## **Folio Prize Trustees' Annual Report 2020** The annual cycle of the Prize was from June to March, when the award is made. This report covers the calendar year 2020, to coincide with our accounting period; as well as addressing the principles and organisation of the Prize, it describes the following specific activity that took place during the year: ## _2020 Operations_ ## _2020 Prize_ - Deciding the shortlist - Shortlist announcement - 2020 Rathbones Folio Sessions - Deciding the winner - Award ceremony (online) ## _2020 Mentorships_ - Selecting mentors - Launching mentorships for 2019/20 ## **1. Aim** ## _i. Overall objectives_ The Rathbones Folio Prize was the first major English language book prize open to writers from around the world. By the end of 2016 it had decided to expand its aim: to celebrate the best work of literature (now including non-ficition), regardless of form or genre, and to bring it to the attention of as many readers as possible. The 2020 prize was the fourth to operate under these new parameters. Two distinctive qualities define the Prize. First, it is a global prize for literature written in English; any work of fiction, non-fiction or poetry published in the UK in a given year is eligible, regardless of the author’s country of origin. Second, the process by which books are selected, considered and finally rewarded is governed by an Academy of writers and critics, who are independent from the founders, sponsors and administrators of the Prize. The Prize has been designed in this way to allow a breadth of writing and opinion to be represented, while encouraging a consistent focus on excellence. The Prize aims to promote reading and an appreciation of literature for the public benefit by selecting and raising the profile of the very best works of fiction and nonfiction published each year. Through its events (‘sessions’), website and other media, it seeks to engage readers and writers throughout the English-speaking world in cultural debate, and in the celebration, sustainment and furtherance of the art of literature. ## **2. Governance** ## _i. The Literature Prize Foundation_ The Folio Prize is managed by the Literature Prize Foundation which is a charity registered in the jurisdiction of England and Wales (charity number 1151069). The charity is also informally known as the Folio Academy Foundation. The Foundation is a body that incorporates the original vision and founding principles of the Prize, whose co-founders are Andrew Kidd and Kate Harvey. In 2020, day-today operations were overseen by Minna Fry, consultant Executive Director, and Asima Qayyum, consultant Administrator, with the mentorships overseen by Ralf Webb. The Foundation is governed by a board of trustees who meet at least twice a year to review the operational, financial and commercial performance of the Prize and to ensure it is fulfilling its duty of public benefit. The Foundation alone has the right to engage staff, either permanent or temporary, to engage contractors for the provision of services, and to enter into any legal contracts on behalf of the Prize. All payments for goods or services are made through the Foundation. All decisions relating to the activities and conduct of the Foundation are made by its trustees. The Foundation works closely with the Sponsor to ensure the harmonious and productive operation of the Prize. It is in the Foundation’s gift to determine the Sponsor, except where an existing Sponsor is exercising its option to renew. ## _ii. The Board_ The trustees re: Cecily Engle (legal advisor) Natasha Fairweather (joined 2017) Kate Harvey (prize co-founder) Andrew Kidd (prize co-founder and Chair) Amy Lashinsky Jonathan Levy (Treasurer) Suzy Lucas Tanya Seghatchian Sandra Taylor ## _iii. The Administration_ The Administration manages the day-to-day running of the Prize. It included two freelance consultants: Minna Fry, the Executive Director, and Asima Qayyum, Prize Administrator. Together, their job it is to facilitate communication between all the parties above, to engage with contractors and to otherwise ensure that tasks are correctly assigned and accomplished. The Development Director and Prize Administrator report to the Board of the Foundation. ## **3. Finances** See separate reporting ## **4. Sponsorship** - _i. Principal sponsor_ In December 2019 a renewed sponsorship agreement was signed with Rathbone Investment Management PLC, with a three year commitment, running through 2022. - _ii. Additional sponsors_ Further contributions in 2020 were secured from a generous grant from Arts Council England. ## **5. Academy** The Folio Academy is a group of individuals drawn from the world of books who have demonstrated a commitment to excellence in fiction. The great majority are writers themselves, and the remainder are literary critics. Many have strong connections to the UK, as the home of the Prize, but a large component is international. The Academy plays a critical role in selecting titles to be considered by the Prize judges, who are drawn from its number. They are also invited to take part in events and campaigns to promote the prize and help fulfill its aims. Academy members are nominated by the Foundation. Invitations are issued by the Foundation and the Executive Director. Existing Academy members are also able to suggest names to the Foundation. There is no fixed size for the Academy. At the launch of the Prize, its membership was in excess of one hundred and has since more than tripled in size – at the time of writing there are 315 members. As the prize evolves, its membership will grow organically, just as members may resign at any time. Members for whom there is a perceived conflict of interest in any given year can recuse themselves from taking part in the nomination or judging process ## **6. Award of the 2020 Prize** The award process consists of three distinct parts. - i. Judges are selected from the Academy. - ii. 60 books are nominated by the Academy for consideration by the judges. An additional 20 books are called in by the judges once they have considered recommendations made by publishers, who are invited to write in on behalf of five titles per imprint. - iii. The judges read the 80 books and produce a shortlist of eight, from which they choose a winner, who receives a cheque for £30,000 Details of parts one and two are recorded in our 2014 Trustees’ Report. The rest of this section will address the process by which the shortlist and winner were decided. - i. _Shortlist and winner_ The judges Paul Farley (chair), Nikita Lalwani and Ross Raisin had 80 titles to consider. The prize administration was deliberately non-prescriptive, stating simply that each judge was expected to read all 80 books and to consider the texts before them purely on their own merit. In early January 2020, the judges met to decide on a longlist of 20 books. In February 2020, the judges met to decide on a shortlist of 8 books, which was announced on at a reception hosted by Rathbones. On 16 March, the judges met via Zoom to decide on a winner. Throughout the process the three judges stuck with great commitment and alacrity to their brief: namely to disregard an author's nationality, ethnicity, gender or life story and to concentrate solely on the quality of the books in question. The freedom afforded them by the prize allowed them to shape the judging process as they saw fit, leading to a rigorous and fair debate. ## **7. 2020 Events** ## _i. Shortlist announcement_ The shortlist was announced by Paul Farley at a reception at Rathbones on 25 February 2020, attended by academy members, media and publishers. The shortlist was: - Fiona Benson: _Vertigo & Ghost_ - Laura Cumming: _On Chapel Sands_ - Sinéad Gleeson: _Constellations_ - James Lasdun: _Victory_ - Ben Lerner: _The Topeka School_ - Valeria Luiselli: _Lost Children Archive_ - Azadeh Moaveni: _Guest House for Young Widows_ - Zadie Smith: _Grand Union_ News of the list was picked up across media in the English-speaking world. ## _ii. The Rathbones Folio Session at the British Library_ Due to the Covid-19 coronavirus pandemic, a series of sessions scheduled for the weekend of 21-22 March 2020 at the British Library was cancelled. ## _iii. The Award Ceremony_ On Monday 23 March, in lieu of an Award Ceremony scheduled to be held at the British Library, the winner of the Prize was announced in a live, ‘virtual ceremony’ on BBC4’s Front Row. Valeria Luiselli was the recipient of the 2020 Rathbones Folio Prize of £30,000 for her novel, _Lost Children Archive_ . The prize win was widely covered in media, in the UK and abroad. ## _iv. Festivals_ Due to the pandemic, all in person festivals scheduled for the year were cancelled. In July 2020, in partnership with the British Library, three Rathbones Folio sessions – ‘How to Write a Book in Your Lunch Hour’ – were held online, featuring Kate Summerscale, Patrick Gale and Raymond Antrobus. ## **8. Partnerships** ## _i. The British Library_ Since the launch of the prize in its original incarnation, in March 2013, the prize's partnership with one of the world's most renowned literary institiutions has been key part of its identity. That relationship continues to deepen and grow year on year. ## _ii. First Story_ In March 2017 a new partnership with the literary charity, First Story, was announced. First Story, founded by former teacher Katie Waldegrave and the writer William Fiennes, brings talented professional writers into over 80 secondary schools serving low-income communities to work with teachers and students to foster creativity and communication skills. The new intiative was to be known as the Rathbones Folio Mentorships, and 2020-1 marked the fourth year of the scheme. ## _iii._ UEA 2020 marked the start of a new partnership with the University of East Anglia, in which the winner or a shortlisted author from the previous year is offered a Rathbones Folio/UEA Fellowship to present a series of workshops and lectures to UEA creative writing students. The inaugural fellow in 2020 was Raymond Antrobus. ## **9. The Rathbones Folio Mentorships** In July 2020, the mentees for third year of the scheme read the work in an online Showcase, held in partnership with First Story and hosted by Arvon. The mentors were Folio Academy members Nikesh Shukla, Alice Jolly, Adam Foulds, Sharlene Teo and Lucy Caldwell. In September 2020, the fourth incarnation of the Rathbones Folio Mentorships was launched. Four of the "most outstanding" First Story students were selected via an application process to be paired with a member of the Folio Academy for one-on-one guidance on a writing project over the course of a school year. The mentors were Folio Academy members Raymond Antrobus, Paul Farley, Rachel Long and Kathryn Maris. The scheme, which has been widely praised, was further supported by a grant from Arts Council England. ## **10. Outcomes** A fourth successful year for the Prize in partnership with its new sponsor, the further establishment of the Rathbones Folio Mentorships and last-minute innovation in the programming of the first ever ‘virtual prize ceremony’ on the same day as the announcement of the first Covid-19 lockdown. The Foundation’s aim – to promote reading and an appreciation of literature for the public benefit by selecting and raising the profile of the very best works of fiction and non-fiction published each year, as well as to generate conversation about and around the ideas that writing, and writers, create – was further enhanced throughout the year. (In March 2020, the charity was a victim of fraud resulting in the loss of funds intended for the Rathbones Folio prize winner, totalling £30,000. The charity has since put in place additional safequarding measures. The charity reported the fraud to both the police and the Charity Commission.) ## **11. Future aims** Despite the challenges presented by the pandemic, the Foundation resolved that 2020 should continue to be a year of further growth, as it exploreed ways to expand the remit of exisiting initiatives while constantly enhancing the profile of the Prize. The ongoing engagment of the PR agency, FMcM (who were deeply involved with the Prize in its first incarnation), continued to be key to this strategy. ## **12. Summary** In the first two years of its existence the Folio Prize built a strong reputation for independence, integrity and a truly collegiate approach, becoming a unique and energetic forum for great writers of fiction to talk about and celebrate their art. By the end of 2016, having met the challenge of revitalizing itself in the wake of the Folio Society’s decision, it redefined its parameters to include non-fiction (and correspondingly invited a new tranche of predominatnly non-ficition writers to join the academy) and secured new sponshorship, the Foundation was in a strong position to set out on a new path. That new path was fully realised over the course of 2020 and solidified, as the Prize and Foundation further established itself as a dynamic and innovative literary charity, underpinned by a belief that great books, and the ideas that underpin them, have the capacity to change lives. REGISTERED CHARITY NUMBER: 1151069 REPORT OF ThE TRUSTEES AND UMAU()tTED FINA14CIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020 FOR THE LrrERATURE PRIZE FOUIIDATION KNOWN AS THE RATHBONES FOUO PRIZE eppards Sude A. 2rKI Fk Kenneity HcwJse 31 Stamford Street Attrintham Cheshiie WA14 1ES THE LtTERATURE PRIZE FOUNDATION KNOIYN AS THE RATHBONES FOLIO PRIZE cop¥rEp¥fs OF THE FINANCIAL STATEMEPtrs FOR THE YEAR ENDED 31ST DECEMBER 2020 Indep•nd•nt Examin•¢s Rèport Balance Sheet Notss to the Financial St¥ten*nts Dtlailtd Slakn*rt of Financial Acti¥it*s THE LrrERATURE PRIZE FOUNDATION KNOWN AS THE RATHBONES FOLIO PRIZE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2020 The trustees present thetr report wtth the fina￿¥al siatements of the chanty fN the year ended 31st De(Em1￿ 2(Y20. Thè trustees have ath¥t&J t￿ w￿lsKIn$ of A(X￿untiThJ and Rwng by Chanties.. statement of Re￿mmended apfvtAe lo tharities preparing ttwr aXX¥unts in accordan(* with the Fin3fKial Rep￿rtiF¥J Stand￿￿ aWK3ble in tt* UK aThJ RerxtrAiG of Ireland IFRS 1021 leffe(the 1 January 2019}. OWECTIVES AND ACnVITIES Objectives and aims The aim of Ihe charty is to brn)g gre8t writi.ng th an enthusiasm for reath"ThJ lo Ihe pubbc. In add￿On to administering the Foho Prtze. it will wort to Conne￿ reader5 wth fKknn frc*n around the wohj, through schcL)Is. Ith￿. bx)k retsilers. unNergbes, the metha. wblL events. ano rts 4y•m website. The FolK* Prtze is the first Ma1￿ E￿J1r&h LaThJuage t￿k pnze cyen to %￿lter5 from ar￿nd Ihe worfd. Its aim is Sim￿e.. to (%￿brate the best of (Mjr Iffi￿. regardless of frxm ￿ genre. and to bTr'rKJ rt to the attention of as m*)y readers as possible. Through The Folio Pryze Academy. an intematK)nal group of people wh) wriie, revi￿ a￿1 delMJhl in ixx)ks. it will d5scover and k¥omote in wriw. erKx)ur4irKJ Fwje to W great tsteralure at the ¢xntre of thetf STRUCTURE, GOVERNANGE AND MANAGEMENT Goveming document Organisab"on. REFERENCE AMD AtthllNISTRATIVE D￿AlLs RegiBtered Charity number 11511￿9 Principal address 45 Linden Avenue Lorlllon NW105RA Ms L Cakler Ms C Engle hhs K Harvey J Levy S PwJe s T SeghalL* Ms A Lashinsky Ms S Lucas In(Wd•nt Examlner Chartes Levirte BA FCA Sheppards Ghartered Acujunlants Suite A, 2nd Fknor Kennedy House 31 Stamford Street Altrintham Cheshire WA14 1ES Page 1 THE LrrERATURE PRIZE FIXINDATION KNOWN AS THE RATHBONES FOL￿ PRIZE REPORT OF THE TRUSTEES FOR THE YEAR EMDED 31ST DECEMBER 2020 Approved by or(ler of the tx)ard oftrustees on 261h Odthr 2022 and sunaj on ts behaw by." A Ki(kl. Twst P•3e 2 INDEPENDEMT EXAMINEifs REPORT TO THE TrUSTEES OF THE LITERATURE PRIZE FOUNOATION I report to the tharty ITustees on my examination of the *yx¥Jnts of The Literatufe Prize F￿1ndat￿)n lthe Tfust) the year ended 31st December 2020. Responsibilitiès and basis ot report As the charty trustees of thè Trust yw are resp￿sitIe thE ￿eparat￿ of tr￿ ac£ounts ￿ &X)Y(lan￿ with the requirements ol the ChwrfiesAL# 2011 (the Ad) I report in re4)ed of my examinatic￿ of the Tr[￿S aXOLmts (xNied out undei sect*)n 145 of the Act and in carrying out my eXamina1X￿ I l)ave am gtven by the Charity Commission undef section 14515llbl of the ALI. Ind•pBndentexamin8es slalery* I have oyll￿eted my examinat￿. I that rl) matwd matters ha￿ to my altenkn in CL)nnection wth the examinatyy) giwng rause to that ￿ any mthhal resFed'. a￿o￿n￿.￿g re￿9rd$ wete not kept in resk*Ct of ihe Trust as wu¥ed by sect*Jn 130 ofthe Act.. or the a(xx)un15 do ao)yd wth Ihose re￿r11S.. Of the a(*xJunts (lo not crynpty with the appI￿a￿e req￿reMentS (￿c•m1ng Ihe f(xm and contènt of arzounts set wt in the Chwilaes IAo*unts and ReFtJrtsl RegLdations 2(K)8 ¢)thÈr than any requ1￿Ment that the aC￿Urts a true arwj fw'r is a matter ¢X￿sKI*red as part of an Indepen(lent examinaliw. attentioft shcAJhJ LE in this resth in cKder to enat4e a proper undwslaThJirvJ of Ihe acojunts to be Charfes LÈwne 8A F Sheppafds Chartered Aco)untants Suite A. 2nd Floor Kennedy House 31 Slamfofd Street Attrincham Cheshire WA14 IES 26th 0￿(thr 2022 THE LITERATURE PRIZE FOUNDAMON PA KNOWN AS THE RATHBONES FOLIO PRIZE STATEMENT OF FINAHCIAL ACTMTIES FOR THE YEAR ENDED 31ST DECEMBER 2020 2W20 Total 2019 Total fvThYs UnrestrKled Restn"&ed fu Notes INCOME AND ENDOIIMENTS FRI)M 193.(f39 14.676 207.TT5 179.949 EXPENDITURE ON Raisiro lunds Charitsble acti¥rtfies Evenis and athI￿es Acadetny sessK>ns 157,1XI 22.756 179,886 182.651 1.487 471 Total 1PA.430 22.7SS 189.186 187,657 NET INCOMEIIEXPENorruREI 26.669 18.0801 18.589 (7.7081 Trnnsfvrn b•tth*•n fund8 13.5271 3.527 Net movement in fimds 23.142 14.5531 18.589 fl,7081 RECONCIUATION OF FUNDS Totsl funds brought forwz 24.139 28.692 TOTAL FUNDS CARRIED FORWARD 47281 47.281 28,692 PwJe 4 THE LTfERATURE PRIZE FOUNDATION K140WN AS THE RAThBONES FOLK) pR￿E BALANCE SHEET 31ST DECEMBER 2020 2￿20 2019 CURRENT ASSErs Debtors Gash at bank 170 57.911 171 30,021 58.081 30.192 CREtMTORS ArYK)unts falling ¢Jue wthin one (lo.8￿) 11.5C(11 MET CURRENT ASSErs 47.281 28.692 TOTAL ASSETS LESS CURRENT UABILMES 47,281 28,&J2 NET ASSETS 47.281 28.692 FUNDS Unr8strid8d funds Restn"(*ed funds 47.281 24.139 4.553 TOTAL FUNDS 47.281 28.692 The finanaal statefflents We￿ aFwved by the Board of TFUStees autr￿ for issue on 26th October 2022 aThJ wwe stgned on rts behalf by.. A K*￿. Trust note5 part ofthese firAMial ststernents Pagè 5 THE LITERATURE PRIZE FOUNDAMON KNOWN AS THE RATH80NES FOLIO PRIZE NOTES TO THE FINANCIAL STATEIAEKrs FOR THE YEAR ENDED 31ST DEC&MBER 2020 ACCOUNTING POUCIES Basis of prtparing financial stalem The finanoal slatements of the charrty. vkni(* is a wblic twefft entity under FRS 102. have been prepareij tn a[X￿r￿ the Charii*s SORP {FRS 11fl 'A(xx)untiro and RerM)rting by Charit'es.. Slatefflenl of Re(x)mm￿ded Practice apFIM?ble lo charrties preparing th&T ao))unts In acurdan with the Finanryal Reportr"ng Standarrj apF4uble in the UK aThJ Republ￿ ol I￿land IFRS 1021 leffectNe 1 January 20191., Financial RerKJrting Standard 102 The Finanryal Re[jo￿.n9 Standard appli(3L4e in the UK and Repu￿￿ of Ireland, and Charibes Ad 2011. The finafvial state￿￿ntS have been prewed underthe hJStQ￿X1 Ixtst conventm. Income l income is reoywl in thè statem￿ of FinanuJ Or￿ the c*arty has enti1th￿nt lo the nds. r( is wobable that the I[￿1￿ be the an¢ymi ian be meagjred reliably. Expenditu Lk3bilit*S afe rec03n￿ed as expwKJitwe as sixM as there is a legal or ot￿Tr38t￿n mmrttsn9 Ihè charity to thal exFendrture. rt is probab￿ Ihat a transfer ol eu)rK)ffl￿ benefrts will be requwed In selllen￿th ar￿ the arrM)unt of the ob1val￿ ran be rT*3SU￿d ￿l￿ty. ExpeThYtture is accounted for on an ￿￿81$ ba%s aTh1 t￿$ been da55TfiwJ undef headiTrJs Ihat aggregate all cost related to the a4teg0ry. ￿ere ¢x)sts ¢>nTh)t be th'reth attnbuteij to Part￿L￿r heathngs they have been alh)cated to on a ba￿S CA}￿Stent vriih ts use of res￿rCeS. Taxalion The chanty is exempl from tax t*arilabbe acthilks. Fund a￿oUntIry UnfestMAed funds can ￿ used in M¥daTr￿ wth the (*wrtabk ot•es at the distre1K￿ of the trustees. ReStr￿t￿)nS arise when sF*ofied by Ihe dcmr ￿ when furKls are ratsed lor partKxJlai tÈstricted purposes TRUSTEES. REMUMERATION AND BENEFITS There were no inJstees' reyrtuneralw)n cff Olher bwEfits for Ihe y er*Jed 31st Dec*mber 2020 nor for Ihe year ended 31st December 2019. There were no trustees. exFeWS PaKI fot the year eThJed 31st 2ff20 for Ihe year ended 31st Decemtjer 2019. Page 6 ojnb"nued... THE LITERAlliRE PRIZE FOUMDATION KNOWN AS THE RATHBONES FOLK) PRIZE NOTES TO THE FIMANCIAL STATEMElItS- continued FOR THE YEAR ENDEO 31ST DECEMBER 2020 DEBTORS.. AAK>ui¥fs FALUMG DUE WtrHIII ONE YEAR 2￿20 2019 Other debtw 171 CREDITORS: AklOUP4TS FALUNG DUE wrrHIN ONE YEAR 2020 2019 10.8 ANALYSIS OF ASSETS B￿EEN FUIIDS 2020 Total fijnds 2019 Total funds unrestr&￿ed R•stricted fuThJ Current assets Currènl 1iabiknb.es 58.081 110.8CK)I 58.081 110,8(K)I 30,192 11,5(K)) 47,281 47.281 28.692 Ats)VEMENT IN FUNDS Transfers Al 31112120 At 111r20 lunds lunds Unrestricted funds General fvnd 24,139 26.e69 13.527) 47.281 Restiicted fvrid (8.CWJI 3.527 TOTAL FUNDS 28,692 18.$89 47.281 It￿11n9 Rvscmjrces Movement rÈsouw eXp￿delI in fvnds Unrestricted funds General fund 193.093 {1&%.430) R•strlcted funds RestKI￿j furKJ 14.676 I22.7￿) (8.0801 TOTAL FUNDS 207.775 1189,1861 18.589 Page 7 THE LtTERATURE PRIZE FOUNDATION KNOWII AS THE RATHBONES FOLIO PRIZE NOTES TO THE FINANCIAL STATEMENTS. continu•d FOR THE YEAR ENDED 31ST OECEMBER 2020 MOVEMENT IN FUNDS - contin￿￿ Compavatr4fes formovem¢nt in lunds Net At 31112119 At111119 in turx Unrestricted funds General fund 26.647 12.5081 24,139 Restricted fijnds Restrictéd fund 9,753 15.2CQ} 4.553 TOTAL FUNDS I7.7￿) 28,6￿￿ Ir￿mIng Resources Èxpèndad Movement in funds Unrntrict￿ funds General lund 1￿.49) {169.(X)7) 12.5081 Restricted funds Restl￿ted fuThl 13.450 {18,69)) 15.2CQI TOTAL FUNOS 179.949 1187.6571 17.7081 RELATED PARTY DISCLOSiIRES FRAUD In March 2020. the charFty was a vklim of frdud resulting in Ihe kjss of fvnds intended for the RathbOr￿ Fol￿ wnnw. totslh.ng £￿.{￿￿1. The thanty has sirtt put in pl* addrtional safeguardjng ffeasures. The (*arty has rep(xted the fraud to t*)th the pc*e ano Ihe Chwity C(wnm*ion. PaJe 8 INDEPENDEMT EXAMINEifs REPORT TO THE TrUSTEES OF THE LITERATURE PRIZE FOUNOATION I report to the tharty ITustees on my examination of the *yx¥Jnts of The Literatufe Prize F￿1ndat￿)n lthe Tfust) the year ended 31st December 2020. Responsibilitiès and basis ot report As the charty trustees of thè Trust yw are resp￿sitIe thE ￿eparat￿ of tr￿ ac£ounts ￿ &X)Y(lan￿ with the requirements ol the ChwrfiesAL# 2011 (the Ad) I report in re4)ed of my examinatic￿ of the Tr[￿S aXOLmts (xNied out undei sect*)n 145 of the Act and in carrying out my eXamina1X￿ I l)ave am gtven by the Charity Commission undef section 14515llbl of the ALI. Ind•pBndentexamin8es slalery* I have oyll￿eted my examinat￿. I that rl) matwd matters ha￿ to my altenkn in CL)nnection wth the examinatyy) giwng rause to that ￿ any mthhal resFed'. a￿o￿n￿.￿g re￿9rd$ wete not kept in resk*Ct of ihe Trust as wu¥ed by sect*Jn 130 ofthe Act.. or the a(xx)un15 do ao)yd wth Ihose re￿r11S.. Of the a(*xJunts (lo not crynpty with the appI￿a￿e req￿reMentS (￿c•m1ng Ihe f(xm and contènt of arzounts set wt in the Chwilaes IAo*unts and ReFtJrtsl RegLdations 2(K)8 ¢)thÈr than any requ1￿Ment that the aC￿Urts a true arwj fw'r is a matter ¢X￿sKI*red as part of an Indepen(lent examinaliw. attentioft shcAJhJ LE in this resth in cKder to enat4e a proper undwslaThJirvJ of Ihe acojunts to be Charfes LÈwne 8A F Sheppafds Chartered Aco)untants Suite A. 2nd Floor Kennedy House 31 Slamfofd Street Attrincham Cheshire WA14 IES 26th 0￿(thr 2022