FinalAnnReport 2004 _artwork - Hugha.co.uk
FinalAnnReport 2004 _artwork - Hugha.co.uk
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