MUNICIP CHARITIEslh Registered charity no 1200253 OF STRATFORD-UPON-AVON y ijlillillllll, Illl ANNUAL REPORT AND ACCOUNTS 1 APRIL 2024 - 31 MARCH 2025 6 Guild Cottages, Church Street, Stratford-upon-Avon. CV37 6HD T.. 0IT89 293911 chlefofficer@municipal-charities.org.uk. htt s."//munici al-charities.o htt s."//www.facebook.com/munici alcharities ANNUAL REPORT AND ACCOUNTS 1 APRIL 2024- 31 MARCH 2025 INTRODUCTION FROM THE CHAIR This will be my final introduction as the chair of the Board of Trustees. It's been 3 great honour lo lead a great team. I will slep aside at the AGM in 2025 in the knowledge that the charity remains in good hands and has a team that can not only maintain what we have, but also move things forward with confidence. Our staff and trustees have continued to adapt and respond to the day to day demands of running a mid sized charity and shown greal resilience and enthuslasm. Our priority, our residents, are sellled and happy, which is great. We have mainlained good administrative order, which is key. Many of the trustees work elsewhere and juggle ever increasing dernands, something we do our best to manage. We are constantly seeking to ensure that we develop and improve. The support from my fellow trustees is greatly appreciated and my sincere thanks to all who have served on the Board and on our committees and for giving so generously of their time and expertise. I would also like lo thank our professional advisors and all those who work to maintain our bL¢ildings together with our donors. All of these people have enabled us to do even more to support our residents. My thanks go lo our Chief Officer for his resilience and delerminalion lo lead the charity and lo our small and dedicated team for their resolve to ensure that the people we support continue to remain at the heart of all we do. You will see from this report that the Municipal Charities has several elements. They all need juggling, and we manage lo do that. As a Board we have been more successful in focussing on strategy and key issues. l am confident that together the Iruslees and staff will contiriue to do a great job in looking after our residents, and move the charlty fonmard. Andy Smith Front page photographs We are grateful to Izzy Holt, who Is our resident Mary Green's granddaughter, for the front cover photographs of Shakespeare Court and the Japanese garden Introduction from the Chief Officer The last year has been another successful year for Municipal Charities of Stratford-upon-Avon. Wo continue to seNe and support our residents. The Residents Satisfaction survey shows that we are succeeding in this aim. Maintaining our Almshouses for current and future residents is a major aim of the charity. We commissioned another Quinquennial inspection which was reported in November 2022 and we have been very successful in carrying outthe maintenance and alleralions suggested. By the end of March 2025 over 92% of the recommended works considered 'Immediale" or "High" priority have been carried out which is a first for us as an organisation. As a result we expect the next Quinquennial to be much shorter since so much has b88n achieved. Our day to day maintenance goes from strength to strength with the appointment ofanolher handyman. We continue to improve our bathrooms and kitchens and as residents move out we ensure that their properties are upgraded when required. l am grateful to our staff team for the excellent work that they undertake. Also lo our trustees who continue to share their knowledge and experience with us. Overall we work well as a team with the Irustees. My thanks go lo those Iruslees who resigned during the year- Mo Lancaster, Sheila Price and John Dodge. As a previous Chair, Mo had contributed a lot lo moving the charity forward. Sheila's experience as Chair of RINC and her knowledge of the town will be greatly missed. My thanks go lo Andy Smith for Chairing the trustees so well and to Fiona Murphy as Vice Chair. Their experience and support have been really helpful and they will be missed when they retire Ihis September. l am pleased that we have managed lo recruit new trustees and even have some trustees in waiting. This is a rarity in charities these days and il is pleasing to note that our succession planning is going well. Next year we will be looking at succession planning for our staff team. Whilsl not relying on external funders, we are grateful to the National Lollery Awards for All scheme who initially supported us in getting free WiFi for our residents and in the latest grant have supported the installation of CCTV, as well as the running of our Warm Hub, Tai Chi and Move it or Lose it classes. We thank Baron Davenport for their continued support for our repairs and lo the WRCC for ils support for our Warm Hub. Having introduced the Service Charge in 2022 our Almshouses are on a much more secure financial footing. Verney Jeynes and I put on a webinar on this subject for the Almshous8 Association which has been very well received and we continue to support other almshouses to introduce it. Finally, may I say a thank you lo our residents wilhoul whom we would not exist. William Clemmey TRUSTEES ANNUAL REPOR T The trustees present their annual report with the financial statements of the Municipal Charities of stralford-upon-Avon for the period 1 April 2024 to 31 March 2025. The Trustees of Municipal Charities of Slralford-upon-Avon administer the following underlying charities.. Almshouses.. The Almshouse Charity, Mary Newland's Almshouses Charity, the Ernily Payne and Elizabeth Saunders Homes, John Roberts AlmshoLJses and St. Joseph's Homestead. Grant Giving Charities.. Stralford-upon-Avon Relief in Need Charity IRINCI, Slralford-upon-Avon Charity for Almspeople and the Charity of William Tyler. We have published more information about the history of these charities on our website. hlt s.'Ilmunici al-charities.or .uk The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effe¢live 1 January 2019). Trustees have noted that under Ihe Housing SORP of 2018 where the principal activities of registered almshouses societies are not governed by the Landlord and Tenant Act 1985 and are predomin8nlly for charitable purposes, the organisation concerned musl adopt the Charities SORP in the preparation of ils financial slalements, provided this does not conflict with any applicable legal or regulatory requirements Èhat musl be adhered to. President Alfred William Michael Love MBE Trustees The Iruslees during the year and up to the approval of the accounts and trustees report on 23 September 2025. Trustees serve for a term of 3 years which is renewable. Kate Davies - appointed 26 March 2025 Keri Dobson appointed 17 July 2024 Chris Greenly Alfred William Michael Love MBE Fiona Murphy- Vice Chair Sarah O'Grady Gill Perkins Tim Raistrick Mark Sayers Kale Sheehan appointed 17 July 2024 Paul Simmonds- Treasurer Jackie Slora appointed 26 March 2025 Andrew Smith- Chair Carole Taylor Anthony Waller appointed 26 March 2025 Resignations John Dodge resigned 29 August 2024 Maureen Lancaster resigned 25 September 2024 Sheila Price resigned 4 December 2024 REFERENCE AND ADMINISTRATIVE ADDRESS FOR CORRESPONDENCE 6 Guild Cottages, Church Slreel, Stratford-upon-Avon, Wanmickshire CV37 6HD. CHARITY REGISTRATION Municipal Charities of Strafford-upon-Avon is registered with the Charity Commission of England and Wales with the Charity Number 1200253. As a CIO it is automatically registered wilh Companies House with the registration number CEO 30138. As a CIO an annual return has only to be sent to the Charity Commission. WEBSITE hlt s'.l/www.munici al-charities.or .ukl FACEBOOK PAGE htlps.'Ilwww.facebook.Gomlmunicipalcharities BANKERS Lloyds, 22 Bridge Street, Stratford-upon-Avon, Warwickshire, CV37 6AG. CCLA Investment Management Limited, One Angel Lane, London EC4R 3AB. AUDITORS Burgis and Bullock, 23-25 Waterloo Place, Leamington Spa CV32 SLA. SOLICITORS Shakespeare Martineau, Bridgeway House, Bridgeway, Stratford upon Avon CV37 6YX. HCR Legal LLP, Ellenborough House, Wellington Street, Cheltenham, Gloucestershire GL50 1YD, INVESTMENT MANAGERS Flagstone Investment Managemenl 1st Floor, Clareville House. 26-27 Oxendon Street, London, SW1Y 4EL. CCLA Investment Management Limited, One Angel Lane, London EC4R 3AB. LGT Wealth Management 14 Cornhill, London EC3V 3NR INSURANCE BROKERS Grout Insurance Brokers Limited, Woolwich House, 43 George Slreet, Croydon, Surrey CRO 1LB. Brown and Brown, 7 Cary Court, Somerton Business Park, Bancombe Road, Somerton, Somersel TA116SB. INFORMATION COMMISSION Registration number.. Z8352318 REGISTER OF SOCIAL HOUSING AND HOMES ENGLAND Our Register of Social Housing registration number is 5172. We are registered with Homes England. DETAILS OF STAFF TEAM Chief Officer - William Clemmey (chiefofficer munici al-charities.or Finance Officer- Mike Hoyes- (financeofficer munici al-charities.or Scheme Manager- Jess Daly (schememana er munici al-charilies.or Operations Manager- Verney Jeynes10 erations.mana er munici al-charilies.or Handyperson - Nigel Thornton el.Ihornton munici al-charities.or Handyperson - Kevin Warner (Kevin warner munici al-charilies.or Cleaner for 11 Guild Streot - Debbie Allen OBJECTIVES AND ACTIVITIES OUR MISSION STATEMENT Providing homes and grants for those who need them in Stratford-upon-Avon OUR VALUES Communlty . mlnded We work within Slratford-upon-Avon to nurture community living and help those in need Lifestyle- We provide warm, safe, secure homes to look after local people and to support their well being Neighbourly - We listen to and learn from our residents and aim to combat loneliness and isolation Respectful We promote respect, equality, diversity and inclusion and foster residents, independence and privacy Affordability- We provide quality accommodation al an affordable cost Sustainability We manage our finances assets and maintain good governance standards and lake a long term perspective in order lo ensure a sustainable future and lo preserve and build on our legacy Aims and Strategic Objectives In our Strategic Plan we have set the following objectives.. Residents Ensure that we provide support for our current and polential residents lo give them the besl quality of life. To ensure that we continue to atlract new residents lo our almshouse properties. Almshouse Properties and Development Develop a clear five year plan for property development and refurbishment. Develop an Environmental and Sustainability Strategy for our properties to comply with nel zero by 2050. Develop a strategy for providing new Almshouses. Explore how the William Tyler Charity can be used for almshouse development. Governance Undertake a Strategic Review of the Structure of the Board and its committees. Finance Ensure the long term financial resilien￿ of the Charity. RINC Ensure that RINC grants are used lo support as many people in rieed in Stratford-upon-Avon as possible. Public Benefit The Trustees have complied with their duty to have due regard to the Charily Commission's public benelit guidance in deciding what activities the charity should undertake. The Iruslees consider that the Charities, activities reflect our aims and objectives. The Trustees ensure that these purposes are carried out for the public benefit by.. Making sure all vacant properties are filled as soon as practicable. Assessing and visiting individuals applying for financial assistance. Assessing organisations applying for funding from RINC. Offering accommodation lo those deemed lo be most in need at the lime of the vacancy. Providing support to residents throughout the time they live in our accommodation. Ensuring the funds for each charity are used correctly, wisely and effectively. Maintaining all properties to meet the Decent Homes Standard. Undertaking regular maintenance of the Almshouses as well as those items mentioned in our Quinquennial inspections. The five almshouse charities have a range of criteria for appointing residents which we continue to review. The almshouses' primary charitable purpose is to provide low-cost accommodation for elderly people, mainly aged 60 years and over, who are of limited financial means and who wish to maintain an independent lifestyle. We have places for 47 residents. Our longest-standing resident was with us for 22 years. He was our oldest resident celebrating his hundredth birthday last year. Sadly three of our residents died this year. The average age of our residents is 77.6 which is down from the 78.9 of last year. According to a Bayes Business School report, living in an almshouse can boost the longevity of its residents by as much as two-and-a-half years compared to their counterparts in the general population. Analysing up to 100 years' worth of residents' records from various almshouses in England, the research suggests that living in these communities can reduce the negative impact on health and social wellbeing which is commonly experienced by the older population in lower socioeconomic groups, particularly those individuals who are living in isolation. Our Almshouses are certainly a proof of this research. ## **Equal Opportunities** The Trustees do not discriminate against anyone in respect of employment and the provision of services because of age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion or belief, sex or sexual orientation. ## **Permitted Discrimination** The Equality Act 201 O allows a charity to limit its benefits to people who share what are called "protected characteristics" i.e. those who are entitled to be considered in respect of granting the benefits the Charity offers. In other words: - the governing document restricts benefits to people with a shared protected characteristic i.e. relief in financial need and/ or educational need, and - the benefits are provided in order to ameliorate these particular disadvantages, or needs, linked to that protected characteristic. The admissions criteria for some of our almshouses fall under these categories. ## _**STRATFORD-UPON-A VON RELIEF IN NEED CHARITY (RING)**_ We are grateful to Doug Evans who was our RINC Grants Officer and Clerk until 31 August 2024 for the work he did supporting the RINC committee. RINC provides financial assistance to organisations who support individuals and families in conditions of need, hardship or distress living within the town boundary of Stratford upon Avon. Between 1 April and 31 March 2025 RINC distributed grants of £44,668. For more information see Note 27 of the accounts. As a result 1,508 people in Stratford-upon Avon were supported last year. As examples of the types of grant we provide: - Contribution towards a stairlift for somebody having difficulty getting upstairs - Contribution to care costs for someone who needed daily support. - Provision of a fridge freezer for somebody suffering from mental health and depression. ## **Case Studies** We have given support to the Friendship Project who give one to one support to young people. They have highlighted the transformations in a child supported by the project (names changed for confidentiality): 6 SALLY'S JOURNEY: Since being matched with her Older Friend Jo in 2022, Sally has had the opportunity to explore her individuality. She speaks enlhusiaslically about the activities and outings they share, always recounting them with a huge smile. This connection has significantly boosted her self-esteem and sense of self-worth. Recently, Sally achieved a milestone by singing a solo in the school production-somelhing unimaginable before. This progress reflects the positive impact of her protected lime with Jo. As our referrer notes, the success of this pairing has inspired her lo recommend the Friendship Project to other schools, professionals and families. Babybank Volunteer Jane started volunteering for Babybank in June 2023 after the Babybank supported her and her premalure baby via self referral. She wanted to give back and gain new skills and just gel out of the house with her baby daughter. Being a new mum can be so very isolating in those first months Initially, Jane sorted donations at her home whilst her daughter was in special care. Then once her daughter was 6 months old. she volunteered on a regular basis to help run the charity shop and process referrals. Through Jane, the Babybank has benefited from donations of PJ'S and toiletries plus one organisation choosing the Babybank for their charity of the year. which broughl in additional funding. The idea of 'Play Slalions. came from Jane loo and we now have toys on loan in a doctors surgery, a cafe in town and also al A and E in Warwick hospital, as well as other much needed items for the Special Care Baby Unil al Warwick hospital that cared for her daughter when she was born prematurely. Through volunteering with Babybank, Jane not only gained new skills, she gained new friendships and helping others in her local community helped raise her self esteem and confidence. Jane is a great member of the Babybank team and is now a trustee. Even when she returned to work part lime when her daughter was 9 months old, Jane still continued to volunteer for BabyBank. RINC provided vouchers at Christmas lo those recommended by Citizens Advice South Warwickshire. We worked with Escape Arts with our Grollo on the Go project supporting the recipients with £75 in vouchers. From 1 April 2025 Ihe Iruslees have agreed to just fund organisalional grants. Individuals will still be able to apply lo Citizens Advi￿ South Wa￿ickshire for grants thanks to a grant we give them for this purpose. Achievement and Performance Durlng the Year This year the Trustees and Staff have brought about a range of improvements both to the buildings and lo the governan￿ of the Charity. These include.. Installing CCTV al Ihe entrances of Iwo of our Almshouses to deter unwanted visitors. Being up to date with our EICR checks. We will be seeking funding lo implement the improvements recommended. Introducing a welcoffling gift lor all new residents. Providing two residents with stable ￿alkers. lo enable them to regain their confidence and independence, both having had recent serious falls. Installing an external electric point (al no cost to the resident) for an eleciric sccoter, to enable her lo get out and about Providing a mains run water feature In one of our communal gardens lo add lo our resid8nts mental wellbeing. Introducing a funeral grant of £1,000 for the families of our residents who die. Sadly we gave out three such grants last year. Providing sheds for garden storage at two of our properties. Providing funds al two of our slles for replenishing the summer flowers and planting. We arranged 3 outings this year and the annual Garden Paty. Each outing is averaging around 30 allendees, including family and friends. This year's outings have been lo Monkey Forest in Trenlham and then on to the shopping village, Weston super Mare and the Royal Mint in Cardiff are lo follow. We gave our residents an East6r glft of £75 and incr8ased the Christm8s gift from £150 to £175 since we decided not to hold a Christmas meal or give out hampers this year. The Tai-chi and 'Move-it￿r-l0s￿it, classes are still being run on a Wedn8sday and a Friday aftemoon. As part of our wider remit to be inclusive to all In Stratford, we have opened these classes lo all residents over 60.This has proved very successful, and as well as providing a small income stream, new friends have been made, and one small part of lon81iness and isolation has been achieved. Our Business Plan is a living docum8nt which is b8ing implem8nted as a rolling programme and considered at each of our Committee meetings. Having regained the leasehold of 11 Guild Street in May 2021 we have spent money upgrading the premises and are now letting it out as offices. On 31 March 2025 it was let out as twelve offices to ten organisations. We have moved our Warm Hub into Off5ce 1 and are establishing the Swan House Hub to offer hot desking and meeting room space to Individuals and organisations. We have installed Wi-Fi in the offic8 and will be introducing CCTV. We are working on upgrading the two flats at 14 Guild Street. We continLJe to develop our Communications Strategy 8nd Facebook page thanks to our Communications OffI￿r volunteer, Gill Perkins. We put out regular press releases. In order lo maximise our income, we continue to operate a Charities Aid Foundation Flagstone account to achieve a higher interest rate on our cash deposits. We have opened a CCLA deposit account for longer term cash deposits and a Lloyds deposit account for short term cash deposits which can be overni ht. Photographs of the Warm Hub at 11 Guild Street Volunteers Whilst all of the trustees are volunteers we have very few othèr volunt88rs in the charity. One of our residents volunteers on the Properties Committee. We did hav8 another volunteer on that committe8 but they resigned this year. We have had some volunteers from B and Q and r8C8nlly a volunteer from Cenlrica gav8 Staff training in Ex¢el. Warm Hub We have now got an established Warm Hub running. This year we were succ8ssful in obtaining a grant of £500 from WRCC who oversee the Warm Hubs in Warwickshire. The Warm Hub runs on a Tuesday morning and everyone is welcome, not just our residents. As well as providing a warm and social spac8, we hav8 undertaken a number of craft aclivilies, including Christmas Wreath making, pol painting and sewing squares for local charities. We also enjoy a fish and chip lunch On￿ a month. Every couple of months the group from the Warm Hub, hire a fully accessible minibus from WRCC and go on a half day outing to a local garden centre or shopping oullel. This allows residents who are vthe8lchair bound to enjoy a shorter outing without getting loo lired. Along with the Warm Hub. we run a coffee moming on Thursdays at Guild Cottages, mainty for the residents of Guild Cottages who are unable lo walk too far. This is especially enjoyable when we can lake advantage of the lovew gardens at Guild Cottages. 5t Positive and Negative factors affecting the Achlevement of our Objectives We have a small, dedicated slaff leam who work together lo ensure that our residents, ne8ds are met. We are successful in this endeavour as shown by the annual Resident's Satisfaction Survey results. We continue lo maintain our almshouse properties and are well on larget lo complete the maintenance items mentioned in Ihe Quinquennial Inspection in Novefflber 2022. Our website htt s.'Ilmunici charilies.or has been updated and our Facebook page hll s'.IlwwN.facebook.comlmunici alcharilies has new items added on a regular basis. Longer term Ihe income from investments is likely lo be reduced which will have an effect on our cash flow. We have had to invest in the William Tyler properties which has resulted in reduced funding for RINC. We continue to issue press releases lo help raise our profile in the wider community. Personnel The Board of Trustees have overall responsibility for the running of the charity. The day-lo-day management of the charity is undertaken by the Chief Officer William Clemmey. The Finances are overseen by our Finance Officer, Mike Hoyes. During this financial year the Chief Officer and Finance Officer comprised the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. Our Scheme Manager Jess Daly oversees the maintenance of our properties ably assisted by our Operations Manager Vemey Jeynes. We have appointed two Handypersons Nigel Thornton and Kevin Warner who undertake the maintenance and gardening al the properties. We employ Debbie Allen as the cleaner for the offices at 11 Guild Street. All trustees give of their time freely and no trustee remuneration was paid in the year. Details of Iruslee expenses and remuneration are disclosed in notes g and 10 of the accounts. Ceremonial Richard Smith for Bread presentation by Jason Fotjil Mayor of Stratford to Mrs Shakespeare and Almspeople on Tuesday 8 October 2024 This year the re-enactor Mrs Shakespeare joined us for the traditional Richard Smith for Bread Ceremony of the donation of bread to Almspeople which look place on Tuesday 8 October2024, outside Guild Cottages. The Mayor of Stratford Councillor Jason Fotjik undertook this tradition of giving out bread. The Mayor Jason Fotjik said.. "Municipal Charities undertake an excellent job of providing accommodation for their 47 residents in almshouses. It's great to be able to continue this ancient tradition of giving out bread to the Almspeople with funding from the Charity of Richard Smith for Bread" This year Morrlsons kindly donated the loaves of bread. John Barrott, the Community Champion from Morrisons Stralford-upon-Avon said "Morrisons have been supporting Municipal Charities for a number of years now. This year Morrisons are delighted to be able lo provide the loaves from our bakery for this year's Richard Smith for Bread ceremony.. Each year the Charity of Richard Smith for Bread receives £30 from the Governors of King Edward Vl Grammar School for distribution of bread to the alms people. Richard Smith left money in his will dated 14 June 1695 for the distribution of bread lo eighteen poor people. This has subsequently become a donation of £30 a year for bread for the Almspeople. 10 CELEBRATING PHIL SWEET 24 OCTOBER 1924- 30 APRIL 2025 Phil Sweet meeting the Duchess of Edinburgh Phil Sweet, who was one of our residents, was involved in the D Day landings on 6 June 1944. Phil attended the Royal British Legion Service of Remembrance to mark D-Day 80, at the National Memorial Arboretum on Thursday 6 June 2024 where he met the Ouchess of Edinburgh. Financial position The accounts are for the period 1 April 2024 to 31 March 2025. The assets and liabilities were transferred across to the CIO from the old charity at 11.59 on 30 September 2023. As a result the total income and expenditure in these accounts for Ihe prior period reflects the 6 months from 1 October 2023 10 31 March 2024. During this period the income was £704,779 (2023124.. £371,895) from which grants of £44,66812023124'. £53,267) were made. After taking account of administration expenses. but before net gainsllosses on investmenls, there was an excess of income over expenditure of £78,114. 12023124.. £8,329). In order lo maximise our income in addition to our bank account we now operate a bank deposit account for short term deposits, a CCLA deposit account and a Ch8rities Aid Foundation Flagstone account to achieve a higher inleresl rate on our longer lemi cash deposits. Principal Source5 of Income The Majority of our income comes from the weekly maintenance charge and the service charge we re￿1ve from our residents. This amounts to £397,496 12023124.. £191,708). In addition to this we received investment income (including rental income) of £210,17412023124'. £132.3061. We received grant funding of £86,205 {2023124'. £44,086). Transfers lo and from our designated reserves are in accordance with the Charity Commission Schemes. In respect of the Extraordinary and Cyclical Maintenance Reserves the amounts have been calculated in accordance with the recommendations of the Almshouses Association. The Trustees believe that the Charity is a going concern and are working on increasing the level of their reserves to meet future contingencies. Investment policy and objectives The investment powers of the Trustees are contained in the various Charity Commission Schemes and the Trustees Act 2000. The principal objective is to invest funds for capital growth whilst maintaining income levels sufficient lo assist in meeting the expendilure of the Charity and the minimum level of reserves. During the year we held interviews for a new investment manager and moved from Handelsbanken Wealth and Asset Management Ltd to CAF working with LGT Wealth Management. In addition we use CCLA to invest money on deposit. Fund performance On 1 April 2024 the value of our investment portfolio was £3,858,286. The portfolio suffered a 3.2% reduction in the first quarter of 2025. The announcement of sweeping tariffs by the USA on long- standing partners caused geopolitical volatility. The S&P 500 fell 4.3 % in the first quarter, while the Nasdaq Index dropped 10 1.. The portfolio was valued at £3,698,441 al 31 March 2025. As at 31 July 2025 the investment portfolio ha(J recovered the losses of the first quarter and was valued at £3,865,733. Asset allocation The trustees aim to ensure that their portfolio is ethically invested. At the outset of the relationship with LGT they advised that their Negative Screening precludes investment in certain industries and sectors, based on their revenue generation. Company revenlte thresholds are applied as follows.. predatory lending, clustar bombs and landmines and mL¢nitions all al 00/0. Adult entertainment 3 /0. Coal power generation, tobacco, armaments and Givilian firearms and gambling all at 50/0. The negative impact of the war in Ukrairie, inflationary pressures, the uncertainly of tariffs, and Ihe cost of living crisis on our investment perfonnance may affecl the ability of the Iruslees to carry out future extraordinary repairs to our almshouses and may directly affect the level of grants paid from the William Tyler Charity in 2024 onwards lo the Trustees of the School of King Edward Vl at Strafford- upon-Avon and to the Stralford-upon-Avon Relief in Need Charity. RESERVES POLICY The trustees of Municipal Charities of Slratford-upon-Avon take the view that reserves are essential to maintaln the ongoing viability of the charity. As such they have developed a Reserves Policy which is kept under review throughout the year by the Trustees. Municipal Charities recognis8S the need lo have sufficient funds in reserve readily available as or convertible into cash to cover day to day expenditure. On 31 March 2025 the accumulated unrestricted General fund reseNes carried forward was £1,592,289 compared with £1,539,076 in 2023124. This tigure includes the value of the properties £1,107,734 (2023124 £1,107,734). Free reserves, which are the funds that are freely available to spend on the charity's purposes, are £113,459 {2023124.' £154,655}. In addition the Irustees have designated unrestricted reseNes for the Almshouse charities for their Extraordinary and Cyclical Maintenance funds of £487,252 (2023124.. £462,641). At 31 March 2025 the accufflulaled endowment and restricted income reserves were £3.938,512 {2023124: £4,706,895). This reduction is mainly accounted for by a movement of investments to the designated funds in the CIO of£782,628. 11 is the policy of the Charity to maintain unreslricled liquid funds at a minimum level thal approximates to 3 months of unrestricted expenditure1£134,168). Ownershlp of Almshouse Propertles Since the underlying charities are unincorporated all of the properties are registered with the Land Registry and are vested under the Official Custodian of Charities on behalf of Municipal Charities. 12 Pay and Remuneration of Key Management Personnel The People and Governance committee reviews the staff remuneration annually and in this year any increases were based upon inflation figures. When available, more specifio comparisons are made to benchmark the salaries with other almshouse charities of a similar size and operation. Recommendations are submitted lo the Board meelir)g approving the annual budget for discussion and agreement by all Trustees. 2024 FINALIST Stratford Herald Employer of the Year Finalist We were very pleased to be shortlisled for the stralford Herald's Employer of the Year award. This was one of the categories in the Herald Business and Tourism Awards. .'*HERALD The awards ceremony was attended by three Iruslees along with the Chief Officer and we all had a great evening. A positive outcome was chatting to Escape Arts who were then able lo help support Phil Sweet's 100th birthday party with decorations and music. BUSINESS &TOURISM AWARD52924 We have got the bug for award ceremor)ies so will enter again this year. Fundraising We are pleased thal in the last year we have been successful with our Fundraising. We applied lo Awards For All who granted us £13,420 lowards the cost of installing CCTV in Guild Cottages, Shakespeare Court and 11 Guild Street. They have funded the warm hub running costs for a year and installing Wi-Fi into 11 Guild Street. The grant has funded our activities programme at Tyler House namely the Tai Chi and the "Move il or lose it" sessions. These have been opened out lo the general public. We have approached Baron Davenport for a grant to support installing two walk-in showers at Joh Roberts Almshouses. We are currently exploring the area of legacy fundraising. We do not currently raise money from the general public. The exception is the tombola and raffle held at our annual Garden party which raises about £300 a year. We will continue lo seek funding wherever possible to enable our buildings to be maintained and to support our residents. HOW OUR ALMSHOUSES OFFER VALUE FOR MONEY 1. Introduction The following report is struclured to meet the requirements of the Register of Social Housing's VFM standard wilh which we musl comply as a Registered Housing Provider. The report sets out our Value for Money IVFMJ performance looking back over 2024-25 and provides ourVFM targets going forward. 11 aims to provide the reader with a transparent account of how we are striving to make the most of the resources at our disposal in the pursuit of our charitable aims and objectives. We posilively encourage feedback and challenge from our residents and other stakeholders on our VFM performance. 13 2. Our corporate objectlves and how we measure success As an organisalion we are committed lo achieving Value for Mon8y (VFM) In the provision of our Almshouses. The definition of 'Value' is the outcome we seek to achieve through our aims and objectivés which include.. Providing good quality, safe and secure housing and18ndlord services at below-mark8t 'rents'. Supporting residents and enabling them to have dignity and to live independently. Considering how wè can provide new homes for those in need. All of this is about wellbeing and providing residents with a good quality of life which makes a difference and is Social Value for Money. This approach involves us in maximising our objectives through a comprehenslve and strategic approach to VFM. This requires a focused approach involving us in béing as economic, efficient and effective as possible in pursuit of the organisation's aims and objectives. Economic-. minimising the cost of resour￿$ used while having regard to quality. Efficient= the relationship between the output from goods or services and the resources to produce them. Effective= the extent lo which objectives are achieved and the relationship between intended and actual impacts. Our charity's aims and objectives seek to deliver our social purpose. They. therefore. reflect the value we ar8 seeking to maximise in the context of VFM. To measure our SU￿e$S, we report on the following aspects. JI h, Mick Love - our President and long sèrving trust8e opening the histori¢ plaque alongside Bob Bearman from the Stratford Society- 14 3. Register of Social Houslng metrics As a Registered Housing Provider we have set out in Note 28 of the accoLJnts on page 55 how we compare on the following matrix which are applicable to us.. Metric 1 Reinvestment Metric 13.7°/.. Metric 5 - Headline Social Housing Cost per Unil £10,648. Metric 6A - Operating Margin 21.3.￿ (social housing lettings only}, Melric 68 - Operating Margin (Overall) 10.60/., Metric 7 - Return on Capital employed (ROCE) 5.0°/.. 4. Strategies with Resldents Our almshouse charities have a single stakeholder group, being our residents, who have a licen￿ to occupy one of our almshouse accommodations as a beneficiary of the relevant almshouse charity. In addition. we have a 16 century grade-one listed almshouse property where trustees fael an obligation to the wider town of Slratford-upon-Avon to preserye this heritage building. The following represent the key strategies we employ lo achieve value for money for our residents and to oplimise the efficiency of resources employed.. A Properties Committee meets three limes a year to review operational and reactive maintenance activity and planned property improvement works. A regular dialogue is maintained with key conlraclors. Day to day expenditure is controlled and revlewed by the Chief Officer, Flnance Officer, and Scheme Manager, on behalf of the Trustees. We invest lo ensure that our property units meet the Decent Homes Standard. Following the November 2022 Quinquennial inspection we are now working on the recommended improvements lo the properties. By the end of March 2025 over 92Vo of the recommended works considered 'lmmediale' or "High- priority have been carried out. This is already a great improvement on what was achieved in completing the 2017 Quinquennial and thanks go lo Jess Daly, our Scheme Manag8r, for coordinating this work. Our almshouse accommodation is available for older, mainly single people. The Trustees consider reasonable adjuslmenls that can assist a resident lo slay In their home for longer. This has included the provision of stairlifts and we are providing low level entry shower cubicles. 5. Safeguarding Safeguarding is a fundamental value that underpins everything that Municipal Charities does.11 enables us to ensure that all people who come into contact wilh the charity have a right to be safe. We have adopted a safeguarding policy and procedures and all of our staff and trustees have undergone training in Safeguarding. We undertake DBS checks on all of our staff and Trustees. Our Scheme Manager regularly checks the well being of the residents and looks after their long term interests when they face d8bllilating illnesses. We are proud that health and safety permeates every aspect of the Charily. 6. Our approach to Investment in our objectlves Key contextual conslderalions frame our approach to investing in our objectives. They include th8 following operating issues: Housing demand - as properties become vacant we aim to renovate them if necessary and then offer them to a new resident as soon as possible. stock condition - we are upgrading our properties on a regular basis. We have a seven-year painting and redecorating programme. When a resident moves out we ensure that the kitchen and bathroom are up to dale, we redecorate where necessary. provide new carpeting when needed as well as while goods. We have ursdertaken sound proofing of the lower flat ￿llIng$ at Sl Josephs. Customer feedback- we undertake an annual survey of our residents. Affordability - all of our properties ar8 affordable. In order to ensure that the almshouses do not make a loss the trustees carried out a review of our charges. As a result, new residents are being charged a Weekly Maintenance Charge based on the Fair Rents Valuation for th& 15 property. From 1 May2022 we changed from charging a weekly support cost which is not eligible for Housing Benefit to a Service Charge which is eligible. Our charitable objects constrain who we can offer our vacant propertles to. We are investigating how we can build one or more new almshouses in the future. In light of these considerations, our approach lo investing in our objectives is that the majority of our expenditure is on improving our current properties. 7. Measuring our Effectiveness Our strategic success measures above are key to us understanding our value as expressed by oulputs and oulcomes. How8ver, to fully understand VFM, we will be developing a wider set of indicators to help us understand not only what we are achieving, but how well the dellvery system is working. Survey Each year we undertake a Survey of our Residents satisfaction based on The Regulator of Social Housing's measures. This concenlrales on five main measures.. Keeping properties in good repair.. Maintaining building safely,. Respecfful and helpful ongagement., Responsible neighbourhood managemenl and Effective handling of complaints. The 2025 SLtrvey achieved a return of 25 respondents, slightly up on last year. We are pleased that we received 1 OOO/y 'very satisfied, or fairly satisfied, lo the question 'How satisfied are you with the service provided by Municipal Charities, 188 % Very Satisfied, 12 % Fairly Satisfied) This result reflects the stability of our schemes, with the vast majority of residents only leaving our properties due to ill health and needing extra care. The comments throughout were very positive, with the Handymen receiving great praise for their work- time, quality and friendlin6ss= Nigel and Kevin provide an excellent service Bolh men are always happy and jolly so always a pleasure to have around Great professional service. Always friendly We have asked for comments on all sections of the questionnaire, and will be addressing these in our newsletter Hearsay. Repairs The majority of our day-to-day repairs are carried out by our iwo Handymen. This year for Ihe firsl time we have carried out an analysis of their work for the period March 2024 to March 2025, and are very happy with the results which show that 70010 af repairs are completed within three working days. Only 5 % of repairs took more that 11 days, and all of these had a valid reason, either waiting for a specific part, or due to holidays, hospital appointments or other absence. In cases where the repair did take longer than 11 days, the resident was kept notified and updated al all times. In cases of emergency repairs, such as healing or electrical, where the immediate problem could not be resolved. residents were always left in a safe position, with alternative items, if appropriate. Overall the Handyman Servi￿ has proved very successful, as well as being extremely cost effecllve. We are able to carry out those additional services which would normally be rechargeable, making lives easier for our residents all round. Occupancy Rates Our occupancy rates for the properties ran at 98.32 % (2023-24- 98.40/0) which is above the 95 % budgeted figure. The cost ofthe loss of occupancywas £7,651 for this period compared to £6,169 loss for the 2023-24 period. For 2025-26 we are budgeting for 950/0 occupancy bLtt are aiming to achieve 98 %. At the end of March 2025 we had three vacancies. 16 Our VFM performance in 2024-25 We have worked well lo provide safe, secure, and up to date accommodation for our residents. We have a programme to upgrade bathrooms, removing bathtubs and supplying walk-in showers. A total of 46 properties have been converted so they have either a Wdlk-in showerlwel rooii) williiii Ilieir properly. In the other property the resident has chosen to keep a bath and not add a shower facility, Since 2016 we have been updating our kitchens. We have successfLJlly replaced 44 so far. This will leave 2 kitchens to refurbish in 2026. We have installed four air dimplex air conditioning units al Shakespeare Court, to replace the storage healers. These were on a Irial basis and the residents have reported that they are very happy with them, and they are proving lo be more effective in providing heat and as cost effective as the economy 7 heaters. We plan to carry out further installations to the other properties in the next twelve months We have run a large-scale electrical upgrade to our properties this year, wilh the effect that all of our properties are now up to dale. All properties are on schedule for redecoration which lakes place every 7 years. Energy Performance Certificates IEPC) have been carried out on all of our properties. During 2025-26 we will be looklng al how we implement the recommendations contained within the EPC'S lo improve the energy efficiency of our buildings. Value for Money {VFM) is a constant challenge and we are continually looking at ways in which w8 can save money in the general day-lo-day running of our service. Small changes can add up.. No unnecessary paperwork for meetings. All agendas and reports are now electronic using Google documents (with suitable arrangements being made for disabilities). All photocopying is black and while, unless colour is absolutely ne￿Ssary. Nominal charge of £2.00 per session for non-residents al the exercise classes, pays for refreshments for all classes and the Warm Hub. The minibus us8d for half-day oulings is provided by a charity rather than a commercial organisation. Funding projects such as the Warm Hub through external grants, rather than taking the money from existing funds. Carrying out website and social media work by trustees and slaff, rather than outsourcing. T8king advantage of any free training webinars and courses, and using our staff lo facilitate meelings and strategy days. We lake into account the social values of our actions which go over and above the stalulory requirements of a Registered Social Provider, for example-. Exercise Classes and Coffee Mornings, help to alleviate loneliness 8nd social isolation, while promoting longevity through healthy actions Staff provide short-term extra support to residents following illness or hospital visits, and mainlain daily conlacl to ensure their s8fety. All white goods are supplied and maintained, preventing extra expense and worry for residents. We provide lifeline equipment lo all properties. We worked with Social Telecoms lo install Wi-fi In all of our Almshouses. We offer this broadband free to all residents thus saving them up to £240 each a year. We have moved all of our phone lines lo Social Telecoms thus saving more money. Staff are available lo help residents with any IT queries, such as online GP bookings. With the changeover of our lifeline provision from analogue lo digital we are moving lo provide Voice over Internet for all residents who want a phone. This will save Lts over £8,000 a year. GOVERNANCE AND TRUSTEES Governlng document Municipal Charities of Slralford-upon-Avon was registered by the Charity Commission as a Charitable Incorporated Qrganisalion on 2 September 2022. The Constitution was amended on 8 November 2022. Various resolutions were passed by both Trustee Boards on 20 September 2023 whereby all of the assets and liabilities of the Municipal Charities registration 214958 were passed to the new Municipal Charities of Slratford-upon-Avon registration 1200253 at 11.59 p.m. on 30 September 2023. Municipal Charities of Stratford-upon-Avon acts as the Trustee administrator for the eight underlying charilies. As a result of a Vesting DeGlaration approved on 4 December 2024 the permanent endowments including the property of Mary Newlands Almshouses Charity (number 1200253-61, St Joseph's Homestead (number 1200253-10), stratford upon Avon Charity for Almspeople (number 1200253-4), stratford-upon-Avon Relief in Need Charily (number 1200253-31, The Almshouses (number 1200253-2), and the Emily Payne and Elizabeth Saunders Homes 11200253-81 were all transferred lo Municipal Charities of Slrafford-upon-Avon (charity number 1200253). On 9 September 2024 we applied to the Charity Commission under a section 105 of the Charities Act 2011 for John Roberts Almshouses (charity number 1200253-91 to release the permanent endowment of John Roberls Almshouses. We are slill awaiting their response. RecruStment and appolntment of new trustees When a vacancy arises we review the skills of the Board and seek to recruit new trustees based on the areas of skills that are lacking. Prospective candidates are interviewed and then proposed for appointment at the next Board meeting. Trustee Induction and Tralnlng All new trustees take part in an induction process which aims to brief trustees on their legal obligations under Charity law and the Charity Commission guidance on public benefit. We have appointed mentors for the new trustees.Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. Organlsational structure and declslon making We have the following six committees and Trustees recèive all the minutes People and Governance cornmittee discusses staffing issues and governance and policy development. Property committee oversees the repairs and upkeep of our five Almshouses. Finance and Risk committee oversees the financial controls of the Charity and considers the risks facing the charity and what miligalions are being taken to counter those risks. Relief in Need committee oversees the distribution of grant funding. William Tyler Properties Committee oversees the investment properties of the William Tyler Charity. Accommodation working party - meets to oversee the appointment of new resident5. We are working towards complying with the Charity governance cod&. The trustees continue to review our succession planning. At the September 2025 AGM it will be propos8d that Chris Greenly and Tim Raislrick are appointed as Co-chairs. Risk Management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. A Risk Register is reviewed annually. The risks fall into the following calegories.. Strategic from problems recruiting Trustees to poor governance and overseeing developmenls. 18 Operational- from personal safety, lo burglary and fire and pandemics. Financial - from shortfalls in income lo insurance cover. In addition any new risks are identified and reported al meetings throughout the year and reviewed lo ensure that they have miniinum inipacl. The Charity carries out regular Health and Safety risk assessments. In March 2025 the Charity reviewed their compliance with the Governan￿ and Financial Viability Standard and certified compliance with the Standard during the course of the year. We are working lo comply with the Charity Governance Code, and this forms part of the agenda of the People and Governance Committee. PLANS FOR THE FUTURE The Trustees will continue to ensure that the Charily's staff have access lo suitable training and eqLJipmenl for the benefit of both residents and the organisalion as a whole. The Office accommodation is used by four charities as well as commercial lets. Al 14 Guild Street we are now seeking to refurbish the top two flats, install fire proofing and sound proofing, install a toilet downstairs and let out the ground floor commercially. We are looking at the current restrictions on which residents we can offer vacancies lo. We hope to be able to expand the current criteria so as lo be able to offer a wider choice for applicants. Following our Strategy Day in July 2025 we are investigating how we can build one or more new almshouses in the future. We will be considering possible increases in the level of staffing. The area of governance and Ihe future direction of the William Tyler Charity will be reviewed in 2025-26. TRUSTEES RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The trustees are responsible for preparing the trustees, annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Sland8rds (United Kingdom generally accepted accounting practice {UK GAAPI. The law applicable to charitios in England and Wales requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charity and of its incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required lo., Select suitable accounting policies and then apply them consist8ntly. Observe the methods and principles in the Charities SORP. Make judgments and estimates that are reasonable and prudent. Slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial slatem8nts. Prepare the financial slalements on th8 going concern basis unless il is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any time the financial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011 and the Charilies {Accounls and Reports) Regulations 2008. They are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees confirm th81 the charity is a going concern with regard to section 3.38 of the Charity SORP. We continue to operate as a going COn￿rn. 19 As the Trustees of Ihe Munlcipal Charities of Slralford-upon-Avon are registered with Homes England. all charities administered by them are considered to be Registered Providers of Social Housing. However, we highlight below the actual position of each charity.. Almshouses Charity., Sl. Joseph's Homestead., Mary Newland's Almshouses Charity,. The Emily Payne and Elizabeth Saunders Homes and the John Roberts Almshouses are all Registered Providers of Social Housing. Charity for Almspeople and Slratford-upon-Avon Relief in Need Charity - Neither own land nor provides housing under its governing scheme. Charity of William Tyler - Has no obligation to provide housing under its governing scheme but owns investment land upon which leases have been granted. Ipproved by order of the Board of Trustees on 23 September 2025 and signed on its behalf by.. stees 20 REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MUNICIPAL CHARITIES Opinion We have audited the financial sialemenls of The Municipal Charities ol Slrallord-upon-Avon Ithe 'Charity') for the year period ended 31 March 2025 which comprise lh8 Statement of financial aclivilies, the balance sheet, the statement of cash flows 8nd the notes lo the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (Uniled Kingdom Generally Accepled Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the charity's affairs as al 31 March 2025 and of its incoming resources and application of resources, for the year then ended., have been prop8rly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charilies Act 2011. Basis for opinion We conducted our audit in accordance with International Slandards on Auditing IUKI (ISAS {UK)l and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusion5 relating to going concern In auditing the financial slalemenls, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identified any material uncerlainlies relating to events or conditions that, individually or collectively, may cast significant doubl on the Charity's ability to continue as a going concern for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report other than the financial statements and our auditor's report Ihereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the linancial slalemenls does not cover the other information and we do not express any fomi of assurance conclusion Ihereon. Our responsibility is to read the other information and. in doing so. consider whether Ihe other information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required lo determine whether this gives rise lo a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing to report in this regard. 21 Mattèrs on which we are requlred to report by exception We have nolhing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in th8 financial statements is inconsistent in any material respect with the trustees, report., or sufficient accounting records h8ve not been kept- or the financial statements are not in agreement with the accounting records., or we have not re￿iVed all the information and explanations we require for our audit. Responslbilities of Trustees As explained more fully in the statement of trustees, responsibilities, 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 preparation of financial statements that are free from material misslalemenl, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to continue as a going cOn￿rn, disclosing, as applicable, matters related lo going concern and using the going Gon￿rn basis of accounting unless the Trustees either intend to ceas8 operations, or have no realistic alternative bul to do so. Auditorfs responsibilities for the audit of the financial statements We have been appointed 8s auditor under section 144 of the Charities Act 2011 and report in accordance wilh the Act and relevant regulations made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free Irom material misstatement, whether due to fraud or error, and to issue an auditor's 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 {UKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slalements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our r8sponsibililies, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. We gained an understanding of the legal and regulatory framework applicable to the charity and the sector in which it operates and assessed the extent of compliance wilh these laws and regulations as part of our procedures on the related financial statement items. Based on our understanding of the charity we identified the principal risk of non-compliance with laws and regulations related to breaches of the Charities Act 2011,. Safeguarding and GDPR regulations. and the charity's constilulion. W8 evaluated management incentives and opportunities for fraudulent manipulations of the financial slatements. 22 Audit prO￿dureS performed included.. Identifying and assessing the design effectiveness of controls in management have in place lo prevent and delect fraud. Challenging assumptions and judgments made by management in their significant accounting estimates and assessing if these indicate evidence of management bias., Reviewing the accounting records for large and unusual bank payments and testing any identified and in particular the rationale for any transactions which appear to be outside of the charity's objectives. Testing a sample of debil entries in the profit and loss account to check they are bona-fide costs in accordance with the charity's objectives. Testing for th8 exist8nce of related party transactions and confirming identity of relevant parties with Trustees. Making enqLtiries of those charged with governance as to any instances of non-complian￿ with laws and regulations. Reviewing minutes and correspondence for evidence of non-compliance with key laws and regulations Because of the inherent limitations of an audit, there is a risk that we will not delect all irregularities, including those leading to a material misslalemenl in the financial slalements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely lo become aware of instances of non-compliance. The risk is greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresen121ion. A fLJrther description of our responsibilities is available on the Financial Reporting Council's website at.. htlps'.Ilwww.frc.org.uklaudilorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charily's Iruslees, as a body, in accordance with part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo the charity's trustees those matters we are required to state to them in an auditols report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. 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