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FinalAnnReport 2004 _artwork - Hugha.co.uk

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major risks. A review of potential liabilities of the Company, members of the<br />

Council and executive staff, has been drawn up by the BSES solicitors, and<br />

detailed operational guidelines have in put in place for expeditions.<br />

Auditors<br />

A resolution to re-appoint the Company’s auditors in ac<strong>co</strong>rdance with section<br />

385(1) of the Companies Act 1985 will be proposed at the Annual General Meeting.<br />

Investment Policy and Performance<br />

In ac<strong>co</strong>rdance with the Memorandum and Articles of Association, the Council<br />

have the power to invest in such stocks, shares, investments and property in the<br />

UK as they see fit. The Council have engaged Generali Portfolio Management (UK)<br />

Ltd as investment managers, with the BSES Finance Committee reviewing their<br />

performance. The investment policy is to adopt a medium risk investment<br />

strategy based on maximising in<strong>co</strong>me. The investment managers have performed<br />

satisfactorily.<br />

Reserves Policy<br />

Whilst the need for certain specific reserves are identified in the ac<strong>co</strong>unts, the<br />

balance representing the general fund is retained on the basis of working<br />

capital being required in order to allow the Company to fund and run expeditions<br />

in furtherance of its charitable objects. The <strong>co</strong>ntribution from participants in<br />

expeditions includes an amount towards the management and administration<br />

<strong>co</strong>sts of the Company.<br />

The Council wishes, in general, to retain a sufficient amount of the General Fund<br />

in order to be able to organise and <strong>co</strong>mplete expeditions in future years, with<br />

certainty, and the net free assets are kept under review in assessing the<br />

Company’s operational needs. As a matter of policy the Council is seeking to raise<br />

funds to improve the financial investment for future operations.<br />

Approved and signed on behalf of the Council by:<br />

Major General (Ret’d) R Wood<br />

Chairman<br />

Date: 9th December <strong>2004</strong><br />

SUMMARISED FINANCIAL STATEMENTS | <strong>2004</strong><br />

INDEPENDENT AUDITORS’<br />

STATEMENT TO THE TRUSTEES<br />

OF BSES EXPEDITIONS<br />

We have examined the summarised financial statements of BSES Expeditions.<br />

This statement is made solely for its members and to the fullest extent<br />

permitted by law we do not accept or assume responsibility to anyone other than<br />

its members for this statement.<br />

Respective responsibilities of trustees and auditors<br />

The trustees are responsible for preparing the summarised annual report in<br />

ac<strong>co</strong>rdance with applicable law.<br />

Our responsibility is to report to you our opinion on the <strong>co</strong>nsistency of the<br />

summarised financial statements within the annual report with the full financial<br />

statements and Trustees’ Report. We also read the other information <strong>co</strong>ntained<br />

in the annual report and <strong>co</strong>nsider the implications for our report if we be<strong>co</strong>me<br />

aware of any apparent misstatements or material in<strong>co</strong>nsistencies with the<br />

summarised financial statements.<br />

Basis of opinion<br />

We <strong>co</strong>nducted our own work in ac<strong>co</strong>rdance with Bulletin 1999/6 ‘The auditors’<br />

statement on the summary financial statement’ issued by the Auditing Practices<br />

Board for use in the United Kindom.<br />

Opinion<br />

In our opinion the summarised financial statements are <strong>co</strong>nsistent with the full<br />

financial statements and trustees’ report of BSES Expeditions for the year ended<br />

30 June <strong>2004</strong>.<br />

Spofforths Chartered Ac<strong>co</strong>untants and Registered Auditors,<br />

Donnington Park,<br />

Birdham Road,<br />

Chichester,<br />

West Sussex,<br />

PO20 7AJ.<br />

07

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