206. coui - children our ultimate investment - accounts february 2008

7/31/2019 206. COUI - Children Our Ultimate Investment - Accounts February 2008.

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CH ILDREN : OUR ULTIMATE INVESTMENT (U K ) LIMITED

FINANCIAL STATEMENTSYEAR ENDED 29 FEBRUARY 2008

REGISTERED CHARITY NUMBER: 1099782REGISTERED COMPANY NUMBER: 4001308

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CHILDREN: OUR ULTIMATE INVESTMENT (UK) LIMITED

BOARD OF DIRECTORS

COMPANY SECRETARYCOMPANY REGISTRATION NO.

S AdcockJ MartinM ShawF SteelM Blake

D Whi tmore4001308

REGISTERED OFFICE 47 Bermondsey S tr eet& PRINCIPAL ADDRESS LONDON

SE1 3XTREGISTERED CHARITY NO. 1099782AUDITOR Maclntyre Hudson LLP

Chartered AccountantsEuro House1394 High RoadLondon N20 9YZ

BANKERS Barclays Bank plcSouthwark branch29 Borough H ig h S tre e tLondonSE1 1 LY

F:\NLC\CK J \Ch i ld ren Our Ultimate I n v e s tmen t (UK ) NL53099\WP\2008\Accounts 2008 (SORP 2005) .x Is8Ju Iy2008 .xIsAccoun ts 2008(SORP 2005).xls8July2008.xlslnf & Ad


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CHILDREN: OUR ULTIMATE INVESTMENT (UK) LIMITEDTHE D IRECTORS ' REPORTYEAR ENDED 2 9 F EB R UARY 2 00 8

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Th e Board of Directors, who a re also th e Trustees of Chi ldren:Our Ultimate I nves tment (UK) Limited fo r t he p u rp o se s of charity law, have pleasure inpresen t ing the ir r epo r t t oge the r wi th th e audi ted f inancial s ta tements of th e Cha ri ty f o r th e year ended 29 February 2008.Chi ld ren: Our Ultimate Investment (UK) Limited is a company l imited by guarantee.PRINCIPAL ACTIVIT IESTh e princ ipal activity of th e Chari ty is to f o ste r and suppor t th e educa ti o n , hea l th , oppo rtun it y and deve l opmen t of chi ldren and young people.

CONSTITUTION OF TH E CHARITYThe Char it y i s a company l imited by guarantee and is governed by th e Rules and.Regulat ions o f th e Memor an d um and A rtic le s o f A ss oc ia tio nincorporated on 24 Ma y 2000. Th e power of appoint ing and r emov ing D ir ec to rs and T rust ees from th e Boa rd is vested in th e Board of Directorsan d Trustees. Membership is non -t ra nsf er ab le and c eases upon death. A max imum o f s ev en a n d a minimum of two members a re r equ ir ed a t a llt imes.Th e Charity has the powe r to invest monies, not immediately required fo r the furtherance of i ts ob je c t ive s , in such investments, securities orproperty as it thinks fit, subject to a statutory requirements. Currently th e Char i ty has no t i nves ted any monies fo r investment, but h as surplusmoney transferred to a fixed rate deposit account with Barclays Bank Plc.

Th e board of d i rec to rs admin is te rs t he c ha rity . T he boa rd mee ts regular ly and there ar e subcommit tees cover ing strategy an d f inance which mee t moreregularly.Opera t iona l di rectors ar e a ppo in te d b y th e board di rectors to manage th e day to da y operations of th e c ha rit y. T he se operational d i re c to r s have delegatedauthori ty, within th e te rms of d e le gat io n a ppr ov e d b y th e directors, f o r i ssues relating to f inance, emp loymen t and t r ai n ing .CHARITY OBJECTIVES

Th e Chari ty's pr inc ipal ob jec t ives ar e as fol lows:To foster and suppo rt t he educa ti on , health, opportunity and development of ch il d ren an d young people.

To meet these objectives the Charity continues to promote, initiate, develop and carry out education an d training and arrange and provideassistance at lectures, seminars and classes for children an d young people. Its primary activity is the Teens & Tod dl e rs p ro je c t and the Teens &Toddlers Sustainability Replication Programme.There h as been no change in the Charity's object ives during th e year.Th e Charity continues to be ru n by the Board of Directors.

REVIEWFOR TH E YEAR INCORPORATING ACHIEVEMENTS AND PERFORMANCEProgress a n d Key Achievements this YearCOUI UK continued adhering to i ts fo u r year business plan, compi led with the AR K Foundation, our major funder. We consistently me t a ll of theARK performance targets in terms of number of t e enage rs reached an d number of Teens & Toddlers Sustainability Replication Programmes sold.The pos t Sustainability Programme Service provis ion has proven to be challenging, as most local authorities a re not yet ready to deliver theprogramme without the support of COUI.COUI UK is currently delivering p ro g r ammes to 13 Local Authorities. Our b us in e ss p la n i nc lu de s a f ina l t a rge t o f r e ac h in g 19 Local Authorities by2009 and we a re c o n fi de n t of achieving this.In a ll of C OU I U K 's P ro gra m m es there a re a bo ut 10 0 Teens & Toddlers Facil itators, 35 of them be ing In House Staf f Sen i o r Facil itators. Th eFac i l i ta tor Tra in ing ha s b ee n accredi ted ( by ABC , who is recogn ised by th e Na t i ona l Youth Agency ) as a Dip l oma in Youth Work L e v e l 3 an dcon t i nues to be success fu l . Wi th th e Te e n s & Toddlers project, f or t he N a tio n a l Award in I n terpersonal Skil ls, we cont inue to h av e n e a rl y 10 0%P a s s Ra te .

Central Government EndorsementCOUI UK continues to have the endorsement of cen t ra l government. Th e DSCF recently awarded a grant fo r a three year pos t of nat iona lDevelopment Manager. COUI is growing fr om b e in g a smal l charity to a medium sized one -a transition that r e qu ir e s c a re fu l and consciousmanaging. Additionally, we a re b e in g proactive in preparing for the en d of ARK's funding in 2009. In te rms of both match funding for programmesan d to cover core costs, it is apparent that we will continue to need some external funding. To address this we h av e r ais ed o ur sig hts for largergrant opportunities and applied for them; actively worked to raise th e Publ ic Relations prof i le of COUI an d researched organisations to support uswith a fundraising strategy and p lan .

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CHILDREN: OUR ULTIMATE INVESTMENT (UK) LIMITEDTH E DIRECTORS' REPORTYEAR ENDED 29 FEBRUARY 2008

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REVIEW OF THE YEAR (continued)Advisory youth Pane lCOUI UK now has establ ished a youth Panel of Teens & Toddlers gradua tes who wil l advise us an d help to design a programme oftraining pe e r e d u ca to r s to deliver PSHE. Th is t ra in ing programme wil l enab le d isadvan taged young peop le to p romote qua l it y persona lan d social heal th educat ion (PSHE) in s c ho o ls , b e come l ea d e rs in their community for t hose i n te res ted in making a dif ference a nd fo rsome to b e come i nv o lv e d in C OU I's longer term management a n d d e ve l opmen t. It has a lways been th e vision of COUI to suppor tvu lnerab le at r isk young peop le a long a cont inuum of their deve lopmen t , start ing w ith T ee n s & Todd le rs , cont inu ing to s u pp o rt t he irpos it iv e s t eps forward though to young adu l thood , culminating in y o ung l ea d e rs support and t ra in ing.

Divers i f ica t ion of service of fe r ingsCOUI UK has expanded its clinical serv ices t hi s y e ar by promoting counse l l i ng in schools. We ar e currently placing COUI counsel lo rs ineight secondary schoo ls a n d a re o ffe rin g an d runn ing anger management and ant i -bu l ly ing programmes for schools.Resea rchThree years fu n di ng fr om t he Esmee Fairbai rn foundat ion which enab led COUI UK to hire a full t ime Re se ar c h Off icer has proven to besuccessful with th e Resea rc h O f fi c e rs c on ti nui ng to eva lu a te t h e e f fi c acy of th e T ee n s & Todd le rs pro ject .Gran tsCOUI UK is gratefu l to have received from th e Jack Petchey Foundat ion 86,540, a grant of 158,000 fr om t he DCSF, 20,000 from th eGarf ie ld Wes to n Fo un d a d on and 105 ,000 f rom Th e City Bridge Trust . We co n ti nu e to be immense ly gratefu l to AR K for t h e con ti n ui ngsuppor t of core fund ing an d fo r th e expansion of COUI UK .P lans fo r th e FutureCOUI UK will cont inue to follow our four year Bus in e s s P la n an d to m ee t ou r p e rfo rmance targets f or n um b e r Of p rogrammes del iveredan d numbe r of a t r i s k young peop le reached. In 2008, we w il l b e writing a new bus iness plan fo r 2009 .W e have commiss ioned Chari ty Works to cre ate a f und ra i s in g s t ra t egy and plan , as well a s a s sis tin g u s in s e e ki ng co rp o ra t esponsorsh ip . In ou r effo rts to ra ise ou r pub li c r e la t ion s p rof il e , Teens & Toddlers rece ived th e Young Peop le Now na t iona l recogni t ionfo r be s t P re v en t a ti v e Wo rk Awar d and wa s highly c omm e n d ed f or t he Be ing H e a lt h y Awa rd .In preparat ion fo r th e end of th e AR K foundat ion funding in 2009, w e h ave been proact ive. We have expanded t h e ope rat io na l team,bringing on more expertise (i n s t ra t egi c p l a nn ing and corporate sponsorsh ip ) ; jo ined E-Pol i t ix, a parliamentary internet site; jo ined aPay ro ll G i vi ng s ch eme on th e advice of th e Boa rd ; s h ift e d to submitting g rant app li c at io n s for larger amounts of fund ing (B ig Lottery,DCSF, NPC); an d ar e in th e f ina l s t ages of making a promot iona l DVD.

ConclusionIt has been a successfu l year fo r COUI UK an d o ne of rap id expansion, suppo r ted by t he Bu si ne s s Plan a nd c ore fund ing from th e AR KFoundat ion . We are be ing proact ive in prepar ing fo r the end of f un d in g f rom ou r major bene f act o rs t h rough addi t iona l fundra ising,raising th e n a ti on a l profile of COUI UK an d through diversi fy ing our pro gra mm es. An nu al resea rch and e val ua ti on c o n ti n ue s todemonst ra te that Teens & Todd le rs has a posi t ive impact w it h t he v u ln e r ab le a n d at r is k young peop le served by our programmes.

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CHILDREN: OUR ULT IMATE INVESTMENT (UK) LIMITEDTHE DIRECTORS' REPORTYEAR ENDED 29 FEBRUARY 2008

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Rese rves PolicvThe Board of Directors ha s agreed the fo llowing rese rv es policy regarding th e leve l of rese rves it should mainta in in order to mee t th e n e ed s o f th eChari ty:The Chari ty needs reserves in order to :

* F inanc e f ixed asse t s an d day to day ac ti v it ies ;. Enable th e Char i ty to cope f inanc ia l ly during t imes of below aver age i n come an d cover opera t iona l overheads an d sa lar ies fo r at least sixmonths;= Have add i ti onal resources available to cope with revenue and capi ta l requi rements arising in th e next fe w years t o fu lf il its charitableactivit ies.

Th e present level of reserves an d bank faci l i t ies ar e considered adequate to cover th e p r es en t da y to day work ing capital requ i rements .In se tt i n g i t s budgets, leve l of charges fo r se rv ices an d in negotiat ing th e leve l of funding fo r grants , th e Char it y t a kes accoun t of th e need tomainta in adequate rese rves . When r ev i ew ing annua l budgets a nd a cc oun ts a nd p e r i odic managemen t ac coun ts an d cash f lows ; t he Board ofDirectors monitors whether th e leve l of income i s appropriate to establ ish a n d ma int a in r es erves in line with t h i s policy. Th is po li cy will be re v ieweda t l east annual ly .

As o f 2 9 February 2008 accumulated funds were: 256,521 (2007: 295,665), of which 61,305 (2007: 214,642) were un re s tr ic te d f unds and195,216 (2006: 81,023) were restricted funds.Management o f R is kTh e Boa rd o f Directors regularly r e vi ew t he major r i sks to which th e Char i ty is exposed arising from its operat ions an d th e env ir onmen t. Syst emsare r egu la r ly r evi ewed and procedures pu t in place to min imise these r isks.Boa rd o f D ir e ct or sTh e Directors who served th e Char ity d u rin g t hi s y e ar were:

M Shaw F SteelS Adcock M BlakeJ Martin

These f inanc ia l s ta t emen ts c omp ly w i th t he Char i ty 's gove rn ing documen t, th e Statement of Recommended Practice 'Account ing an d Report ing byCharit ies' (SORP 2005) an d th e Companies Ac t 1985.Audi tor

Th e resolution to r eappo in t Macl n ty r e Hudson LLP as aud i to rs for th e ensu ing year will be proposed a t th e next meet ing o f th e Board of Directors.Sma ll comnanv provisionsThis report ha s been prepared in accordance wi th th e specia l p rov is i on s f or sma l l compan i es under pa rt V II of th e Companies Ac t 1985.

Signed on behalf of t he Boa rd of Directors

D WhitmoreCompany Sec re ta ry

Approved by th e Boa rd o f Directors on ..A --1 I0$

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CHILDREN : OUR ULTIMATE INVESTMENT (UK ) LIMITEDSTATEMENT OF BOARD OF DIRECTORS' RESPONSIBILITIESYEAR ENDED 29 FEBRUARY 2008

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Company law and Cha rit y l aw requi res th e B oard o f Directors to prepare fi nancia l s ta temen ts fo r e ac hf inancial year wh ich give a true and fair view o f th e state of affairs o f th e Chari ty and o f th e surplus ordef ic i t o f i ncome of th e Chari ty for tha t year. In prepar ing those f inanc ia l s ta temen ts, the Board ofDirectors are required to :

- select su itable accoun ti ng policies and then apply them consistent ly;

- make judgements and es tima tes tha t a re r ea sonab le and prudent ;

- state whether applicable accounting standards and statements of recommended practice havebeen followed, subject to any departures disclosed and explained in the financial statements;

- prepare the f inancia l s t a t emen ts on a going concern basis unless i t is inappropriate t o presume thatth e Charity will continue i n operation.

The Board o f Directors are responsib le fo r k ee pin g proper account ing r ec or ds wh ic h disclose withreasonable accuracy a t any time th e f inancial posit ion o f th e Chari ty and to e n ab le th em to ensure thatth e f inanc ia l s ta temen ts comply w ith th e Companies Act 1985, t he Statement o f Recommended P rac tic efo r Account ing by Char i t ies and th e Chari ty's gove rn in g d oc um en t. Th ey are also responsible fo rsafeguarding th e a sse ts o f th e Chari ty and hence for taking reasonable steps for th e prevent ion anddetect ion of fraud and other i rregulari t ies.I n so fa r as e ach a nd eve ry d ir e ct or is aware :- there i s no re levan t aud it information of which th e aud it ors a re unaware; and

each and every di rec tor has taken all steps tha t they ought to h ave ta ke n to make themse lvesaware of any re levant aud it in fo rma tio n and to establ ish tha t th e auditor is aware o f t ha t i n fo rmation .

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CH ILDREN : OUR ULTIMATE INVESTMENT (UK) LIMITEDINDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHILDREN : OUR ULTIMATE INVESTMENT (UK) LIMITEDYEAR ENDED 29 FEBRUARY 2008

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We have aud it ed t he f inanc ia l s tatements of Chil d ren : Our U lt imate Investment (UK) Limited fo r t he year ended 29 February 2008 whichc ompr is e o f t he S ta tement of Financial Activities an d Income and Expend it ur e Account, t he Ba lance Sheet an d the related notes. Thesef inanc ia l s tatements hav e been p repared under th e historical cost convent ion and th e account ing po li c ies set ou t therein.

This report is made so le l y to th e company's members, as a body, i n accordance wi th Section 23 5 of the Companies Ac t 1985. Ou r audi twork ha s been under taken so tha t we migh t s ta te to th e company's members those matters we ar e required to state to th em in anauditor 's report an d fo r no other purpose. To th e ful lest extent permit ted by law, we do no t a c cep t or assume responsib il it y to anyoneother th a n th e c ompa ny a n d th e company's members as a body, fo r o u raudi t work, for this report, or fo r t he opi ni ons we have formed.RESPECTIVE RESPONSIBILITIES OF THE BOARD OF DIRECTORS AND THE AUDITORS

The Board o f D i rec to r s of Children: Our U lt imate Inves tment (UK) L imited fo r t he pur poses o f c har it y law), ar e responsible fo r prepar ingt he D ir ect or s Annua l Repor t an d the f inancial statements in accordance with appl icable law and Uni te d Kingdom Account ing Standards(United Kingdom Genera ll y Accep ted Accounti ng Prac ti ce ) as se t ou t in t he S ta tement o f Board of Directors' Responsibilit ies.Our responsibi li ty is to audit th e f inancial statements in accordance with relevant legal an d regulatory requirements an d Internat ionalStandards on Auditing ( UK a n d Ireland).We report to you our opinion as to whether t he fi nanci al s ta temen ts g iv e a true an d fair view an d a re prope rl y prepared in accordancewith t he Compan ies Ac t 1985. We a lso r epo rt t o you if , in ou r op in ion , the information given in th e Directors' Report is cons istent wi tht he f inanc ia l statements, if th e c ha rity has not kept proper account ing records, if we have no t r e ce iv ed al l t he i n fo rmati on an dexplanat ions we require fo r our aud it , o r if information specified by law regarding directors' remuneration an d transactions with the charityis not disclosed.

We r ead o ther i n fo rmat ion contained in th e Directors' Report, an d cons iderwhether it is consistent with t he aud it ed f inanci a l statements.We consider the impl ications fo r o u r audi t repo r t if w e be come awa re o f an y apparent misstatements or mater ia l inconsistenc ies with th ef inanci a l s ta t ement s. Our r espons ib il it ies do no t extend to any other information beyond tha t referred to in th is paragraph.BASIS OF OPINION

We conducted ou r audi t in accordance with I nt er nat io na l S tandar ds on Aud it ing (UK and Ireland) issued by t he Aud it ing Prac ti ces Board.An audit i nc ludes examinat ion, on a test basis, of evidence relevant to th e amounts and disclosures in t he f inanc ia l s ta temen ts . I t a l soincludes an assessment o f t he s ign if ican t est imates an d j udgements made by t he d i rec to r s in th e preparation o f th e financial statements,an d of whether t he account ing policies ar e appropriate to the charity's circumstances, consistently applied an d adequately disclosed.We planned an d performed o u r a u dit so as to obtain a ll the information and explanations which we cons ide red necessary in order toprovide us w ith sufficient evidence to give reasonable assurance as to whether the financial statements ar e fr ee fr om materialmisstatement, whethercaused by fraud or other irregularity o r e rr or . In forming our opinion we also evaluated the overal l adequacy ofthe presentation of information in the financial statements.

OPINIONIn our opin ion the financial s tatements :- give a true and fai r v iew , in accordance with United Kingdom Generally Accepted Account ing Practice, o f th e state o f t he charity'saffairs as a t 29 February 2008 and of its incoming resources an d application of resources, including i ts income an d expendi ture, fo r theyear t hen ended: an d- have been properly prepared in accordancewith the Companies Ac t 1985.

In ou r op in ion the information given in t he D ir e ct or s' Repo rt is consistent with th e financial statements."AQ ~ . . . ( - ( ' TEuro House Macintyre Hudson LL P1394 H ig h R oa d Char te red Accountants an dLondon N2 0 9YZ Registered AuditorDate: 31 July 2008

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CHILDREN: OUR ULTIMATE INVESTMENT (UK) LIMITEDSTATEMENT OF FINANCIAL ACTIVITIES AND INCOME AND EXPENDITURE ACCOUNTFOR THE YEAR ENDED 29 FEBRUARY 2008

INCOMING RESOURCESIncoming resources f rom char i table activities:GrantsProgramme fees

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2008 2008 2008 2007Unrest r ic ted Restr ic tedFunds Funds Total Total

Notes

1 '191,667 190,031 381,698 55 7 ,1791 - 345,539 345,539 173,664

191,667 535,570 727,237 730,843Voluntary & o th e r i nc ome:Investment incomeOthe r i ncoming resources 1 19,889 - 19,889 6,4421 2,628 - 2,628 3,885TOTAL INCOMING RESOURCESRESOURCES EXPENDEDCharitable activitiesGovernance costsTOTAL RESOURCES EXPENDED

NET INCOMING/(OUTGOING) RESOURCESFOR THE YEAR BEFORE TRANSFERSTransfers between funds

214,184 535,570 749,754 741,170

2 359,708 421,377 781,085 490,7862 7 , 813 - 7,813 10,2172 367,521 421,377 7 88,898 501,003

(153,337) 114,193 ( 39,144) 240,167

NET INCOMING/(OUTGOING) RESOURCES FOR THE YEAR ( 153,337) 114,193 (39,144) 240,167BE ING NET INCOMEI(EXPENDITURE) FOR THE YEAROTHER RECOGNISED GAINS AND LOSSESGains/(losses) on investments:Rea l ised gains/(losses) on investmentsUnrea l ised gains/(losses) on investmentsNET MOVEMENT IN FUNDS (153 ,337) 114,193 ( 39,144) 240,167BALANCES BROUGHT FORWARDAT 1 MARCH 2007 214,642 81,023 295,665 55,498BALANCES CARRIED FORWARDAT 29 FEBRUARY 2008 61,305 195,216 256,521 295,665

There were no other recognised gains or losses.A ll operations are continuing.

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CHILDREN: OUR ULTIMATE INVESTMENT (UK ) L IM ITEDBALANCE SHEETAT 29 FEBRUARY 2008

FIXED ASSETSTangib le asse ts

2008 2007Notes

5 15,740

CURRENT ASSETSDebtors 6 297,678 42,461Cash a t bank an d in h an d 753,838 573 ,754

1,051,516 616,215CREDITORS: Amount s f al li ng due.within o ne ye ar 7 (810,735) (343 ,085)

NET CURRENT ASSETS

NET ASSETS

FUNDS

Unrestr icted Gene ra l fund

240,781

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22,535

273,130

256,521 295,665

6 1 , 3 0 5 214,642Restric ted fund 8 195,216 81,023

256,521 295 ,665

Thes e fi n an c ia l s ta tement s have been prepared in acco rdance w i th th e special p rov is ions o f Part VII of th e Compan ies Ac t 1985r e la ti ng t o smal l companies, th e Financial Report ing Standard f or Smalle r Ent it ies (e f fec t ive January 2007), th e Char it ie s Act1993 an d in accordance with th e S ta temen t o f Recommended P ra c ti ce ' Ac count in g by Char i t ies ' (SORP 2005).

Approved b y th e Board of Directors on 29 lo~ (0%

Director

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CHILDREN: OUR ULTIMATE I NVESTMENT ( UK ) L IM ITEDSTATEMENT OF ACCOUNTING POLICIESYEAR ENDED 29 FEBRUARY 2008

The p r in c ipa l accounting pol ic ies which are adopted in th e p repa ra t ion o f th e f inancial sta tements are se t ou t below:

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BASIS OF ACCOUNT INGTh e financial statements have been prepared under th e historical cost c on ve ntio n a n d in accordahce with th e FinancialRepor ti ng S tanda rd fo r Smal le r Entities (effective January 2007). Th e f inanc ia l s ta temen ts also comply with th e Statement ofRecommended Prac t ice fo r A ccoun t ing by Char i t ies (SORP 2005), th e Char i t ies Act 1993 a nd th e Companies Act 1985.

I NCOMETh e Charity's income is der ived from three main sources; grants, programme fees an d investment income.R ec ogn itio n o f gra nt in come is on a receivable basis in con junc ti on w i th th e grant rules and in accordance with th e FinancialReport ing Standard fo r Smal le r En ti ti es (e ffect ive Janua ry 2007).

Where grant payment i s r ece ived in advance of projects being performed, th e Chari ty recognises, as deferred income, a liabilityequal to th e amo un t r ece ived , r epresen ti ng it s ob liga t ions to carry ou t th e project. That l iabil ity is r ed uc ed a n d reported asincome as th e p rojec t i s performed. Where enti t lement occurs before th e grant is received th e income is accrued.Programme fees ar e recognised according to th e period that th e course covers an d is on an accruals basis.Donat ions a re included in income when received.I ncome f rom inves tmen ts is recognised on a receivable basis.CASH FLOW STATEMENTTh e Boa rd o f Directors have taken advan tage o f th e exemption in Financial Report ing Standard No . 1 f rom includ ing a cash flows ta tement in th e f inancial statements on th e grounds that th e Chari ty is small.FIXED ASSETSAl l fixed ass et s a re i ni ti al ly r eco rd ed at cost.DEPRECIATIONDepreciat ion is calculated so as to write o ff th e cost of an ass et , le ss its est imated r es id ual val ue , over th e useful economic lifeof that asset as fo l lows:

Expend itu re i s recognised on an accruals basis as a liability is incurred.

Charitable expenditure c omp ris es th o se costs incurred by th e Chari ty in th e delivery of it s activities an d services for it sbenefic iar ies. It inc ludes both costs that ca n be allocated direct ly to such act iv it ies an d th os e c os ts of an indirect naturene ces sa ry t o s uppo rt t hem .Governance costs i n cl ude t hose costs assoc ia ted with meeting th e const i tut ional an d statutory r e qu ir emen ts o f th e charity an dinclude th e audi t fees an d a ny c os ts lin ke d to th e strategic management of th e Char i ty .

Al l costs a re a ll oca ted b e tw een th e expenditure categor ies of th e SoFA on a basi s des igned to ref lect th e us e of th e resource.Costs re lat ing to a par t icu lar act iv i ty a re a ll oca ted directly , o th e rs a re apport ioned on an appropr iate basis as se t ou t in note 2.OPERATING LEASESRentals on operat ing le as es wh er e substant ial ly al l of th e r isks an d rewards of ownersh ip remain with th e le ss or a re c ha rg ed t oth e SoFA on a straight line basis over th e per io d o f th e l ea se .

F: \NLC \CK J \Ch il d ren Our U l tima te Inves tmen t (UK) NL53099 \WP\2008 \Accoun ts 2008 (SORP 2005).xls8Ju1y2008.xIsAccounts 2008 (SORP 2005).x1s8July2008.x1s8


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CHILDREN: OU R ULTIMATE INVESTMENT ( U K ) L IM ITEDNOTES TO TH E FINANCIAL STATEMENTSY EAR END ED 29 FEBRUARY 2008

1 INCOMING RESOURCES

Page9

U n re st ric te d R es tri ct ed Total TotalFunds Fun ds 2008 2007

Incoming r e sou rces f rom cha r it ab l e ivit ies:Grants -act ~ARK grant i ncome 191,667 77,083 268,750 448,777Esmee Fairbairn Foundat ion - 54 ,583 54 ,585 61,3 28Equi table Chari table T ru s t g ra n t i n come - - - 25,000Charles Hayward Foundat ion g r an t i ncome - - - 10 ,000Department of Heal th grant i ncome - 11,487 11,487 6,710Jack Petchey grant i ncome - 46,876 16,876 5,364

P r o o r a l n n e f e e s191, 6 67-90,031 381, 6 98, 5 5 ' 7 , 1 7 9

Brent l oca l author i ty - 21,170 21,110 54 ,443Is lington l oca l author i ty - 32,978 32 ,978 46,667Greenw i ch Stand Alone - - - - 17,183Camden Stand Alone 28,041 28,041 13,254Sou t hwa rk soc ia l service - 3'7,732 31,732 26,862Har ingey Stand Alone 1 2 ,773 12,773 4,500Lincolnsh i re l oca l authority - 46,418 46,418 3,960Northamptonshire ocal author i ty - 42 ,562 42 ,562 3,750G re e nw ic h l oc a l author i ty - 33 ,4 95 33 ,495 3,045Harlow Essex - 3,850 3,850Redca r Cleveland Noith Yorksh ire - 23 ,750 23 ,750 -anchester SP - 34 ,015 34 ,015Ken t SP - 6,917 6,917 --u t to n l o cal authority - 5,000 5,001Nor thumber land l oca l authorily - 6,167 6,161 -Wasal l l oca l au tho rity 5,833 5,833 -Geof fe ry Chaucer CS - 4,400 4,400 -Greenford High Schoo l - 438 43 8 -

345,539 345,539 173,664

To ta l i n com i ng r e so u rc e s f rom charitable activi ties 191 , 667 535,570 727,237 730,843Investment income:Bank interest re ce ivab le 19 ,889 19,889 6,442

Other i ncome:Donat ions 28 - 28 35Consultancy Fees 2,450 - 2,450 3,600HMRC on l ine fil ing rebate 150~150 2502,628 - 2 ,628 3,885

TOTAL INCOMING RESOURCES 214,184 --'--35-57 C 749,754 741,170Sustainability Stand Alone Total Total

projects Pro j ec t s 2008 2007 F .

2 RESOURCES EXPENDEDCosts directly attributable t o ac t iv i ti e s

Operat ional di rec to rs ' costs & NI C 117,230 24 ,798 142,028 119,381Teens and toddlers faci l i tators and assistants 139,886 3 4 ,440 174,326 78,624Teens and toddlers staff salaries & NI C 5,918 1,251 7,169 44 ,010Teens and toddlers programme management salary & NIC 68,752 14,544 83 ,296 42 ,539Core staff salaries 59 ,773 12,607 72,380 24,118Redundancy pay 2,476 524 3,000 -feens and toddlers c l in i ca l s e r v ice s counse ll in g 14,953 3,163 18,116 15,430teens an d t o dd l e rs resea rch costs 16,765 38 16,803 14,532Es rnee Fa irba irn resea rch officer 30 ,165 - 30,165 9,892Core business deve l opmen t manager 23,901 5,056 28,957 7,575Core in house training 10,334 - 10 ,3 34 6,9 23Teens an d toddles Depa r tmen t of Hea l t h s t ra tegy cos ts - - - 6,710Teens an d todd lers faci l i tator training 8,000 - 8,000 5,800Teens and todd lers coach hire and travel 52,797 536 53,333 4,734TPeris and todd lers course materials 7,933 867 8,800 4,456Teens and todd lers supervision & qual i ty assurance 5,088 1,924 7,012 4,258Teens and todd lers national award accred itation 6,165 1,260 7,425 3,873Teens and todd lers nursery expenses 5,107 1,084 6,191 2,851AR K academy f ees 1,225 - 1,225 2,700Teens and t o d dl e rs o th e r s 5,756 - 5,756 1,021Teens and todd lers repo rt w r i ti ng an d evaluation 1,800 - 1,800 400Teens and todd lers Esmee Fairbairn resea rch cos t - - - 34 5Teens and toddlers mobile phone cos ts 1,554 311 1,865 321Teens and toddlers i n terna l moderator (NCFE) - - - 22 0Teens and toddlers postage & del i very 858 57 915 219Teens and toddlers cert i f icate ceremony award 5,010 286 5,296 177Teens and toddlers room hire 235 115 350 -Carried forward to page 10 591,681 102,861 694,542 401,108

Costs have been al located against each activi ty directly whe re poss ible or o th e rw is e b a se d u p on t he n umb e r o f p r o je c t s and pro rata to thenumbe r of months that each project fell into th e f inancia l year.

FiNLqCK J1Children Ou r U lOmete In vestman t (UK ) NL530 961WPI2008 1A ccountc 2008 (SORP2005).x sBJu 1 y2008xISACCOUnts 2008 (SORP2005) x lsBJUly2008x1c9


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CHILDREN: OUR ULTIMATE INVESTMENT (UK ) LIMITEDNOTES TO TH E FINANCIAL STATEMENTS(continued)YEAR ENDED 29 FEBRUARY 2008

2 RESOURCES EXPENDED (CONTINUED)Support costs a ll oca ted to activitiesBrought down from p ag e 9

RentDepreciationLoss on disposalOffice suppliesAdvertising an d marketingTelephoneRecruitment expensesEquipment hire & purchaseTravel and subsistenceInsuranceSubscriptions an d membershipsBranding, pr int ing an d reprographicsBank chargesIT sof twa re and web developmentOtherElectricityPostage an d stationeryLegal and professional feesCriminal Records BureauAccountancy

Resources expended befo re governance costsGove r n a nc e costs

AuditLega l a n d pro f e s s iona l f e e sGovernance costs

TOTAL RESOURCES EXPENDED

Sustainability Stand Aloneprojects Projects

591,681 102,86 13 6 , 8 5 81 2 , 3 1 1

2587,6492,0954,3423,1783,1982,2303 ,3393 ,8982,137

9 33 1 91 2 01,497

1,6851,1721 6 5

678,060 103,026

6,0001,8137,813

685,873 103,026

Total2008

694,5423 6 , 8 5 81 2 , 3 1 12587,6492,0954,3423,1783,1972,2303,3393,8982,137

9 33 1 9120

1,4971,6851,172

1 6 5

781,086

6,0001,8137,813

788,899

Page 10

Total2007

401,10832,43610,9887,3816,0424,3033,9693,3713,2923,0972,7642,5892,0371,5551,1001,0971,01742 52,215

490,786

5,5004,71710,217

501,003Costs have been allocated against each activity based upon the number of projects and p ro r at a to th e number of.months that each projec tfell into th e financial year.

3 TOTAL RESOURCES EXPENDEDS t a f fCosts

Charitable activities 385,111Governance costs

385,111

OtherDepreciation Co s t s

12,311 383,6647,813

12,311 391,477

Total2008

781,0867,813

788,899

2008

Included within charitable activities a re consultancy services an d staff wages and sa lar i es totall ing: 385,111385,111

Total2007

490,78610,217

501,003

2007

262,945262,945

Th e numbers of employees or consultants whose emoluments or payments fo r consultancy services for the year fell within the followingb a nd s w e re :2008

60,000 to 69,999 12007

F: \NLC\CK J\Ch i ld ren Ou r Ultimate Investment (UK) NL53099\WP\2008Vaccounts 2008 (SORP 2005) .x ls8Ju ly2008.xIsAccounts2008 (SORP 2005).xls8July2008.xIs10


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CHILDREN: OUR ULT IMATE INVESTMENT (UK) LIMITEDNOTES TO THE F INANC IA L STATEMENTS (continued)YEAR ENDED 29 FEBRUARY 2008

5 TANGIBLE FIXED ASSETSF ix tures& F itt in gs Eq uipm en t Tota l

Page 12

COSTAt 1 Ma rc h 2 007 19 ,207 18,576 37,783Addi t ions 431 6,318 6,749Disposals _~849 84 9At 29 February 2008 19 ,638 23,045 42,6L3.DEPREC IAT IONAt 1 Ma rc h 2 007 5,152 10,096 15,248Cha rg e fo r year 4,910 7,401 12,311On disposals - (616) _616 )At 29 Feb ruary 2008 10,062 16,881NET BOOK VALUEA t 29 Februa ry 2008 9 ,576 6 ,164At 1 March 2007 14,055 8,480Th e f ixed asse ts are used by th e Char i ty for th e fu rtherance of it s object ives .

DebtorsOther debtorsPrepayments a nd a cc rue d i nc om e

7 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

T rade c r ed it o rsOthe r taxation an d social secur i tyAccrualsDefer red income

26,943

15,74022,535

2008 2007

270,393 11,5387,500 7,50019,785 23 ,423297,678 42,461

2008 2007

60,214 12,63812 ,725 8,3079,595 16,400728,201 305,740810,735 343,085

F:\NLC\CK J\Children Our Ultimate I n ves tmen t (UK) NL53099\WP\2008\Accounts2008 (SORP 2005).xIs8JuIy2008.xIsAccounts 2008 (SORP 2005).xIs8JuIy2008.xIs12


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L I

CHILDREN: OUR ULTIMATE INVESTMENT (UK) LIMITEDNOTES TO TH E FINANCIAL STATEMENTS (continued)YEAR ENDED 29 FEBRUARY 2008

3 TOTAL RESOURCES EXPENDED ( con t i nu ed )

Other costs :Course and n u r se r y c o stsOffice supp l iesBu il d ing cost sDonat ionsTra in ingTravelAdvert is ing and market ingPr int ing, postage and sta t ioneryLegal and professiona lAud i tAccountancyIT sof tware and web developmentInsuranceTelephoneEqu ipmen t hire & p ur ch a seLoss on d isposa l of f ixed assetMisce l laneous

Page 1 1

2008 2007 F -

300 ,523 135,3327,649 7,38138,355 33,53618,334 12,7232,230 3,2922 ,095 6,0421,685 1,0972 ,985 5,7346,000 5,500

- 2,215319 2,037

3 ,339 3 ,0974 ,342 4 ,3033,197 3,371258 -166 1,410

391,477 227,070

Th e a ve ra ge n umbe r of empl oy e e s d u ri ng the year , ca lcu la ted on the basis of full t ime e q u iv a le n ts , a n a ly s ed byfu n c ti on was :Direc t char i tab le 11 1 1

4 DIRECTORS' AND OFFICERS' REMUNERATION AND EXPENSESTh e Charity reimburses expenses incurred by a ll of th e d irec tors which are who l ly and exclusively in connect ion withfulf i l l ing their dut ies a s o ffic ers of th e Char i ty . Th e amo un ts in vo lv ed a re imma te ria l. No director rece ivedremune ra t ion from th e Charity fo r theirserv ices as a d irec tor .Consu l tancy and other p a ymen ts made to ope ra tiona l d i rec to rs in respect of expe r t serv ices and d u ti e s a r e incu ldedin note 3. This included negotiat ing grant contracts, ac t ive ly promot ing th e Char i ty an d hand l ing the day to da yr unn ing of th e Char i t y 's a f fa i rs . All p a ymen ts we re made on normal comme rci a l t e rms .

F:\NLC\CK J \Ch i ld ren Ou r U l ti ma te I n ve s tmen t ( U K ) NL53099\WP\2008\Accounts 2008 (SORP 2005).xls8July2008.xIsAccounts 2008 (SORP 2005).x ls8Ju ly2008.xIs11


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CHILDREN: OUR ULT IMATE INVESTMENT (UK) LIMITEDNOTES TO THE FINANCIAL STATEMENTS (continued)YEAR ENDED 29 FEBRUARY 2008

8 RESTRICTED FUNDS

Restricted funds:Esmee Fa irbai rn research fundBren t l oca l authorityIslington local authorityCamde n s ta n d a lo n eSouthwark social seiviceHa ri ngey s ta nd a loneLincoln ahireNorthamptonshi re local authorityGreenwich local authorityHar low EssexRedcar Cleve land North YorkshireManches te r SPKen t SPSutton local authorityNorthumber land local authorityWasall local authorityGeo ffr ey Chauce r CSGreenford High School

Page 13

Transfer1 March Frog. Esmee Jack Dep t. o f Util ised/ between 29 Feb2007 fees ARK Fai rbai rn Pe tchey Health Released f unds 2008

- - 28,172 - - ( 2 8,172) -21,170 - - - - (21,170) -32,977 - 6,915 - (40,728) - 7,42528,042 - - - (29,35'7) - -37,732 - 10,238 - - (29,700) 18,27012,773 - - 3,606 - (16,379) - -4 6,4 18 50,3 20 - - - (53,049) - 69,75342,562 - - - - (53,876) - 30,02033,495 - 9,260 39,664 (41,497) 44,9713,850 - - - - - - 3,8502 3,750 2 6,763 - - - (44,398) - 6,11534,015 - - - 11,4 87 (4 4,118 ) - 1,3846,917 - - - (2,255) - 4,6625,000 - - 3,606 - (2 ,302) - 6,3046,167 - - - - (3,705) - 2,4625,833 - - - - (5,833) - -4,400 - - - - (4,400) - -

43 8 - - - - ( 4 3 8 ) -

8,2611,315

26,06441,3344,049

81,023 345,539 77,083 54,585 46,876 11,487 (421,377) - 19 5 2 16Al l o f th e restr icted f u nds r epr esen t mon ie s r e ce ived t ha t have b ee n g iv en specif ical ly t owards th e advancement of th e Teensan d Todd le rs programme. The Teens an d Todd le rs programme focuses on addressing th e p ro blem o f th e high rate of teenagepregnancy in Britain an d tackl ing the issues t ha t pu t t eenagers on the path to pregnancy. Teens an d Toddlers takes at riskt eenagers on a 12 week journey of exploration built a ro un d t wi ce week ly sessions with small chi ldren in a safe nurseryenv ir onmen t . The nursery exper ience is developed through classroom suppor t sessions focusing on ch il d deve lopmen t ,Al l surpluses on grants r e la ti ng to projects that have come to an end and where al l condit ions in respect o f th e grant have beenme t have been transferred to un r es tr ic te d fu nds . G r an ts where there ar e no longer an y cond it io ns f or t he ir specif ic use havebeen transferred t o unres tr ic ted f unds accord ingly .

9 RELATED PARTY TRANSACTIONSNo t ransact ions with related part ies were under taken such as ar e required to be d is c lo s ed under F in a n c ia l R epo r ti ng S ta ndar d8 , o the r than those included in no te 4.

10 COMMITMENTSOPERAT ING LEASESAt 29 February 2008 th e Chari ty ha d the fol lowing annua l comm itmen t unde r non-cancel lable opera t ing leases :

2008 2007 FOperat ing l eases wh ich exp ir eWith in one year 30,000 -

Within tw o t o f iv e years - 30,000

30,000 30,000The Charity is committed to rent of 30,000 per annum to March 2009.

11 COMPANY LIMITED BYGUARANTEEEach member of th e Chari ty ha s guaranteed to contr ibute up to 1 in th e event of a wind ing up.

F:\NLC\CK J\Children Ou r Ultimate I nves tmen t (UK) NL53099\WP \2008 \Accoun ts 2008 (SORP 2005) .xIs8JuIy2008.xIsAccounts 2008 (SORP 2005) .x ls8JuIy2008.xIS13


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CHILDREN: OUR ULTIMATE INVESTMENT (UK) LIMITEDSUMMARY FINANCIAL STATEMENTYEAR ENDED 29 FEBRUARY 2008

Th e fo llo w in g p age s do n ot fo rm par t of th e statutory f inanc ia lstatements which are the subje c t to the independent audi tors ' repor ton page 5.

F:\NLC\CK J \C h il dr e n Ou r Ult imate Investmen t (UK ) NL53099\WP\2008\Accounts 2008 (SORP 2005) .x Is8Ju Iy2008 .x IsAccoun ts 2008(SORP 2005).xIs8JuIy2008.x1s14


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CHILDREN: OUR ULT IMATE I NVESTMENT (UK) LIMITEDAUDITORS' STATEMENT ON THE SUMMARY FINANCIAL STATEMENTYEAR ENDED 29 FEBRUARY 2008

Page 15

Independent Auditors' statement to the Board of Directors of Children: Our Ul t imate Investment(UK) LimitedWe have examined th e summary fi nanc ia l s ta temen t o f Chi ld ren: Our Ul timate Investment (UK) Limitedfo r th e year ended 29 February 2008 as se t out on page 16.

Respective Responsibilities of the Board of Directors and th e AuditorsTh e Board of Directors are responsible for prepar ing th e summarised annua l r e po rt in accordance withappl icable Un ite d K ingdom law.Our responsibi l i ty is to report to yo u our opinion on th e consis tency o f th e summary f inancia l sta tementwithin th e summar ised annua l repor t w ith th e full f inancia l statements and Di rectors ' Repor t and it scompl iance with th e re levant requ i rements of sect ion 251 of th e Companies Act 1985 and th e regula t ionsmade t he reunder .We also read th e other information conta ined in th e a nn ua l r ep or t a nd consider th e impl icat ions for ourreport if we become aware of any apparen t misstatements or mater ia l incons is tencies with t h e summaryf inancial statement.

Basis of Opinion

We conduc ted our audi t in accordance with Bu lle tin 1999/6 ' The audi tors' statement on the summaryf inancial sta tement issued by th e Audit ing Pract ices Board . Our repor t on th e company's ful l annua lf inancial statements descr ibes th e basis of our aud it op in ion on t h ose fi nanc ia l statements.

OpinionIn our opinion th e summary f in anc ia l s ta temen t is consistent with th e full f inancia l s ta temen ts and th eDirectors' repor t of Chi ld ren: Our Ultima te Inves tmen t (UK) L im ited for th e year ended 29 February 2008and compl ies with th e app li cab le requ ir emen ts of sect ion 251 of th e Compan ies Act 1985, and th er egu la tions made thereunder .

haEuro House Macln tyre Hud so n LLP1394 High Road Chartered AccountantsLo nd on N 20 9YZ and Registered Audi torDate: 3 1 July 2008

F:\NLC\CK J\Chi ldren O ur U l ti m a te I nv e st m en t ( UK ) NL53099 \p\F ina l accounts \29 February 200829 Februa ry 200815


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CH ILDREN : OUR ULT IMATE I NVESTMENT ( UK ) L IM I T EDS UMM A R Y F I NANC IAL STATEMENTSTATEMENT OF F INANC IAL ACTIVITIESYEAR ENDED 29 FEBRUARY 2008

INCOMING RESOURCES

Page 16

2008 2007

Gran ts 381,698 557,179Programme fees 345,539 173,664I nves tmen t i n c ome 19,889 6,442Othe r in com ing resou rce s 2 ,628 __3,885TOTAL I NCOMING RESOURCES 749,754 741,170

RESOURCES EXPENDEDCharitable activit ies 781 ,085 490,786Governance costs 7,813 10,217

TOTAL RESOURCES EXPENDED

NET I NCOM ING/ (OUTGO ING) R E SO UR C ES FOR TH E YEAR

NET MOVEMENT IN FUNDS

788,898 501,003

( 3 9 , 1 4 4 ) 240,167

( 3 9 , 1 4 4 ) 240,167

FUND BALANCES BROUGHT FORWARD 295 ,6 65 55,498FUND BALANCES CARRI ED FORWARD 256,521 295,665

BALANCE SHEETAT 28 FEBRUARY 2008TANGIBLE FIXED ASSETS 15,740 22,535CURRENT ASSET SDebtors 297,678 42,461Cash at bank an d in hand 753,838 5731754TOTAL ASSETS 1,067,256 638,750CREDI TORS: Am nunts fa l l ing due with in on e year 8 1 0,735) 34 3,085)TOTAL LIABILITIES (810,73 5) (3 43 ,08 5)NET ASSETS 256,521 295,665TOTAL FUNDS 256,521 295,665

These accounts ar e a summary of information e xt ra ct ed fr om t he full annua l accounts which have b ee n audi te d an dsubmitted to th e Chari ty Commission an d th e Registrar of Companies. These summarised a cc ou nt s m ay n ot c on ta insuff ic ient information to al low fo r a full unders tand ing of the f inancial affairs of th e Cha r it y . Fo r fur ther information, th efull annua l accoun t s, the auditors ' r ep or t o n th e se a c co u n ts a n d the Directors' Repo r t s houl d b e consul te d . Cop ie s ofthese ca n be obta ined from Chi ld ren: Ou r U lt ima te In v es tme n t (UK ) Limi ted, 47 Bermondsey S tr ee t, L on do n, S E13XT.-7Di rec to r

206. coui - children our ultimate investment - accounts february 2008

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