| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements |
| for the Year Ended 31 August 2024 |
| for |
| Charr Yarr Welfare Foundation Limited |
| REGISTERED COMPANY NUMBER: |
| REGISTERED CHARITY NUMBER: |
| Report of the Trustees and |
| Unaudited Financial Statements |
| for the Year Ended 31 August 2024 |
| for |
| Charr Yarr Welfare Foundation Limited |
| Charr Yarr Welfare Foundation Limited |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2024 |
| Page |
| Report of the Trustees | 1 | to | 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 | to | 13 |
| Charr Yarr Welfare Foundation Limited (Registered number: 08647517) |
| Report of the Trustees |
| for the Year Ended 31 August 2024 |
| The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: 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) (effective 1 January 2019). |
| OBJECTIVES AND ACTIVITIES |
| Objectives and aims |
| The objectives of the charity as set out in the company's Memorandum of Association are the promotion of education and the relief of poverty throughout the world by the establishment of centres of education and the promotion of self sustaining initiatives in impoverished areas, including but not exclusively those relating to farming, manufacturing and health projects and to do such ancillary things which will support these objects. |
| The strategies employed to achieve the charity's objectives are to accumulate reserves by fund raising activities including appeals to the public and then using these funds to achieve the charity's objectives. The charity's aims, objectives and activities are reviewed each year. This review looks at the activities undertaken in the previous year to ensure that benefits have been brought to those groups the charity was set up to help, the review also helps to ensure that its activities remain focused on the stated aims and objectives. Reference has been made to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning the charity's future activities. In particular the trustees consider how planned activities will contribute to the aims and objectives they have set. |
| STRATEGIC REPORT |
| Achievement and performance |
| Charitable activities |
| During the year the charity has raised funds which were used to fund its objectives. |
| During the period concerned the charity donated funds to its sister charity ,Charr Yarr Welfare Foundation, Pakistan to assist with wages,food and operational expenses of the two Mosques/schools in Pakistan which the charity helped to found.This year the Kazmian project started running, which is an Institute in the city of Lahore which provides free education for girls and boys.The building work had started in 2021 , but this year the education started, with teachers appointed and students enrolling. |
| The charity has also supported the dialysis centre in Mandi Bahauddin , Punjab which has been operational since December 2016.Funds have been provided to assist in the running expenses of the clinic including salaries and to provide medical supplies |
| The charity also supported the annual Qurbani and food distribution project in Pakistan and during the month of Ramadan provided funds for animals,transportation.labour and costs for the six Qurbani camps set up. |
| By undertaking these projects the charity has made a significant beneficial difference to numerous individual lives and met its stated aims and objectives. |
| During the year no volunteers were used as there were more trustees who were able to carry out the tasks required. |
| Fundraising activities |
| During the year the charity raised funds by donations from fundraising appeals. |
| Financial review |
| Principal funding sources |
| The principal funding sources are donations. |
| Reserves policy |
| The total reserves of the charity are £264,230 (2023 £277,647). |
| The free reserves of the charity are £9,925 ( 2023 £ 17,829) |
| The trustees plan to establish a level of reserves (that is those funds that are freely available) over the following years which allow the charity to operate and meet its objectives including improvements to the property to convert this into an education centre. |
| There were no restricted funds held by the charity at the year end. |
| Charr Yarr Welfare Foundation Limited (Registered number: 08647517) |
| Report of the Trustees |
| for the Year Ended 31 August 2024 |
| STRATEGIC REPORT |
| Financial review |
| Going concern |
| The trustees have considered the position regarding going concern and have looked at forecasts and are satisfied that, with the reserves maintained, the charity has adequate resources to continue to operate for the foreseeable future. |
| The charity has sufficient liquid funds to meet its liabilities as they become due and expenditure will not be authorised unless sufficient funds are in place.For these reasons the trustees continue to adopt the going concern basis for preparing these financial statements. |
| Principal risks and uncertainties |
| The trustees have a duty to identify and review the risks to which the charity is exposed and to establish systems to mitigate those risks. Internal risks are minimised by the implementation of procedures for the authorisation of all transactions and projects and to ensure compliance with legislation. External risks relate largely to funding as a result the economic climate following the covid pandemic resulting in difficulties in the charity supporting its projects. These risks are minimised as the charity will not commit to funding projects unless sufficient resources are in place and will also look to diversify funding if required. |
| The procedures are periodically reviewed to ensure they still meet the needs of the charity. |
| Future plans |
| Since the year end the charity has continued fundraising and is supporting the schools and dialysis centre which it has helped to set up in Pakistan.The charity also plans to continue its annual Eid Qurbani and food distribution project in different areas of Pakistan. |
| The charity has purchased a property in Bradford and plans to convert this into an education centre to provide quality Islamic education for girls and women and to create courses and activities to engage more with the community. It also wants to utilise the building to provide a food bank service for the community |
| The charity has also been involved in a project for building two separate educational facilities for boys and girls, a mosque and a hospital.These projects started in the previous year and are ongoing projects. |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Governing document |
| The organisation is a charitable company limited by guarantee, incorporated on 30th August 2013 and registered as a charity on 15th April 2014. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10. |
| Recruitment and appointment of new trustees |
| To become a trustee of the charity you must deliver to the company an application for membership, no person can become a trustee of the company unless they are approved by the directors. There are currently three directors/trustees. |
| As set out in the Articles of Association there must always be a minimum of three trustees/directors, there is no maximum number of directors or trustees. |
| At the first annual general meeting all the directors must retire from office and at each subsequent annual general meeting one third of the directors must retire by rotation but can seek re-election. |
| Organisational structure |
| The trustees/directors make all decisions regarding strategic matters, fund raising and all expenditure. |
| Induction and training of new trustees |
| A policy for inducting and training new trustees has been agreed and training sessions will be given to new trustees to familiarise themselves with the charity and their obligations. |
| Related parties |
| The related parties are the trustees none of whom are remunerated or have any benefits in kind. |
| Other related parties are five members of the immediate family of the trustees who are officers of Char Yarr Welfare Foundation in Pakistan which is the beneficiary of grants payable by the charity.Further details are included in the notes to the accounts under the heading of related parties. |
| Charr Yarr Welfare Foundation Limited (Registered number: 08647517) |
| Report of the Trustees |
| for the Year Ended 31 August 2024 |
| STRUCTURE, GOVERNANCE AND MANAGEMENT |
| Risk management |
| The trustees have a duty to identify and review the risks to which the charity is exposed and to establish systems to mitigate those risks. Internal risks are minimised by the implementation of procedures for the authorisation of all transactions and projects and to ensure compliance with legislation. External risks relate largely to funding as a result the economic climate following the covid pandemic resulting in difficulties in the charity supporting its projects. These risks are minimised as the charity will not commit to funding projects unless sufficient resources are in place and will also look to diversify funding if required. |
| The procedures are periodically reviewed to ensure they still meet the needs of the charity. |
| REFERENCE AND ADMINISTRATIVE DETAILS |
| Registered Company number |
| Registered Charity number |
| Registered office |
| Trustees |
| Independent Examiner |
| Mr David C Adams FCA CTA FlMgt |
| Lindley Adams Limited Chartered Accountants |
| 28 Prescott Street |
| Halifax |
| West Yorkshire |
| HX1 2LG |
| Bankers |
| Barclays Bank PLC |
| Market Street |
| Bradford. |
| STATEMENT OF TRUSTEES' RESPONSIBILITIES |
| The trustees (who are also the directors of Charr Yarr Welfare Foundation Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
| Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to |
| - | select suitable accounting policies and then apply them consistently; |
| - | observe the methods and principles in the Charity SORP; |
| - | 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 charitable company will continue in business. |
| Charr Yarr Welfare Foundation Limited (Registered number: 08647517) |
| Report of the Trustees |
| for the Year Ended 31 August 2024 |
| STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued |
| The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on |
| Independent Examiner's Report to the Trustees of |
| Charr Yarr Welfare Foundation Limited |
| Independent examiner's report the trustees of Charr Yarr Welfare Foundation Limited ("the Company") |
| I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st August 2024. |
| Responsibilities and basis of report |
| As the charity trustees of the Company (and also its directors for the purposes of company law ) you are responsible for the preparation of accounts in accordance with the requirements of the Companies Act 2006 ("the 2006 Act). |
| Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ("the 2011 Act"). In carrying out my examination I have followed Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. |
| Independent Examiner's Statement |
| I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
| 1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act : or |
| 2. the accounts do not accord with those records; or |
| 3. the accounts do not comply with the accounting requirement of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of the independent examination; or |
| 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
| I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.. |
| We are independent of the charity in accordance with the ethical requirements that are relevant to our independent examination of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances as set out in note 13 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. |
| Mr David C Adams FCA CTA FlMgt |
| Lindley Adams Limited Chartered Accountants |
| 28 Prescott Street |
| Halifax |
| West Yorkshire |
| HX1 2LG |
| 6 August 2025 |
| Charr Yarr Welfare Foundation Limited |
| Statement of Financial Activities |
| (Incorporating an Income and Expenditure Account) |
| for the Year Ended 31 August 2024 |
| 31.8.24 | 31.8.23 |
| Unrestricted | Restricted | Total | Total |
| fund | fund | funds | funds |
| Notes | £ | £ | £ | £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies | 2 |
| EXPENDITURE ON |
| Raising funds |
| Charitable activities | 3 |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) | ( |
) |
| Transfers between funds | 10 | (403 | ) | 403 | - | - |
| Net movement in funds | ( |
) | ( |
) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 277,647 |
| CONTINUING OPERATIONS |
| All income and expenditure has arisen from continuing activities. |
| Charr Yarr Welfare Foundation Limited (Registered number: 08647517) |
| Balance Sheet |
| 31 August 2024 |
| 31.8.24 | 31.8.23 |
| Unrestricted | Restricted | Total | Total |
| fund | fund | funds | funds |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 7 |
| CURRENT ASSETS |
| Debtors | 8 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 9 | ( |
) | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| NET ASSETS |
| FUNDS | 10 |
| Unrestricted funds | 277,647 |
| TOTAL FUNDS | 277,647 |
| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006. |
| The trustees acknowledge their responsibilities for |
| (a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
| These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
| The financial statements were approved by the Board of Trustees and authorised for issue on |
| Charr Yarr Welfare Foundation Limited |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| Income |
| All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
| Expenditure |
| Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
| Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Freehold property | - |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Taxation |
| The charity is exempt from corporation tax on its charitable activities. |
| Fund accounting |
| Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the |
| trustees. |
| Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
| Further explanation of the nature and purpose of each fund is included in the notes to the financial statements where applicable. |
| Financial instruments |
| The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
| Going Concern |
| The trustees have considered the position regarding going concern and have looked at forecasts and are satisfied that, with the reserves maintained, the charity has adequate resources to continue to operate for the foreseeable future. |
| The charity has sufficient liquid funds to meet its liabilities as they become due and expenditure will not be authorised unless sufficient funds are in place.For these reasons the trustees continue to adopt the going concern basis for preparing these financial statements. |
| Charr Yarr Welfare Foundation Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 2. | DONATIONS AND LEGACIES |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Donations |
| During the year donations totalling £66,539 were received. Of these, £52549 were unrestricted donations and £13,990 were Qurbani donations specifically to be used for feeding vulnerable families and have been treated as a restricted fund. |
| 3. | CHARITABLE ACTIVITIES COSTS |
| Grant |
| Direct | funding of | Support |
| Costs | activities | costs | Totals |
| £ | £ | £ | £ |
| Sundries | 31,679 | - | 2,967 | 34,646 |
| Donations | - | 43,510 | - | 43,510 |
| 31,679 | 43,510 | 2,967 | 78,156 |
| During the period concerned the charity donated funds to its sister charity ,Charr Yarr Welfare Foundation, Pakistan amounting to £43,510 (2023 £39,087).The activities supported are noted in the Trustees Report under charitable activities. |
| 4. | NET INCOME/(EXPENDITURE) |
| Net income/(expenditure) is stated after charging/(crediting): |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Depreciation - owned assets |
| 5. | TRUSTEES' REMUNERATION AND BENEFITS |
| There were no trustees' remuneration or other benefits for the year ended 31 August 2024 nor for the year ended 31 August 2023. |
| Trustees' expenses |
| There were no trustees' expenses paid for the year ended 31 August 2024 nor for the year ended 31 August 2023. |
| Charr Yarr Welfare Foundation Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
| Unrestricted |
| fund |
| £ |
| INCOME AND ENDOWMENTS FROM |
| Donations and legacies |
| EXPENDITURE ON |
| Raising funds |
| Charitable activities |
| Total |
| NET INCOME/(EXPENDITURE) | ( |
) |
| RECONCILIATION OF FUNDS |
| Total funds brought forward |
| TOTAL FUNDS CARRIED FORWARD | 277,647 |
| 7. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| Freehold | to | Plant and | and |
| property | property | machinery | fittings | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 September 2023 and 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| Included in cost or valuation of land and buildings is freehold land of £100,000 (2023 - £100,000) which is not depreciated. |
| Charr Yarr Welfare Foundation Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Prepayments |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Trade creditors |
| Accrued expenses |
| 10. | MOVEMENT IN FUNDS |
| Net | Transfers |
| movement | between | At |
| At 1.9.23 | in funds | funds | 31.8.24 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 277,647 | (13,014 | ) | (403 | ) | 264,230 |
| Restricted funds |
| Qurbani | - | (403 | ) | 403 | - |
| TOTAL FUNDS | (13,417 | ) | 264,230 |
| Net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 52,729 | (65,743 | ) | (13,014 | ) |
| Restricted funds |
| Qurbani | 13,810 | (14,213 | ) | (403 | ) |
| TOTAL FUNDS | ( |
) | (13,417 | ) |
| Comparatives for movement in funds |
| Net |
| movement | At |
| At 1.9.22 | in funds | 31.8.23 |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 291,657 | (14,010 | ) | 277,647 |
| TOTAL FUNDS | 291,657 | (14,010 | ) | 277,647 |
| Charr Yarr Welfare Foundation Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 10. | MOVEMENT IN FUNDS - continued |
| Comparative net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 54,280 | (68,290 | ) | (14,010 | ) |
| TOTAL FUNDS | 54,280 | (68,290 | ) | (14,010 | ) |
| A current year 12 months and prior year 12 months combined position is as follows: |
| Net | Transfers |
| movement | between | At |
| At 1.9.22 | in funds | funds | 31.8.24 |
| £ | £ | £ | £ |
| Unrestricted funds |
| General fund | 291,657 | (27,024 | ) | (403 | ) | 264,230 |
| Restricted funds |
| Qurbani | - | (403 | ) | 403 | - |
| TOTAL FUNDS | 291,657 | (27,427 | ) | - | 264,230 |
| A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
| Incoming | Resources | Movement |
| resources | expended | in funds |
| £ | £ | £ |
| Unrestricted funds |
| General fund | 107,009 | (134,033 | ) | (27,024 | ) |
| Restricted funds |
| Qurbani | 13,810 | (14,213 | ) | (403 | ) |
| TOTAL FUNDS | 120,819 | (148,246 | ) | (27,427 | ) |
| Charr Yarr Welfare Foundation Limited |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 11. | RELATED PARTY DISCLOSURES |
| During the year the charity made donations to Char Yarr Welfare Foundation , Pakistan . |
| There are seven trustees in that charity including Mr Z M I Mashadi who was also a trustee of Charr Yarr Welfare Foundation Limited until October 2023..Of the remaining six trustees of the Pakistan charity, five are part of the immediate family of the trustees of Charr Yarr Welfare Foundation Limited. The trustees of Charr Yarr Welfare Foundation Limited included Mr Z M I Mashadi and his wife Mrs M I Mosvi until October 2023 , and their daughter Miss J Mashadi. Four of the trustees of the Pakistan charity are the children of Mr Z M I Mashadi and Mrs M I Mosvi and one is their daughter in law .Miss Johra Mashadi is therefore the sister of four of the trustees and the sister in law of one of the other trustee.The trustees of the Pakistan charity are all involved in the day to day running of the operations of the Pakistan charity and supervise the work and none of the officers receive any remuneration. |
| Donations of £43,510 ( 2023 £39,087) were made during the year to Charr Yarr Welfare Foundation,Pakistan. |
| The total amount of donations,with no attached conditions, received from the trustees during the year amounted to £3,182 (2023 £4,733). |
| 12. | CHARITY COMMISSION |
| The Charity Commission enquiry into the Charr Yarr Welfare Foundation was concluded in April 2024. |
| 13. | NON INDEPENDENT EXAMINERS SERVICES |
| In common with many other charities of our size and nature, we use our independent examiners to prepare and submit returns to the tax authorities and assist us with the preparation of the financial statements. |