Reglstered number: 03012S57 Charlty numbor.. 1045363 The Art In Perpetuity Trust (A Company Llmlted by Guarantee) Trustees, Report and Flnanclal Statements For the Year Ended 31 March 2022 The Art In Perp•tulty Trust IA Company Limited by Guarantee) Content8 Page Referenc• and Administratfve Dgtalls of th• Charlty, Its Trustses and Advisorn Tru8to•s' Report Chalrfs Statement and Tr6asur•rf• Ststement Indop•ndont Audltorn, Report on the Fin4n¢lal Statgments statèmgnt of Flnanclal Actlvltl88 8-10 15 BalaTr￿ Sheet 16-17 Statement of Cash Fl¢)w8 18 Notes to th• Financial Ststements 19-34 The Art In Pfjrpetuity Trust (A Company UmStad by Guarantee) Rof•r•nce and Admlnlstratlve Dotalls gf the Charlty, its Tru8tee$ and AdvisOTB For lh• Y•ar Endod 31 MarGh 2022 Trustees Ann Gilmore Sarah Kogan Gillian Laidlaw (resigned on 6 November 20271 Julian sherw￿d, Treasurer Jenny While Tim Hollaway Company r•gl8tsrod numbor 03012S57 Charfty regl$ter•d number 1045383 Regl$tered office Harold Works Harokl Vvharf 6 Cre8kside Deptrord London SE8 4SA Co-chalrs of Trust99S Ann Gilmore & Jenny While Independent auditows Acuity Professional Partnership LLP Chartered Accountants and Registered Auditor8 11 Leadenhall Street London EC3V 1LP 8ankor¥ The C￿Perative Bank plc 151 Lewsham High Street London SE136AA Page 1 Tho Art In Porpetulty Trust IA Company Limitsd by Guarant•e) T￿$t09$, Report Forthe YearEnd•d 31 March 2022 The Iruslees present Ih6ir annual report together with the audited thnanaal Statements of the Ch8rfty for th8 year l April 2021 to 31 March 2022. The Annual Report serves the purposes of both a tnjslees, report and a directors, report under ￿mpanY law. The trustees confirm that the Annual Report and financial Slal8menls of the ch8ri1able company Comp￿ with tho current statutory requirements. the requirements of the charitable ompany's goveming document and the provisions of the Slalemenl of Recommended Practice ISORP} applicablg lo charities preparing their accounts in aC￿[danCe with the Financial Reporting Standard applicab in the UK and Republic of Ireland IFRS1021 (effective 1 January 2019). sin￿ the Charity qualifies as small und&r section 382 of the Companies Act 2006, the Strategie Report required of medium and large companies under tho Companies Act 20(￿ {Stralegic Report and DirectOf8' Report} Regulations 2013 has been omitted. Objeetives and actlvlties a. Pollclos and obj•dive8 The Art in Perpetuity Trust (A.P.Tl is a charlty that encourages parbeipation in the visual arts through ¢reat(ve practice. exhibitions and education. The oLiecls of AP.T are to promote. maintsin, improve and advance, education for the benefit of the publi¢, in particular by the encouragement of the arts including the arts of painting, drawing, sculpluro, photography, design, ar¢hilecture, printmaking, music, singing. poetry, literature, lithography, baliel, danc& and drama. In selling objectives and planning for acti￿11&$, the trustees have given du8 considèration lo general guidance published by the Charity Commission relating to publi¢ benefit. including the guidance'Public ￿nefit.. running harity {PB21'. b. Strat•gie8 for a¢hl•ving objoCtIvoG APT'S mission is to encourage and reward creative thought and artistic vision. APT offers public benefit and charitable stspport, both financial and in-kind. to its educational projects. including the selocted exhibition programme. thg Creekside Open and August Collectives, talks & sgminars. sludwJ & gallery visits, and the annual Open Studio weekend. The ethos behind APT 18 to providg long-temi security for Ils artist-members through the provision of affordable studios. the In￿Me from which enables the organisalion to realise ils charitable aim lo suppgrt and reward creativity. APT was established in 1995 as a registered charity and company limited by guarantee. 11 owns thg freehold of Harold Wharf on Deptford Creek, and the 1,800 sq m site comprisgs a Ihree-slorey studio building, a $ing18-Storey studh? block ccmpri8ing six accessible studios, a galiery, office and Sculpture yard. c. A¢tivltl•$ und•rtak•n to a¢hlgvg obJo¢tlv•8 We continued lo advance educatlon through a mixturg ol activify. 20 exhib￿lon8 took place between May 2021- March 2022, featuring work of over 310 artists. Complimentary to these exhibilions we were able lo d&liv8r 58 eduGalional events that look place both online and physi¢alty wthin the Gallery. After careful consideration th8 Management Committee decided not to dallver our annual Open Studios again this yaar, due lo the conlinE5ed threat of COVID. Operating with capacity restrictions and across 8 reduced 37-week cal8ndar, we were still able lo welwme 5, 134 visitors into our Gallery. Page 2 The Art In Perpetuity TnMI (A Company Umlted by Guarnnt•o1 Trustgos, Roport {continugd} For tho Y•ar End￿ 31 March 2022 Objoctlvos and aG¢ivItI￿ Icontlnued) d. Main activiti9$ undertak•n to further the Charlty'8 purp08eA for the publie b•n•fit The trustees ensure that every ovent cartied out by the Charity has expllcil public benefit. This includes, the￿fOre, exhibition, talk, open studios, workshop5 and other projpGts. All A.P.T's adivities are inclu$we in respect of age. ra¢8, economic status, disability and gender. Central to the r8alisation of our aims has been our insistence, since the inception of AP.T, on maintaining the high quality of the service5 W8 offer lo the public, both educational and material. Of particular relevance lo material benefit is the Building Sul>Committ88. This oversees an ongoing and conlinuoLfS programme of capital improvements to the premises, including specific raf8rgnce to their appropriate use by memb8is of the public. Since the professional A.P.T Artisl-members play a major rok in delivering a high quality publ￿ b&nefil, of particular importanee is the Votting Sublommittee. This ensur&s that applications for studios are granted onty when specific crtteria are met.. a proven Irack-record in tho arts. potential for contributing further lo fine art tradition and to th8 charitable ethos of KP.T. The success of the veth.ng procedufè is indicated by the high regard in which A.p.fs annual Open Studios event 1$ held, during which all studios are open to the public. Central to the exhibition piogramme is A.p.f$ belief in the socially ameliorative role Ihat the arts can play in generating cultural well*8ing and a sense of community, as well as 8 hebghlened aesthetic sensibility. The Gallery Sub£omrnittee ensures that the programme of exhibitions, eontinuous since 1995, is of a consislenlty high quality. Objective confirmation is provKJed by the wid8 range of extemal sponsorship. partn8r8hlps and ollaboralions that the selected exhibitors have generated. Information about all exhlbilions is made available to the public through a regular e-newsletter, national adverts'sing and through A.p.fs wabsite Iwbvw.aptsludios.org). We have Increasing￿ used social media to promote our activities with a strong presence on Twtter, Facebook and Instagram. Aehiovgments and perfom)ance a. Key porfomianGe indlcators The trustees consider the financial position of the charity lo be satisfactory. During the year, the Charity generated £204,51712021- £193,734) in income and generated total fvnds of £80,09812021- £35.616). Page 3 Th• Art In Perpetuity Twst IA Company Limitsd by Guarant99 Tru$toes' Report {contSnued) For the Year Endod 31 March 2022 A¢hi•v•ments and parformancg (contlnuod) b. R•vi•w of actlyltles A visual archlv& and a iecord ol all events. actsvlly and visitors lo th8 Studio complgx are kept. These are summari5ed beh)w. 2022 2021 APT Gallery exhlbitions Artists exhibiting in the APT Gallery EducatKsn avents-lotal Artists. talks by Gallery exhibilo Gallery vistts Woikshops Symposium I panel discussion South London Art Map L8$1 Fridays- events & tours Events / perfomiances IAPT LIVE 20181 ConversalK)ns with Art Sharing shorts film nights Peer Sessions TuJps Banana $ludio visrts Fact findinglsludio visits APT Project supported Creekside Open Outreach projects I meeting8 Mentoring programmes Sludenl Placements Collaborators / funding oiganisatKin8 Visitors lo Open Studios Total number ol vlslloFs to all events of APT 310 58 131 10 5.134 Flnanclal revi•w a. Golng eoncgrn After making appropriate enquiri8s, the trustees have a reasonable expèctation that the Charity has adequat8 re8ourtss Its continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial slalements. Further details regarding the adoption of the going conc8m b8sis can be found in the accounting policies. Page 4 Th• Art In Per￿t￿lty Trust IA Company Limitod by GuarantMI Tru8te81' Report Icontinu•dl For th? Year Ended 31 March 2022 b. Re8erv•$ pollcy 11 is our policy to maintain suffit4enl cash reserves lo fund al least six months of running eL)$ls of the Chaiity. Thesg funds are not rfng fenGed in a separat8 ac¢ounL At the balanc8 shget date the charity held £338,145 (2021- 349,7111 in restricted funds. Total funds amounted to £1, 154,73712021- £1,074.639). Tha majority of total funds remains ligd up in tangible assèts and are not aasity convertable into cash. c. Prlnclpal funding The charity's main a￿3 of fvndin9 is via th8 rental ol its studios. Structur¢, govornane• and management . Constltution The Art In Perpetuity Trust is registered as a charitsble eompany limited by guarantee and wos $91 UF* by a Memorandum of A880ciation arKI its registered charity nUM￿r is 1045363. Tho aim of APT is to promote, maintain, improve and advanca education for the benefrt of the public. in particular by the encouragement of the arts induding the arts of painting, drawing. sculptule, photography, design. architsGlure, prinlmakn'ng, muslc, singing, poetry. literature, lrthography, ballet. dance and drarna. There have been no changes in the otieclives Since the last annual report. b. M¢thod$ of appointm8nt or •l•¢tton of trust•o¥ The management ofthe Charity is the respon5ibilty of the trustees who are elected and wled under the tomis of the Memorandum ofAssociation. Following an initial introduction. a prospective Iruslee is inwled lo visit A.P.T lo wew the studio tt)mplex and meet with the Administrative Director and some of the Artist-members. They will then be invited lo allend a Management Committee meeting, as an observer. If willing to stand, the existing Iru8lees meet lo d&Gide whother lo appoint Any new trustee remain$ in post until the next AGM wh8n all trustees resign and are voted back lor not) by the membership. Page S The Art In Pèrpatulty Trust IA Company Limit•d by Guarantae) Tr￿le08. Report (continued For tho Y•ar Endgd 31 March 2022 strU￿ure. govemanee and management {¢ontinu•d) Organlsatlonal structura and doclslon￿ak1ng pollcl68 A.P.T is managed by the Administrative Director who works with tho trustees. artist-mmbers and other staff lo deliver AP.T's work. Tha Iruslees worf( voluntarily, eath havlng a specific area of responsibility towards realising the aims of the Charity. There are five sub committees, whith act as Advisory Bodies to the trustees.. Gallery, Events & EngagemenL Building, Vetting and Planning. 29 artist members currenlty make up these sub committees, which report to the Board of Irusl8es through the Management Committee, held al eight-weekly intervals. The Management Committee comprises the twstees, the chairs of the sub committe8s. three Artist Adviser8 {fTom the Artist-members) and four Fli)or RepresentstThies (likewise frorn the Artisl-rnembersl and tha Administrative Dirgctor. Apart frorn the AdminislralNe Director, all members of 811 committees are el8Ctgd annualty. APTS Subcommittees are essential to the effectivenes8 of its governance. The colleGb've character of A.P.T outlined above has evolved naturally since 1995. Acr08s the 5 subcommillees. elected artist members Positively contribute lo the advancement of APT and ils values. The subcommillees provide areas of focus that utili5e the 8rtisls' skills and exportise. creating an inclusNe, effective, and transpargnl device for making things happen. d. Flnancl•l ritsk management The trustees have assessed the major risks to which the Charity is exposed. in parttcular those related to the operations and finances of the Charity, and are satisfied that Systems and procedures are in place to mrbgalo exposura to the major risks. Pl•ns for futuro perfods Our fwu5 for the year ah6ad is to 8UStain our position financially. and to continu8 in delivering th8 Chari￿$ aims and objectives. Although th& pandemic has been challenging for all al A.P.T, we finish the yoar in a secure place as we continue to build a re$iliftnt organisation In perpetuity. Tru8toeg' Ilabllity The trustees of the Charity guarantee to contribute an amount not exceedin9 £1 to the assets of the Charity in the event of winding up. Page 6 The Art In Perpetulty Trn8t IA Company Limit•d by Guarantee) Trustees. Report Icontinu•dl For th• Year Endgd 31 March 2022 Statemont of tru8teo8' rospon8ibiliti The truslge$ (who are also the dirg¢tors of the Charity for the purposes of company lawl are r8sponsible for preparing the Iruslees, report and the financral statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requir￿ the trustees to prepare financial $talemenls for each financkgl . Undgr company law, the Iru$lees musl not approve the finanaal statements unless they are satisfied that they give a true and fair vigw of the stale of affairs of the Charity and of ils in￿ming resources and application of resource3, including its income and expenditure, for that period. In preparing the8e financial slaloments, the trustees are required to.. select Suitable accounting wlicies and then apply them consislenlty., observe the methods and principle5 of the Charities SORP IFRS 1021 make judgrnenls and accounting eslimat9S that are reasonable and prudent,. state whether applicable UK A¢￿UntIng Stsndards (FRS 1021 have bgen foll¢)wed, subject lo any material departures disclosed and explained in the finanual 51al8ments', prepare the financial statements on the going Concern bg$i$ unless it is inappropriat8 lo presume that the Charity will continue in business. The twslees are responsible for keeping adequate accounting records that ara sufficieftt lo show and explan. the Charity's transactions and disclose with ￿aSonable accufacy al any time the financial position of the Charity and enable them to ensure that the financial stslemenls compty with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for laking reasonable steps for th8 prgvenlion and detection of fraud and other irregularities. Disclo8urg of Infomiatlon to audltorn Each of the persons who are trustees al the lime when th18 Trustees, Report Is approved has confimiod that". so far as that Iru$lee is aware, there is no relevant audit infomation of which the charity's auditors are unawa￿, and that trust88 has taken all the sl&ps that ought to have bean tsken as a trustee In order to be awar8 of any relevant audit information and to 88tablish that the charity's auditors are aware of that information. Auditors The auditor8, Acuity Professional Partnership LLP, have indicated their willingness lo continue in office. The destqnats(i trustees will propose a motion reappointlng the auditors at a m881ing of the trustees. Approved by order of the members of thg board of trustees and slgned on their behalf by.. Ann Coryc air Jènny Whlt C¢>Chair Dal8. ?litslzoZL Page 7 The Art In Perpetuity Trust {A Company Llmlt•d by Guarante8) Chai￿$ and Troasurefs Statemenl For tho Yoar End•d 31 March 2022 The Co- Chairs pyesent the* 8talemenl fc* the ￿r. This year t*gan. much like it ended. wtth o#)vernmenl restricts'ons due to the Covid pandemt creating a very challenging time for APT artlsls and the organisation. APT was abl8 to nawgate these well wlh enhanced Covtd protocol. As the reStr￿t￿S eased in Aprll, the gallery programme opened to finish the 2021-2022 year wlh 20 exhibitions over 37 wwks. welcomlng 5.134 vl$ltors to view work ty over 310 artigts. This enabled APT lo recover ils. Income stream. whl¢h along with the previous year's grants th8 bounce back loan, enabled APT to be in a seujre financial postibn. Although restrictions meant thal the Open Studh)s We￿ not able to be held this year. our worf( extemal partners ¢ontinued and APT artlst Chris Marshall renewed APT'S collaboralion wlth Le4￿shaM and Greenwich Hospital Trust to stage an exhlbttlon of APT artists. work in the Elixir Gallery at Lthmsham HospW from A￿]IJune 2021. Our Administrative Director. Sarah Walsh. conllnued lo evaluate APT'S intemal syBtems to develop and embed overall organisat￿nal policies. This is viewed as an otY4oiro process as the office, trustees and Management Committee work together lo shape APT'S Internal structure. The work wtll help to develop core stralegles for both the Events, Engagement arxl Gallery prc*Jrammes and c¥eate a Structure for the subcommitteeg. APT syas a¢￿pIed on the Trustlaw progTarnme. led by Thomson ReLrters Foundation, which wll provtde APT wtth pr bono18gal 6UPPOrt and guidance for all of APT'8 tdlcles. Indudlng such Health & Safety, and Prlvacy. We woukl like to thank all membws of the Management Commlttee. In addluon. we would like lo thank the Chalrs of each subcommittee, Artist Advisors and Floor Reps for thelr 8UPPOrt and counsd with the office and Trustees during this pr￿$. The board's chalr, Glllian Laldlaw, stepped do￿ at the last AGM (November 2021) and the members and trustees and staff thanked her for her contribution over the la8t 7 years aTrd her supFort in guiding APT through these difflcull tlmes wrth the pandem￿. Jenny While and Ann Gilmore, agreed to be temporary CTrchairs for Financial Year 2021-22. Th8 board numbered five trustee5 and il was decided to recrull more Iruslees to in¢r8ase certaln ar8as of experlse. A board skills audrt was cxjmpleled in November as the first stage in a reGruitrngnl for Iru51ees. After frve years at APT as Gallery Asslstant, Alice Thompson left in November 2021 and we thank her f￿ her )rk and wsh ￿ well, and the offlce recelved additional support by Kale Arkvrright while recnJf(ment was vnderwayfor the enhanced role of Gallery and BuildirKJ Coordinator. This role, on a 3 day a week permanent ¢ontra¢l ￿11 provide rnuch needed support to Sarah, particularfy In galkny and exhibition managemenl. APT was thrilled to welGome its, first Fenton Arts Trust menlees, Ned Am)slrong and Lottie Sloddart. who we mentored by APT Artists. Mali Mcffris and Reb8cca Harper. An appllcatSon for further fundiro of £12k was awarded by Fenton Arts Tru$l. whKh ¢)ffers tsvo more years of menlorlng and the Boar(i would like lo thank APT artist Mali Morris her work on this. The APT & Fenton Arts Mentorlng Award, has shown that th8 one-to-one mentoring support duriro the periorj belween education and professional lffe, has been a valuable experience for these young emerging artists. Chloe Farrwlgft in Juno 2021 from the annua Graduate Studio SGheme. We were also sad lo hear of the passing of Honorary Memt*r ArKJrew Carmichad. APT Iwld a memoiia exhibition and event In APT'S galleries in September 2021 for friends and family. APT ended the year with a rAlebralion of female APT artists and supporters on tho website for Internatlonal Wom8n's Day on 8 March 2022. Exh artlst was asked about the female artK%ts that made an impact on thelr practice and a piece of adwce that inspi￿￿ thgm in lrfe and work. Page 8 The Art In P•rpatuity Trust IA Company Limited by Guarant￿) Ch*i** and Trnasur•r's Stst•m•nt (continuodl For the Year Ended 31 March 2022 We woukd like to thank all the artist membership and our Administrative Director, Sarah Walsh for navigating safety and successfully another challeDging year and we look forward lo APT'S ￿ntInued success. Ann ilmore & Jenny While Page 9 Th• Art In Perpethlty Trust IA Company Llmited by Guarantgo) Chairfs and Treasurots Statement (continued) Forlhe Y•ar Ended 31 Mar¢h 2022 Treasurers Stalement Another good year for APT with totsl funds increasing by £80K The In¢￿ase in revenue and the reducth)n in expenditure have r85ulled in a strong Inc(wne statement and balance sheeL APT ha8 emerged from the pandemic in a favourable position. Julian Shgrwood FCA FCCA Dale." +1 Lbl Page 10 The Art In P•rp•tulty Tru8t (A Company Llmlted by Guaranto•) Independent Auditors. Roport to tho Memb•rn of Tho Art In P8rp•tuity Trust Opinlon We have audited the financial statements of The Art In Perpoluity Trust {the 'charitable company'l for the year ended 31 March 2022 which comprise the Slalemenl of Financial Activities, the Balanc& Sheet, th& Ststsmenl of Cash Flows and the related notes, induding a summary of signrficant accounb'ng poliues. Thè financial reporting framework that ha$ been applied in their preparation is applicable law and United Kingdom Acc£Junling Standards, including Financial Reporting Standard 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generalty Accepted Aceounbng Pra¢ts'cel. In our opinton the financial st*ement&' give a true and fair view of the stale of the charitable company's affair5 as al 31 March 2022 and of its incoming we5ou￿8 and application of r&sources, including its inwme and expenditure for the year then ended., have been property prepared in accordance with United Kingdom Generally Accepted Accounting Pr8clice'. and hove been prepared in accordance wrfh the roquiremenls of the Charrties knt 2011. Ba818 for oplnlon We Conduded our audit in accordance with Inlemational Standards on Auditing (UKI (ISAS {UKII and applicable law. Our r8sponsibilities under those standards aro further descnbed in the Auditors, responsibilities for the audit of the financi81 slalements section of our report. W8 are independent of the charrtable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom. including the Financial Reporting Council's Ethical Stsndard, and w9 havo fulfilled ouf other ethical responsibilities in aC￿rdan￿ with these requirements. W8 beli8ve that the audit evidence we have obtained 15 suificienl and appropriate lo provide a basis for our opinion. ConGluslons relaUng to golng concern In auditing the financial stalemenls, ￿ have concluded that th& trustees, use of the going GonrRrn basis of accounting in the preparation of the financial statements is approPr￿te. Based on the work we have pgrformed, we have not identified any material Ur}￿rtainl1es relating to events or conditions that, indNidually or collectively, may cast significant doubl on the charitable company's ability to continue as a going concem for a period of at least ￿e1ve months from when the financial slalemènts are authorised for issue. Our re5pon$ibililies and the responsibilities of tha truste8$ with respect lo going concem are described in the relevant sgctions of this rewrt. Page11 Th? Art In P•rpetuity Trust IA Company Limited by Guarantee} Independent Auditors. R•port to the Memb•rs of Th• Art In Perpotslty Trust (¢ontlnuad) Othor Informatlon The other infomiation compriseg the information included in tho Annuai Report other than the financial statements and our Auditors, Report Ihereon. The trustees are responsible for the other infomialion contained within the Annual Report. Our opinion on the financial statements does not Cover the other infomiation and. except lo the extent otherwise explicidy 8lal&Y In our ieport, we do not express any form of assurance conclusion thereon. Our iesponsibility is to read the othei infonnation and, in doing so. consmder whether the other information 1$ materially inconsislenl with the financial ststemgnls or our knowledge obtsined in the course of the audit, or otherwise app&ars lo be materialty rnisstaled. If we identify such material irKonsislenci88 or app8￿fit material misslatsmenls, we are required to del8rmino whether this gives rise lo a material mi88tslem8nt in thè financial slalements themselves. If, based on the work we hava pgrfomied, we cor￿Ude that there is a material misslalement of Ihls other information, ￿ ale required to rew)rt that fact. Wè have nothing to rgFQrt in this regard. Mattern on whlch w• aro rtqulred to rnport by oxc•ptlon We have nothing to report in rospgcl of the following matters where the Charities {Accounts gnd Reports) Regulations 2008 requires us lo report to you if, in our opinion.. the infomation given in the Trustees. Report is incon$islenl in any material respect with the finanaal statements., or sufficient aecounling records have not been kept., or the financial ststements are not in agreement with the accounting rècords and rglums,. or we hav& not received all the infomalion and axplanatK)ns we require lor our audiL Responsibllltle$ of trustees As explained more fully in Ihfj Trustees, Responsibilities Statement, the Iruslees (who are also the directors of the charitable company for tha purposes of eompany lawl are responsible for the preparation of the financial slalements and for being $ali$fied that they give o truo and fair view. and for suth internal control as the Iruslees determine is necessary lo enable the preparat￿n of financial statements that are free from malerral misststement, whether due lo fraud or error. In preparing the financial stalemenls, the trustees are responsibl8 for a￿essing the charitable company's ability to continu8 as a going concern, disdosing, as applicable, ￿atterS related lo going concern and using the going concem basis of ae¢ounb"ng unless the trustees esther intend lo liquidate th& charitabl¢ company or lo cease operatKJns. or have no realistic alloinattve but to do so. Page 12 Th• Art In P•rpotulty Trust {A Company Llmited by Guarant￿) Ind•p•nd•nt Auditors, R•port to th• Membors of Tho Art In Pgrpgtuity Tn￿ (contlnued Audltorn, r08pon8lbllltles for the audtt of tha flnanclal $tstements We have been appointed as auditor under sedion 145 of the Charities Act 2011 and report In accordance wtth the Act and relevant regulations made or having 8ff8¢1 thgr&under. Our cbjectiV88 ar8 to obtain Teasonabfe assurance about whether the financial statements as a whole are free from material misstatement, whether due to fiaud or etror, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a hKJh level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will alway5 det¥1 a material misstslement when il exists. Misslalemenls can arise from fraud or error and are considered material if, individualty or in the aggregate. they could rgasonably be expected lo influence the economi¢ decisions of users tsken on the basis of these financial statements. Irregutarilies, including fraud. are instances of non-compliance with laws and regulations. We design proeedures in line with our responsibilities, Olrtlined above, lo delecl material misstatements in reS￿ct of irregularrties. including fraud. The extent to which our procedures are ￿Pable of detecting irregularities. including fraud is detsiled b81ow'. We have assessed the su5ceplibility of the entity's financial slalements lo material misslalement, including how fraud mKJht occur. as l¢)w by woy of onquiry, prior knowledge and current year anatyt￿l review and testing We have enquirgd with management and those charged with governance to obtain an understanding of the legal and ragulatory framework applicable lo the entty and, through our audit testing, our findings have nfirmed that the entity is comptying with the relevant frarneworks Vve have enquired Y￿th managemènt and those charged with govemance to obtain an understanding of the entity's policies and procedures relating lo compliance with laws and regulations. Through our tgsting, we have reviewed all relevant documgntstion and confirm that Iheie have been no instanc9$ of non- comF4iance Through enquiry, analytical review, walkthrough testing and subst8ntive testing wè have ¢)blained an understanding of the entity's policies and prO￿dureS on fraud risks, including kno￿edge of any actual. suspected or alleged fraud. We have confimied that the engagement team collectivety had the appropriate eompetence and capabilities to identify or reGognise non-Gompliance with laws and iegulatlons and fraud Listed above is the exlonl of procedures we have taken lo d8t8ct material misststemenls in respect of irregularities, including fraud. to which we have found no in$tsnces. Because of the inherent limitations of an audit, there is a risk that we will not delect all irregularities, induding those ieading to a material misslalement in the financial stslements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial stalgments, as we wll be less likety lo bgcome aware of instancas of non