THE HOLLOWAY FOUNDATION Audited Trust Accounts For the Year Ended 31 March 2024 THE HOLLOWAY FOUNDATtON Index Page T￿￿te5. Report Balantt Sheet 5taEetnentof Financial Activitie$ Statvment of Cath Flows No￿5 to the Account &8 tndyndent Attditvr's Report 9-11 THE HOLLOWAY FOUNDATION TTU8tee5' RepDrt 11)e tntstEes present their annual report tsnd the Accounts of the charity fur the year ended 31 Marth2024. The Accounts havcbeen PTeparod in 2c¢i)rdanre with the accounting polici& set out in noEe i to the A￿(￿]nts at Comply with the Chantv'q trustdeed, the Charihes Act 2011 and Accountins and Rcportingby Charitios.. Statement OÉ Recommendod Prachte 201Y applicable li) charihes preparing their Accounts in accordance with the Financial Reportins Standard IFRSI applicable in theUK and Republic of Ireland published In Ottober 2019. Legal and Adminisltative Inforn?¥tlon Settlor Charlvtshlithael Holloway Trustees Christine Browti Pxers CTrristian Edward WiLson Registered Charity Numbet 1182252 Re￿Stered Ottice 51 Tweedy Road Brornlry Keni BRI 3NH Solicitors Browns Solicitors 51 Twttdy Road Bromley Kent BRI 3NH Auditots MST Mohammed BA,FCA Couch Bright Kin% & Co 2 Tolherst Couri Turkey Mill Business Park Ashford Road -Nlaidstono Kent ME14 55F Structrure, Govemanie and Management The Holluwdy Foundation was credted by Deed dated 14 Ntrvernber 2018 with an initial settled of L3,(KMJ, cash. Funds have IEen added *nce that daiein the form of gifts of inve5trnents (shares in quoted Companies) and cath. Appointment of T￿￿lee5 and dthritF OTganisalion The Charity As managed by the tr¥stces who dre aPpn1n￿d uftder the temis OE the trustdeed. Financkal rÈview ]na)mins resources t(>talled £5.085,6bI120￿.. C9.867). The Trns*L5' aresatisfied with tho linanciai positinn of thE Charity and a)nfiTtn that they hkve adw4uate assets available to fvlhl theiroblisations. Objeclives and Adiyities The Charity's fvnds are to be uS￿d for the advantetnont, forthe benelitof thepublic, of the art5, le5pecially the perflirming arlsl. the education, trajning and development of students of the arts and such othercharitable Purposes innected with the arts or otherwiseas the ttmstee5 fmm bme to lime think fil. The Charity is a general charitable tntst and may ocrasionally make grants ot a seneral nature, maEnly to otherUK re8i$tered charilies. The primary objective of the trustees is to pry>wde grants tu other Charitableorsani5ations, with the airn of supporlins theni through larse capital inve%rment projects, where the trustee5 lend to make a to hvevear eommitmeni. In addihow the trustees of the Foundation vy muth c1)n￿n￿ate on providiiw 5cholaTships for5￿dents which can indude bU￿a￿e5, and which are within the perforrnin8 aTts arena. THE HOLLOWAY FOUNDATION Tiustees, Report AthievethoTrts and Perforniance Durin8 the year FuundalioThawardvd Six new d(rt)atiQ￿12O23= no d(mation31 in line with its chaEitable objEctives. One pyment made during the period related torn￿11-Year donation commitTnenls thai had approved in pyevio years. The Foundation remains o)mmitted lo ils obivctives and cOnt￿u￿5 to rnana8e and ￿lfil its existing fvnding commiknents rebFrt)rt4ibly. ch￿ity'S Public Benefit The trustees have ffliSUTed Ihar all activities throughout the peiiod have i￿￿ for the public benefit. This ts evidentyd by the donalior6 made or committed to Charities tvtalling£l,985,(KI)12023 £01. The trustees £onfirm that they have referred to the guidancc contained in the Charity Comtni5sion's general 8uidance on PLLblic benefit when ￿VIeWin¥ the Charity's aims and objectives and in plannin8 activitie5. Reserves Policy and Risk Manasernenl The trub'tees, polLCy IS to rnaintain enough reserves forcornmitmet)ts made and to cvntinue supwrt of anumbtr of organisation5 Dver several yoarq. The overall inve5tmvnt PDliry is tL)achieve a balanttd rcturn of income and capital growth at mLxiium risk. trustoo% have considered what Tisk5 the Charity faces a￿￿ believe these tobe fraud and pxyinvesbnent pPTfoT[nan￿. The trnstets will tontinue lo monit4)r the adequa4ry of the systems in place to mitigatethese. TmJ$tee$ re8ponsRbllitieg in relation to the A¢¢ounts The Cl￿rity trustees are resp(wible IDr pryarm8 a trust￿, annual report and Accounts in ac(ordante with applicablc law and United Kingdom Accounhng Stsndards (United Kingdom Generally AcTrpted Accounting Practyttl. The law applicable to charitie5 in Ensland and Walc5 require8 the truS(QL￿ to prepare Accounts for eath year which give a true and fair view of the State oFa((aits of Charity and of the tntomins resources and applicalioft of resources of the Charity for that year. In preparing the Accounts the trvstets are rquired to.. . seleot suitable aceountiTr8 policies and then apply them consistently,. . observè the method5 and principles in the applicable Charities ￿RP. make1Udge￿ents and ebtiTnatos that reasonable and prudent,. prepare the Actounts on the soing concem basi5 uniesb It is 2nappropriate l(Tr prsume that the Charity will thntmue in busine5S. ThL' trustees are responsible for keepin8 PToper accountinsTr relvrds that disclose with reasonable acawacy al any time the fitianaal position the f.haTity and loenable them io a)sure that the Atcountq comply with iFe C.harilies Act 201J, the appltcitble Charibes IAtcounts and RewrLs1 Rebwlations and the provtsion5 01 thv TtU51 D￿d. TTr*y are also Tesponsibl¥ fc)T safeguarding a￿ets of the Charity and taking reas()nable sleps for thv prevention and detfftion of fraud and L%her irresularities. L4rgWn IF. ay 2= 2ty2b 1524-3T tsPaT+ Approved by Chrishnc Brown on For and on tehalfof the'Iruslees 22105126 THE HOLLOWAY FOUNDATION Balance Sheet as at 31 March 2024 Ntste 2024 ZQ23 Fixed Asse18 Invc5trnents atmarkel value 5.808,7&8.00 122Y,662.00 5.80B,788.00 2229,662.00 Current Assets Cash 186,285.98 67.118. Debtors 6,405.78 202,691.76 407.17 67,525.67 Credltors Amounts falling due withfft (meyear Net ￿rrent a&8ets.IOiabititiesl ,BUD.(X) 3￿,000.0 11%.108.241 5hll679.76 (329,474.331 1,9W,187.67 Creditot& Amounts falling 3ftv.r MO￿ than one year Total assets less liabili*ie$ io 5(X),000.00 5,112,679.76 I,￿o,187.&7 Represented by.. Funds UnTf5tricled Funds li 5,112.679.76 1,9tK),187.67 Ti)lal Charity Funds 5,112k79.76 1,9m,187.67 The h"nancial statements" were approved and auihorised for is5ueby the ￿ard on 22105126 I￿135 Q.2ti2D 15.2*..31 G￿7*1) Thristine Brown For and on behalf of theTn]slee5 THE HOLLOWAY FOUNDATION Statement of Financial Activities for the year ended 31 March 2024 2024 Unrvtricted Fund 2023 Unrestrirted Fund Note Income JJ)vcslment income (Jilts. and donations re￿)Ved 85,681.37 5.(￿.0(￿).l 79.86742 Total lrtcorne s￿5,681.57 79￿67.4z ExpendxtutE Cost of raisins fLtnds'. Investrnent management f Crf)vem*n£e Costs" EXp￿)dit￿re on Charitable kntivities Total E¥penditllT 24.969.81 26,800.00 I,985,0￿.[￿) 1036.769.81 20.505.53 4.FJJ). 15,105.53 Net Jncome beforc Cain.4 dnd Losses 3￿48.911￿6 5L761.B9 Net Ga1rL8IIiA)5￿SI m inveslments Realiseil Movement unreali&ed GainsllLossesl Net Movement in Funds in tho Year 9.989.63 1&3.5lJ).g0 3212,492.09 12.712.55 1136,121.Cfjl 168,646.611 At 31 Marth 2023 NL*Tnovemeni 01￿$0Ur￿s in the yeat At31 March 2024 1.9(K),187.67 3,212,492.09 5,112,679.76 I.968￿34.28 168,646.611 1,9(M),187.67 li The Statement of financial aLtivibes indud(LF all gains and losses recO￿l-*d in theyear. All income and Expendi￿re dersve (rom continuinA activities. THE HOLLOWAY FOUNDATION Statement of Cash Flaws for the year ended 31 l¥farth 2024 Ye*T ended 31 March 2024 Yearended 31 March 2fr13 Note Cash flow& frorn operatln8 atttvities Cash Xenerated Erom IlabsorL*d by) operations (klow) 3.449.￿j1￿8 15rA,308.971 Cash flow5 from inve5trnent adivities Dividends and intetesl from inve.%tmeftts Pmcepds of sales Irom investments Cost inve%kntnts Net cash used invebbng activities Chan%e in tssh in theyear 85.681.37 873,121.97 1<288,667.441 79.Pkn7.42 684,443.B6 Il31462.361 3,32Y,864.101 119,167.48 331,848.92 I172,4￿.05) Cash atbesinning ol year 67.118.50 239,578.55 Cash at end of year 18fi,285.98 67.11850 Reconciliation of n¢t movement in funds to net tash flow from operating activxlies Year endtd 31 Marth 2024 Ye3T ended 31 Match 2023 Net movemefti Ènfunds (Jncreasell de(Tease tn debt(￿, Increase I(decrea￿l in creditors {Ciainslm(R?*S on investments Dividend5 and int¥￿$1 fvotn ll1ve51m￿￿s Nd cash used in upprahns activitiL 3.211492.09 115.9)8.611 5UI.800.(KI 11&3,580.531 (115,681.3 3,449.03l.58 1&8,646.61) I￿.44} 1478,8(K).IK)I 123,40850 179.867.421 (504,3LB.97) THE HOLLOWAY FOUNDATION Notes to the Accounts lor the Year ended 31 March 2024 l. Prtncipal Ardan￿ With the particu]ar accounting polioe5 described below. al General Information and Basis ol Accwntins The Holloway Foundation is a gelleral dwritable Inr51. The objertives aTe the advancemen¥ for the bene£it of the public, i)f the arts, especially the perfomiing ttrts, the ￿￿tatiOn, trainin8 and devElopment of students uf the aTts, and suth i)theT charitable PLtrposes connccted with the arts or OtheTh￿se as the trl￿tlES frum time to time think fit. The address of the re8iStercd offitt is &ven in tho Faundation infollnalion on pa8e l i)f these tinancial statements. The Aecounb. havebeen preparcd in accordancewith Accounting and Reporting by chariti￿.. 5131emeni of Recommended prarti￿ applicable tocharities preparing their Accounts in accordan￿ Wllh the Ftnancial Reporting Standard applicable in the UK and theRopublic of Iteland i&sued in O(tober 2019, the Financial Repartin8 Standard pplicable in the United Kingdom and Republic of Irelandl FRSIQ21, tht Charities Act 2011 and UK Generally Accepted Accouftiing Practi￿. The Acrounts have also been prepared under the hLStoIicai (y)8tconventionexceptfor investments which havebEen included at market value_ The Charity cTrll5titule% a ￿1b]icbene[1I entity as defined by FRS102. The thjstees consider there aro no rnaterial ncertainties a￿ut the Charity'5 dbility to conhnue a5 a Koing concern. Tr* AccDunts are presented in SteTlin8 which is the EufteLioKHi L￿rrencY of the Charity. bl knyeStD￿￿ and lttvestment Incon)e Quvted lixed investments are stated al mid-marktt value at the Balantt Shcetdate. Inve51ment income is credited lo the Unrestricled Fund when Teceivable. All gains and 10s5e5 are tskert to the Statementof Financial Attivittes a6 they aiise. Realised Kains and li)sse5 DIi investments are raleulated as the difference between sale proceeds and openins wnaTkel value (purchase date illaterl. Unrealised sains and losses aTeealculatcd as the differ￿trbetwee￿ the mdrkvl value al the year end and uFEning market value lorpuTcha5e dale if latetl. Dwialed InV￿tMents are recorded at valuation at the bme of thc donation. Irl Foreign Currethcles A55eLs and liabilities in other ￿L￿rencIeS at ¢h¥ BalanTr Sheet daleare translated into ster]ing at Ihc rate rulins on that dale. l-ransarti(Jns duTtn8 the year have been tran51atd into sterlins at the Tate rubng on the date of the transactiim. Exchange difIe￿nCeS ari5ins durin8 the year are dealt with tFLt Unrestiicted Fund via thestatement of Financial Adivities. Id) Incoming Funds Do1￿110nS re￿1v￿d frorn the Sett]or are ctedited to the Unresrritttd Fund whenre¢eivÈd. Other donations are credited tu the relevant Fund when received. Investment income, togÈtherwith any as5ocia￿d lax wayment is credited to the relevant Fund whEn ￿e￿1vable. lel Charitable A¢hvT*ies Charitable donations are recosnised a8 ]eSDUTces expersded as soun as there is a le8al or constructlve iknllgation commitbng the thartty to the exPendI￿re. lfi Governan¢e Co$ts Governa[￿ costs cu]npri5e ail costs involving the public atcountability ol the Foundation and Its tornplian￿ with re8ulations and 8Otxl Practi￿ and are ittdusiveof ir¥ecoverable VAT. These ¢05Ls a150 include C0S15 related to the Auditor's fee Restricied FundB Donations rectived f()r a spe¢ific purpthbe are Separately identilted toensurc that they aJespent as the donorintended. Therp We￿ no restricted in this year. THE HOLlnWAY FOUNDATION Notes to the AccDunts for the Yearended 31 March 2024 Ihl Debtors aftd cttdl1o￿ receivablelpayable within (￿e year Debtors and creditor5 with no ilalEd interest rale and rettivable or payable within one ycaT are recorded at transaction PriLÈ. Any 1058es arisin8 from impairmEDI aTe recognised in expemditUTe. 2. Infonnatiott regard?nsTmstees Noneof the trustees reteived remunerat￿7 orexpeJLses durins the year. 3. Investment and Otherlntome 2ts24 2023 Income from UK Listed and other ￿￿rItieS Inleresi received- Barclays Interest recelved. Rathbone5 65,740.61 O.Ik 19,940.65 ,681.37 78,790.78 o.oi 1,076.63 79,867 42 4. Gifts and donaliong received Unregtricted bunds 2024 Charl(s Holloway-cash 5,(KJD,MO.00 S,0￿,(M)U.￿ Gifi$ dnd donations rtecived from theSettlor are without (onditi¢>ns. 5. Donations to Charitable Institstlott$ From Unrestricted Funds Charitable Donation5 The Theatre Birmingh&m R¢>yal B3llet Chichester Feslival Theatre Ensli.4h National Ballel GlTrmdEbcwrne Productions Ltd Knyal Shake.4FEare Company 2024 2023 470,mO.()O 150,NO.00 i.io,000.00 I,(￿,{m)n.CM) 25,(M.IK> I90.(￿. 1,985,0(M). 6. Goven&ntt Cosls 2U24 2023 Legal fo AudttaTS' Éoes Indo[￿d￿l ExpmineI5 lee5 AttountanLT Feos 18,000. 6,300.00 2,400.00 2,200.00 4,frfJO.tx) 2,500.IKI 26,800. 7. Investrnents Ilsted on a reco8nised Stvck Exrh•nse 2024 2013 Market Value brought foLward Adaiti¢)ns 2,229,662.LX) 1605.052.(NJ 4,288,667.44 431462. 6,518,329.44 3,037,.E14.36 1873,121.9I 1684,443 861 9,989.63 12,712.55 153,590.90 <136.121.051 5,808,788. 2,22Y,fx42. Di5pisal prucL*ds Realised GaillllLth£sl Unrealised GaiThl(L(￿l Marktt Value canied fotward Histwiccostof investments S,4￿,5¥JI50 1046,244.19 THE HOLLOWAY FOUNDATION Notes to the Accounts forthe Year ended 31 March 2024 Cash 2023 Barclays PIC RathboThes-caw"tai Rathbo￿￿]ncOme 1&68 165,480.26 20,789.04 186,285.98 16.57 51592.28 1450Y.65 67,ll8. 8. Debtors 1024 2013 Rithbnnes dysil interesE 16,405.78 16,405.78 407.17 407.17 9. Creditors Arnounts falling duc within one year Legal fees Chichestcr Festival Theatre Eng￿5h Natiunal Ballet Auditor's fees Independenl Examinet'& fee5 ACcoUnt￿llY fees 2024 I8Ji(M).IK) y),000.uo 3￿,0[K>.￿o li6(n.00 7,￿￿.00 11,000.00 398%00. 375.(XM).LK) 6,3UO.(M) 7,2m 8,5txJ.I 397,(KK).IH) As at 31 March 2024, there wereno capital commitmEnts, cvntingent liabilities or other Rnanctal c(rtnmitments for whith Eu]I proviston hos not}￿Th malle in t￿t linanaal 5talemenJts'. 10. Creditots Amounts fallin8 due ￿ter more than olle year 2￿14 2023 Chichester Feytival Theatre The Bush Theatr English National Ballet .50,000. t50,0(KJ. 300,CX)O.00 5W,NO.00 Movejnent in (￿ndin&COMmItMents Current Liabilitle& Non-curyent Liabilities Total o￿ning balance at l April 2a21 Cornmttmpnts made dutin8 the year Movement frorn non-cutrenl Loatrrenl year Amounts paid dunn8 theyear Closing balance at 31 March Z(r24 375,000.00 IA85,(M)O.00 375.000.00 I.LKIO.00 1,985,000.00 11.510,0(KJ.ODI 350,0￿.(K) 11,ilO,O(X).iXII 850,0￿.[￿j )0,0￿.[ 11. Fvnd Movements At 31 March 2(Y23 A131 Mateh 2024 MovcmÈnt Unrestrioted Funds 1,9)0,187.67 I.￿O,187.67 s,085,6￿137 5,(KS,68137 1,873,189.28 3212,492.(13 5,112.679.76 1,873,189.28 3,212,492.(YJ 5,112,679.76 12. Related paty transartion5 Dvndti(>n5 of £5,0￿,oLljl2￿25..£ni1j were retsvtd lry>m the Settlor, withaut conditions. llie tharity JciE5 noi have a reiatiLmship with any othcr charity or organisation* None ol the Truhtee5 re￿)Ved any Temuneration or reimbursL¥i expenses a8 Twstee during the period. Independent auditorfs report lo the Trnstees of The Holloway Foundation Opinion Wt have auditea the liftafttial slatetnents ofThe Holloway Fi>undation I'the charity") for the Year￿ded 31 March ￿24 which comprise., the5taleJnent uf fi'nancidl adiwties,. thebalance 5heel.' the cash flow $laternenl and the rela￿d Noles I lo 12. The financial reporlins frarnework that has beeTr applied ift their preparation is applicablelaw and United Kingdom Aetounting Standards, indudin8 Financial Rep(>Thn8 Standard IU2 The Financial ReporDn8 Standard applicable in the UK end Republicof Ireland (United Kingdom c￿eTaI]Y Accepted A¢LY>unting Prdcticel. InouT opinÈon, the financial statements.. give a true and fairvtew of the state of the charity'5 affaiT% as It 31 Marth 21>24 and of its incoming rcwurtrs and application of resources; includin8 its income and PXFenditure. lor the yeoT then ended,. havebeth prupetly prepared in8cv)rdantt with United Kingdom Generally Accepted Accountinx Practice," and ' have been prepared irt accvrdaneg with the requirements ot Charitios Aet 2011. Basis loropinion We conducled nuraudit in actijrdantr with Jntemational Standards wi AuditinK IUKI (ISA5 IUKII a[￿ applicable law. Our re5ponsibililies under those standards are fvriher described in the auditor ttsponsibilities for the audit ol the financial stalernents se£tii)n ol OUT f¥purt. We are indeE￿dent of the charity accordance with the ethical uirements that are ttlevanl L(iour audit OÉ the finanaal stalejnenls in the UK, includins the FRCY Ethical Standard, and we have fulfilled our other Ethical ie5pon5ibilitiesin accordan￿ with t￿8¥ reqUITe￿￿￿t5. We believe that Ihe audit evidencewe have oblained is bvfficieot and appropriate to provide a ba5ib for vur LTrpiiiii>n. Con¢lusiolls relatRn8 to 80in8 concern Jn audiknns the Financial statemetils, WE have ioncluded that the ttU5teE5' use of the goins concern basis of accounting in tho PToparation of the linancial statements Ès appropryatr. Based on the work wc have pQrfarn￿d, we have nol identihed any matertal unfertaintiE5 Telatins toevents or ￿ndIti¢>n$ that, individually 01 collettively, miy cast si￿7￿C8n1 do%Jbt on the charity's ability to continue ab Q 8Dill8 cOnl￿r￿ fora period d at least twelve months Irom when the linancial statements are authori.sed for i&%ue. Our responsibi]itie5 and the responsibilitiesof tho tnjstees with respect lo goins coMern are descriErd in the relevant se(tionsoÉ this trporl. OtherinfoTmalion The other inforniati¢)n comprise8 the informaknon included in the tn]s(ees' annual reP￿rt (rthpT than the finanaal statL'nents and our auditor's report tt*rcoEL The trustees are responsible for the other inlomiatii)nconlained within the trub'tcLs' report. Our opinion on the financial statements d(*s not Cover the other inEormahon and we do not express any Etsrm uf absurancewnclu5ion therethL OUT re5pomsibilily is to read the otheT infonnationaftd, in doing so, consider whether the other inforniaknon is ma￿rIallY inconsistentwith the llnancial staternEnts or ourk)wwled8e obtairtÈd in the course of the mdi¢ or otherwi.se appears to matenally mis5taied. Il we identify such ￿aterial ￿cOnsIS￿￿eS or apparcnt material rni$5tateTnents. we aft rE4uired lo determine whether thib gives rise toa material misstatement in the (mancial $taternenLs or a Ma￿la1 misstatement of the other infomiatiun. If, based on thework we have PLrfor]ned. we conclude that theto is a materiat misstatement of this (rther informatioffj we f4UiTed to reporl that lact. We have nothing to report in this resard. Independent auditor's report to the Trustees OE The Holloway Foundation Matter8 ott whifh we are required to report by exceptlom We have nothin8 to report in re￿Fect o( the follLbwing matters in relation lo which the CharitiEb (Acrounts ar￿ Reports) Regulations 2(M)8 require us to report to you if, in our opinion, the iiiformation given in tnjstees, reportiSittCOnSiStent any mateTial respect with the fit￿ncIal statemenl.s," or sufficient accounting records havenol been kept.. or the tinanoal statements are not in a￿eeMent witli the accounting retDrd%," or we havenot rocoived all the infoTTnation txplanations we require £or our audit. Resportsibilities 0£ tru$tees As explained rn¢)re fully in theTtysiees' Responsibiliti￿ Statement set ()ut on pa8e2, the Trustees are Twonsible for the prpparatii>n of the linancial 5tatenients and forbeinssaiisfipd that they SEV￿ a true and fair VAew, and forsuch intemal control as the trustees determine Is netrssary toenable the preparatson Df financial stateM￿ts that arc Eree from mateTial mL5slatemenL whether due io fraua or error. In preparing the Einancial statements. the tnjstees areresponsibje for as5￿%￿n8 the tharity's abitity to continue a5 a going concern disclosin& as applicable, matters related to gosng tontrrn and using the goin8 concern basis of 3cwunth￿ unle86 the tnjstees tithcr intend 10 liquidate the tharitdblE cotllP8ny or to cease operations or have no realistic alieThtivebut to do so. Auditovs rÈspon5ibiliti*& for the audii of IhE finantial statement5 Wehave b¥Lm appointed as auditorunder 144 of the ChaTitie5 Aci 2011 and report in accordance with Ihe Acl and relevant regulations made tsr havinsefftct therp.under. Our objectives are to obtain reasonablc as5urante about whether the Éinanaal 5tatement5 a5 6 whole are free from material mtsstatemgnt. whether due to fvaud orerror, and to issue an auditor's report that includes our opinjon. Rv.asonable assurance is a high lÉvol of assuran￿, but15 not a guarantee that an dudit conducted ￿ accordance with ISA5 IUKI will always detert material misstatement when it exists. Misslal¢rnent5 can arisg from fraud or error and are cnnhidered material if, individually or in the aggregate, they iould rea%onably be expected to Influen￿ the economie deC￿JU￿B of users taken on thebasis of these linanoa] statetnent5. Irregularitias, including fraud, are tnstances of rth-compliance with laws and regulations. Wedesisn FrO￿dureS line with our responsibilities, outlined above, lo detect material missittEments in ￿sPeCt OE irre8ularitie•. tnelu&ng fraud. The specific pritr.duTes for this ensa¥eineTrt and the eX￿t to whith these atE capable of detectins iTre8Ldarities. induding fraud is detailed below.. We havv. (X)tained dn understanding ￿ the leKal and regulatory framework applieable to the Foundation and how the Foundatiot) is Complying with tlwt framework,. Identified the laws and re%ulations that havesignificance in the context OF the FoundatiOTI,' Obtained art undeTStandins of the Foundation's Tisk assessment proctss, includin8 the risk of fraud,. AssessEd and evaluated the suscepknbilityof the Foundation's fin3ncial stste]neDts to nthterial misstat£ment through etTor and Eraud.. Review￿ thE financial statements and t￿ted the disdosuTes asainst SuP￿rtIng doL￿MentatiOn,. Because ()f the Inhe￿nt limitati¢)ns of an 8udit, there is a that we will not detect atl irregularities, indudin8 those leadin8 to a material missraternent in the Einanctal statements or non%ompljan￿wlth regulation. This r￿k increases the ]nore that ttsmpliance with a law OT ylaiiun is removed from the events transactions netted in the hnaniial stateTnents, 85 wewill be less likely Iv become aware of instgntts of non￿rnFIlance_ io Independent auditor's report to the Trustees of The Holloway Foundailon Auditor's respottsibiliiie$ for the audit of the fRnancRal stalemellts (continued The iiyk is also sreaterresarding irre￿1]dri￿£S oci￿ring due to fraud rather than error, ￿ Iraud tnvolves inlenti(Jnal L¥)ncealmen¢ for8cry, collusion. omis5ton or misrv.prebtxitatlo A furtherde5cription of our responsbilities lor the audit the finanLial statements is lotdted on the Financiol Reportins c