THE ALBERT AND EUGENIE FROST MUSIC TRUST CIO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025 CHARrrY NO. 1191904 F2563-25 Tru Pag¢ Administrative Inforniation and Trustees. Report Statemcnt of Financial Activities Balancc Sheet Ststem¢ntof Cash Flows Notes 7-10 Indepcndent Auditor's Rew)rt THK ALBERT AND EU ENIE F OST MDSIC TRUST CIO ST AdmiDistTalive InfonJalion Priucipal & AdmiDistrator. Ms Jo Whit¢ 47 Olive Road Lknndon NW2 6UE Bankers: CAF Bank Ltd 25 Kings Hill Avenue Kings Hill, W¢st Malling Kont ME19 4JQ tnv¢slment Advisers: Cazenove Capital MAnagernent I Wall Pl￿e London EC2Y SAU R•thbones Investment Mana8¢ment 8 Finsbury Cirws. tA)ndoTk EC2M 7AZ IndepeAdettt Auditors: Couch Bright King & Co 2 Tolherst Court, Turkey Mill Busine&￿ Pa Ashford Ro Maidston¢, Kent ME14 5SF teNI Charity No. 1191904 Trugtees: The Tn￿teeS during the period and to date were: Peter William Richard Bea￿ (Resigned 8th July 2024} Andrew John Sindall David Allen Woodrow Waterman L*sl¢y c1￿c Hatfield John Spencer Mecuin Juliall RoiKrt Milford Apart from th¢ first CIO Trustees. ¢very TtiJst¢¢ must aprrt)inted for a telm of four years by a resolution passed at a properly convened meeting of the CIO Trust¢¢ Objectivej and A¢tlvltie8 By Transfer dated the 23rd November 2020 the Trustees tr8nsferred the undertakin8 and of The Albert and Eug¢ni¢ Frost Music Trust to "the Albert and Eugente Frost Music Tn￿t CIO a Charitable InCO￿l￿*d Organisation (CIO) registered inEAgland with the Charity Commission on 21Y Iktober2020 with RegisteTed Charity Number 1191904. The Trustees hold ihe Trust Fund and its income upoD tn￿t to protnote, improve, dev¢lop and maintsin publi education in and appreciation of the art And scitnee of music with particular emphasis on playing the violin. vi014 and ¢¢110 by giving assistsn¢e at)d ¢ncourag¢ment to talented young violinists, violists and cellists by the pr&sentstion of public ¢Oll¢e￿ and trcitsl4 the making of grants and scholarships to school$ of musiE to individual students and to oth¢r young professional musicians. THE ALBERT AND EUGENIE FROST MUSIC TRUST CIO TRUSTEES REPORT FOR YEAR ENDE CH 2025 Tru8t¢es reSp￿SibilitieS In rel8ilon to the finan¢ig1 statements Th¢ Charity Trustees aTe responsible for preparing a trustees, annuttj report and financial statements i ac¢ordan¢e with applieAbl¢ law and United Kingdom Accountin8 StaDdards (United Kingdom G¢n¢ralty Aw¢pted Accounting Practice). The law applicable to chori11￿ in England and Wales requir¢s the Trustee5 to pr¢par¢ FinarKiai stat￿￿ents for h year whieh giv¢ a true and fair view of the stat of affairs of the Charity and of the incoming rosources and application of resources of *he Charity for thal period. In preparing the financial st4t¢ments the Truste¢s are rquired to . Select suitable accounting policies and th¢n apply them consi5tentty" Observe the tnethods and principles in the applicable Charilies SORP. Mak¢ judgementg and estimates that are reasonabl¢ and prndeftt, State v4h¢ther applicabl¢ accounting 5taThdards have been followe(L subj¢th ¢0 any mat¢rial d¢partures that must be disclos¢d and explained in the financial statetnents,. Prepare the finan¢ial statements on the going ¢oncern basi5 unless it is inApprowiate to presume that the Charitv will continue in business. The Trnstees ar¢ ￿p(￿SIble for keeping proper xwunting records that disclose with rcasonable at any time the financial p)sition of the Charity aThJ to enable them to ensure that the finAn¢ial sta¢¢ments wmply with the Charities Act 2011 and the appIl￿bla Charities (Acwunts &nd Reports) Regulations. They aTr also responsible for safeguarding th¢ assets of the Charity and tskin8 ￿asOnable steps for the prevention atul del￿tion of fraud and other iffegularities. As TnLStees. we confinn th&L' So faras we are aware.th¢r¢ 15 no relevantaudit informatioThof whichtbe Trust'sauditors are unaware; and We hav¢ laken all th¢ steps that we ought to have tsken in ord¢r to make ourselves aware of any relevant audit inforniation and to establish that th¢ Trust's auditors 8re awa￿ of that iAfonnation. Dancial R￿] Trustees were satisfied with the finathcial p)sition of the Charity and wnfimied that w¢r¢ lldequate assets available to fulfil their oblig*ions. l. All cath w&8 held on interest bearing bank Kcounts. 2. The accounts complied with CUTrent statutory requirements. 3. Investments were acquired in accordan￿ with p)wers contained within the governing knument. Achievements Perfornianee Investm¢nt inwme of £465,131 (2(U4: £438.076) and Donation of £7,750 w&s ￿e1Ved duTing the period. Grnnts payable of £356,739 (2024: £478.654) were we¢d dwing th¢ ￿tE0d and mad¢ to th¢ ctwitsble organisations shown in note 2. I'he Trnstees r¢ceived reports from the recipients of th¢ CIO'S grants which enabled them ￿ eD5ure fund5 w¢r¢ b¢ing used apPropri￿t}y. The Trustees also disC￿$S¢d with r¢¢ipients their plans and aspirdtiong, and att¢nd¢d p¢rforn)ances given by recipients. THE ALBERT AND EUGEYI IE FROST MUSIC TRusr cto TRUSTEES REPORT FOR THE YEAR ENDED 31ST Tr14RCH 2025 Rlqk Asse8srnen( Investment Poliey & Perfowmanee & Re*rve8 Policy The Trustees &%se5sed the major risks ￿ which the Charity wgs expos¢& in particular those related to the operations and fiftan¢e& and were satisfied that systems were in plarx to mitigate the exposure to risk. Th¢ Trnst¢¢s perceived that the major Tisk was th¢ exposure to the etyect of market conditions and oth¢r problems associated with Stock Exchange inv¢5tments. They sought to ¢ontain this risk so far as possible by employing Cazenove Capital Management and Rathbone5 Investsnent Management to manage the Charity's investhienls on a dis¢retionary basis. The portfolio was inv¢st¢d so &% to achieve a balan¢¢d return of incom¢ and ¢apitsl 8rowth. The Tr￿￿t¢S and the Investment Managors revi¥wed this policy regularty and were satisfied with the perfomian¢¢ in present market conditions. The Trnste¢s' Reserves Poli¢y was part of this Invesiment PoliGy. The Charity's support c(Ksts were modest and so the Trusle¢s judge that there was no need to keep substantial finan¢ial reserves to safeguard the Tunning costs of the Charity. Rather. their priority was to get the best r¢turn from inyestments. whil¢ safeguarding ¢apitAI, in order to be able to continue makin8 donations in futur¢ y¢ar8 to charities workins within the Charity's field of inter¢sL "the TTUStees plan to contillue lo use the in¢om¢ of the Trus( supplemented with cotitr&butions from the capital wh¢r¢ neeess8ry* to fund donations and to pay for the Charity's support costs. P•blie Benefit Statemettt The Trustees ¢onfirm that Ihey complied with their duty to have du¢ res￿ to the guidance om public benefrt published by th¢ Charity Commission in ext￿1$￿￿ their pow¢rs and duties. Approvd by the TnMe4S tober 2025 Andrpw Jo L£uin THE ALBERT AI¥D E GENIE FROST TrfUSIC TRUS CI STAT MEI¥T OF FtNANCIAL A FOR THE YEAR E￿DED 31sr 2025 Totsl Unrestricted Fund8 2024 Totsl Ullreslrfcted Funds Nole In¢ome Invest￿rnI Income Donations 465.131 7,750 438.076 40,000 Totsl Income 472.881 478.076 Expenditure Grants Payable Supwjrt Costs 356.739 74.017 478,654 50.359 Totsl Expenditiw¢ 430,756 529,013 Y4¢t income before iDvestmeDt gain81{losse8) 42.125 (50,937) Net gainsl (losses) on inv¢stments {115.422> 1,040.153 Net Movenke•t in Funds (73.29D 989.216 Balance IK(yJght fon¥8rd I4,900.694 13.911.478 Bal￿te ¢arriwJ forward At 31" Marth 2025 14.827.397 £ 14.900,694 THE ALBERT AIYD EUG NIE FROST MU TRUST CIO H20 ote 2025 2024 Fixed A55ets Investtnents 14.956,650 15,101.752 14.956.650 15.101,752 Current As9eti Cash at Bank Debtors 39J55 5,352 30,902 44,707 30,902 Credilors: Amounts falling due within ome year CreditOTS (144,210) (140,160) et Current (Liwbilities) (99.503) (109,258} Totsl A88¢ts t*Jg C•rr¢llt lJ4blli¢ies 14.857,147 14,992.494 Creditor8: Amounts r￿l￿g due after more ih8n oAe year CreditOT5 (29,750) (91.800) Totsl Net Asgets £14,f27,397 £ 14.900.694 Charity Funds Unrestrictcd Funds 14,827,397 14,9(M),694 Totsl Charity Fulld8 £14,827,397 £ 14.900,694 Approv￿ by the Trt￿s on tober 2025 And JOI￿ Sindall cer Mccui THE ALBERT AND EUGENIE FROST MUSIC TRUST CIO STATEMENT OF CASH FOR THE YE ED 315T ws Note 2L125 2024 Cssk llow6 from operatlng aelivities Net movements in fiinds for th¢ year (73297) 989.216 {73,297) 989216 Movements in workingcapiial {Gain5ylosses on iDvestmellts 115,422 (1,040,153) Dividends and Intere￿ from investments (465.131) (438.076) Decreas¢lancrew¢) in Debt￿5 {5,352) {Decrease￿ney¢as¢ in Creditors 158.000) 228,780 Net cash gen¢￿tEd by operatiug ￿tiVitieS (486.358) (260.233) C*%h flow5 from inveytibg a¢tivities: Dividends alld int¢rest from investment5 Proc¢¢ds from sale of investments Pur¢has¢ of Investments 46S,131 3.154,096 {3,183.710) 438.076 2,796.872 {3,130,137) Cash used in investing activities 435,517 104.811 Incre￿ in ￿$h and Cash equivalents (50.841) (155,422) Cash and ctsh equiv*l¢nts at beginning of the y¢ar 267.560 422.982 Cash and cash equivalents at the end of the year 216.719 267.560 THE ALBERT A]YD KUGENIE FROST MUSIC TRUST CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31- MARCH 2025 NoteB The following accounting policies had been appli￿ oonsist¢ntly in dealing with it¢ms which we nsideTed mat¢rial in relation to the financial statements. Bo819 of PrtparalloD Th¢ financtal stat¢￿entS were prepared underthe historical ¢ostconvention except for investments which have been included at market value. Th¢ finan¢ial 9tatements had bo¢n prepared in accordance with the Ststement of R¢commend¢d Practice: Accounting and Reportin8 by Charities preparing th¢ir accounts in accordan￿ with the Finan¢ial Re[￿rtIng Stsndard applicable in th¢ UK and Republic of Irèland (FRS 102 2019) issuvj in (ktober 2019 and the Ch8rities Act 2011. The Charity constituted & public benefit entity Os defined by FRS 102. The TrUSt￿S ¢onsider that there are no material un¢¢rtainties about the charity's abiliry to continue as a 80ing concern. The financial slatements were pr¢s¢nt¢d in sterlin8 which is the funrtional CUTrency of th¢ Charity and rounded lo ihe nearest £. Going Concern The Trustees continu¢ to adopt the going ¢onc£rn basis in prepring the financial statements and confimi th¢re are no material uncertainties about the charity's ability to continue &s a goingconcern. Income Re¢ogDition All inc4)ming r¢source5 are iTtcluded in the Statement of Financial Activiti¢s (SOFA) when the charity is legally entitled to th¢ income after any perfotinance ¢ondition5 have been mei the amount ¢an measured r¢liably and it is probable that the income will be received. Fordonations to b¢ recogntsed the charity will have be￿ notified of the amounts the settlement dat¢ in writing. If there a￿ conditions att￿h¢d to the donation and this TequiTes a level of perfomiance IKfore entitlement can be Obtsine￿ then incom¢ is defe￿ed witil ihose conditions are fully met or th¢ fvlfilment of those wnditions is within the control of the charity and it is probable that they will b¢ fvifilled. Inveytments and Investment lllcome Inveslm¢nts a￿ stated in the baian¢e sheetattheirmarketvalue atthe bAlanc¢ 8heetdat¢. Allmovements in valu¢ arising from investsnent changcs or revaluation W¢T¢ shown irL th¢ Statement of Financial A¢tivities. Investm¢ni Income was th¢ amount Teceived during the period. Realised gatns or lo￿ on investments were ¢olculated as the difference b¢tween the disposal proceeds and the mark¢t value at the beginning of the year OF CO￿ if purchased during the period. Unr¢alised gains or losses are dertved from th¢ movement in mark& vAlu¢s during the P¢FiOd. R¢wurttB Expended ResoU￿e$ ¢xpended w¢re a¢¢ounted for on an ACCTuals basis. Grants payable in th¢ period were charged to the S￿ement of Financial Activities in the period in which the Trnstees resolved to mak¢ th¢ grant. SuptM)rt costs comprise central overheads not direLtly attributableto the costof g¢neratin8 fimds. These relate to the management of the Ch￿Ity'S funds, organisational. administration. profrssional fe¢s and ¢ompliance with stthtory requirements. Fund Accoonting The Charity's funds aTe UTJre5tr&¢ted funds which are for usc tn the genernl charitsble objectives of the Charity. THE ALBERT AND EUGENIE FROST MUSIC TRUST CIO NOTES TO THE FIN CL4L STATEMENrs ENDED 31ST 2025 2025 21n4 Grants PAyablo Chamb¢r Studio Ch¢tham's SclM)ol of M￿lC Foundation for Young Musi¢iafts FUtll￿ Talent The Guildhall S¢hool Tr￿t The Gl85gow BaTons JMS Prussia Cove (Amsextrdi Ltd) i￿ndOll Music Fund The Manchester Colle¢tive MusicAbility Foundation Ma8dalen F8rn) Strin8S Maxw¢ll Quartet Musi Music in ihe Round faking Music, Changing Lives Music Master8 Ltd MusicMOB Music in Secondary SchrN)Is Trust Music Works Northern Chamber Orchestra Olympias Music Foundation Or¢h¢stra of the Age of Enlightenment Poole S(Kiety for Youn8 MusiciatL8 Roy&R Academy of Music Roy&l Northem College of Music The Stringcredibles Royal W¢lsh College of Music and DFama The Tunnell TTUSt for Yowjg Musicia0$ Wells cath￿rnI School Whittington Music Festival Wtn¢hesteT Chamber Music 20.000 9,000 6,000 9,000 21,600 9.500 27,000 1,000 3.500 103.200 4,200 5,000 608 6.534 20.0 9,0 5,0 7,5 20,8 9.5 20.OIXI 3,5 20,000 50,000 87.351 8,937 12.000 2,000 6,000 1280 6.000 7,300 3,653 6,300 5,000 5,650 20,000 20.000 14.250 14.164 6,500 7,500 8.000 4,000 5.130 20.0(10 20,000 4.950 111,486 5,000 6,000 7,500 356.739 478,654 MAnggement and Admintstr&tloD of the Charhty Legal Fees Audit Fees Inv¢5tment Managetnent Fees Admknistration Fee Infornmtion CommissionerRegistration Fee Sundry Expenses 3.360 44.440 2,370 35 154 67,388 2,708 35 226 74,017 50J59 Invejtmemt Incone Inl¢rest received Unit Trust distributions r¢c¢iv DivideTtds re￿i¥¢d 5,031 319,495 135,253 13,1143 312.092 I l2,941 459,779 438.076 THE ALBERT AP4D EUGENIK FROST MUSIC TRUST CIO NOTES T THE FINANCIAL STA TEMENT HE YEAR END MARCH 20 Trustees Remutteration None of the Trustees re￿iVed any r¢muncration as Tnsiee during thc pcriod. Travel expenses of trustees totslling £15212024.. £94) were paid ¢0 one Tn￿t¢¢ by the Clwity. 2025 2024 Investments Ilsted on a recognised Stock Lxchlnge Market Value al start ofpcriod Movement in thc pcriod (D¢cr¢as¢) / Increase in market value 15,101.752 (207,044) (115,422) 13,912,999 (88,058) 1,040,153 Murket value at 31$t March 14,779,286 14.865,094 Cazcnove Capital & Incomc Account Raihbonc5 Capital & Income Accounts 114,948 62,416 107,185 129,473 ToÉal Investments 14,956,650 15,101,752 Cash c4sh eqUiV￿¢￿ts cn.gh ui Baiik CAF Bank 39.355 30,902 Inveslments Cazenovc Cdpital & Incorne Ac¢ounl$ Raihbon¢s Capital & tncome Accounts 114,948 62,416 107,185 129,473 216,719 267,560 Debtors Invcstment income 5,352 Creditor5: Amounts falling due within one year Cou¢h Bright King & Co- Audit f¢es Admini8trdtor Fees & Expenses Grants Payable 3,660 3,360 140,550 I36.8(￿1 IM.210 140,160 CrediÉors: Amounts lalling due after more tb4n one yeor Grants Payable 29.750 91,800 173,960 231.960 ALBERT AJND EUGENIE FROST MUSIC TRUST CIO NOTES TO TIIE IAL STATE 315r rs 2025 10. Movement i• fundiDg commitillellts CuTrtsnt Nonrycurr¢nt liabiliti¢s liabilities (see note 9) (see not¢ 9) Total Opening Balance at l April 2024 Commitsnents made during the year Movement from non_cv￿ent to ¢urreni Amounts paid during the year 136,800 63,750 91,800 (151,800) 91.8130 29,750 (91,800) 228.600 93.500 (151,800) C105it)g balance at 31 March 2025 140.550 29,750 170,300 The CIO awards a number of gr￿ts in the year. Mostgrants are 8wgrded aThd paid out in the satne finoncial y¢ar. The CIO does not usually ¢ommit to Tnulti-year fundin& howev¢r, during the y ¢h¢ trustees mad¢ a decision to ￿nd multiyear grants paid over & maximum of 2 - 3 years for a quartet residency and to support Apprenu¢es. As the CIO hLS ¢ontrol over the award and timing of gronts the￿ is little une¢ttsinty around thes¢ pa)Inent5. I l. R¢14te41 Party TraDsaetioDs David Walerman and Lesley HatfRldpTovide sniall amounts of paid ond unpaid ¢oachin& teaching and m&sterclasses to students within the Chamber Studio, Chetham's Sch(x)l of Music. The uildhall School Trnst. IMS Prussia Cov¢, ROY￿ W¢lsh College of Music and Dr8m4 Making Musi¢. Changing Live5 and MusicAbility Foundation where grnnts ar¢ paid as shown in Note 2 011 ge8. 12. P051 Bal*ll¢¢ Sheet Event Invwtmeni Valqatlo Sin¢¢ lh¢ ye4r4Dd. there has l*en a materÈal in¢r¢w in the market value of the charity's investments. As 30 September 2025, the totsl market value of the investments had in¢r¢wd by approxin￿telY £l.Im mpor&l lo th¢ir valuation as at 31 March 2025. In accordanrK with FRS 101 Section 32 and the Charities SORP (FRS 102), this is treated as a non ljusting post balan¢¢ sheet ¢vent. While no adju$tsnents are made to the figureg reFQrted in these financial stalem¢nts. the in¢rease is disclosed here due to its material significance to users of th¢ counts. io. tNDEPENDENT AUDrroR*S REPORT TO THE TRiISTEES OF THE ALBERT AIW EUGENIE FROST MUSIC TRUST CIO Opiniom We have audited the financi￿ sta*ments of The Albert and Eugenie Frost m￿]C Trnst CIO for tho year ¢nd￿l 31￿ March 2025 whi¢h comprise the primary stal¢ments su¢h as the Statement of Fin￿¢1￿1 A¢tivities, the B818nce She¢4 the Statement of Cash Flows and the rnlatrd notes. The financial reporting framework that h been applied in their preparntion is appli¢able law and United Kin8dom G¢wdlly Ac¢epted Ath)unting P￿tRee including FRS 102 'The Financial R¢porting Standard applic4ble in the UK and Republic of tteland (Unitsd Kingdom Generally Accepted Aw)unting Pr8Ctic¢). In our opinion the financiol stat¢ments'. give a Irue and fair view of the stste of the chAritable company's affait7 8$ at 31st MaT¢h 2025 and of its incoming ￿9)urceS and appli¢alion of resources ftir the yearthen end&l' have been prokwly pr¢pared in acc￿dance with United Kingdom Generally Accepted Ac￿￿￿tIng Prnctice. have been prtpthl in accordance with th¢ T¢quirements of the Charities A¢t 2011. BA8is for opinion We conducted our audit tn accordance with lftternattonal StaTKlards on Auditing (UK) OSAS (UK)) applic&bl¢ law. Our tESFrf)nsibilities und8r those sÈandRrds aTe further descrikd in the Auditor's r¢spon5ibilities foT the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirem¢nts that are relevant to our audit of the finan¢ial statements in the UK including the FRC'S Ethic￿ standar￿ and we have fulfilled our other ethical responsibiltties in accordance with dKs¢ requir¢ments. We believe that ¢h¢ audit evidence w¢ have obtained is suiTicient andappropriate to provide basis for our opinion. Cooelusloo8 relAdng to going ¢ODcor In auditing the financial slat¢m¢nL% we have wncluded th&t the In￿te¢s, use of the going concern b&sis of a¢¢ounting in the preparatiott of the fIn￿cIal statements is appropriat Based on th¢ worf( we have perfomied. w¢ bav¢ not identified any material uncertainties relating to ev¢rtts or conditions thaL individually or collectivolyg may c&st significant doubt on th¢ ¢harilable company's ability to continue ag a going concern for a period of at least twglve months frotn wh¢u th¢ financial stat¢m¢nts aTe authorised for issue. (*Jr responsibilities ajwj the responsibilities of the tn)stees with reSp￿t to going concern are d¢scribed in the relevant sections of thi5 report. Other illformatlon The1n￿te¢S are ￿ponSIbl¢ forthe other inforniation. The other infom￿tIOn ¢ornpris¢sth8 information included in the trustees, report other than the financial stst¢ments and ow VLuditor's report ther￿n. Our opinion on the fJnBncial statements does not cover the otheT infomiation and, exceptto th¢ extent othernvise explicilty ststed in our re[￿( we do n(￿ expr￿ any fomi of assuran¢e ¢onclusion th¢reon. INDEPE1￿ENT AiJDITOR'S REPORT TO THE TRUSTEES OF THE AIJERT AND EUGENIE FROST MUSIC TRUST CIO (CoDtthutd) In eonnection with our audit of the financial Statemen￿ our r¢sponSi￿111ty is to re80 the other inforniation an in doing so, consider wh¢ih¢r the oth¢r inforniation Is materially in¢onsist¢nt with the finan¢ial stat¢ments or ourknowkdg¢ 0btsit￿d in theauditor othe￿13¢ app¢ar$ to be materially misstated. If we identify such material inconsistencie5 or apparent material misstatem¢nts, we are required kn deternine whether there is a matvial misslatement in the financial staternents OT a mal¢ri31 misststement of the oth¢r infomimtion. If, bosed on the work we have perfornied. we conclude that there is t matsrial misst&lem¢nt of thi5 other inforniation, w¢ ar¢ rquir¢d to T¢￿rt that fact. W¢ hav¢ nothing to report in this regard Y4tters on whleh we reqnlred to report by ¢x¢eptlon We have nothing to report in re$￿t of the following matters in relation to which the Charities (Ac￿Unts and Re[￿) Regulations 2008 requir¢ us to report to you if. in our opinion.. the inforniation given in the Trustees Rep)rt is it￿onsI51¢nt in any material reS￿t with the Irusfr4s' repo Sufficient a￿u￿tIng records have not been k¢pt" OT the ftnancial statements Are not ill a8Teement with the accounting rewrds gnd or we hav¢ not [￿¢1Ved all the inforn)ation and ￿PlanatIonS we require for our aud¢ or RegtM)n8ibilitie8 of tru81ee8 As explained morefully in the Tn&stees' Responsibilities Ststement set out on page2, thetrustees responsibl¢ for the preparation of the finaA¢ial stat¢m¢nls and for being satksfied thatthey give a true and faiT view, and for such internal control 8S the trustees deterniine is ne￿ to enable the PTep&rntion of finarKial statements that re free from mateTial mis#at8ment, whether due to fraud or wror. In preparing th¢ financi&l statements, the tnJstee$ a￿ rtsp)nsibl¢ fc*r assetsing the charitabk company's ability to continue as a going corjcern. dis¢losin& as applicabl¢, matt¢T5 Telated to going ¢on¢em and using the going ci>n¢ern basis of accounting unless the trusts¢s either intend to liquidat¢ the C￿lIable wmpany or to cease op¢rntions. or have mo rcalistic altemative but to do fA). Auditor reSW)￿lbil1tlle8 for the audil of the fin*ll¢ial Jtattmemts Wè have been appointed as auditor under sectRon 144 of th¢ Clwiti¢$ Act 2011 aDd r¢port in accordance with re8ulations made under section 154 of that Act. Our obj¢ctive5 ar¢ to obtain reasonable assurance alx)ut whether th¢ financial statements as a whole are free from ma*rial misslatemen( whether due to fraud or error, and to issue an auditOT'S report that in¢lud¢s (M opinion. RwonAble &ssurRnce is a bigh level of assurance but is not a guarant¢¢ that an audit Conducted in accordan¢e with ISAS (UK) will always det¢£l a material mi&%tatsment when it ¢xists. Mis5tatsment5 Can arise from fraud or error and are considered material if, individually or ITJ the ag8r¢8at¢ they could reasonably be expected to influenrx the c￿nOmiC decisions of useTS taken on the basis of thase finanoial stst¢ment5. 12. INDEPENDENf AiSDITOR'S REPORT TO THE TRUSTEES OF THE ALBERT AND EUGENIE FROST TrWSIC TRUST CIO (Continued) lryesulariti¢$, including fraud. are instances of noTrcompliance with laws and r¢gu]atiODS. We design pr(Kedutes in line with our responsibiliti¢4 outlined above. to detect material misstatements in Te5pe¢t of iffe8u1arit1￿. including fraud. The specTrfJ¢ procedures for this engagement and th¢ extent to which these are ¢apabl¢ of thtecting irwegularilies. including fraud is detsilfyl below. We hav¢" Obtained ￿ understanding of the le8al 2nd regulatory fr8m¢work applicable to th¢ ¢ntity attd how the entity is wmptying with th&C fram¢work. Identifi￿ the laws and Tegulations that have Significan￿ in the ¢on¢¢xt of the ¢nlity; Obtained aD understanding of th¢ ¢ntity8 risk a&8￿$￿ent process. including the risk of fraud. Assessed and evaJuat&4 the Su￿ptibl1ity of the entiWs fitwi¢ial statements to matsria] misstatem¢nL throy8h ern)r and fraud. Reviewed the financial s¢at¢ments and t￿ted the disclosur¢5 against supportin8 documentation. B¢cause of the inher¢nt limitations of 8n audil there is 8 risk that we will not det￿t all irregularities, including those leading to a fftaterial misstatement itt th¢ financial stat¢m¢nts or rton-complianc¢ with regulation. This risk increas¢s the more that ¢omplian￿ with a law or Tegulation 1$ removed from the events and transactions reflected in the financial ststements. &$ we will be less likely to be¢om¢ aware of instances of non-complignce. Th¢ risk is also greater regardin8 irrogularities o¢curring due to fraud rather than ¢rror. as fraud involves intentional Con￿lment, forgery, collusioJJ. omission or misrepresenlation. A further d&scription of our resp)nsibilities for the audit of the financial statements is I￿ated on the Financial Reporting Council's website at: www.frc.org.uklauditorsresponstbilities. This description forn15 part of our alldiloT'S reporL U* of our r¢port This re￿rt is made solety to the charity's trustees, as a i￿, in accordanc¢ with Part 4 of the Charities (Accounts and Reports) Regulations 2(M)8. Our audit work has been undertaken so that we might stsle to the cbarity's trustees thos¢ matters we are reqUI￿d to stat¢ to them iti an auditor's report and for no other purpos& To the fiJll¢sÈ extent p¢rn)its¢d by law, we do not &c£ept or assume resEK)nsibility to anyone other than the chaTitable ¢omp#ny and its members as a body. for our audit worL for this rew>rL or for the opittions we have fom)ed. Tarwa mohamm￿