5**|**Full time equivalent approximately**|**Full time equivalent approximately**|**Full time equivalent approximately**||| |---|---|---|---|---|---|---| ||**HCA 2021**|**2020**|**Minnows 2021**|**2020**|**Total 2021**|**2020**| ||£|£|£|£|£|£| |Salaries|40903|46352|24763|29003|65666|75355| |National
Insurance|2248|4924|1077|996|3325|5920| |Pension|980|1019|742|688|1722|1707| |**Total**|**44131**|**58582**|**26582**|**30582**|**70713**|**82982**| |**Administration costs**
**Employment allowance**
**Furlough**|||**£ 504**
**£ 3250**
**£ 12761**|||| ## **Note 6** ## **Defined contribution pension scheme** Horndean Community Association honours its legal requirement by offering a pension scheme for eligible staff. This is paid using the three stage incremental process with relevant percentages deducted from staff salaries and balances honoured by the Association. The Association uses the NEST provision. ## **Note 7** ## **Horndean Community Association Grants July 1 2020 - 30 June 2021** |**C/F**|**Description**|**Date**|**New**|**Spend on**|**Recharge**|**C/F June**| |---|---|---|---|---|---|---| |||**received**|**this**|**capital**|**against**|**21**| ||||**year**|**activities**|**running**|| ||||||**costs**|| |||||**£**|**£**|**£**| |450|sudacrem|||308||142| |1000|HCC Cllr toilets|||200||800| |500|EHDC Cllr toilets|||500||| |1000|EHDC screen|||||1000| |2000|HIWCF|||2000||| ||EHDC Cllr Hatter rear security|16/07/20|1000|1000||| ||EHDC Cllr Woodard rear security|21/07/20|1000|1000||| ||EHDC tree survey|27/08/20|1560|1560||| ||ehdc project funding (returned 30/6/21)||6240|||| ||HCC library funding|08/03/21|10000|10000||| ||Hicwf funding|02/10/21|5000||5000|| ||Covid EHDC|09/02/21|
1500||1500|| ||covid grant government|all year|29722||29722|| ||covid restart government|sept|24000||24000|| ||masons rear security|15/01/21|250|250||| ||Furlough|all year|12761||12761|| ||Minnows|all year|37274||37274|| |**4950**|||**124067**|**16818**|**110257**|**1942**| 15 ## **Note 8** ## **Debtors** ||**2021**|**2020**| |---|---|---| ||**£**|**£**| |Trade Debtors|6205|185| |||| |**Totals**|**6205**|**185**| ## **Note 9** ## **Creditors** |**Creditors**|**2021**|**2020**| |---|---|---| ||**£**|**£**| |Trade creditors|2217|1391| |Wages|6216|5425| |Accruals|10171|5468| |**Total**|**18604**|**12284**| ## **Note 10** ## **Fixed Assets** The Community Association owns the Building – Merchistoun Hall, Horndean a Grade 2 listed Manor house and the surrounding 4.5 acre park. The Association Trustees allow the public access to this park. These assets are used to house activities that further the charities aims. The land and buildings were valued at £2.8K when last valued in 2008. We have adjusted the balance sheet to reflect this. ## **Note 11** ## **The Asset register** The value of the equipment on the asset register is shown under the following headings - Plant and Machinery - Office equipment and IT - Fixtures and Fittings ## **Stock Value** ## **Note 12 ( we had to destroy the stock during covid)** Bar £00 Catering £00 **Total £0** ## **Note 13** The Community Association secured a Bounce Back Loan from Natwest Bank on December 2020 for the value £33,000 – the final repayment against this loan will be December 2026. The Bounce Back Loan scheme allows small 16 businesses, such as ours, access to financial support as a result of the Covid pandemic. Loans are made up to a maximum of 25% of the annual turnover at time of application. We applied for the maximum loan amount. The repayment plan lasts for 6 years. The loan was offered with no repayments required for the first 12 months of the life of the loan. 17 Thè Homdea￿ CgrT•munlty J4ssociatlon Indepondent EKarn•nEf5 Report to the Trusiee% Cjf The Hnrnd*.an tThnmuniry A$4K.i3r":o I i-eDort L)ll the 4iccauf&ls vf ili¥. Ii•Jriiy Ivr Lliv y¥dr ¥rid 3fj J.Jrip. 2021. Respective re$pon$lbllltles tsf truslee and txamintr I he irust¢ps aré r@spon5iblp for the Jrppararion of the accounts. Th￿ t"ustees con4lder ihJL an audil 1% iit)r I'p.qiJir*d fjll- Ihis ie•i SLKLi¢J'i 14d112'. ul iliLI Cliéiiii*s ALL 2CtI Iil)v 2?" l At11 antl that an Independent eliarniThatsoTh is Thèeded. 11 Is m¥ ILSPLiri&ibtliL¥ .u'. Exfirnine. thp arcuunt5 under sertion 145 ofth* 2UII act- To tollniv rhp procedurcor laid down iii the pential L)iroctl.Jn5 ¥iv-tate ivhfth•r )xrTicular matters have comc to mi oLlcntw)n. Basis al th• Indep•nd•nt *x•mln•v$ report My eknminai•Oll 'Nas carriEd out in 3c tonslderthiion of comparison ol th2 Itc()unis prèrn Th'r.u trusrp.pE c.rnr.prn￿8 any SLth rnatters. The pre￿￿u?5 undenaken do i)ot ¥ro¥ide all I￿.C kn¢idence that ivojld be 'euuircd 11) rtfl dudil driLI LUllSéqV¥lltlw iiu r)pi'i tsn L4 EWP.n as rn ivhElIAr 14e 3Ciourto presert G triE anc -air iitew Ird t￿e report is limited to Ihosc matl&*rs set out in the next stat2me.nt. Independent examlMrfs stst*ment In connertlon will w e*amlt)aiiov), n¢ n)otitr h)5 c-iy 4)itLritivri'. 11 Kvhictr 8ivns me rtaJ)iablE L￿￿5￿ tu bclivic that in hTrirnatFrial ￿$￿er1 Ihe. rpqvirpmpnt5: T4J keep accGUI)111)& iow'os In accorUÈl'LÈ K%ilth vttiun J.4n nf thp. C.hxriri*% Art )oi'i,' and To prLPJIL ￿LLBul7t5 vihiEh accird i•Jith rhp. arrniintin8 rpcords 3nil ccmpbl bvlth Ilie a:iountin8 rvquirement5 of the dJLI ACE ILave bL'er. met,. or 121 To which, in opinion. attknntior should be dra￿n in ordp.r t() g.nafjlp. a pmp?.r Linder51anrtinR o. rh dLLUlJll% bp r>arhpiJ. Tinya Dni'd-.hwaite IFCAI 41111 CutTiinuiiit> CL"ntre Dunstury Vla¥ I l)vanl I>OIJ SBG Date....