FinalAnnReport 2004 _artwork - Hugha.co.uk

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BSES EXPEDITIONS | ANNUAL REPORT 2004 COUNCIL’S REPORT The Council presents its report for the year to 30 June 2004. Charitable objects and principal activity The Company is limited by guarantee and governed by a Memorandum and Articles of Association. The Company’s objective and its principal activity continues to be that of an Educational Charity to provide the opportunity for personal development of young people through expeditions to wild and trackless territories overseas. This activity is unchanged from previous years. The charity registration number is 802196. The company registration number is 2411786. Organisation The Company is organised so that the Members of the Council meet regularly, either by way of a full Council meeting or meetings of committees, to manage its affairs. There are currently five full-time and one part-time employees who manage the day-to-day administration of the Company. The Council is also assisted by the many volunteers who offer their services from time to time. Members of the Council The Members of the Council are the directors for the purposes of the Companies Act 1985 and trustees for the purposes of the Charities Act 1993. The Members of the Council are appointed at the Annual General Meeting each year. As the Company is limited by guarantee, none of the Members of the Council have any beneficial interests in shares in the Company. The Council has the power to appoint additional Members of the Council. Such members are then required to seek re-election at the next Annual General Meeting following their appointment. Members of the Company are also entitled to propose candidates for election to the Council. One third of the Members of the Council are required to retire each year, but are eligible for re-election except that Members of the Council who have served for two consecutive three-year terms must stand down for a minimum of one year before seeking re-election. Development, Activities and Achievements In July and August 2003 successful expeditions took place in Greenland and Lesotho and in September 2003 a GAP year expedition ‘In the Footsteps of Shackleton’ went to the Antarctic. The income and expenditure relating to these expeditions is reflected in the Statement of Financial Activities. 06 Income was received in respect of, and expenditure incurred on, expeditions that took place after 30 June 2004 to Iceland, Svalbard and Tanzania. Such income and expenditure has been carried forward as creditors and debtors respectively. The accounts for the nine-month period to 30 June 2003 included no income from expeditions. This was due to the change to the financial year-end date. Directors’ Responsibilities for the Financial Statements Company law requires the directors to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing those financial statements, the directors are required to:- • select suitable accounting polices and apply them consistently • make judgements and estimates that are reasonable and prudent • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue to operate. The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 1985. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Transactions and Financial Position The Statement of Financial Activities is shown in the Summarised Financial Statements. There was net income on the unrestricted, restricted and endowment funds of £10 (2003: net deficit £178,806). The Council confirm that the Company’s assets are available and adequate to fulfil the financial obligations of the Company. Risk Management Review The Council have formally assessed the major risks to which the Company is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems are in place to mitigate the exposure to
major risks. A review of potential liabilities of the Company, members of the Council and executive staff, has been drawn up by the BSES solicitors, and detailed operational guidelines have in put in place for expeditions. Auditors A resolution to re-appoint the Company’s auditors in accordance with section 385(1) of the Companies Act 1985 will be proposed at the Annual General Meeting. Investment Policy and Performance In accordance with the Memorandum and Articles of Association, the Council have the power to invest in such stocks, shares, investments and property in the UK as they see fit. The Council have engaged Generali Portfolio Management (UK) Ltd as investment managers, with the BSES Finance Committee reviewing their performance. The investment policy is to adopt a medium risk investment strategy based on maximising income. The investment managers have performed satisfactorily. Reserves Policy Whilst the need for certain specific reserves are identified in the accounts, the balance representing the general fund is retained on the basis of working capital being required in order to allow the Company to fund and run expeditions in furtherance of its charitable objects. The contribution from participants in expeditions includes an amount towards the management and administration costs of the Company. The Council wishes, in general, to retain a sufficient amount of the General Fund in order to be able to organise and complete expeditions in future years, with certainty, and the net free assets are kept under review in assessing the Company’s operational needs. As a matter of policy the Council is seeking to raise funds to improve the financial investment for future operations. Approved and signed on behalf of the Council by: Major General (Ret’d) R Wood Chairman Date: 9th December 2004 SUMMARISED FINANCIAL STATEMENTS | 2004 INDEPENDENT AUDITORS’ STATEMENT TO THE TRUSTEES OF BSES EXPEDITIONS We have examined the summarised financial statements of BSES Expeditions. This statement is made solely for its members and to the fullest extent permitted by law we do not accept or assume responsibility to anyone other than its members for this statement. Respective responsibilities of trustees and auditors The trustees are responsible for preparing the summarised annual report in accordance with applicable law. Our responsibility is to report to you our opinion on the consistency of the summarised financial statements within the annual report with the full financial statements and Trustees’ Report. We also read the other information contained in the annual report and consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the summarised financial statements. Basis of opinion We conducted our own work in accordance with Bulletin 1999/6 ‘The auditors’ statement on the summary financial statement’ issued by the Auditing Practices Board for use in the United Kindom. Opinion In our opinion the summarised financial statements are consistent with the full financial statements and trustees’ report of BSES Expeditions for the year ended 30 June 2004. Spofforths Chartered Accountants and Registered Auditors, Donnington Park, Birdham Road, Chichester, West Sussex, PO20 7AJ. 07
Page 1 and 2: BSES EXPEDITIONS 2004 ANNUAL REPORT
Page 3 and 4: I am pleased to report that the num
Page 5: BSES EXPEDITIONS OFFICERS AND COUNC
Page 9 and 10: Statement by the Trustees The summa
Page 11 and 12: En route to snow and ice training I
Page 13 and 14: TANZANIA 2004 The Mountain of God E
Page 15 and 16: Survey Fire on the rim of a sunken
Page 17 and 18: Tunabreen glacier The mountaineerin
Page 19 and 20: THE ANNUAL GENERAL MEETING, EXPEDIT
Page 21 and 22: Maurice Dybeck asked why the expedi
Page 23 and 24: STAR SCHOOLS 2004 Schools from whic

FinalAnnReport 2004 _artwork - Hugha.co.uk

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