REGISTERED COMPANY NUMBER.. 02241223 REGISTERED CHARITY NUMBER: 800222 Report of the Trustees and Financial Statements for the Year Ended 31 March 2024 for Cherry Trees
Contents of the Financial Statements for the Year Ended 31 March 2024 Page Company Information 1 to2 Chairman's Report Report of the Directors 4t011 Report of the Independent Auditors 12to14 Statement of Financial ALXivities 15 Statement of Financial Position 16to17 Statement of Cash Flows 18 Notes to the Financial Statements 19to26
Company Infomiation for the Year Ended 31 March 2024 Registered Charlty number 800222 HONORARY PRESIDENT: Gertrude Harris HONORAR Y VICE PRESIDENT: Jeffrey Knight DIRECTORS AND TRUSTEES DIRECTORS (Executive Council): Heath Wlliams (Chairl Simon Runlon (Vice Chair} David Marshall (Hon. Treasurer) Eileen Bruce Ailsa D¢)oley Mike Evans Deborah Powlesland (resigned 14 September 2023) Cathryn Culverhouse (appointed 14 September 2023) Clive Strong Sue Walker SENIOR MANAGEMENT TEAM: Claire Bryant (Chief Executive Officer} Clare Colborne-Baber (Chief Operating offir> Paula Rankin (Head of Carel Robert Hope (Head of Fundraising and Communication) COMPANY SECRETARY: Deborah Powlesland (resigned 14 September 20231 Cathryn Culverhouse {appointed 14 September 20231 HON. TREASURER". Damd Marshall MANAGEMENT AND FINANCE COMMIThEE: At 31 March 2024 David Marshall (Chairl Claire Bryant (Chief Executive Offir> Clare Colborne-Baber (Chief Operating Officer) Mike Evans Paula Rankin (Head of Care} Simon Runton Robert Hope (Head of Fundraising and Communication) HEALTH AND SAFETY COMMirrEE: At 31 March 2024 Sue Walker (Chairl Clive Strong Paula Rankin {Head of Care) Sarah Pritchard Claire Bryant (Chief Executive Offir) Clare Colborne-Baber (Chief Operating Officer) Jeff Fox Gloria Poole FUNDRAISING AND COMMUNICATION COMMIThEE: At 31 March 2024 Clive Strong (Chair} Simon Runton Ailsa Dooley David Marshall Robert Hope {Head of Fundraising and Communication) Clare Colborne-Baber (Chief Operating offir) INVESTMENT COMMIThEE: At 31 March 2024 Roger Cuming {Chair} Tom Harris Peter Regan David Marshall (Hon. Treasurer}
Company Infomiation forthe Year Ended 31 March 2024 (continued) REGISTERED OFFICE: Chery Trees School Lane East Clandon Guildford Surrey GU4 7RS AUDITORS: Azets Audit servIs Limited Statutory Auditors & Chartered Accountants Ashcombe Court WcK)Isack Way Godalming Surrey GU71LQ INVESTMENT ADVISERS: Quilter Cheviot One lfjngsway London WC2B 6AN BANKERS: National Westminster Bank PIC 151 High Street Guildford Surrey GU13AH Recruitment and Training of Directors Directors are competent persons who through residence, occupation or employment or otherwise have specialist knowledge of an area of expertise of benef it lo the Charity. Directors are selected for particular skills (e.g legal or accounbngl or experience in the care sector. One director is a parent of a child who has respite care on a regular basis. Most directors. upon appointment, are already familiarwtth the practscal work of the Company. A director induction pack is in operation which covers.. the obligations of trustees and the sub-committee structure and terms of reference the Memorandum and Articles of Association the resourcing and the current financial position as set out in the latest published accounts and management accounts for the cuent period Charity Commission Trustee literature future plans and objectives
Cherry Te$ (Registered Company Number: 02241223) Chaimian's Report for the Year Ended 31 March 2024 The year under review refiects another very strong and impactful performance I was ddighted and incredibly proud when Cherry Trees was formally awarded an Outstanding grading by Ofsted for the second consecutive year. The grading affims thal the care and support that we provide the children and Iheir families is outstanding. This is due, in no small part, to the hard work and dedication of our team of staff and all those who support us as volunteers, fundraisers and donors. Every single person involved in the charity helps to make a real and lasting difference to the lives of the children and families who need us. Dunng the year, we have increased occupancy and have continued to invest in our facilities. We have also invested in mental health and well-being interventions for our children, their families and our staff team and widened the integral family activities that we provide, to ensure that no one reaches crisis While the year ahead will undoubtedly pose new challenges, l am confident that Cherry Trees wrll overcome them and continue to prowde the outstanding slandard of seNice that those in our care expect and deserve It is that vital care and support that keeps families together and empowers children with disabilities to have f ulfilled lives. Our key priorities: Providing High Quality Care incorporating staff development, improving outcomes for children and their families, Ensuring Sustainability in both finance and occupancy,. and Growth I Continuous Improvement by listening to families, working with the local authorities to understand their needs, and building better facilits'es. Looking forward, it is very clear that the demand for high quality, specialist provision in the county is in great need. l am therefore excited to announce that this year we will be working on our 5-year growth strategy for Cherry Trees, working closely with parentslcarers, local authoribes, staff and other key stakeholders to determine what provision is in greatest need and then formulating a plan to deliver this. We wll be keen to share our findings wtth ourwider support neOrk once our strategy has been determined. I would like lo extend a heartfdt thank you to all our slaff, volunteers, trustees and supporters who continue to make Chery Trees what it is, a place where children have fun and develop and a pla that helps keepsfamilies together I would also like to thank the many families who have commented on the significant part that Cherry Trees has made in ensuring that they can not only continue to functon as a family but also see the contribution that a loving care environment can make to their child's well-being. Signed Heath Williams- haiman Date.. 17 September, 2024
Cherry Trees (Registered Company Number: 02241223) Report of the Directors for the Year Ended 31 March 2024 Pury)ose of the Charity & Public Benefit Purpose of the Charity Cherry Trees is a charity providing home from home specialist short breaks for children and young people aged 0-19 with a range of disabilities including learning, physical and sensory impairments. Set in the village of East Clandon, near Guildford, Cherry Trees provides a high-quality service within a relaxed and caring setbng Founded in 1980 by a group of parents and doctors. Cherry Trees is a lifdine for the many families, children and young people regularly cared for here, whether it be after school for a few hours, a weekend or even a couple of weeks stay. We believe that every child is an individual with the right to enjoy a normal pattern of life within the community appropriate to their age Chery Trees is dedicated to ensure this is achieved for all of the children and young people who lo us. Cherry Trees is a unique place, providing professional care in a safe, stimulats'ng and fun environment, where every child Is valued for who they are. It is a community that is dedicated to children and young people, enabling them to spend time with friends and enjoy new experiences and opportunibes, while their families have a much- needed break. More informabon can be found at www.cherrytrees.org.uk. Public benefit The directors confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have regard to the Charity Commission's general guidance on public benefit. The provision of short breaks by Cherry Trees is available lo any child who meets the Cherry Trees critena and has disabilibes which Cherry Trees staff are trained to manage. For any family unable to secure a Children's Services care plan, Cherry Trees has for many years heavily subsidised the rates charged f¢y direct bookings by parents. Where parents are still unable to secLtre short breaks at Cherry Trees there is a Bursary Scheme available which positively discriminates in favour of those less able to pay. What Cherry Trees Means to Us- A Parent's View -we are so grateful to Chery Trees The team are wonderful and I'm not really sure where we would be without them. Caring for R at home is challenging, so the respite means everything" -cherry Trees provides a caring, supportive environment with excellent care and plenty of activities for the children to choose from." -Thank you Cherry Trees You make a huge difference." °We couldn't do without Cherry Trees and you have been like extended family to us over the Yea., "Thank you very much to all the staff for theirsinrity, honesty and hard work in ensuring my child is well cared for." I havefull trust in the staff ot Cherry Trees" "Thank you so much for taking the effort to orgonise the excellent Christmos porty yesterdoy. P was so happy ond she had such a fantostic time. Thank you for taking the effort to orgonise the photo sessions. What o morvellous idea I"
Cherry Trees (RegiSted Company Number: 02241223) Report of the Directors for the Year Ended 31 March 2024 (Continued) What Cherry Trees Means to Us- A Social Workerfs View Yhank goodness you ore there, I truly believe you ore c life linefor many families, who would otherwise be looking to residential care for their children. oung people con socialise, enjoy being in o safe environment thot is owayfrom home ond branch out ond try activities andfoods they may not Usually access. "The good working relationship with other ogencies is very evident with Cherry trees. Secondly, the prompt updote of ony concerns is excellent." What Cherry Trees Means to Us- Otsted's view he children's home provides highly effective services that consistently exceed the standards of good. The actions of the children's home contribute to Significantly improved outcome5 and positive experiences for children ond young people who need help, protection ond care". "Pt7rents hove confidence that their children Gre receiving excellent core when they come to Stoy. Children'5 needs ore understood and managed exceptionolly well. Some children hove complex health needs, ond the skills ond knowledge of staff help to keep these children safe." he core provided to children is outstonding. Parents hold this service in high esteem because of the excellent care and support that stoff provide. The manager and stoff understand how essentiol their support is to local children andfamilies. Parents ond external professionals describe them as 'going above ond beyond, . What Cherry Trees Means to Us- Independent Visitor's view .1 believe that Cherry Trees offers excellent care to the children. They are all progressing ond the home continues to give the children opportunities both in and out of the home. "All children are having positive experiences und making progress. Achievements are rewarded and their independence skills are encouraged. Achievements and Performance The Home We continue to offer a high level of specialist care to the children who stay at Cherry Trees, creating a fun and enjoyable and stable environment. Key working continues to work well in helping the children progress in a range of areas. We have gradually been increasing occupancy levels and have taken every opportunity to maMise the number of children's stays We have expenenced a continuing high level of children requiring 1..1 care due to their complex disabilities and health needs. Over 700/0 of the children using Cherry Trees are now receiving funding for 1..1 care. Key achievements include.. Achieving an Outstanding grading in our Ofsted assurance visit for the second consecutive year. Operating a Welfare Fund for families who are facing financial hardship as a result of the increased cost of living or other changes In circUmstans.
Cherry Trees (Registered Company Number: 02241223) Report of the Directors for the Year Ended 31 March 2024 (Continued) Achievements and Perforniance- The Home (continued) Completed the creation of a cinema room, which now enables all of the children to enjoy a big screen, rnulli-sensory experience. Refurbishment of the slaffroom and kitchen, creating an environment that is conducive to being able to take a much needed break as wdl as creating a productive work area. Continuing the Cherry Achievers, Tree which celebrates the achievements our children make on monthly basis The Achievers, Tree and the children's positivity towards this has been so encouraging. providing a welcomed recognition of progress. Our families were able to enjoy a Christmas party with entertainers, a family photography session and food for all dietary requirements. We were also very grateful to our supporters who helped us provide a sack of presents for each child and thr families. We have established a programme of family and parent wellbeing events including a family inclusive cycling day and Christmas wreath-making, trout fishing, a make-up masterclass and a cocktail evening for parents. Our holistic support meant that not one family reached crisis point during the year. 14 new children successfully Iransitr'oned to Cherry Trees and we provided care to 70 children from 63 fanilies during the year. Fundraising The Fundraising team have had an extremely busy year which has, with the support of our partners, fundraisers and donors, resulted in another year of success and records. This includes nearly £300k in grants from trusts and foundations, a record £111k from our St_ George's Hill Golf Day, a record £26k from Trade income, a record £21k from Challenge Events. with another record of 210 supportersioining us for Jazz in the Vineyard. We also raised more than £55k from our Christmas Appeal for a second consecutive year, and enjoyed great support from our community with 850 individuals, organisations and community groups making a donation or fundrasing. Away from financial successes, we have adapted our fundraising and communications team structure lo align better with the charity's needs and industry standards, which will help us maintain a strong and sustainable operational structure going forwards. As part of this, we have welcomed bmo new members to the team. We have also supported the inception of a Fundraising and Communications Committee, brought in new processes and policies and continue to build our involvement in the house activity_ All in all, the year has been another step fotward in building our income streams and putting in place the team and structures to enable continued growth for years to come.
Cherry Trees (Registered Company Number: 022412231 Report of the Directors for the Year Ended 31 March 2024 (Continued) Achievements and Perfomlance (continued) a) Operational performance of the Home The most recent Ofsted assurance visit awarded us an "Outstanding" grading for the second consecutive year We worked very closely with Surrey County Council to ensure that we have continued to deliver the M8MuM provision possible of Short Break Services for Children and Young People with Disabilities throughout the year, increasing our occupancy level to over 70 % for the firsl time since 2019120 Cherry Trees provided a high level of 1..1 lor even 2..1 care). More than 70% of the children attending Cherry Trees now have funding for 1.1 or 2..1 care. In 2023124 the occupancy rate at Cherry Trees increased lo an average of 73 % for the year (2022123: 67 %). Our kitchen continues lo hold The Enwronmental Health's (Guildford Borough Council) top grading of five stars. In respect of our environmental impact, we conts'nue lo minimise our food wastage and lo purchase local produce where possible Our recycling initiative is well-embedded, facilitated by the purchase of larger recycling bins. Our Green committee meets quarterly and has implemented a range of changes to reduce our cartx)n footprint including reducing electricity usage, installing LED lighting, moving to paperless payslips, increasing our recycling boxes and using reusable laundry eggs. b) Future Plans The key objectives in the Coming year (2024125) are. To improve on the recent level of occupancy to meet a growing demand for the use of our facilibes. To maintain our Outstanding grading wtth Qfsted To share our journey to achieving 'Outstanding' with other providers to enhance the quality of children's services across the county. To maintain the highest standards of care, whilst providing a wonderful "home from home" experience for all of our children, replaang dining rcom furniture with robust items that look homely rather than practical and clinical. To refurbish the on-call bathroom, providing a modern and inviting space for our carers to use when on call Installation of air condrtioning in the dining room and children's den. To expand our current levels of training, in both mandatory and specialist areas to ensure we are able lo fully meel the growing needs of the children being referred to us. To continue to reviewthe charib'es, environmental policies and make further reductions in Cherry Trees, carbon footprint To offer a greater programme of family events enabling the whole family to enjoy a fun day out. To continue our robust recruitment strategy lo increase our pool of carers. To develop our mental health and well-being support further, also ensuring that parentslcarers are accessing the Welfare fund when they are experiencing financial hardship To gain stakeholder feedback to ascertain if Cherry Trees were to grow, whether adult provision, respite services or extra carelsupport services would have the most meaningful impact agreeing Cherry Trees 5 Year Strategy.
Cherry Trees (Registered Company Number: 022412231 Report of the Directors for the Year Ended 31 March 2024 (Continued) Achievements and Performance (Continued) c) Strategies to achieve our objectives in the years ahead Our focus this year will be lo embed our Outstanding care, to share this Journey with others to increase high quality services available to children wth complex disabilities and to focus on a growth plan. We want lo ensure our services at Cherry Trees are the best they can be, whilst also designating time to establish the greatest level of need in Surrey and surrounding counties which will shape our 5 year strategy. Delivering high quality care for our children and supporting their families effectively will continue to be our driving force. To ensure this, we will.. Maintain our focus as primarily a children's service but seek to extend the support we can offer to the whole family who have children that access Cherry Trees We know this is a difficult bme for parents, especially of young adults, as other support can drop away, Review our recruitment strategy to ensure we have enough carers to reach full capacity, incorwraling the need for more staff and volunteers due to the increase in complexrty of children's needs," Invest in a high level of training for staff and share the learning of ouriourney to Outstanding with other organisations offering similar provision", Work in collaboration with parentslcarers, local authonties, service users and other stakeholders to establish the greatest need in the county, which will inform our 5 year strategy., and Expand our supporter network and donors to enable us to deliver our 5 year strategy.
Cherry Trees (Registered Company Number: 02241223) Report of the Directors for the Year Ended 31 March 2024 {Continuedl Financlal Review and Policies Against the continuing very challenging financial environment for Ihe public bodies to whom Cherry Trees provides services, the directors report an increase in reserves of £590,179 {2023. decrease of £202,342) This is made up of a surplus of £396,996 (2023. surplus of £52,408) before net investment gains of £193.18312023'. losses of £254,750}. al Reserves policy and future developments Cherry Trees. free reserves at 31 March 2024 stood at £1,919.52812023' £1,360,359) The directors believe that this level of free reserves Is necessary to achieve the sustained provision of respite care in the long term at a time when public f unding is at risk of betng severely constrained and when operating costs are expected to continue to rise. The directors are satisfied that, under normal circumStans, maintaining free reserves at a level of between 9 and 12 months of current expenditure is sufficient to meet short term funding needs. The unrestricted Designated Strategic Expenditure Fund stood at £1.219,316 at 31 March 2024 12023.. £1,219,316). The Purpose of this fund is lo enable the trustees to make and implement discretionary strategic decisions and for Cherry Trees lo take advantage of future growth or development opportunibes as and when they arise. bl Investment policy The company's Memorandum of Association authorises the investment of money not immediately required for its purposes in any investments or property as may be thought fit. subject to any conditions required by law Our policy is to spread risk across a broad range of stocks and shares managed by our investment advisers, Quilter Chewot, in accordance with our social, environmental and ethical policies. Performance for the year to 31 March 2024 reflects the volatility of stock markets across the world. Our accounts for the year to March 2024 show total investment gains (realised and unrealisedl in the year of £193,183 (2023: losses of £254,750) Income from investments totalled £73,341 (2023. £61,584) and helped the charity's operating result. c) Volunteers The charity is grateful for the varied and unstinting efforts of over 200 volunteers who are involved in service provision and fundraising. We increased our volunteer programme, welcoming many new volunteers during the year. d) Risk management The directors regularty monitor the major risks to which the charity is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems are in piace to mitigate its exposure to the major nsks. During the year the Health and Safety sub-committee, reporting quarterfy to the directors, monitored the safety nsks on a regular basis.
Cherry Trees (Registered Company Number: 022412231 Report of the Directors for the Year Ended 31 March 2024 (Continued) Legal, administrative and organisation details The trustees, who are also directors of the charily for the purposes of the Companies Act 2006, present their report with the financial statements of the charityforthe year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Pracbce applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicale in the UK and Republic of Ireland (FRS 1021 {effective 1 January 2019). REFERENCE AND ADMINISTRATIVE INFORMATION The charity is registered with the Charity Commission under charity number 800222 The directors of the charity are listed on page 1. The registered office and address of the chanty Is listed on page 2. Particulars of the charity's professional advisers and bankers are given on page 2 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a Deed of Trust, and is constituted as a limited company. limited by guarantee, as defined by the Companies Act 2006. The company's constitution and governance are laid down in its Memorandum and Articles of Association. Further details relating to the company, its directors and Honorary Officers are set out on page l. Governing body As the company has no share capital, no director has any interest in any shares of the company. The business of Cherry Trees is managed by the Executive Council (see page 1 }, comprising directors, including Ihe Chairman. Vice Chairman, Company Secretary and the Honorary Treasurer. One third of the directors retire annually by rotation but may offer themselves for re-election. Organisational management The directors have power to delegate their responsibilities to sub-committees. The main sub-committees are.. The Management and Finance Committee (comprising the Wice Chair, Honorary Treasurer, Chief Executive Office, Chief Operating Officer, Head of Care, Head of Fundraising and Communication and 1 other director) The Health & Safety Committee Icompnsing 2 directors, Chief Executive Officer, Chief Operatrng Officer, Head of Care and 3 stafQ The Investment Committee (comprising the Hon. Treasurer and three co-opted volunteers who are all very experienced in investment matters and one of whom chairs this Committee). The Fundraising and Communicabon Committee (comprising the Vice Chair, Honorary Treasurer, Chief Operating Officer, Head of Fundraising and Communication and 2 other directors). All sub-committees meet regulady The directors and the other sub-committees in the year ended 31 March 2024 are detailed on page 1. Fundraising standards Cherry Trees operates its fundraising to the highest possible standards. We are registered with the Fundraising Regulator and abide by their Code of Fundraising Conduct. Key members of the team are member5 of the Chartered Institute of Fundraising {ClofF). Cherry Trees raises funds to support its charitable activities frtjn individuals, companies, trusts and grant making organisalions through a variety of methods. These include public appeals, challenge events and community fundraising. We ensure we follow the ClofF guidance on Treating Donors Faidy - this ensures people are protected from any unreasonable or persistent intrusion on their privacy and that there is no undue pressure to donate. We aim to offer the very highest standard of supporter care.
Cherry Trees (RegiSted Company Number: 02241223) Report of the Directors for the Year Ended 31 March 2024 (Continued) Legal, administrauve and organisation details (continued) STATEMENT OF RESPONSIBILITIES The directors are required to prepare financial statements for each financial year, wtruch give a true and fair v7 of the state of affairs of the charity and the inc¢Jning resources and application of resources, including the net income or expenditure for the year. In kyeparing those financial statements, the directors are required to. select suitsEJe accounting policies and then apply them consistently,. make judgements and estimates that are reasonable and prudent, stale whether applicable accounting standards have been followed, subject to any material departures disclosed arKI explained in the fInarla1 statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity wll continue in operation. The directors are responsible for keeping accounb'ng records which disclose with reaSonae accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements com with the Companies Act 20[% They are also responble for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detecb'on of fraud and other irregularities STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS Each director, who was a director of the company at the date this report was approved, has taken all steps that they ought to have taken as a director in order to make themselves aware of any relevant audit Information (as defined by the Companies Act 2006) and ensure that the auditors are aware of all relevant irformation (as defined}. As far as each director is aware, there is no relevant audit information of which the chanty's auditors are unaware. This confirmab.on is given and should be interpreted in accordance with the provisions of Section 418 of the Companies Act 2006. AUDITORS A2ets Audit Serv7ces Limited, having signified their willingness to continue in office, will be proposed for r appointment at the Annual General Meeting in accordance with the Companies Act This report has been prepared in accordance with the special provisions of Part 15 ofthe Companies Act 2006. ON BEHALF OF THE BOARD: //JL Heath Wlliams- Chaiman Date.. 17 September, 2024
Chery Trees (Registered Company Number: 022412231 Independent Auditor's Report to the Trustees of Cherry Trees Opinion We have audited the financial statements of Cherry Trees (the '¢ttaritable company'l for the year ended 31 March 2024 which comprise Statement of Financial Activities, Statement of Financial Position, Slatemenl of Cash Flows and notes to the financial statements, including significant accounting policies The financial rewrting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) In our opinion the financial statements: give a true and fair view of the stale of the chantable company's affairs as at 31 March 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UKI) and applicable law. Our responsibilities under those standards are further described in Ihe auditor reswnsibililies 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 ewdence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concem In auditing the financial statements, we have concluded that the trustees, use of the g¢ing 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 UnrtaIntieS 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 e1ve 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 other information comprises the information included in the report of the trustees, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extenl otherwise eyplicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other inf(*matson and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such matenal 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 perfomied, 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
Cherry Trees {Registered Company Number: 02241223) Independent Auditorfs Report to the Trustees of Cherry Trees {continued} 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) Regulations 2008 require us to report to you if, in our opinion. the infomation given in the trustees, report is inconsistent in any material respect with the financial statements, or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records,. or we have not received all the infomiation and explanations we require for our audit. Responsibilities of trustees As explained more f ully in the trustees, responsibilities stalemenl set out on page 11, the trustees (who are also the directors of the charitable company for the purposes of company lawl 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 delermine is necessary lo enable the preparation of financial statements that are free from matenal misstatement, whether due to fraud or error. In preparing the financial statement5, the trustees are responsible for assessing the charitable company's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the chantable company or lo cease operations, or have no realistic alternative but to do so. Auditovs responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our obiecb.ves are to obtain reasonable assurance about whether the financial statements as a whole are free from matenal misstatement, whether due to fraud or error, and to issue an auditor's report 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 lo influence the economic deasions of users taken on the basis of these financial statements. Irregulanties, including fraud, are instances of non-complian with laws and regulations. We design procedures in li ne with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including f raud. The specif ic procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.. Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud., Reviewing minutes of meetings of those charged with governan, Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial slatements or the operations of the chaiitable company through enquiry and inspection., Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations., and Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, and reviewing accounting esb'mates for indicators of polential bias.
Cherry Trees (Reg istered Company Number: 02241223) Independent Auditorfs Report to the Trustees of Cherry Trees (contlnued) Because of the Inherent limitations of an audit, there is a risk that we will not detect all irregularib'es, induding 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 wll 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 intents'onal concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the FRC'S website at.. httpS.'//Mm.frc.o .ukJaud_itorslaudit-a_ssurance/auditor-s-responsibilities-for-the-audit-of-th&fi/descri aud.itothE29£60%99_s-resTronsibilities-for. This description fomis part of our audilorfs report tion-of-th Use of our report This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the charitable company's trustees those matters we are required to state to them in an auditor'5 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed. Ad LJi+ 1.0 Azets Audit Servi5 Limited (Statutory Auditor) Ashcombe Court Woolsack Way Godalming Surrey GU7 ILQ .17•k.fv121 Azets Audit seices Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
Cherry Trees {Registered Company Number: 02241223) Statement of Flnancial Activities (Including Income and Expenditure account) for the Year Ended 31 Mah 2024 Unrestricted funds Restricted funds Total funds Total funds Notes 2024 2024 2024 2023 INCOME AND ENDOWMENTS FROM Donations and legacies CharitaLle activities 2a 2b 563,248 176,042 250,638 813,886 176,042 630,791 147,580 Sermce level agreements Other income 971,268 19,008 971,268 19,008 742,002 19,690 Investment income 73,341 73,341 61,584 Totsl 1,802,907 250,638 2,053,545 1,601,647 EXPENDITURE ON Charitable actiwties Support expenditure 1,334,877 90,204 231,468 1,566,345 1,462,552 90,204 86,687 Total 1,425,081 231,468 1,656,549 1,549,239 ENCOMING RESOUR5 BEFORE INVEsfMENT GAtNSI(LOSSES) 377,826 19,170 396,996 52,408 Net gains/(losses) on investments 193,183 193,183 (254,750) Net incoming/(outgoing) resources 571,009 19,170 590,179 (202,342) Transfers between funds (4,471) 4,471 Net movement in funds 566,538 23,641 590,179 (202,342) Total funds brought forward l April 4,451,826 153,206 4,605,032 4,807,374 TOTAL FUNDS CARRIED FORWARD 5,018,364 176,847 5,195,211 4,605,032 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities. The notes form part of these financial statements
Cherry Trees {Registered Company Number: 02241223) Statement of Financial Position At 31 March 2024 Unrestricted funds Restricted funds Total funds Total funds 2024 2024 2024 2023 FIXED ASSETS Investments Tangible fixed assets 2,693,527 1,733,482 4,427,009 2,693,527 146,038 1,879,520 146,038 4,573,047 2,514,291 1,872,151 4,386,442 12 CURRENT ASSETS Inventories Debtors Cash at bank 1,500 245,563 471,154 718,217 1,500 245.563 501,963 749,026 164 155,992 154,713 310,869 13 30,809 30,809 CREDITORS Amounts falling due within one year 14 126,862 126,862 92,279 NET CURRENT ASSETS 591,355 30,809 622,164 218,590 TOTAL ASSETS LESS CURRENT LIABILITIES 5.018,364 176,847 5.195,211 4,605,032 FUNDS Unrestricted funds Restricted funds 15 5.018,364 176,847 4,451,826 153,206 TOTAL FUNDS 5,195,211 4,605,032 The notes form part of these financial statements
Cherry Trees (Reg istered Company Number: 022412231 Statement of Financial Position (continued) At 31 March 2024 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not deposited notice, pursuanl to Section 476 of the Companies Act 2006 requiring an audit of these finanaal statements The trustees acknowledge their responsibilities for la) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing fi'nancial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. Ib) These financial statements have been audited under the requirements of Section 144 of the Chanties Act 2011. The financial statements were approved by the Board of Trustees on 17 September 2024 and were signed on its behalf by. Heath Williarns Director The notes form part of these financial statements 4 7
Cherry Trees (Registered Company Number: 02241223) Statement of Cash Flows for the Year Ended 31 March 2024 2024 2023 Cash flows from operating activities: Net incoming l (outgoing) for the year 590,179 (202,342} Depreciation of tangible assets Revaluation of investments Loss on disposal of fixed assets (Profit) I loss on disposal of investments Investment income received Ilncreasel I decrease in receivables Ilncrease) I decrease in inventories Increase I (decrease} in amounts payable 94,989 1192,4011 1,594 (7841 (73,3411 {89,571) (1,336} 34,583 86,970 202,203 1,961 52,546 (61,584) 1,080 436 {35,8721 Net cash flow from operating activities 363,912 45,398 Cash flows from investing activities: Proceeds from sale of investments and tangible fixed assets Purchase of tangible fixed assets Purchase of investments Investment inccmne received 256,306 382,893 (103,952) (251,343) 73,341 142,1011 (418, 749) 61,584 Net cash (used inl investing a¢tivilies (25,6481 (16,373) Net increase in cash and cash equivalents 338,264 29,025 Cash and cash equivalents at the beginning of the reporting period 482,569 453.544 Cash and cash equivalents at the end of the reporting period 820,833 482,569 Analysis of cash and cash equivalents and of net debt Other Cash non-cash Flows changes At31 March 2024 At l April 2023 Cash on dewsit with investment fund managers 327,856 (8,986) 318,870 Cash at bank and in hand 154,713 347,250 501,963 Total cash and cash equivalents 482,569 338,264 820,833 The notes form part of these financial statements
Cherry Trees (Registered Company Number: 022412231 Notes to the Financial Statements for the Year Ended 31 March 2024 ACCOUNTING POLICIES Basis of preparing the financial statements Chery Trees is a private company limited by guarantee and is incorporated and domiciled in Great Britain and registered in England and Wales under the Companies Act 2006. 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 given in the charity information on page 2 of these financial statements. The nature of the charity's operations and principal activits'es is given in page 4. 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 IFRS 1021 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 IFRS 1021 (effective 1 January 2019),, Financial Reporting Standard 102 'The Finanaal Reporting Standard applicable in the UK and Republic of Ireland., the Charities Act 2011 and the Companies Act 2006. The financial slatements have been prepared on an historic cost basis except for the revaluation of investments. The financial statements are prepared in sterling, which is the functional currency of the charrty Monetary amounts in these financial statements are rounded to the nearest £ The significant accounting poliaes applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Income All income is included in the Statemenl of Financial Actrvities ISOFAI when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Income is deferred only when the chanly has to fulfil conditions before becoming entitled to the income. Contract income from public bodies has been included as incoming resources from charitable activities and is accounted for on a receivable basis, and recognised as soon as there is evidence of unconditional entitlement. Legacies are included when the charity is advised by a personal representative of an estate that payment will be made and the amount can be quantified Grants Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance thal the grant condibons will be met and the grants will be received. A grant that specifies performance conditions is recognised in incomewhen the performance condib.ons are mel. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition cntena are satisfied is recognised as a liability 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 rdated 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. Capitalisation and depreciation of tangible fixed assets All tangible fixed assets are included al cost. Items of fixtures, fittings and equipment with a cost of less than £100 are not capitalised. An impaiment review is carried out annually. Depreciation has been provided as follcws.. Freehold land not depreciated Freehold buildings 20/0 per annum, on a straight line basis Building improvements 50/0-200/0 per annum, on a straight line basis Equipmenufittings 25 /0 per annum, on a reducing balance basis Motor vehicles 250/0 per annum, on a straight line basis Page 19
Cherry Trees (Registered Company Number: 02241223 Notes to the Financial Statements (continued} for the Year Ended 31 March 2024 ACCOUNTING POLICIES {continued) Investments Fixed asset investments are included in the Statement of Financial Position at market value The gains. losses and income of these investments are taken to the SOFA as arising. Inventories Inventories are stated at the lower of cost and nel realisable value. Provision is made for damaged, obsolete and slow moving stock where appropriate. Debtors and creditors receivablelpayable within one year Debtors and creditors with no staled interest rate and receivable or payable within one year are recorded at transaction pnce. Taxation The charity is exempt from corporation tax on its charitable acbvilies Fund accounting Unrestricted funds, including designated funds, can be used in accordance with the charitable objectives at the discretion of the trustees Designated funds are those unrestricted funds which have been set aside by the trustees with the intentson of tIng used for an essential spend or future purpose. Restricted funds can only be used for particular restricted purposes within the objects of the charity ReslrTCtions anse when specified by the donor or when funds are raised for particular restricted purposes. 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 compary operates a defined contnbution pension scheme Contnbutions payable to the charitable company's pension scheme are charged to the Statement of Financial Activilies in the period to which they relate. Going concem The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties eSt. The trustees have considered the level offunds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concem. Judgments in applying accounting policies and key sources of estimation uncertainty The application of accounting standards and policies requires the directors to make estimates and assumptions about future evenls that directly affect the company's reported financial condib'on and operating performance. The accounting estimates and assumptions discussed are those that the directors consider to be most critical to its financial statements. An accounting estimate Is considered critical if both al the nature of estimates or assumptions is material due to the level of subjectivity and judgment involved, and bl the impact within a reasonable range of outcomes of the estimates and assumptions is material lo the company's financial condition or operating performance. Due to the nature of the limited transactions of the company, the directors consider that there are no significant accounting estimates and assumptions. Page 20
Cherry Trees (Registered Company Number: 02241223) Notes to the Financial Statements (continued} for the Year Ended 31 March 2024 2a. DONATIONS AND LEGACIES 2024 2023 Donations Legacies Tax recoverable on Gift Aid 496,854 301,000 16,032 532,450 88,000 10,341 813,886 630,791 Donations include £107,750 for the second year of a five year funding package by the National Lottery Community Fund valued at £497,500 over Its full term 2b. CHARITABLE ACTIVITIES 2024 2023 Events Merchandise Local lottery 172,131 2,587 1,324 141,446 4,110 2,024 176,042 147,580 INVESTMENT INCOME 2024 2023 Investment dividend income and interest received 73,341 61,584 INCOME FROM SERVICE LEVEL AGREEMENTS AND OThER INCOME 2024 2023 Activity Service level agreements (mainly Surrey County Council) Contract income 742 02 other income Other income Parental and other income Rent receivable 910 18,098 250 19,440 19,008 19,690 CHARITABLE ACTIVITIES COSTS Support costs (See note 6} Direct costs Totals Service level agreements Fundraising wages Event expenses Fundraising administratsve expenses Other 1,276,920 185,828 50,163 37,531 15,903 90,204 1,367,124 185,828 50,163 37,531 15,903 1,566,345 90,204 1,656,549 Of the above costs, £231,468 12023.. £289,166) were attributable to restricted funds and £1,425.080 12023. £1,260,073) were atnbutabte to unrestncted funds.
Chery Trees IRegistered Company Number: 02241223) Notes to the Financial Statements (continued) for the Year Ended 31 March 2024 SUPPORT COSTS 2024 2023 Governance- audit f*s Other 11,640 78,564 8,400 78,287 90,204 86,687 NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is stated after chargingllcrediting}'. 2024 2023 Auditors, remuneration 11,640 8,400 TRUSTEES, AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES There was no trustees, remuneration or other benefits for the year ended 31 March 2024 (2023.. £nil) Trustees. expenses There were no trustees, expenses due or paid for the year ended 31 March 2024 (2023: £nil}. Key management personnel The total amount of employee benefits received by key management personnel is £180,992 (2023. £186,545) 9a. STAFF COSTS 2024 2023 Wages and salaries Social security costs Defined contribution pension costs 1,072,490 89,454 38.801 993,605 85,672 34.739 1,200,745 1,114,016 2024 2023 Average monthly number of employees during the year 48 49 There are no employees who received total employee benefits (excluding employer pension costs) of more than £60.00012023.' none) 9b. PENSION CONTRIBUTIONS 2024 2023 Defined contribution pension costs 38,801 34,739 Defined contnbution pension creditor 6,585 6,305 ??
Cherry Trees (Registered Company Number: 02241223) Notes to the Financial Statements (continuedl for the Year Ended 31 March 2024 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Restricted funds Total funds INCOME AND ENDOVVMENTS FROM Donations and legacies Chantable activities Service level agreements Other income Investment income 339,890 147, 580 742,CK12 19,690 61,584 290,gVI 630,791 147,580 742,002 19,690 61,584 Total 1,310,746 290,1 1,601,647 EXPENDITURE ON Charitable activities Support expenditure 1, 173,386 86,687 1,260,073 289,166 1,462,552 86,687 1 549,239 289,166 NET OUTGOING RESOURCES 50,673 1,735 52,408 Net losses on investments (254, 750) (254,750) Net movement in funds (204,077) 1,735 (202,342) Total funds brought foThvard 1 April 2022 4,655,903 151,471 4,807,374 TOTAL FUNDS CARRIED FORWARD 31 March 2023 4,451,826 153,206 4,605,032
Cherry Trees (Registered Company Number: 02241223) Notes to the Financial Statements (continued for the Year Ended 31 March 2024 11. INVESTMENTS 2024 2023 Listed Investments Opening market value Less. Disposals at opening book value (Proceeds.. £256,306 gain.. £784) Add. Acquisitions at cost Net gainslllosses) on revaluation 2,186,435 2,405,328 (255,522) 251,343 192,401 1435,439) 418,749 202,203) Closing market value 2,374,657 2, 186,435 Unlisted Investments- cash or cash equivalents Broker dealing accounts 318,870 327,856 Investments at market value 2,693,527 2,514,291 Listed Investments Historical cost 1,781,966 1,800,201 12. TANGIBLE FIXED ASSETS Freehold Propety Building Improvements Motor Fixtures & Vehicles Fitts'ngs Totals COST At l April 2023 Additions Disposals 2,215,518 261,164 52,750 84,769 334.434 51,202 (19,8211 2,895,885 103,952 (19,821) At 31 March 2024 2 215 518 313,914 84,769 365.815 2,980,016 DEPRECIATION At 1 April 2023 Charge for the year Released on disposal 647,052 36,811 44,839 23,537 84,769 247,074 34,641 18,227 1,023,734 94,989 18,227 At 31 March 2024 683 863 68,376 84,769 263,488 1,100,496 NET BOOK VALUE At 31 March 2024 245,538 102,327 1,879,520 Al 31 March 2023 216,325 87,360 1,872,151 r•ana ?A
Cherry Trees (Regtstered Company Number: 02241223) Notes to the Financial Statements {continued) for the Year Ended 31 March 2024 13. DEBTORS 2024 2023 Amounts falling due within one year.. Trade debtors Prepayments and accrued income 134,294 111,269 74,248 81,744 245.563 155,992 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Other creditors Social security and other taxes Accruals and deferred income 26,408 6,585 24,952 68,917 40,140 6,662 24,937 20,540 126,862 92,279 15. MOVEMENT IN FUNDS Net movement in funds At 1.4.23 At 31.3.24 Unrestricted funds General fund 3,232,510 566,538 3,799,048 Designated Strategic Expenditure Fund 1,219,316 1,219,316 4,451,826 566.538 5,018,364 Restricted funds Medical room Sensory projects Specialist equipment Children's entertainment and actr'wkn'es Bursaries Mini bus and associated running costs Hoist5 Playroom Project Garden Proiect Roof repairs Welfare and COVID-19 appeals Bridge and event5 Sponsored visits Household Fundraising development Care staff development Activities room 1,500 13,601 11,510 {375) {1,1331 (2,2531 1,125 12,468 9,257 852 13,920 98,451 3,580 15 12131 13,481) {6,854} 15121 21,129 639 10,439 91,597 3,068 21,144 1,778 3,650 {1,462} 45 316 3,695 4,349 18,750 23,099 153,2C6 23,641 176,847 TOTAL FUNDS 4,605,032 590,179 5,195,211 ?4
Cherry Trees (Registered Company Number: 02241223) Notes to the Financial Statements (continued) for the Year Ended 31 March 2024 15. MOVEMENT IN FUNDS (continued) Net movement in funds, included in the above are as fc41ows'. Incoming resources Resources Movement in expendedl funds transferred Unrestricted funds General fund 1,991,619 (1,425.081) 566,538 Designated Strategic Ewenditure Fund 1,991,679 (1,425,081} 566,538 Restricted funds Medical room Sensory Projecls Specialist Equipment Children's entertainment and activities Bursaries Mini bus and associated running costs Hoists Playroom Project Garden Project Roof Welfare fund Bridge and events Sponsored vi51ts Household Fundraising development Care staff development Activities room 1375) 11,133) (2,253) {17,559) 11,500} (375) (1,133) 12,2531 17,559 1,500 {213) {3,481) (6,854) 15121 19,521) {2131 (3,4811 (6,854) 1512) 21.129 30,650 141,250 1,400 24,750 13,000 25,000 {142,712) (1,3551 (24,7501 (13.000) 6,250} (1,462) 45 18,750 255,109 (231,468) 23,641 2,246,728 1,656,549) 590,179 The restricted funds are represented at the balance sheet date by cash £30,809 and fixed assets net book value £146,038. Cherry Trees is hugely indebted lo local individuals and organisations for their generosity, which has enabled these projects and the ongoing care to be expanded and improved. 16. CAPITAL AND OTHER COMMITMENTS At 31 March 2024 Cherry trees had capital commitments of £11.498 {2023.' £nill for future capital expenditure contracts not provided in the financial statements There are no other financial commitments at the year end12023. £nil). r>ana ?R
Chery Trees {Registered Company Number: 02241223) Detatled Statement of Financial Activlties for the Year Ended 31 March 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Donations 813,886 630,791 Investment incorne 73,341 887,227 81,584 692,375 Charitsble activities Other income Contract Income 195,050 971,268 167,270 742,002 Total incoming resources 2,053,545 1,601,647 EXPENDITURE Charitable activities Wages Social security Pensions Rates and service charge Insurance Lighl and heal Telephone, postage and stationery Bursaries granted Direct supplies Depreciation Loss on disposal of assets Sundries Repairs and maintenance Travel, subsistence and volunteer expenses Staff training Bad debts 874,589 68,283 30,873 11,467 25,298 16,987 7,312 3,837 59,907 94,989 1,594 10,686 26,822 8,381 24,154 11,741 1,276,920 799,891 65,392 27,620 10,092 22,872 18,338 5,671 1,507 55,063 86,970 1,960 8,213 37,426 8,385 36,064 18,867 1,204,331 Management costs Fundraising wages Accountancy, compliance and advisory Marketing, Event expenses and printing Bank charges Stockbroker charges 185,828 77,117 87,694 1,447 15,903 367,989 170,496 76,790 71,520 1,497 16,205 336,508 Govemance costs Auditors, remuneration 11,640 8,400 Total reSoUrS expended 1,656,549 1,549,239 Net in¢omellexpenditure} 396,996 52,408 Page 27