Registered charity no. 1141988 (England and Wales) The Second Half Foundation Tru5tees' report and financial ststements For the year ended 5 April 2024
The Second Halt Foundation Contents Page Legal and administrattve information Report of the trustees Independent auditors. report to the trustees Statement of financial activities Balance sheet io Statement of cash flows li Note5 to the financial statements 12
The Second Half Foundatlon Legal and administrative information Trustees Sir Paul Ruddock Lady Jill Shaw-Ruddock (Chairl Sophie Ruddock Diane Herlinger Bankers Barclays Wealth I Churchill Pla London E14 5HP Solicltors Wiggin Osborne Fullerlove 95 The Promenade Cheltenham Gloucestershire GL50 IHH Independent audftors Saffery LLP 71 Queen Vrctoria Street London EC4V 4BE Registered Addre55 7 Lansdowne Walk London WII 3LN Charity number 1141988 Pa8e I
The Second Half Foundation Report of the Trustees For the year ended 5 April 20Z4 The Trustees are pleased to present their annual port and financial statements for the year ended 5 April 2024. The financial statements have been prepared in accordan with the accounting policies set out in Note I and comply with the Charities Act 2011 and the Statement of Recommended Prartice applicable to charities preparing their accounts in accordants with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191- Charities SORP IFRS 1021. The Trust was established by a Trust Deed dated 17 May 2011 and gIStered with the Chartty Commission in England and Wale5 on 18 May 2011. Objects of the Foundation To promote for the benefit of the inhabbtant5 of North Kensington and the surrounding area who are over the age of 50 by the provision of facilities for recreation or other leisure time occupation of individual who have need of such facilities by re350n of their age. infirmtty or disablement. financial hardship or social and economic circumstances in the interest of social welfare and with the object of improving the conditions of life of the said inhabitants. Organisation Trustees meet twice a year to discuss matters of a strategic and administrative nature. The power to appoint new trustees is vested in the existing trustees of the Foundation. There is an infomial nterview and induction process for any newTrustee. Continuing training forTrustees is undertaken through regular meetings and discussions with individuals and organi5ations in the areas supported by the Foundation. Achievements* performance and future plans The Second Half Centre at St Charles, Hospital has rebounded to its pre-covid levels of activity and the Centre now provides 72 hours of classes per week and now has over 6,IXK) members. The Foundation was able to host iis 13th annual Second Half Art Exhibition on March 21" 22 2024 which featured ten artists spanning painting, ceramics, jewellery and photography. The artists exhibiting were= Caroline Cole, Maryam Eisler. Fleur Grenier. Ikuko Iwamoto. Helen Johanne5sen, Objekti, Michele Oberdieck, lan Thompson and Derek Wilson. The show was a success and the Foundation made a £84.538 dOnatn to Open in June 2024, the operator of The Second Half Centre, to help fijnd the annual runrsing costs of the Second Half Centre. At present the Foundation is very well reserved, vrith assets entirety in cash balances held at Barclays Bank. Page 2
The SÈcond Half Foundation Report of the Trurtee5 (continued) For the year ended 5 Awil 2024 Reserves pollcy It is the policy of the charity to maintain unrestricted funds. which ore the free reserves of the charlty. At 5 April 2024 free reserves. being unrestritted reserves. were E435,04612023.. £363.7081. The Trustees consider this adequate to protert their commttment to fund the Second Half cent at current levels. Financial re¥iew Income Total income for the year amounted to £113.15012023: £88.077). Investment Income in the year was £4,42212023= £8221. Choritoble expenditure Charitable expenditure was £nil in the year12023.. £50.7751. Prior year donation represented a donation to Open Age to enable them to run the Second Half Centre. Risk Managernent The Trustees are responsible for establishing and monrtoring internal control system5 wrthin the Foundation. The major risks which may impact its activities have tren reviewed during the period and the Trustees are satisfied that the system of internal controls curfently in place is adequate. whilst reco8ni5ing that they are designed to manage ratherthan eliminate risk. Intemal controls are reviewed on an ongoing basis as part of the day-tNlay risk management prO$S within the Foundation. Key management peN>nnel remuneration The trustees consider the board of trusree5 to be the key manaEement personnel of the Foundation, in charge of direrting and controlling the Foundation and njnning and operating the Foundation on a day to day basis. All trustees give of their time freety and no trustee remuneration was paid ill the year. Details of trustee expenses are disclosed in note 4 to the accounts, and the trustees confirm there We no related party transactions. Statement of trustees. responsibilities The trustees are responsible for pparIng the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountin8 Practice). The law applicable to charities in EnEland & Wales 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 charity and of the incoming resources and application of resources of the chartyforthat period. In preparing these financial statements, the trustee5 are required to- select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charrties SORP,. make judgements and estimates that are reasonable and prudent- State whether applicabte accounting standards have been followed, subject to any material (fepartures disclosed and explained in the financial ststements- prepare the financial Statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. Page 3
The Second Half Foundation Report of the Trustees {contlnued) For the year ended S April 2024 The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply wwth the Charities Act 2011, the Charity IAccount5 and Reports) Regulations and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detettion of fraud and other irregularities. Approved by the Trustees on va d 2024 and signed on it5 behalf by: Lady Ji Trustee Shaw-Ruddock Page4
The Second Half Foundation Independent auditor< report to the TrurtÈes For the year ended 5 April 2024 Opinion We have audited the financial statements of Second Half Foundation for the year ended S April 2024 which comprise the statement of financial activities. balance sheet. statement of cash flows and notes to the financial statement5, including significant accounting policies. The financial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102. the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Xingdom General Accepted Accountin8 Practice). In our opinion the financial statements: grve a true and fair view of the state of the charitys affairs as at 5 April 2024 and of its incoming resources and application of resources for the year then ended: have been properly prepared in accordance with United Kingdom Generally A¢pted Accounting Practice: and have been prepared in accordance with the requirements of the Charitie5 Att 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UK} {ISAs {UKII and applicable law. Our SponSIbl11t1eS under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRCS Ethical Standard, and we have fulfilled Our other ethical responsibilities in accordance with these requirements. We beIve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial ststements, we have concluded that the trustee use of the going c0ftrn basi5 of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomed, we have not identified any material uncertainties relating to events or conditions that. individually or collettivelyl may cast significant doubt on the charit(s ability to continue as a going concern for a period of at least tWee months from when the financial statements are authorised for issue. Our sponSibl11t1e5 and the responsibilities of the trustees with respect to going conrn are described in the relevant sections of this report. Other irrformation The trustee5 are responsible for the other infomiation. The other infomiètion comprises the information included in the annual report, other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other infomiation and. except to the extent otherwise explicitly stated in our report. we do not expre55 any fomi of assurance conclusion thereon. Paze 5
The SOnd Half Foundation Independent auditorg report to the Trustees Forthe year ended 5 April 2024 Our responsibility is to read the other information and, in doing so, consider whether the other information 15 materially inconsistent with the financial statements or our knowledge obtained the course of the audit or otherwise appear5 to be materially misstated. If we identify such material inconsistencies or apparent material rni5Statements. we are required to deterniine whether this 8ives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is material misstatement of this other information we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charstie5 {Accounts and Reports) Regulations 2008 require us to report to you rf. in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us: or the financial statements are not in agreement with the accounting records and returns- or certain disclosures of trustee< remuneratron specified by law are not made.. or we have not received all the inforniation and explanations we require for our audit. Responsibilltles of trustees As explained more fully in the Trustees, Responsibilities Statement Set out or? page 3, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preporation of financial statements that are free from material mi55tatement. whether due to fraud or error. In preparing the financial statements. the trustees are responsible for asse5sin8 the charivs ability to continue as a going concern. disclosin& as applicable, matter5 related to going concem and usin8 the goin8 concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statemÈnts We have been appointed as auditors under the Charitie5 Act 2011 and report in accordance with regulations made under that Act. Our objettives are to obtain reasonable assurance atut whether the financial statements as a whole are fe from material misstatement, whetherdue to fraud or error, and to issue an auditors, report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always deted a material misstatement when it exists. Mi55tatements can arise from fraud or error and are considered material if, individually or in the aEgregate. they could reasonably be expected to influence the economic decisions of users taken on the ba515 of these financial statements. Pa8e 6
The Second Half Foundatlon Independent audltN< report to the Trustees (continued) For the year ended 5 April 2024 rregularities. including fraud. a instances of non-comp113n with 13WS 2nd re8ulations. We design procedures in line with our responsibilities. outlined above. to detert material misstatement5 in respect of irre8ularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detectin8 irregularities, including fraud are detailed below. Identifying and assessing risks related to iThegularities- We assessed the susceptibility of the charity's financial statements to material misstatement and how fraud might occur. including through discussions with the trustees, discussions within our audit team planning meeting, updatinE our Cord of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with trustees and updatin8 our understanding of the sector in which the charity operates. Laws and regulation5 of dirett significance in the context of the charity include the Charitie5 Act 2011, the Charities IAccounts and Reports) Regulations 2(8 and guidance i55ued by the Charity Commission for England and Wales. Audit response to risks identified= We considered the extent of compliance with these laws and gUlationS as part of our audit procedures on the lated financial ststement items including a review of financial statement disclosures. We reviewed the charity's record5 of bre3ches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity'5 policies and procedure5 for compliance wtth laws and regulations with members of management responsible for compliance. During the planning meeting with the audit team. the engagement partner drew attention to the key area5 which might invOe non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, susperted or alleged fraud. We addressed the risk of fraud through management override of controls by testin8 the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgÈments made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit. the engagemènt partnerfs review included ensuring that the team had approached their work wirh appropriate professional sceptlcism and thus the capacity to identify non-compliance with laws and re8ulations and fraud. There are inherent limitations in the audit procedures described above and the further removed non- compliance with laws and regulations 15 from the events and transactions fleCted in the financial statements, the less likely we would become aware of it. Also, the risk of not detectillg a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud mav involve deliberate concealment by, for example. forgery or intentional misrepresentations. or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at.. www.frc.or auditor5res nsibilities. This description fom)s part of our auditorfs report. Page 7
The Second Half Foundation Independent auditor report to the Trnstees {continued) For the year ended 5 April 2024 Use of our report This report is made solely to the charit$ trustees. as a bo(ty, in accordance with Part 4 of the Charlties (Accounts and Reports) Regulations 2(K)8. Our audit work has been undertaken so that we might state to the trustees those matters we are required to state to them in an duditorfs report and for no other purpose. To the fullest extent permitted by law, we do not actept or assume responsibility to anyone other than the charity and the trustees as a body, for our audit work, for this report, or for the opinions we have formed. ILP Saffery LLP 71 Queen Victoria Street London EC4V 4B£ Statutory Auditors Date: 12 November 2024 Saffery LLP is eligible to act as an audttor in terms of Sertion 1212 of the Companies Act 2(X)6. Page 8
The Second Half Foundation ststement of financial artivities For the year ended 5 Aprll 2024 Totsl funds 5 Aprll 2024 Total funds 5 April 2023 Income and endowments from: Donation5 Fundraising activities- art sale Other artivities including royalties Investment income 26,798 88,302 350 4.422 87,036 219 822 119,872 88,077 Expenditure on: Fundraising activities Support COSt5 39,796 6,348 42,326 4,714 Charitable activities 50,776 Totsl expenditure 46,144 97,816 Gain5 & L055es from: Net lexpenditurel/ income 73.727 19,7391 Balances brou8ht forward at S April 2023 363.970 373,708 Balances carried foThvard at 5 April 2024 437.697 363,970 The Statement of Financial Attivities includes all gains and losses recognised in the period. All income and expenditure derive5 from continuing activities. All activities are unrestricted. The notes on page5 12 to 14 fom part of these financial statements. P4e9
The second Half Foundation Balance sheet As at 5 Aprll 2024 Note5 2024 2023 Current assets Debtors Cash at bank 4,631 440,046 368,970 444.677 368,970 Current liabilities Creditors: amounts falling due within one year 16,9801 I5,1) Net current assets 437,297 363,970 Total assets less current liabilities 437,697 363,970 Net assets 437,697 363,970 Funds Unrestricted income fund 437,697 363,970 437,697 363,970 The financial statements were approved by the Trustees of The Second Half Foundation on 2024 and signed on its behalf by= Ji Lady Jill Shaw-Ruddock Trustee The notes on pa8es 12 to 14 form part of these financial statements. Page 10
The Second Half Foundation ststement of cash flows For the year ended 5 April 2024 Notes 2024 2023 Cash flows from operating artivities: Net cash provided by/(used in) operoting Ottivities 66.654 110,5611 sh flows from investing activities: Dividends. interests and rents from investments 4,422 822 71.076 19.7391 Change in cash and cash eqvalents in the year 71.076 19,7391 Cash and cash equlvalents at 6 April 2023 368.970 378,708 Cosh and a7sh eguiwlents ot5Apn"12024 440,046 368.970 The notes on pages 12 to 14 form part of these financial statements. Page 11
The Second Half F¢Jund3tion Notes to the financial ststements For the year ended S April 2024 Accountlng polides Basis of accounting The financial statements are prepared under the historical cost convention and in accordance with applicable accounting standards. The financial statements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their account5 in accordante with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211second edition) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102} and the Charitie5 Act 2011. The account5 (financial statements) have been prepared to give a 'true and fairf view and have departed from the Charities {Accounts and Reports) Regulations 2C(18 only to the extent required to provide a 'true and fair vie. This departure has involved following AccountinE and Reportirbg by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 second edition rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from l April 2CK15 which has since been withdrawn. The trust constitutes a public benefit entty a5 defined by FRS 102. Income Investment income is stated on an accruals bas1S. Donation5 are accounted for in the period in which the charity is entitled to receipt and include any associated gift ald. Expenditure Expenditure is included on an accmals basis. Charitable actNities comprise donations made in the year. Support and governance costs Support and governance costs are allocated to the charitable activity as incurred. Govemance costs Governance costs comprise 311 costs invofvingthe publicaccountability of the charity and cost related with statutory requirements. Funds Unrestricted funds - The Income Fund represent5 the balan of income from all sources after deduction of donations and other necessary expenditure. Financial Instruments The Foundation 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. Page 12
The Second Half Foundation Notes to the financial statements {continuedl For the year ended S April 2024 Taxation The Foundation 15 a registered charity and is not liable to United Kingdom income tax or corwration tax on charitable activities. Going concern The trustees have considered the financial posith)n of the charity and consider it a going concern. The accounts have been prepared on this basis. Donations and gifts 2024 2023 Donations received 26.798 26.798 Investment income 2024 2023 Bank interest 4.422 822 4.422 822 Expenditure 2024 2023 Charitsble activities Donations 50,775 50.775 Support costs Accountancyfee Audit fee Administration costs Exchange gains Bank charges 2.420 3.680 1,890 2.760 6,348 4,714 The Foundation has rK) employees12023'. 01. Administrative service5 are provided by the Trustees and their businesses at no cost to the Foundatron. Page 13
The Second Half Foundation Notes to the finala1 statements (continued) Forthe year ended 5 April 2024 During the period no payments were made to any Trustee for their services. During the period expenses were reimbursed to I trustees totalling £46512023: £9271. In 2024 one payment of £nil relates to grants made to an institution {Open Age) for costs incurred in the runnin8 of the Second Half Centre, previousty managed byThe Second Half Foundation12023- £50.7751. Debtors 2024 2023 Accrued income 4,251 4,251 Creditors- amounts falling due within one year 2024 2023 Accruals 5.7(NJ s,0 Trade creditors 1,280 6,980 5,tJ)O Reconclliation of net income to net cash flow from operatlng artivities 2024 2023 Net (expenditurejfincomefvr the year Adjustments for: Dividends and interest from investments Increase/Decrease in debtors IncreaselDecrease in creditors 73,727 19,0391 14.422} 14,6311 1.980 18221 Net cosh generatedfrom opernrfng acti¥itFes 66,654 19,8611 Related party tranCtionS During the year ended 5 April 2024 there wa5 £nil of income from the art exhibition raised from sales to Sir Paul Ruddock12023= £5951. £8,300 from sales to Lady Jill Shaw-Ruddock12023'. £3.0701, and E4.420 from sales to Diane Herlinger12023= £3.0701, who are trustees of the Fovndation. All sales were mède on the same terms as were offed to other attendee5 of the exhibition. Page 14
The Second Half Foundation 7 Lansdowne Walk London WII 3LN Saffery LLP 71 Queen Victoria Street London EC4V 4BE Dear Sirs This representation letter is provided IT] connectton with your audit of the financial statements ofThe Second Half Foundation for the year ended 5 April 2024 for the purpose of expressing an opinion as to whether the financial statements give a true and fair view of the results and financial position of The Second H31f Found2tion in accordance with the Charities Act 2011 and United Kingdom Accounting Stsndards (United "ngdoM GenerallyAccepted Accounting Practice). We confirm thaL to the best ofour knowledge and belief. having made such inquiries as we considered necessary for the purpose of appropriately inforniing ourselve5'. Financlal Statements We have as trustees fulfilled our responsibility, as set out in the tenns of your engagement dated 7 May 2024 for preparing financial ststements in accordance with the Charities Act 2011 and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) which give a true and fair wew of the financial position of the charity as of 5 April 2024 and of the results of its operations and its cash flows for the year then ended and for making accurate representstions to yo The methods, data and significant assumptions used by us in maktngaccounting estimates and their related disclosures are appropriate to achieve recognition. measurement and disclosure that is reasonable in the context of the applicable financial reporting framework We have no plans or intentions that may marerially31ter the carrying value and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial statements. We have disclosed all known artual or possible litigation and daims whose effects should be considered when preparing the financial statements and these have been disclosed in accordance with the requirements of accounting standards. Related party relationships and transartions have been appropriatsly accounted for and disclosed and we are not aware offurther related party matters that require disclosure. All evenis subsequent to the date of the financial statements and which require disclosure or which would materially affect the amounts in the financial ststements have been adjusted or included in the financial statements. The financial statements are free of material misstatements. including omissions.
We confirm that we have assessed the charitys abiliry to continue as a going concern and confirm that the accounts a correctly prepared on a going concern basis for a period of at least twelve months from when the financial ststements are authorised for issue. Inforniation provided All accounting records and relevant information have been made available to you for the purpose of your audit of the financial statements. We have provided to you all other information requested and given unrestricted access to persons within the entity from whom you have deterniined it necessary to obtain audit evidence. All other records and related infornlation including minutes o(all trustee meetings have been made available to you. io. All transactions undertaken by the charity have been recorded in the accounting records and are reflerted in the financial statements. We acknowledge our responsibility for the design, implementation and maintenance of controls to prevent and detect fraud. We have disclosed to you the results of our assessment ol the risk that the financial 5tateFnents may be materially misstated as a result of fraud. We have disclosed to you all inforniation in relation to fraud or susperted fraud that we are aware of and that afferts tbe entity and involves managemenc employees who have a significant role in internal control. or others. where fraud could have a material effert on the financial statements. ii. 12. 13. We have disclosed to you all infonnation in relation to allegations of fraud, or suspected fraud affecting the entitys financial statements communicated by employees. former employees, analysts. regulators OT Others. We have disclosed to you all known instances of non-compliance or suspected non-compliance with laws and regulations whose effects should be considered when preparing financial statements. 14. 15. We confirni that we have disclosed to you the identity of the entity's related parties and all related party relationships and transactions relevant to the charity that we are aware of. 16. The chariry has satisfactory title to all assets. and there are no liens or encumbrances on the assets except for those disclosed in the financial statements. There are no liabilitie5. contingent liabilities or guarantees to third parties other than those disclosed in the financial Statements. 17. 18. Grants and donations All grants. donations and other income, the receipt of which is subjert to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions during the period in the applirdtion of5uch incorne. 19. Legacies and similar sources of assets Notifications oflegacies and similarsources of assets have been monitored, and all such assets have been recognised in accordance with the recommendatt.ons of the SORP on charity reporting. We confirm to the best of our knowledge and belief that the above representations are made on the basis OF enquiries of management and statf with relev3nt knowledge and experienre and, wh¢Te
appropriate, of inspection of supporting documentation sufficient to satisfy ourselves that we can properly make each of the above representations to you. We acknowledge our legal responsibilities regarding disclosure of infornlation to you as auditors and confirni that so far as we are aware. there is no relevant audit information needed byyou in connertion with preparing your audit report of which you are unaware. Each trustee has taken all the steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that you are aware of that inforniation. Yours faithfully Lady Jill Shaw-Ruddock Signed on behalf olthe board of trustees LL
Osaffery 71 Queen Virtoria Street London EC4V4BE *44(0120 78414000 iDfo@saffery.com wwwsaffery.tom The Trustees The Second Half Foundation 7 Lansdowne Walk WII 3LN Our ref CJT/RC/KE 29 Ottober 2024 DearTrustees This letter sets out the key matters from the work thatwe have carried out in respect of our audit of the financial statements ofThe Second Half Foundation {'the Charl] for the year ended 5 April 2024. Audit status and approach Our audit has been carried out in accordance with International Standards on Auditing ('ISAs J IUKJ as adopted bythe FirnClaI Reportingcouncil ('FRC'}. The audit is substantially complete subjert to the following outslanding matters: Post balance sheet review procedures updated to the date ofsigning Receipt of management representation letter Approval oFthe financial statements We expectto issue an unmodified opinion on the ChariWs financial statements. Key audit risks Significant risks During our audit planningwe identified the following significant risks and set outbelow our findings. 2.1.1 Rtsk of material misststement arising from management override of controls. We have reviewed areas of management judgement and ests"mates in the financial statements. Our audit team have reviewed journals posted by the accounts preparation team. We have not identified any insrances of material misstatement arising from managernent overriding controls or the posting ofjournals. 2.1.2 Riskof material misststementarising from revenue recognition. We have performed testi on a sample basis. on auction incorne. to test completeness and accuracy. We have tested to ensure that income complete and is Included in the correct period. We have not identified any material misstatement arising from error5 in revenue recognition. Other significant audit and accounting matters Since 1855 t13
The Trustees 29 October2024 Review ofaccounting policies The financial statements have been prepared in accordance wtth United Kingdom Generally Accepted Accounting Practice CUK GAAV). We have reviewed the accounting policies adopted by the Charity and have found them to be appropriate and applied consistently. 3.1.1 Changes to accounting policies 3.2.1 There have been no changes to accounting policies since the previous period. Accounting for and disclosure of signifiL2nt and unusual transactions 3.3.1 There were no significant and unusual transactions identified. Significant estimares and areas of judgement 3.4.1 There were no significant estimates or areas ofjudgements identifie Financial statement disclosures 3.5.1 We have received a complete draft of the financial statements and have reviewed the document to identify any disclosures which have been missed. All material disclosures, that are required. have been included in the financial ststements. Evaluation of missfatement5 We are required to report any misstatements identified during the course of ouraudit which have not been correrted by managementotherthan those which 3re considered to be'clearly trivial.. This includes misststements in reported amounts, classification, presentation or dTr5closure of reported items whether due to fraud or error. We confirni that there are no identtfied uncorrerted misstatements. Accounting and control systems Throughout the course of our audit work we identified the followln8 deficiencles in internal control which we have concluded are of suffiaent importance to merit being reported to you.. 5.1.1 During the expenses testing it was noted that an invoice to the value of£380 had been paid twice in error. Whilst the amount was subsequendy recovered, it is recommended that once invoices have been paid they are marked 35 such and filed away so that duplicate payments are not made. Auditor independence and objectivity We have complied with the Ethical Standard issued by the FRC and all threats to our independence have been properly addressed through safeguards. This will be Cara Turtington's 13th year as the audit partner thus a second partner review of subjective rnatters has been carried out in order to address the potential familiarity threat due to long associatio Since 1855 2rJ
ThÈTrustee5 29 0(toiEr2024 No additional facts or matters have arisen during the course of the audit that we wish to draw to your attention. We confirni, that in our professional judgemenL we are independent of the Charity and the objectivity of the audit engagement partner and audit stsff is not impaired. We have considered the independence of the firn] and partners. senior managers and managers conducttng the audit. We would like to take this opportunity to thank Mauerite Moran forher assistance during the audit. Yours faithfully ap Saffery LLP Since 1855