REGISTERED COMPANY NUMBER: 02705081 (England and Wales) REGISTERED CHARITY NUMBER: 1047268 Report of the Trusteos and Audited Flnancial Statements for the Year Ended 31 Mar¢h 2024 for Pembrokeshir¢ Local Aetfion Network for Enterprise & Development Limited Ashmole and Co. Chartered Certified Accountimts and Statutory Auditors Williamston Hou5¢ 7 Goat Street Haverfurdwesl Pembrokrshire SA61 IPX Ashmole & Co. Pembrokeshire Local Action Network for Enterprise & Development Limited Contents of the Finan¢ial Statements for the Year Ended 31 Mareh 2024 Page Report of the Trustees I to 9 Report of the Independent Auditors 10 to 12 Stat¢m¢nt of Financial Activities 13 Balance Sheet 14 to 15 C45h Flow Statem¢nt 16 Notes to tbe Cash Flow St4¢ement 17 Not¢s to tbe Fin&nei&l Statements 18 to 32 Detailed Statement of Flnanelal Activities 33 Pembrokeshire LOCAI Attion Network for EDterprise & Development Limited Report of the Trustee5 for the Year Ended 31 March 2024 The trustees who are also directors of the charity for the purposes of the Companies A¢t 2006. present their rew)rt with the financial statements of the charity for the year ¢nded 31 March 2024. The trustees have adopted the pn)visions of Accounting and Reporting by Charities.. Statement of Recommended Practice appli¢able to charities preparing their accounts in accordance with the Financial Reporting Standard appli¢able in the UK and Republic of Ireland (FRS 102) (effective l January 2019). ORIECTIVES AND ACTIVITIES Objectives The objects of PLANED as set out in its governing document are,. a) To relieve poverty and to promote the education and training of the inhabitants of Pembrok¢5hire, and other areas as appropriate, who through their 50¢ial and ¢¢onomic circumstances are in need and unable to gain employment and in particular to promote and support schemes where such people may re¢eive training for employment. b) To advance education and to provide facilities int eh interest of so¢ial welfare for recre&tion and leisure time occupation with the object of improving the condition of life of the inhabitants of the area c) To promote research in to the econornic and Structure resources and problems of the area. Strategie Aims PLANED has Continued to evolve and develop as an organisacion with a team that is qualified and professional with considerable experience from across the private, public and third sectors. The mission for the organisation now has clarity that aligns to th¢ ¢uff¢nt and future landscape of delivery across all Ly)mmunities and an approach that is more forward lookin& commercial, and innovative. With a clear new Vision Statement for PLANED - "EmF4)werin8 Communities. the clarity for PLANED in delivering sustainable outcomes for communities, by a collaborative, people led approach is clear to see in the sustainabl¢ results being generated by current and recently compleled projects. Our new Vision docutment articulates with succinct clarityy the four key th¢m¢s for our organisational area5 of fo¢us: Foundation Ewnomy Development - Community Well-Being & Resilien¢e - Environmental, Natural & Cultural Community Assets - Green & Low Carbon Community Solutions Each of the four areas of focus have details of activity outlined beneath, which continue to inform our delivery, plannin& and sUPPOrt for communities. Cutting across all our four themes are the consistencies around supwrting Communitie5' People. and P&rtnership' which allow us organi5ation&lly to be collabordtive, creative and comm¢r¢ial where required. Page I P¢mbrok¢shire tAbtAI Aetion Network for Enterprise & Development Limited Report of the Trustees for the Year Ended 31 March 2024 OKIECTIVES AND ACTIVITIES Values and Approaches As part of our new orgdnisational Vision document - Empowerin8 Communities we have updated and revised ihe values that we collectively Stand by and promo*-. - We consistently look foNard and outward in our engagement We actively support shared purposes in empowering our eommunilies - We work with and listen to partners with common purposes and aims We identify innovative solutions that work across all sectors We support all voices, languages and gmupings to be heard Based in Pembmkeshire for over 35 years, PLANED has a growing impact loca]ly and now regionally, with a skilled am that supports the ¢ontinued empowerment, resilience: and regeneration of our comtnunities. by working partnershfftp across their cultural, economic, and environmental assets. PLANED continues to be a community-led partnership established as a social enterprise. a Development Trust, a charity, and a company limited by guarantee, wilh its Board members being representatives from communities and Irom the public and private 5ector5. PLANED has over 35 years experience of implementing iniegrated rural development through supporting enterprise, susiainable agriculture and tourism, heritage and environmental activities, thr()U8h community engagement and participation. PLANED encourages a community culture of enterprise supporting people to harness their skills, knowledge and enthusiasm - to safeguard their future. This is achieved through delivering locally tailored initiatives, which build on existing community strengths and emwweT local people, whil¢ ensuring effort in one area ol. development adds value to oiher areas. PLANED is an organisation that works with geographic communities and ￿MMUnItieS of interest to identify. develop and implement sustsinable projects that improve the wellbeing of the community with a focus on long-term, integrated, collab)rativ¢ a¢tions. PLANED fulfils a vital role in supporting representation by empowerin8 and enabling local ¢ommunities to be full and equal partners in the development of their are4 and is committed to widen participation in its work and promoting equalities and social cohesion and inclusion. PLANED ¢ontÈnues to expand and develop and during this reporting period, plaeed considerable time and emphasis on proposals for attracting new fjjnding with project proposals developed in response to identified needs and opportunities. To dat¢, the majority of these have been sU￿esSfUl, and have posi this reporting period been confirmed and begun to commence delivery, working ivith partners on a three counties regional footprint for sorne, whilst others are working with new partners such Higher Education kndies in ix)th Wales and Ireland. Publi¢ beneflt We hav¢ referred to the guidance contained in ihe Charity Commission's general guidmce on Public Benefit when reviewing our aims and objectives and in planning our future activities. Page 2 Pembrokeshlre Local Action N¢¢work for Ent¢rprise & Development LimSted Report of the Trustees for the Year End¢d 31 Mareh 2024 ACHIEVEMENT AND PERFORMANCE PIANFD Projects: Applicable to this twelve month period on which PLANED has continued to deliver and expand ils projecls, we have seen a number of opwrtunities realised, despite the wider economic Challenges and incrcased compctitive funding environment, in which we, and all organisations within the third and public sectors, now face. As an organisation whiLh now works InCr&￿inglY on a regional basi5 across Carniarthenshire, Ceredigion, and Pembrokeshire, we have secured funding for a number ot- projLcts. Many ol the new projects enabled, are funded howevcr on d short Icrm basis via the UK Gvvcrnmeni led and Local Authority administered, Shared Prosperity l.'und. which has seen countles5 delays locally in its implcmcnlatiorE and award of funding. I"his has impacted on original plans and subtnissions with timelines now being shrunk in response to late awards, and potentially impacting on the volume of tsrgets originally envisaged, as well as rccruilmcnt for sl&tTing lor the projects. Dcspitc thc challcn8cs faL¥d on delivcry limesL&les as a result of local authority delays. wc havc bccn forlunale lo work with partners, including Cwmpas and Pembrokeshire County Council, lo work cnllaboratively on thc SPF fundcd Pcrnbrokcshirc Community AssLts ProjLcL and similarly exclusively on the Pembrakeshirc Comrnunity Led Housing project. Despite scoring 91% in the projecl criteria matrix as assigned by UK Cynvemmcnt and utiliscd by PErnbrokeshir¢ County Council, sadly our Food projecl which built on the success of proven delivery, with plans for expansion co-produced with Communities. was refused by Members and officers within th¢ Council even though it scorcd the third highest of all 30+ submission4 and other5 scoring 1¢5s. which were simpler for councillor5 to understand, were awarded funding, despile not meeting all the criteria within the scoring mechanism. Both current SPF projects have been sucoessful in the time period covered by this report, with a number of communities already engaged in looking for support lo enable a supported and suslainable transfer of community assels in the on¢ instance, and then identification of communities. wishing to establish a Community Land Trust, to support locally led housing in key areas across Pembrokeshire. Our CWBR youth project which has been funded by the Lottery, is scheduled to finish in the late Spring of 2024. and during its two years of funding, has already engaged with over 1,700 young people, 700+ decision makers and youth leaders. Through co-production, facilitation and innovation, the project has worked aoross many communities in Pembrokeshire, to identify how to align existing decision making proces5¢5 With the views and engagement of youn8 adu1¢5, to deliver a meaningful and sustainable discussion. that has clear outcomes. The results and evidence gained has been considerable, and with increasing complementary discussion5 With colleagues in both Carmarthenshire and Ceredigion, the aspiration is to now develop a regional CWBR Youth project, that builds and expands on the results of the Pembrokeshire project, to empower, enable, and support many more young adults within their communities. The focus on local food within Pembrokeshire has seen a growth in PLANED'S support available. via the demonstrable impact and sustainability of our two current Frc5h Community Vending Machines within the county, and the expansion into Camiarthcnbhire, having secured further WG funding on the evidence supplied re impact to datc. Alongside this, we have led ihe admini.stration and dclivcry of thL PcmbrokeshiTe l.o¢al Food Partnership. folluwing extensive lobbying and evidcnLC of suitdbilityy with external pariners and funder5. Now working with both PembrokcshirL County Council and PAVS, wc havc takcn thc Local Food Parinership from a completc start-up pusition, to now having a network of 8(1+ rnembers, and through the caretul administration of the limited fundin& enable small grants lo be awarded to over 20 local projects conncctcd to food in gcncral - fTom sustain&bility to innovation and lucal growing. Our Catalyst lor Care Micro Lnterprises projecl has seen continucd CXPd115iun, with ihe securing of Carmarthenshire as a county for delivery in partnership with the local authority in 2023, and irL early 2024, securing Ceredigion following ¢1 successful tender exercise with Ceredigion Council and SPF funding. This now means the project is delivering on PLANED'S region21 remit aspiration, and also mirrors the geographic footprint of Elywel Dda University Health Board. to lurther complement and suppnrt the provision of complemenlary transfomiationai care to those traditionally projnoted by existing statutory service providers. Page 3 Pembrokeshire Local Aclion Network for Enterprise & Development Limited Report of the Trustees for the Year Ended 31 March 2024 Work on the three year funded Cadarnhad project via the lotlery, continues to gather pace with two members of the team working full time, covering the three counties of Carmarth¢nshir¢, Ceredigion. and Pembrokeshire, with delivery and engagement. Being an official Agored Cymru Awarding Body as well as an Assessment Centre has been a positive step forward for PLANED and the project, in what we can offer and support communities, projects, and participants with. During the time period for this report, we have already worked with colleagues from different sectors and geographies including Milford Youth Matters, The Torch Theatre, Car y Mor. and VC Gallery in Pernbrokeshire. Small World Theatr< and Elemental Adventures in Ceredigion; and Dr Mz, and Parc yr E5gob in Carmarthenshir¢. The project overall continues to be flexible in the development of bespoke, community and person led conlenl, that applies to the needs of those whom the project is working with. and will continue to evolve and develop into 2024-25. Overall, PLANED continues to increase its profile through impact, influence, and innovation, by working in partnership with others locally, regionally and nationally. This includes being invited to speak and contribute to a number or national events and conferences in Cardiff Bay. online meetings & events. and also as a sponsor of national conferences such the Wales Food Conference held in Denbighshire, lo showcase the projects we are l¢ading and co-producing here in Wesi Wales. Having this increased pr¢sence and profile to showcase the work done by the team with partners, is somethin8 we will continue to promote, in Order to demonstrate the actual delivery and innovation that PLANED continues to lead in practice, as opposed to academic de5k¢op exercises which sadly appear to gain funding. in opEx>sition to the actual real time delivery which we, and others, do on a continued day to day basis. FINANCIAL REVIEW Financial Review PLANED has an enviable track record in accessing European and National funding and h&8 a valuable asset base having purchased a small industrial sile some years ago. The charity uses the surplus income from this site to undenvrite match fund its many projects and programmes. Since the ending of European funding, PLANED has been successful in obtaining various Uk based fundin8 from Ixith ¢entral and local government, various lottery funding as well as other grant funding charities to enable it to continue to provide innovative support not only to ils local Pembrokeshire based communily, but is also actively expanding il5 activities into west Carmarthenshire and south Ceredigion, as is evidenced in more detail in the activities section of this rew)rt. The Trustees are pleased to report that both our restrictrd reserves increased by £409,241 to £627,189 at the year end. and the unrestricted reserves increased by £132,058 to £1,314,238. These reserve5 excludt the staff pension scheme ,here the reserve increased by £419,000 to £1,313.000 at th¢ year end. Tumover has effec¢ively increased during the year to £1,532,464, compared to £1,889,605 for the 18 months in the previous period. However, this includes around £550,000 of grants included this year under the performance method required by the Charity SORP, which are lo fund projects which will tak¢ place over a number of future periods. If these grants had not b¢en included. turnover would have decreased. However, costs have also decreased to £864,060 after deducting the partner payments accrued of £186,683 in respect of the SPF - Community Asset transfer grant from Pembroke5hir¢ CC. This follows consistent review and prudence acr055 multiple areas of the organisation. After the year end the trustees instruuted Brunton Knowles Limited to value the property as at 3 1st March 2024. The revaluation resulted in a gain on the investment property of £29,424 and a gain on the freehold property of £30,154. Page 4 Pembrokeshire Local Action Network for Enterprise & Development Limited Report ofihe Trustees for the Year Ended 31 Mareh 2024 FINANCIAL KEVlkW ReserYe5 policy The t￿SteeS of Pl.ANF.D are of the opinion that they have adequate financial rescrvcs to mcct any financial rcquirctncnts should thc company bc wound up, supportcd by thL company's property portfolio. The Trustees continue to monitor fin8nci&I perfonnance genera*d through both grants obtained and the property portfolio, to enablc a sufficicnt reservcs policy that equatcs to a valuo of three months of salaries expenditure. Unr¢5tricted free reserves at the year end amounted to £297.532, being the net current assets excluding funds designated for specific and restricted purposes. The free reserves do not include freehold or investment property. Unrestricted free reserves at the year end equate to over 7 monlhs of salaries expenditure which exceed5 the policy requirement. Despite the ongoing financial challenges due to short tenn funding opportunities, the Trustees continue to recognise the ongoing need for adequate free re5erve5, realis¢d through sound management and oversi8ht of available resources. enabling the planning for future provision, and supp)rting the potential deficits in funds for any actLVities on which applicable funding niay not yet be secured. PLANED'S Trustees also are aware of the financial risks of the pension fund and its liabilities, and this is continued to kept under review. However, in the current economic climate and the impact on both staff and communilies, PLANED will continue to promote holding reserves where feasible, in excess of the three months 5alarieg expenditure where possible. Risk Management The Trustees of the Company mect with PLANED'5 Scnior Management to consider and review the Company's firtances and agree action where appmpriate. The Company's activities are also considered in order to identify opportunities available and the risks to which it is exposed. In addition. the Senior Management 15 working With PLANED staff and partner organisations to develop proj¢¢ts which will raise revenue for the long temi suslainabilily of the Company and to ¢xlend the range of services whi¢h ¢an generate regular income. The establishment of comprehensive financial rcporting systems and procedures mitigate against risk and the close liaison between officers and tTUStees ensures, at an early stage that a¢cion is taken where necessary. Page 5 Pembrokeshire Local Action Network for Enterprise & Development Limited Report of the Trustees for the Year Ended 31 March 2024 FUTURE PLANS PLANED has a long history of delivery wilh and for communilies in Pembrokeshire primarily. and in the last 3 year this work has now expanded on to a regional footprint, to include delivery of projects across Carmarthenshire and Ceredigion as well. This extension of work on a regional footprinl will continue to forni the basis of our future work and opporbjnities with communities of both interest and place within West Wa]es. Our current organisational vision document "Empowering Communities" will be reviewed and updated in 2025. and this will be infornied by a Series of ¢onsultation events with our Trustees. staff, partners, and stakeholders, to reflect the current & future demands of communities across West Wales, and how we Can sustain the positive impacts of thosc proje¢ts. We will look to expand our support and delivery around the key growth area of community 855et transfers and the OPFOrtunities for communities to raise funds through Share offers, to take ownership of an increa5in8 numb¢r of assets no longer managed or owned by sL￿ut0ry partner organtsations, as well a5 private owners with community focused buildings & services. Related to the above, is the work on locally led community housing opportunities, which builds on the work C￿￿entlY funded by the Shared Prosperity Fund, to support the creation primarily of CommuniLy Land Trusts. This is an area hich we see continued growth and demand for across West Wales, and with qualified and accredited team members in place within PLANED, we are ideally placed to continue to expand and support those communities who have identified an OPFKYrtLLnity to build or develop community housing for their l(KuI population. Our work supporting the expansion of Micro Enlerprises across the three counties that mirrors the geographic footprint of the Hywel Dd& University Health Board will continue to grow and expand. Working in partnership with ihe three local authorities, CVC'S, and other applicable partners, we will look ai further innovative solutions to support and promote both the micro enterprises themselves, as well as the increased ease of ac¢ess for members of the public, who need and require the support delivered by those Enterprises. Building on the success of the previous lottery funded Pembrokeshire focused, CWBR Youth programme, we will be hoping to secure funding to take the lessons learnt from thi5 Single county focused projecl and expand into a three countkes, regional CWBR Youth project. With support from partner organisations and interested parties across the three Counties, we hope to enable a co-produced, people led ptr)ject that empowers the voices and inputs of young adults within their communities, and ¢nabling ¢los¢r links with local leaders to support Sustainable, local change5. PLANED ¢ontinues to invest in applicable training for its team, and in the fabric and maintenance of its buildings and resources, lo enable the team to have the app1[￿ble equipmenL working environment, and security with which. to deliver projects for communities with confidence, and to enable our communities, clients, and partners, to have confidence in us as a delivery organi5ation, and fa¢ilitalor of tK)sitive change, as we monitor the wider funding environment to secure grants for further project delivery. Page 6 Pembrokeshire Local Action Network for Enterprise & Dtveloprnent Limited R¢port of the Trustees for the Year Ended 31 Mareh 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Coverning document PI.ANF.D is a company limited by CJuarantee and not having a share capital. The liability of members in the event of the charity being wound up is limited to £1 each. Recruitment and appointment of new trustees At the first Annual Gcncral Mccting ul the Colnpany aller adoption of the Articles. the Board members and thcrcforc trustees shall resign and Shall be eligible for election or aptK)intmcnt. The Honorary Officers of the Association 8hall be elected by the Board as specified in Article 10.6 of the Articles of Association of PLANED. and trustCC5 as in Articles 10.4 - 10.1 O will be elect¢d to serve for a period of up to thrcc years frotn the date of their election. The Board may co-opt up to Six to the Board, having special qualifications to ￿sist in the objects of the Company. Co-opted trustees shall serve for a period not exceeiling thre¢ y¢ars but may be re-elected at the end of this period. They must be proposed and seconded by trustees of the Board in writing before the meetin8 at which il is proposed they shall be el¢cted. They may attend, speak, and vote at meetings of the Board and sub-Boards. The Company may by Ordinary Resolution laid before the Company in General Meetin& of which special notice has been given in accordance with Section 303 of the Act, remove any trustees before the expiration of his period of office notwithstanding anything in these Articles or any agreement between the Company and such trustee. No person rnay be appointed as a Board twstee unless he has attained the age of 18 years, nor in such circumstances that had he already been a Board trustee, h¢ MDuld have been disqualified from acting under the provision of Article 52. Organisational structurc The Board havc prIM￿Y responsibility for determining the policy of PLANED which the Senior Management and staff of PLANED are accountable tor implemenlation of EK)licy and operational mattcrs. Thc team at Pl.ANF.D con.sist of a mix ot full and part-timc crnployees averaging 15 in total across the pcriod. The PLANED Buard consists of the Chair, a Vice•Chair. and T[C<￿￿rer and up to 12 trustees appointed from the cotnmunily> voluntary and privatr sectors. The Board may appoint Committees and sub committeeslsteering groups as and when appropriate and can a150 co-opt up lo six members to the Board, having special qualifications to assist in the objects of the Company. Organisations who are involved with PLANED by association are the funding bodies as outlined in the No1¢5 to th¢ Financial Statements. Indu¢tion and trnining of new trustees Following appointment, new Board trustees are introduced to their new role and given an induction pack with a guide to the policie5 and procedures adopted by the organisation. Page 7 Pembrokeshire Local Actioll Network for Enterprise & Development LRmAted Report of the Trustees for the Year Ended 31 March 2024 REFERENCE AND ADMINISTIi4TIVE DETAILS Registered Company number 02705081 (England and Wales) Registered Charity nujnber 1047268 Registered oftfice The Old School Station Road Narberth Pembrokcshire SA67 7DU Trustees A Baron A G Dixon l Eynon D T S Lewis (appointed 17.424) Mrs J Lewis J R Parkin Mrs E Rawlings G D Reynolds (resigned I1.9.24) Mrs L W Stopher (resigned l.5.24) Senior Management l Thom&s- Chief Exceutive Auditors Ashrnole and Co. Chartered Certificd Accounldnls and Statutory Auditors Williamston Ilouse 7 Goat Street Haverfordwest P¢mbrokcshire SA61 IPX Bankers Barclays Bank PIC High Stre¢¢ Haverfordwest Pembrokeshire Page 8 Pembrokeshire Locil Action Network for Enterprise & Development Limited Report of the Trustees for tb¢ YvAr Ended 31 Mareh 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also the diTecknrs of Pembrokeshire Local Action Nctwork for ￿n￿rprISe & Development Limited lor Ihe purp05Ls of (X)Mp￿Y law) arL rL'sw)n5iblc fur prewaring the Report orthe TrusLees and the financial statements in accordance with applicable law and United Kingdom Accounting ￿L￿dards (Unitcd Kingdom Generally Accepied Accounting Practice) including Financial Reporting Standard 102 "Thc FiTtancial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the trnstees to prepare financial ststements for each financial year which give a true and fair view of the state of affairs of thc charitable company and of Ihe incoming resources and application of resources, including the incorne and expenditure, of the charitable wmpany for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply ihem consi5t¢ntly' observe the methods and principles in the Charity SORP. make judgements and estimates that are reasonable and prudent. prepare the financial 5talemenls on the going con¢ern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are reswnsible for keeping proper a¢¢ounting records which disclose with reasonable accuracy at any lime the financial positton of the charitable company and to enable them to ensure that the fInanLial slalements comply with the Companies Act 2006. "1"hey are also responsible for safeguarding the assets ofthe charitable c4)mpany and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitiLs. In so far as the trustees are aware- there is no relevant audit information of which the charitable company's auditOT5 are unaware. and the irustees have taken all steps that they ought to havc taken to make themselves aware of any relevant audit information and to establish thal the auditors a￿ aware of that information. AUDITORS The auditors, Ashmole and Co.. will be proposed for re-appointment at the forthcoming Annual General Meeting. Appr()ved by order of the board of tn55tces on ..... .................. and signed on its behalf by: Page 9 Report of the Independent Auditors ¢0 th¢ Trustee5 of Pembrokeshire Local Action Network for Enterprise & Developm¢nt Limited Opinion Wc have audited the financial statements of Pembrokeshire Local Action Network for Enterprise & Development Limited (the 'charitable company,) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting wlicies. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards (UnitLd Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. In our opinion the financial statements= give a true and fair view of the state of the charitable company's affairs ai 31 March 2024 and of its incoming resources and application of resourcc4 including its income and expenditure, for the year then ended. have been properly pryred in accordance with Unitcd Kingdom Generally Accepted Accounting PractlLe, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic ol Ireland and havc bccn prcpared in accoidance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standard5 on Auditing (UK) (ISAS (UK)) and applicabl¢ Ig4W. Our responsibilities under those standards are further de￿ribed in the Auditors, reS￿nsibIliti¢5 for the audit of the financial 8tatemcnts sc¢tion of our report. We are independent of thc charitable company in accordance with the ethical requir¢mcnls that are relevant to our audil of the financial statements in the UK, including the I",RC's Eihical Standard, and we have fulfilled our other ¢thi¢al resp)nsibilities in accordance with these requirernent5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CoDclu$ion5 relgting to going concern In auditing the financial st&tem¢nts. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial siatement5 15 appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may rast significant doubt on the charitable company's ability to continue as a going concem for a period of al least twelve months from when the financial statements a￿ authorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going CODcem are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other infomlation comprises the information included in the Annudl Report, oiher than the financial statements and our Report of thL Independent Auditors thereun. Our opinion on the fmancial statements does not cover thc othcr inforniation and, except to the extenl o¢herwise explicitly statLyJ in uur rewrt, we do not express any form of dSsuranc¢ conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other inforniatiun and, in doing SO. CA)nsider whether the other inforniation is matcrially inconsistenl with the financial statements or our knowledge obtsined in the audit or otherwisc