Company Registration Number: N1049935 Charity Registration Number: 101845 Willowbank Organic Producers Limited (Charitable Company Limited by Guarantee) Annual Report and Financial Statements for the year ended 31 March 2024
Willowbank Organic Produters Limited (Charitable Company Limited by Guarantee) CONTENTS Page General Information Directors, Report Independent Examinerfs Report Statement of Financial Activities Statement of Financial Position Notes to the Financial Statements 9-18
Willowbank Organic Producers Limited (Charitable Company Limited by Guarantee) GENERAL INFORMATION Board of Directors Marion McKenna Stephen McNeill (resigned 15 March 20241 Kenneth Ferguson Catherine Mccrory Marina Sloa n Iresigned 26 June 20241 Andrew Trotter Registered Office Willowbank Community Resource Centre Carland Road Dungannon Co Tyrone BT714AA Company Registratlon Number N1049935 Charity Registration Number 101845 Independent Examiner Ruddell and Company Chartered Accountants and Registered Auditors 16 Church Street Dungannon Co Tyrone BT716AB Solicitors PADuffy&Co 5- 7 Irish Street Dungannon Co Tyrone BT70 IJW Bankers Bank of Ireland 11 Market Street Magherafett Co Londonderry BT45 6EE
Willowbank Organlc Producers Limited (Charitable Company Limited by Guarantee) DIRECTORS, REPORT for the ear ended 31 Marth 2024 The directors, who are the trustees for the purpose of charity law, have the pleasure in presenting their Report 2nd the Financial Statements of the charitable company for the year ended 31 March 2024. The financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities" IFRS 102}, United Kingdom Generally Accepted Accounting Practice and the Companies Act 2006. Reference and Administration Details The reference and administration details of the charitable company are as shown on page 2. Objectives and Activities The objectives of the charitable company are as follow5: To develop services for disabled people which promote choice, opportunity, independence and equality,. To train or to provide training services in horticultural and related trades or occupations for disabled people so as to assist their integration in the community and assist in the finding of suitable employment. and To develop a range of pre-vocational/vocational training and enterprise initiatives which enhance skills and promote opportunity in education, training and employment. This project was established in 2004 with a view to providing an experiential learning environment based around horticulture. There are a number of aims forthe project: To provide a place where disabled people could learn new skills in a safe and supportive environment using horticulture as a training basls to deliver other subject areas such as customer care, money management, work preparation and essential skills. This project is specifically aimed at non-traditional learners who have lost confidence in the "classroom" and "formal education" setting. Through training and working alongside GUAG (Get Up and Growl staff we hope to equip disabled people with the skills to grow their own produce, maintain their own gardens and for those who wish to pursue employment, an accredited qualification. We intend to produce a quality product for resale to the wider community a nd deliver training to schools and community groups. This will create an interface between disabled people and their own community where disabled people are recognised as skilled people contributing to the community. Public Benefit Statement The directors of Willowbank Organic Producers Limited conform that they have complied with their duty under section 4161 of the Charities Act (Northern Ireland) 2008 to have regard to the Charity Commission for Northern Ireland's guidance on public benefit and that the public benefit requirement has informed the activities of the charitable company in the year ended 31 March 2024. Achievements and Performance The directors are confident that the charitable company continues to meet its performance objectives to benefit the local community. The charitable company continues to receive funding from local bodies.
Willowbank Organic Produters Limited (Charitable Company Limited by Guarantee) DIRECTORS, REPORT for the ear ended 31 March 2024 continued Financial Review Financial Performance The results for the year are set out in detail on pages 7 to 18. The charitable company returned net incoming resources for the year of £2,26612023'. net outgoing resources of £3,980). At 31 March 2024, the total funds of the charity amounted to £35,93112023: £33,665) comprising restricted funds of £l,01112023: £2,3 151 and unrestricted funds of £34,92012023: £31,3501. Principle sources of funding and how this has supported the key objectives of the charitable company are disclosed in the notes to the financial statements. Reserves Policy The charitable company does not mainta in a formal reserves policy however the board of directors continue to monitor the level of reserves held by the charitable company and are actively taking steps to increase the reserves in order to meet a ny unforeseen expenditure incurred. Structure, Governance and Management OrgoniTsationol Strurture The cha ritable company is a company limited by guarantee, not having a share capital. The charitable company was established under a Memorandum of Association which establish the objects and powers of the charitable company and is governed under its Articles of Association. In accorda nce with the Articles of Association, the members to retire by rotation shall be those who have been longest in office since their last election, and the relevant motion will be put at the Annual General Meeting. A retiring member shall be eligible for re-election. Any person wishing to become a director must apply in writing prior to the Annual General Meeting. A vote is then taken at the Annual General Meeting as to whether that person is appointed. Directors The directors during the year are the same as the directors listed on page 2. Taxcrtion St¢7tU5 The charitable company is recognised as a charity by HM Revenue & Customs. Accordingly, the charitable company has availed of the exemptions contained in Chapter 3 Part 11 Corporation Taxes Act 2010 and Section 256 Taxation of Chargeable Gains Act 1992. Directors, Responsibilities The directors are responsible for preparing the Dirertors, Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice).
Willowbank Organic Producers Limited (Charitable Company Limited by Guarantee) DIRECTORS, REPORT for the ear ended 31 March 2024 continued Company law requires the directors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and a pplication of resources, including the income and expenditure of the charita ble company for that year. I n preparing these financial statements. the directors are required to: select suitable accounting policies and apply them consistently; observe the methods and principles in the Charities SORP IFRS1021; make judgements and estimates that are reasonable and prudent- state whether applicable UK Accounting Standards have been followed, subject to any materia I departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Small Companies Exemption Th is report is prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006. This report was approved by the Board of Directors on 20 December 2024 and signed on its behalf by.. Registered Office: Willowbank Community Resource Centre Carland Road Dungannon Co Tyrone BT714AA Catherine Mccrory Director Company Registration Number: N1049935 Charity Registration Number: 101845
Willowbank Organic Producers Limited (Charitable Company Limited by Guarantee) INDEPENDENT PAAMINER'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF WILLOWBANK ORGANIC PRODUCERS LIMITED for the ear ended 31 March 2024 I report on the accounts of the charity for the year ended 31 March 2024, which are set out on pages 2tol8. Respective Respon5ibilitie5 of Charity Trustees and Examiner As the charity trustees you are responsible for the preparation of the accounts in accordance with the Charities Act (Northern Ireland) 2008. It is my responsibility to: examine the accounts under section 65 of the Charities Act- follow the procedures laid down in the general directions given by the Commission under section 6519llb) of the Charities Act; state whether particular matters have come to my attention. Basis of Independent Examiner's Report I have examined your charity accounts as required under settion 65 of the Charities Act and my examination was carried out in accordance with the general directions given by the Charity Commission for Northern Ireland under section 6519llbl of the Charities Act. My examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disc105ures in the accounts a nd seeking explanations from you as charity trustees concerning any such matters. My role is to state whether any material matters have come to my attention giving me cause to believe: that the accounting records were not kept in accordance with section 63 of the Charities Act,. that the accounts do not accord with those accounting records; that the accounts do not comply with the accounting requirements of the Charities Act. that there is further information needed for a proper understanding of the accounts to be reached. Independent Examiner's Statement I have completed my examination and have no concerns in respect of the matters (11 to14) listed above and in connections with the following the directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. 20 December 2024 Jonathan Ruddell For and on behalf of Ruddell and Company Chartered Accountants & Registered Auditors 16 Church Street Dungannon Co Tyrone BT716AB
Willowbank Organic Producers Limited {Charitable Company Lirnited by Guarantee) Company Registration Number: N1049935 Charity Registration Number: 101845 STATEMENTOF FINANCIALACTIVITIES indudin an Income & Ex enditure Account Forthe earended 31 March 2024 Unrestrirted Restri(ted Total Unrestricted Restri cted Funds Funds Funds Tota I Funds Funds Funds 2024 2024 2024 2023 2023 2023 Income and Endowments Cha rits ble Activities (Note 41 Other Tra di ng Activities INote 41 Total Income and Endowments 9,705 9,705 9,705 9,705 10,372 10,372 10,372 10,372 Resources Expended Cha rita ble Activities (Note 51 Total Resources Expended 6,860 660 579 7A39 7,439 13.580 13,580 772 14,352 14,352 579 772 Net Incoming/Outgoing ReSoUrS for the year Tra nsfers between Funds 2,845 725 -579 2,266 -3,208 -772 -3,980 -725 Ba18 nce Brought Forwa rd Balance Carried Forward 31,350 34,920 2,315 I,oii 33,665 35.931 34,558 31,350 3.087 37,645 2,315 33,665 The above Statement of Financial Activities includes all information as required to be disclosed by the Companies Act 2006. All of the activities of the charitable company are classed as continuing. The Statement of Financial Activities includes all gains and losses recognised during the year. The notes on pages 9 to 18 form an integral part of these financial statements.
Willowbank Organic Producers Limited (Charitable Company Limited by Guarantee) Company Registration NLtmber'. N1049935 Charity Registration Number: 101845 srATEMENTOF FINANCIAL POSITION as at 31 March 2024 Note Z024 2023 Fixed Assets Tangible1ts5ets io 1.507 2,976 Current Assets I nventories 2.000 2,000 Receivabl es 12 Cash and Cash Equivalents 33,438 35,441 29,646 31,649 Payables- Amounts Falling Due Wlthin One Year 13 -117 -960 Net Current Assets 34A24 30,689 Net Assets 35.931 33,665 Represented Bw. Unrestricted Funds 14 34.920 i.oii 31,350 2,315 Restricted Funds 14 Total Funds 14 35,931 33,665 The directors consider that the company is entitled to exception from the requirements to have an audit under the provisions of section 477 of the Companies Act 20061'The Act") and members have not required the company to obtain an audit for the year in question in accorda nce with section 476 of the Act. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The notes on pages 9 to 18 form an integral part of the financial statements. The financial statements were approved and authorised for issue by the Board of Directors on 20 December 2024 and signed on their behalf by: Catherine Mccrory Director Kenneth Ferguson Dirertor
Willowbank Organit Producers Limited {Charitable Company Limited by Guarantee) Company Registration Number: N1049935 Charity Registration number: 101845 NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 March 2024 I. GENERAL INFORMATION Willowb2nk Organic Producers Limited is a charitable company limited by guarantee incorporated in Northern Ireland, within the United Kingdom. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable company. The address of the registered office is as shown on page 2. 2. ACCOUNTING POLICIES The following accounting policies, as outlined below, have been applied consistently in dealing with items in relation to the charitable company's financial statements. 2.1 Statement of Compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice ISORPI applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 las updated through Update Bulletin I published on 2 February 20161, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 1021 and the Companies Act 2006. Willowbank Organic Producers Limited meets the definition of a pu blic benefit entity under FRS 102. 2.2 Basis of Preparation The financial statements are prepared on a going concern basis under the historical cost convention. unless othenmise stated in the relevant accounting policy. Historical cost is generally based on the fair value of the consideration given in exchange for assets. 2.3 Cash Flow Statement The charitable company has applied Update Bulletin l as published on 2 February 2016 and does not include a Cash Flow Statement on the grounds that it is apPing FRS 102 SORP. 2.4 Income and Endowments ji) Charitable Activities Incoming resources from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific performance conditions. It is recognised as earned as the related services or goods are provided. Grant income included in the category provides fundingto support projects and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient relia bility. (ill Other Trading Activities Voluntary income includes incoming resources from gifts, donations and grants and is recognised in full in the Statement of Financial Activities when receivable. Activities for generating funds are commercial activities which are recognised as earned when the related goods and selvices are provided.
Willowbank Organic Producer5 Limited (Charitable Company Limited by Guarantee) Company Registratlon Number: N1049935 Charity Registration number: 101845 NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 March 2024 continued 2. ACCOUNTING POLICIES {tontinued) 2.5 Resources Expended Expenditure is recognised when a liability is incurred. Contractual arrangements and performance related grants are recognised as goods and services are supplied. Where costs can not be directly attributed to a particular heading, they have been allocated to activities on a basis consistent with use of resources. Staff costs and overhead expenses are allocated to activities on the basis of staff time spent on those activities. (tl Charitable Activities This compromises all the resources applied by the charity in undertaking its work to meet its charitable objectives. Charitable activities will include the costs of governance arrangements which relate to the general running of the charity. 2.6 Fund Accounting The charity has two types of funds for which it is responsible at year end.. Unrestricted Funds Funds which are expendable at the discretion of the directors in furtherance of the objectives of the charity. In addition, funds may be held in order to finance capital investment and working capital. Restrirted Funds- Income received for specific purposes. Such pu rp05es are within the overall a ims of the charity. 2.7 Property, Plant and Equlpment and Depreciation All property, plant and equipment are initially recorded at cost. Cost includes the original purchase price, costs dirertly attributable to bringing the asset to its working condition for its intended Ltse, dismantling a nd restoration costs and borrowing costs capitalised. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows: Plant and Machinery Fixtures and Fittings 25% Reducing balance 25Yo Reducing balance 2.8 Financial Instruments {il Financial Assets Basic fiTr.ancial assets, including trade and other receivables, cash and bank balances and amou nis owed by related parties and are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the tra nsaction is measured at the present value of the of the future receipts discounted at a market rate of interest. Such assets subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objertive evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. io
Willowbank Organic Producers Limited (Charitable Company Limited by Guarantee) Company Registration Number: N1049935 Charlty Registration number: 101845 NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 March 2024 continued 2. ACCOUNTING POLICIES (continued) If there is decrease in the impairment Ioss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impa irment reversal is recognised in profit or loss. Financial assets are derecognised when lal the contractual rights to the cash flows from the asset expire or are settled, or Ibl substantially all the risks and rewards of the ownership of the asset are tra nsferred to another party or Icl despite having retained some significant risks and rewards of ownership, control of the 3sset has been transferred to another p3rty who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. ii) Financial Liabilities Basic financial liabilities, including trade and other paya bles, bank loans and overdrafts and amounts owed to related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. rees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. On this case, tne fee is deferred until the draw-down occurs. To the extent there is no evidence that it is proba ble that some or all the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business f rom suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they a re presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contr3ctLI-.l obligation is discharged, cancelled or expires. iii) Offsetting Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 2.9 Critical Accountlng Judgements and Estimation Uncertainty Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. li
Willowbank Organic Producers Limited (Charitable Company Limited by Guarantee) Company Registration Number: N1049935 Charity Registration number: 101845 NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 March 2024 continued 2. ACCOUNTING POLICIES (continued) Criticaljudgments in applying the entity's accounting policies There are no critical judgements in applying the charity's accounting policies. Critical uccounting estimates und assumptions There are no actual accounting estimates and assumption5. 2.10 Trade and Other Receivables Trade and other receivables are initially recorded at fair value and thereafter stated at cost less impairment losses for bad and doubtful debts. 2.11 Trade and Other Payables Trade and other paya bles are inttially recognised at fair value and thereafter stated at cost. 2.12 Taxation As a charity, the charitable company is not liable to Corporation Tax. 3. GOING CONCERN The company is dependent on related company funding. On this basis, a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business. The directors have had discussions with the related company and are of the opinion that funding will continue for the foreseea ble future to enable the company to discha rge liabilities as they fall due. On this basis, the direttors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result f rom the discontinuance OT related company funding, or its reduction to an inadequate level. 12
Willowbank Organit Producers Limited (Charitable Company Limited by Guarantee) Company Registration Number: N1049935 Charlty Registration Number: 101845 NOTES TO THE FINANCIAL STATEMENTS Forthe earended 31 March 2024 continued 4. INCOME AND ENDOWMENT5 Unrestricted Restricted Total Unrestri cted Restri cted Total Funds Funds Funds Funds Funds Funds 2024 2024 2024 2023 2023 2023 Charitable Artivities Grants Total Income from Charitable Activities Unrestricted Restrirted Total Un restricted Restri cted Tota I Funds Funds Funds Funds Funds Funds 2024 2024 2024 2023 2023 2023 Other Trading Activities Horticulture Servi ces 8,585 1,120 8,585 1,120 9,697 675 9,697 675 Provision of training Total Income from Other Trading Activities 9,705 9,705 10,372 10,372 13
Willowbank Organic Producers Limited (Charitable Company Limited by Guarantee) Company Registratlon Number: NKJ49935 Charity Re8lStration Number.. 101845 NOTES TOTHE FINANCIALSTATEMENTS Forthe earended 31 March 2024 continued 5. RESOURCES EXPENDED un$tried Restricted Funds Fund5 2024 2024 Total Unre5tritted Restrirted Funds Funds Funds 2024 2023 2023 Total Funds 2023 Charitable Activities Purchases Wages & Salaries Insurance Advertising Motor & TVe[ Bank Charges General Expenses Repai rs & Maintenance Depreciation Gain on Disposal of Tangible Assets Independent Examiner's Remunerat 3,027 3,027 2,882 5,953 1,820 184 1,047 153 57 244 5,953 1,820 1,961 176 176 1,047 153 57 244 1,555 165 -2,275 1.555 744 579 220 772 992 -2.275 1,020 1,020 Total Resources Expended 579 7.439 13,580 772 14,352 14
Willowbank Organtc Producers Limited (Charitable Company Limited by Guarantee) Company Registration Number: NK)49935 Charity Registration Number: 101845 NOTES TO THE FINANCIAL STATEMENTS Forthe ear ended 31 March 2024 continued 6. SUPPORT COSTS Unrestricted Restrirted Funds Funds 2024 2024 Total Unrestricted Restricted Funds Funds Funds 2024 2023 2023 Tota I Funds 2023 Charitable Activities stsff Costs Premi ses General Office Fina nce Costs 1,099 1,961 44 1,099 1,961 44 148 5,953 1,820 57 153 5.953 1,820 57 153 148 Total Support Costs 52 7,983 7. NEf INCOME/EXPENDITURE FOR THEYEAR Net I ncome/lExpenditurel is ststed after chargi ng.. 2024 2023 Depreciation 744 992 15
Willowbank Organic Producers Limited {Charitable Company Limited by Guarantee) Company Registratlon Numbèr: N1049935 Charity Registration Number: 101845 NOTESTO THE FINANCIAL STATEMENTS Forthe ear ended 31 March 2024 continued 8. INDEPENDENT EXAMINER'S REMUNERATION 2024 2023 Independent Examiner'5 Remuneration Services 960 1,020 1,020 960 9. STAFF COSTS AND EMPLOYEE BENEFITS The average number of persons employed by the charitable company during the year was 112023: 11 The total staff costs and employee benefits were as fol lows.. 2024 2023 Gross Wages and Salaries Social Security Costs Staff Pension Costs 5,953 5,953 No employee of the charitable company received total employee benefits of more than £60,000. 9.1 Directors, Remuneration The directors received norwaived any remuneration or any other benefits during the year and no reimbursetf of expenses incurred. 10. TANGIBLE ASSErs Plant and Fixture5 Machineryand Fittings Total Cost At 31 March 2023 Disposals At 31 March 2024 39,533 -12,6CK) 26,933 9.668 49,201 -12,600 36,601 9,668 Depreciation At 31 March 2023 Charge for year Disposals At 31 March 2024 37,524 502 -11,875 26.151 8,701 242 46,225 744 -11,875 35.094 8,943 Carrying Amount At 31 March 2024 782 1,507 At 31 March 2023 967 2.976 16
Willowbank Organic Producers Limited {Charitable Company Limited by Guarantee) Company Registration Number: N1049935 Charity Registration Number: 101845 NOTESTOTHE FINANCIALSTATEMENTS Forthe ear ended 31 March 2024 continued 11. INVENTORIES 2024 2023 Goods for Resale 00 2,000 2,000 12. RECEIVABLE5 2024 2023 Trade Receivables 13. PAYABLES: AMOUNTS DUE FALLING WIThIN ONE YEAR 2024 2023 Trade Payables Accurals 57 960 1,017 960 960 14. ANALYSFS OF ASSErs Unrestricted Restricted Funds Funds Total Funds Fixed A%sets currentSets Current abilItieS Net Assets 496 35,441 -1,017 34,920 I,oii 1,507 35,441 -1,017 i.oii 17
Willowbank Organic Producers Limited (Charitable Company Limited by Guarantee) Company Registration Number: N1049935 Charity Registration Number.. 101845 NOTES TO THE FINANCIAL STATEMENTS For the earended 31 March 2024 continued 15. ANALYSIS OF FUNDS Opening Balance Income Expenditu Transfer Between Funds Closing Balance Community Foundation for Nl Macbook Grant DSRBS Legacy Fund Challenge Fund Total Restrirted Fund5 46 334 1,184 751 -11 35 250 163 563 I,oii -296 -725 -188 -579 2,315 -725 Unrestrirted Funds 31,350 -6,8FII T25 34,920 Total 9,705 -7,439 35,931 I& CONTINGENT LIABILITtES A contingent liability exists to repay grants received should rtain conditions not be fulfilled by the charitable companv. 18