2025-03-31-accounts - SkillEd NI

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Skilled NI

Company Limited by Guarantee

Statement of Financial Activities (including income and expenditure account)

Year ended 31 March 2025

			2025		2024
		Unrestricted	Restricted
		funds	funds	Total funds	Total funds
	Note	£	£	£	£
Income and endowments
Charitable activities	5	1,069,685	132,049	1,201,734	764,733
Investment income	6	35,227	–	35,227	33,281
		`────────────`	`─────────`	`────────────`	`─────────`
Total income		1,104,912	132,049	1,236,961	798,014
		`════════════`	`═════════`	`════════════`	`═════════`
Expenditure
Expenditure on raising funds:
Investment management costs	7	5,224	2,637	7,861	7,307
Expenditure on charitable activities	8,9	915,894	111,898	1,027,792	823,804
		`────────────`	`─────────`	`────────────`	`─────────`
Total expenditure		921,118	114,535	1,035,653	831,111
		`════════════`	`═════════`	`════════════`	`═════════`
Net gains on investments	11	6,398	–	6,398	101,883
		`────────────`	`─────────`	`────────────`	`─────────`
Net income and net movement in	funds	190,192	17,514	207,706	68,786
		`════════════`	`═════════`	`════════════`	`═════════`
Reconciliation of funds
Total funds brought forward		1,420,896	16,251	1,437,147	1,368,361
		`────────────`	`─────────`	`────────────`	`────────────`
Total funds carried forward		1,611,088 `════════════`	33,765 `═════════`	1,644,853 `════════════`	1,437,147 `════════════`

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 21 to 32 form part of these financial statements.

Skilled NI

Company Limited by Guarantee

Statement of Financial Position

31 March 2025

		2025	2024
	Note	£	£
Fixed assets
Tangible fixed assets	17	11,514	13,656
Investments	18	1,332,309	1,298,808
		────────────	────────────
		1,343,823	1,312,464
Current assets
Debtors	19	94,501	45,268
Cash at bank and in hand		228,848	96,920
		─────────	─────────
		323,349	142,188
Creditors: amounts falling due within one year	20	22,319	17,505
		─────────	─────────
Net current assets		301,030	124,683
		────────────	────────────
Total assets less current liabilities		1,644,853	1,437,147
		────────────	────────────
Net assets		1,644,853	1,437,147
		════════════	════════════
Funds of the charity
Restricted funds		33,765	16,251
Unrestricted funds:
Called up share capital		10	10
Other unrestricted income funds		1,611,078	1,420,886
		────────────	────────────
Total unrestricted funds		1,611,088	1,420,896
		────────────	────────────
Total charity funds	22	1,644,853 ════════════	1,437,147 ════════════

These financial statements were approved by the board of trustees and authorised for issue on 7[th] October 2025, and are signed on behalf of the board by:

P Donaghy Trustee

R Gilgunn Trustee

The notes on pages 21 to 32 form part of these financial statements.

Skilled NI

Company Limited by Guarantee

Statement of Cash Flows

Year ended 31 March 2025

	2025	2024
	£	£
Cash flows from operating activities
Net income	207,706	68,786
Adjustments for:
Depreciation of tangible fixed assets	4,361	6,485
Net gains on investments	(6,398)	(101,883)
Dividends, interest and rents from investments	(34,964)	(33,178)
Other interest receivable and similar income	(263)	(103)
Accrued expenses	2,309	756
Changes in:
Trade and other debtors	(49,233)	3,941
Trade and other creditors	2,505	(2,303)
	`─────────`	`─────────`
Cash generated from operations	126,023	(57,499)
Interest received	263	103
	`─────────`	`────────`
Net cash from/(used in) operating activities	126,286	(57,396)
	`═════════`	`════════`
Cash flows from investing activities
Dividends, interest and rents from investments	34,964	33,178
Purchase of tangible assets	(2,219)	(8,878)
Purchases of other investments	(382,759)	(364,071)
Proceeds from sale of other investments	355,656	338,198
Other investing cash flow adjustment	–	50,000
	`─────────`	`─────────`
Net cash from investing activities	5,642	48,427
	`═════════`	`═════════`
Net increase/(decrease) in cash and cash equivalents	131,928	(8,969)
Cash and cash equivalents at beginning of year	96,920	105,889
	`─────────`	`─────────`
Cash and cash equivalents at end of year	228,848	96,920
	`═════════`	`═════════`

The notes on pages 21 to 32 form part of these financial statements.

Skilled NI

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The charity is a public benefit entity and a registered society limited by shares, registered in Northern Ireland with FCA Mutuals Register and a registered charity in Northern Ireland. The address of the registered office is 98/102 Donegall Street, Belfast, BT1 2GW.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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 (FRS 102) (Charities SORP (FRS 102)) and the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Skilled NI

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
legacy income is recognised when receipt is probable and entitlement is established.
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Skilled NI

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

3. Accounting policies (continued)

Tangible assets (continued)

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Short leasehold property	-	20% straight line
Plant and machinery	-	12% straight line
Fixtures and fittings	-	12% straight line
Equipment	-	33% straight line

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Skilled NI

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

3. Accounting policies (continued)

Investments in joint ventures (continued)

Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Skilled NI

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

3. Accounting policies (continued)

Financial instruments (continued)

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

4. Limited by shares

The charity is limited by shares, which have nominal value of one pound and carry no right to interest, dividend or bonus.

Skilled NI

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

5. Charitable activities

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2025
	£	£	£
Department for the Economy	1,041,613	–	1,041,613
Service income	22,357	–	22,357
Community Foundation NI	–	28,302	28,302
PHA	1,160	–	1,160
SJP	–	–	–
Department for Education	–	87,949	87,949
BCC	–	15,798	15,798
Other income	4,555	–	4,555
	`────────────`	`─────────`	`────────────`
	1,069,685	132,049	1,201,734
	`════════════`	`═════════`	`════════════`
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2024
	£	£	£
Department for the Economy	707,655	–	707,655
Service income	10,466	–	10,466
Community Foundation NI	–	39,400	39,400
PHA	2,812	–	2,812
SJP	2,500	–	2,500
Department for Education	–	–	–
BCC	–	–	–
Other income	1,900	–	1,900
	`─────────`	`────────`	`─────────`
	725,333 `═════════`	39,400 `════════`	764,733 `═════════`

6. Investment income

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2025	Funds	2024
	£	£	£	£
Income from listed investments	34,964	34,964	33,178	33,178
Bank interest receivable	263	263	103	103
	`────────`	`────────`	`────────`	`────────`
	35,227	35,227	33,281	33,281
	`════════`	`════════`	`════════`	`════════`

7. Investment management costs

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2025
	£	£	£
Portfolio management	5,224	2,637	7,861
	`═══════`	`═══════`	`═══════`

Skilled NI

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

7. Investment management costs (continued)

		Unrestricted	Restricted	Total Funds
		Funds	Funds	2024
		£	£	£
	Portfolio management	7,307	–	7,307
		`═══════`	`════`	`═══════`
8.	Expenditure on charitable activities by fund type
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2025
		£	£	£
	Training and education	899,523	97,338	996,861
	Support costs	16,371	14,560	30,931
		`─────────`	`─────────`	`────────────`
		915,894	111,898	1,027,792
		`═════════`	`═════════`	`════════════`
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2024
		£	£	£
	Training and education	761,491	39,545	801,036
	Support costs	22,768	–	22,768
		`─────────`	`────────`	`─────────`
		784,259 `═════════`	39,545 `════════`	823,804 `═════════`

9. Expenditure on charitable activities by activity type

	Activities
	undertaken		Total funds	Total fund
	directly	Support costs	2025	2024
	£	£	£	£
Training and education	996,861	24,974	1,021,835	817,768
Governance costs	–	5,957	5,957	6,036
	`─────────`	`────────`	`────────────`	`─────────`
	996,861 `═════════`	30,931 `════════`	1,027,792 `════════════`	823,804 `═════════`

10. Analysis of support costs

	Analysis of
	support costs	Total 2025	Total 2024
	£	£	£
Staff costs	11,330	11,330	9,029
Premises	5,026	5,026	4,495
Finance costs	290	290	222
Governance costs	5,957	5,957	6,036
Professional Fees	8,328	8,328	2,986
	`────────`	`────────`	`────────`
	30,931 `════════`	30,931 `════════`	22,768 `════════`

Skilled NI

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

11. Net gains on investments

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2025	Funds	2024
	£	£	£	£
Gains/(losses) on listed investments	6,398 `═══════`	6,398 `═══════`	101,883 `═════════`	101,883 `═════════`

12. Net income

Net income is stated after charging/(crediting):

Net income is stated after charging/(crediting):
	2025	2024
	£	£
Depreciation of tangible fixed assets	4,361	6,485
	`═══════`	`═══════`
Auditors remuneration
	2025	2024
	£	£
Fees payable for the audit of the financial statements	5,957 `═══════`	6,036 `═══════`

13. Auditors remuneration Fees payable for the audit of the financial statements

14. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

	2025	2024
	£	£
Wages and salaries	469,381	424,640
Social security costs	40,035	32,712
Employer contributions to pension plans	32,221	29,091
	`─────────`	`─────────`
	541,637 `═════════`	486,443 `═════════`

The average head count of employees during the year was 16 (2024: 17).

The number of employees whose remuneration for the year fell within the following bands, were:	The number of employees whose remuneration for the year fell within the following bands, were:	The number of employees whose remuneration for the year fell within the following bands, were:
	2025	2024
	No.	No.
£60,000 to £69,999	1 `════`	– `════`

Key Management Personnel

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £120,207 (2024:£99,526).

15. Trustee remuneration and expenses

No trustees were reimbursed for expenses during the year (2024:Nil)

Skilled NI

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

16. Taxation

The Company is a registered charity, and as such is entitled to tax exemptions on income and profits in furtherance of the charity's primary objectives.

17. Tangible fixed assets

	Short		Fixtures,
	leasehold	Plant and	fittings and	Computer
	property	machinery	equipment	equipment	Total
	£	£	£	£	£
Cost
At 1 April 2024	142,885	58,549	51,491	92,440	345,365
Additions	–	1,400	255	564	2,219
	`─────────`	`────────`	`────────`	`────────`	`─────────`
At 31 March 2025	142,885	59,949	51,746	93,004	347,584
	`═════════`	`════════`	`════════`	`════════`	`═════════`
Depreciation
At 1 April 2024	142,235	54,302	46,158	89,014	331,709
Charge for the year	217	782	1,088	2,274	4,361
	`─────────`	`────────`	`────────`	`────────`	`─────────`
At 31 March 2025	142,452	55,084	47,246	91,288	336,070
	`═════════`	`════════`	`════════`	`════════`	`═════════`
Carrying amount
At 31 March 2025	433	4,865	4,500	1,716	11,514
	`═════════`	`════════`	`════════`	`════════`	`═════════`
At 31 March 2024	650 `═════════`	4,247 `════════`	5,333 `════════`	3,426 `════════`	13,656 `═════════`

18. Investments

	Listed
	investments
	£
Cost or valuation
At 1 April 2024	1,298,808
Additions	382,759
Disposals	(355,656)
Fair value movements	6,398
	`────────────`
At 31 March 2025	1,332,309
	`════════════`
Impairment
At 1 April 2024 and 31 March 2025
Carrying amount
At 31 March 2025	1,332,309
	`════════════`
At 31 March 2024	1,298,808 `════════════`

All investments shown above are held at valuation.

Skilled NI

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

18. Investments (continued)

Financial assets held at fair value

Investments are held at fair value, which is based on valuation by investment managers Quilter Cheviot.

19. Debtors

	2025	2024
	£	£
Prepayments and accrued income	11,487	13,198
Other debtors	83,014	32,070
	`────────`	`────────`
	94,501	45,268
	`════════`	`════════`
Creditors: amounts falling due within one year
	2025	2024
	£	£
Trade creditors	3,867	3,944
Accruals and deferred income	7,853	5,544
Social security and other taxes	10,599	8,017
	`────────`	`────────`
	22,319 `════════`	17,505 `════════`

20. Creditors: amounts falling due within one year

21. Pensions and other post retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £32,221 (2024: £29,091).

Skilled NI

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

22. Analysis of charitable funds

Unrestricted funds
	At			Gains and	At 31
	1 April 2024	Income	Expenditure	losses	March 2025
	£	£	£	£	£
General funds	1,420,886	1,104,912	(921,118)	6,398	1,611,078
Revaluation reserve	10	–	–	–	10
	`────────────`	`────────────`	`─────────`	`───────`	`────────────`
	1,420,896	1,104,912	(921,118)	6,398	1,611,088
	`════════════`	`════════════`	`═════════`	`═══════`	`════════════`
	At			Gains and	At 31
	1 April 2023	Income	Expenditure	losses	March 2024
	£	£	£	£	£
General funds	1,351,955	758,614	(791,566)	101,883	1,420,886
Revaluation reserve	10	–	–	–	10
	`────────────`	`─────────`	`─────────`	`─────────`	`────────────`
	1,351,965	758,614	(791,566)	101,883	1,420,896
	`════════════`	`═════════`	`═════════`	`═════════`	`════════════`
Restricted funds
	At			Gains and	At 31
	1 April 2024	Income	Expenditure	losses	March 2025
	£	£	£	£	£
Belfast City Council	–	15,798	(15,798)	–	–
Community Foundation
NI	16,251	28,302	(27,841)	–	16,712
Department for
Education	–	87,949	(70,896)	–	17,053
	`────────`	`─────────`	`─────────`	`────`	`────────`
	16,251	132,049	(114,535)	–	33,765
	`════════`	`═════════`	`═════════`	`════`	`════════`
	At			Gains and	At 31
	1 April 2023	Income	Expenditure	losses	March 2024
	£	£	£	£	£
Belfast City Council	–	–	–	–	–
Community Foundation
NI	16,396	39,400	(39,545)	–	16,251
Department for
Education	–	–	–	–	–
	`────────`	`────────`	`────────`	`────`	`────────`
	16,396	39,400	(39,545)	–	16,251
	`════════`	`════════`	`════════`	`════`	`════════`

Skilled NI

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2025

23. Analysis of net assets between funds

		Unrestricted	Restricted	Total Funds
		Funds	Funds	2025
		£	£	£
	Tangible fixed assets	11,514	–	11,514
	Investments	1,332,309	–	1,332,309
	Current assets	242,295	81,054	323,349
	Creditors less than 1 year	(22,319)	–	(22,319)
		`────────────`	`────────`	`────────────`
	Net assets	1,563,799	81,054	1,644,853
		`════════════`	`════════`	`════════════`
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2024
		£	£	£
	Tangible fixed assets	13,656	–	13,656
	Investments	1,298,808	–	1,298,808
	Current assets	125,937	16,251	142,188
	Creditors less than 1 year	(17,505)	–	(17,505)
		`────────────`	`────────`	`────────────`
	Net assets	1,420,896	16,251	1,437,147
		`════════════`	`════════`	`════════════`
24.	Analysis of changes in net debt
				At
		At 1 Apr 2024	Cash flows	31 Mar 2025
		£	£	£
	Cash at bank and in hand	96,920 `════════`	131,928 `═════════`	228,848 `═════════`

25. Contingencies

A contingent liability exists to repay grants and Trust monies received should certain conditions not be fulfilled by the charity. In the opinion of the Trustees, the terms of the Letters of Offers have been, or will be, complied with and no liability is expected.

26. Ethical standards

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.