2023-12-31-accounts - The Cutbush and Corrall Charity

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REGISTERED CHARITY NUMBER: 213463 Rgport of tha Tru5t•88 and FlnanGlal Ststements for thp Year Endèd 31 D•c•mber 2023 for THE CUTBUSH & CORRALL CHARITY

THE CUTBUSH & CORRALL CHARITY Contgnts of the Flnanclal Statements for the Year Ended 31 December 2023 Pago Rèfèrence and Admlnlstratlve Dètall8 Rèport of th• Tru8tee8 Roport of tho Indepond&nt Auditors 8 10 10 stat•mont of Flnanclal Actlvltlos 11 Balanco Shwt 12 Cash Flow Statsm•nt 13 Nots8 to the Ca$h Flow Statement 14 Note8 to thg Flnanclal Statomgnts 15 10 27

THE CUTBUSH & CORRALL CHARITY Rgfgronco and AdmlnlBtratlve Dotalls for the Year Endgd 31 Dec9mb¢Y 2023 TRUSTEES C Highw¢od L Haggart D Smith G Proud DJOY W Cockcroft S Morris S Oarbyshire R Silkin PRINCIPAL ADDRESS College Farm College Avenue Maidstone Kènt ME15 SYJ REGISTERED CHARITY NUMBER 213463 AUDITORS Knox Cropper LLP Chartered Accountan18 and Slalulory Audllors Office Suite 1 Haslemere House Lower Street H8slemere Surrey GU27 2PE Page 1

THE CUTBUSH & CORRALL CHARITY Report of the Trustfres forthg Y¢•r Ended 310•cemb•r 2023 The trustees presenltheir report with the financial slalements oflhe charity for the year ended 31 December 2023. The Irustees have adopted the provlsions ofAccounllng and Reporting by Charitles.. Slalemenl of Recommended Practice applicable lo charities preparlng their accounts in accordance with the Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effeclive 1 January 20191. OBJECTIVES AND ACTIVITIES Obl¢ctive$ and alm8 The Charity'8 objects as s81 out in the governing ¢Jo¢umenl115 Novomber 2010 and amended 7 June 2023) are.. la) The relief of povety by Ihe prowsion of almshouse accommodallon for the benefiGiarigs', an¢J Ib) Such charitable purpose8 for the benefll of the re8idenls as the tru$tee$ decide, The beneficiari65 of th& Charity will be persons in need by Te8son of age, ill health, disability, financi81 hardship or other disadvantage of not less than fifty years of age. Most beneficiaries will be inhabilanls of the Borough of Maidstone, and there is provlsion to favour r@sentS of H8frielsham, applicants over the age of 60 years, Freemen oflhe Fishmongers L Thiery Company and members of the Unitarian Church in the alkJcalh)n of certain almshouses. Publlc benefit The Trustees have paid due regard lo the guidance on public benefit published by the Charlly Commi8slon when reviewing the objeGts of the charity and In planning future aciiviti¢s. The Trustees believe that the activitie5 undèrtaken in the y8ar for achlewng the objects of the Charity tsve met Ihe pubtsc benefit requirement. Page 2

THE CUTBUSH & CORRALL CHARITY Rgport of the Tru8tge8 for the Year Ended 31 Decembor 2023 ACHIEVEMENT AND PERFORMANCE haritable actlvltle6 During tho first hall of the year three new staff members joln8d the team and two axisling stsff tcw)k on new roles, ending a period of in$labilty in term8 of vacancies and retention. For the lirsl lime in a long perh)d there was a full complement of staff wrth recruits settllng into their respoclive roles well. This had a po811ive Impact in term8 of workload manag8menl an(J staff morale. The new Resident SeTvices cOrdinal0r managed lo meet every resident personally before the end of the year. seeking suggestions and ideas about how lo increase involvement in communty activities and reduce SQGial isolation. The Month Reskgenl New6leller received a facalift and the range and number of activities increased. The Day Room and Farmhous8 remaln available lo resldenls as 'Warm hub8" monthty breakfast and lunch clubs were introduced and there were some well attended one-off wants In¢luding Irlp8 to Ihg seaside. a Chri$tma8 Lunch and a Roy81 vlsit. Trustees and staff commi11od to the Charty's new Stralegtc Plan12023 . 2028), achievement of the fNe oblecllv will Steer tho work of the Charity over the coming years.. - To ensure the Charity is Yll for purpose": able to meet both Current n88ds arKI future challeng68. - To focus on meeiing people's housing and well-being needs as well as alleviating poverty. - To repurpose heritag8 buildings for the wider community - To develop new age.appropriale accommodatiorb and adapt exlsting almshouses where po$$ible. To adopt energy etticienl technologies and do our bit for the environment. Early in the year, Trustees started a revlew of the Weekly Maintenance Contribution {WMCI lo ensure the Charty remains financially viable and able lo meet ils long-lerm 81ralegic objectives. Trustees agreed to ¢onsull residents lin January 20241 on a prop08al lo introduce changes On 1 April 2024 based on guidance issued by the Almshouse Associalion to sel the WMC In relation lo the EquNalenl Fair Rant as assessed by the Valuation Office Ag8ncy. Intgrfrsl from loGal people wanting to apply for an almshouse r8mained buoyant 166 exprgssion5 of Inleresl received in 2023 compared to 81 in 20221- The Board of Trustee8 approved 20 new applkanl$ with 16 being appointed as beneficiaries of the Charily during the year, Thero was movement In and or out of 22 almshouses over the twelve-monlh period {compared lo 14 and 18 In 2022 and 2021 respeGliv8lyl. There was a slight delay to th8 planned cumpletlon of the new one-bedroom flats on Collegg Road wf(h handover taking place 5 October 2023 followed soon after by a cekbratory ev&nl allended by HRH PrinGes8 Roy81. A number of approved appllcanls were ready to movg into the newflat$ and only two of the nfjw almshouses remalne(l unoccupled as the year ended. As planned, risk management arrangements were reviewed. Operational and financial risks aTe now id8ntifi'8d on B new risk register along with risk 8cores, mitigation and necessary a¢llon$. The management of identified risks 18 prb)ri115ed by Trustees al each Board m&?ling. SvJnrficanl deficiencies in intemal control that were identified In the Audll Report 2022 were addressed durlng the year as follow8= Bank roGoncllialions-. re¢on¢ilialion5 are now regularly reviewed and approved by the Clerk & Chief OffKer. Property Tille Deeds- Trus180s have considered the rlsk assacialed with almshouse5 that are not registered with HM Land Registry and whether il would be bengficial lo register these propertles with HM Land Regi81ry. A decision has been made lo postpone registration until a decision h9$ been made as to whether the Charity should become a Charitable Incorporated Organisalion ICIOI. Page 3

THE CUTBUSH & CORRALL CHARITY Report of the Trustoes for th• Yoar Endèd 310ocombor 2023 FINANCIAL REVIEW Flnanclal po8ltlon 11 is the general poll¢y of the Truste85 to make sure that the leve1 of weekty mainlen8nce contributions mpets Ihg costs of running lh8 charity as identified in the Slalemenl of Financial Activities. In 2023 the w8ekly maint8nance contributions amounted lo £740,35712022'. £677.23718nd tho cosl of running the charity was £777,03712022'. £750,683). The nel surplus for tho year after adjusting for gains ancl los$e8 on investments 8mounted lo £223,40012022'. net deflcll £673,474). The A¢¢umulated Incom8 Fund is an unreslrf¢ted fund made up of ac¢umulated surpluses of income and expenditure. Thg CharrfLy aims lo ho 8pprDximalety 6 months ol expenditure as cash and l or easily a¢cè$sible re8erves in this fund. Cash reserves held al the year-end ex¢eeded this 8nTr)unl. Total reserves al the year-end amounted to £11,790,494 12022.. £11,567,094), of which £2,211,845 12022.. Z2,156,6571 were held a$ pemianent endowment funds. £1,381,90412022". £1,397,788) held as reslricled funds and £1,232,75812022.' £1.869,691} held as designated fund8. The charity has continued lo make furth8r investments to provide for future extraordinary repair, improvement or rebuilding of the homes and properties beknnging to the Charily and alsg as part of a Recoupment Order made by thè Charities Commisslon. The Tru51ees lake advice from their investment advisers, Canaccord Genuity Wealth Management in making these investments. In 8¢¢ordanc8 with the Tru5tegs wishes th8 Charity's investment advi80r8 {Canaccord Genuily We9h Managemonll has bèen instructed lo aim lo maintain a 40.'60 splil of the pemianent endowmonl fund betwegn property and other types of inveslmenls. The investments held a8 fixed assets have produced an income of £129,691 12022.. £125,586) for the year and Ihere was 8 nel Increase in Ihelr market value of £124.20212022.' de¢rease £734,660) after taking into a¢¢ount the addilions and dl$p08als in the yoar. Golng concern After making appropriate enquirie8. the Trustees have a roasDnabl& axpeclallon that the charity has adequate resource5 1¢ continue in operational existence for the foreseeable future. For this reason. they continue lo adopt the going concern basis in Preparlng the finan¢lal statements. Further details regarding the adoplijn of the going concern ba8is can be found in the ae¢ounling pollGies, Page 4

THE CUTBUSH & CORRALL CHARITY Report of tho Trust908 for the Year Ended 31 December 2023 FUTURE PLANS Plans are in place lo addres5 th$ outstanding deficiencies identified In the Audit Report 2022, in particular v881ing with the Officlal Custodian and reglstering Thoma5 Robert Gardens with HM Land Registy, developing the fi'xed asset register and treatment of capilalisation and depreciation. Wot* on the review of risk management 8rranggmenls in respect of exlemal. regulatory and Gompliance risks will continue and the exploration of the benefits of becoming a Charitable Incorwraled Organi3ation will commence Iposlponed in 20231. 11 is becoming clear that the crisls in health & ¥o¢ial care contSnues to impact older people in a negative way. Unfortunately. the Charity's 2023 attempt to engag8 local decision makers in a dialogue about this important issue mèt with a very pauce response. In 2024. allenlion will be given lo dèvelop an Independent Living Policy that describes Ihg SUPPOrt the Charity can provide lo help residents to live independently in their almshous¢ and the 8clic5 that will be lakgn when it is no longer safe for residents to rem8ln in their home. Subj8cl to the results ol consullalion wlth residents (January and February 20241, Trustees will decide whether to introduce the proposed change to the WMC on 1 Aprll 2024. If the proposal goes ahead, the Charily will move lo a sounder financial footlng and b8come less reliant on investment income to meet operational costs. In terms of the Ch8rily'$ Ive-year strategic plan,. Trustees have already idenllfied an opportunity lo convert a vacant o.bedroom bungalN on the Collegg Walk $116 into Iwo one-b8droom almshouses. This opportunity will be assessed in terms of cosl and benefit and if il proves feasible the conversion projectwill pro¢eed with the lik81ihood Ihat the remaining three bungalows will b8 converted later, theroby increasing the number of almshouses from 154 10 158. Improvements tc the College Road flallets (some of the Charitys lea31 energy efficient properties) are planned with the intention lo replace the exi$llng Critlall windows with new doubleIaXed units lsubjecl lo planning permission). STRUCTURE, GOVERNANCE AND MANAGEMENT Governing documgnt The Culbush and Corrall Charity is a charity registered by the Charity Comm188ion and govgrned by the Scheme dalod 15 November 201018s amended 7 June 20231.11 is an unincorporated assoclatlon. Recruitm¢nt and appolntment of ngw trustee8 There are ten Trustees when the Board is complete. Ther8 are eight Go.oplative Trustges whose lemi of offic8 enduros for fwa years. They are voted onlo the 8oard by a simple majority of voles cast by the existing Trustee5 at a speclal meeting of the Trustees. The remaining two Trustees are nominalive Trustees whose term of office endures for four years and who are appoinle¢J by Maidslone Borough Council. The Truste8s holding office durlng the year ale detailed on page 1. Candidature for a co-oplalive Trustee is formulated following a skills audit undertaken by the Truslegs, Page 5

THE CUTBUSH & CORRALLCHARITY Roport of th8 Trusteos for the Year Ended 31 Decomb•r 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Organlsatlonal structure The Trustees mo81 as a Board four tlmes a year as well 88 at any special meeting ¢onvened. Some Trustees, duties 8Te delegated lo sub-committee8 camprising usually four Trustees. the Clerk and Chigf Offieer and other staff as appropriate. Any such sub-ccffnmittee reports lo the Board for their actions and recommendalionB to be considered. Sub-commiltees may deal with issues lik8 prrtessing ol applications for almshouses, rUt1Y of the budget and bulldlng8 mainlenanGe. The Clerk and Chief Officer 13 re¥ponsible for the implementation of the Trustee8' decisions and has overa11 responsibility for Ihe management of the Charity. During the year, the CleTk and Chief Officer 1$ supported by Iwo senior managers (Head ol Finance and Re80urc8s and Head of Operations) and a Small team of Support slafl. The Clerk and Chief Officer has authority lo take decisions herself relating 19 day to day management items bul is always accountable for any such decisions to the Trustees. Indu¢fjon and tralnlng of nèw trustees All new Trustees are given an induction pack by the Clerk and Chief Officor lo in¢lude a copy of the Charity Commission Schem6. previous yearfs Accounls, Minutes ofthe last Trustees Meeting and a Resldenls Handbook. The re8ponsibililies of a Charity Trustee 8Te also explained by thè Clerk and Chief Officer. In addition the Cle and Chief Officer ensures that lh8 new Trustee is familiar18ed lin general tem)s) with the housing Stock and the day lo day workings of the Ch8rbty, The Trustees ar¢ offered th8 oppthunity of training al the seminars organised for this purpose by the Almshouse Assoclation. Key management remuneratlon Staff salaries are sgt by the Board of Trustee5 In accordance wllh the Charily's Pay Policy. Rlsk managgment The truEtees have a duty lo identify and review the ri8k8 to which the charly 15 exposed and to ensure appwprial8 controls are in pla¢e lo Rrovide reasonable assur8nc8 against fraud and error. Major rlsks lo whiGh Ihe ¢harity Is exposed as idonlrfied by the Tru5t88s are reviewed on a regular ba$1$ and 8yslems or prL)¢edures are in pl8G8 lo manage those rlsks. Trustees review the Ch8rity's risk regi$ler at every Board meeting and make necessary adjuslmenls lo rl8k Scores in accordance with perceived likelihood and impact. During 2023 Trustees Identified fv40 Issues that carried high risk lo th8 Charity.. "Failure of vulnerable 8dull protecllon measures" Iruslees are Satisfied that the Charity's 'Safèguarding Vulnèrable Adutts Policy" 18 frt for purpose and that the Charity's staff hav8 the training and support they need lo deal wMh safeguarding1ssue8. The Clerk & Chief Officer reports all saf&guardlng mallers lo the Board of Trust8. However. Trustees are awar8 that tho crisis in health & social care is impacting on the lavel and quality of support available lo ils most vulnerabl? resldenls and agree that tho associated risk remains high. Difficully recruiting local volunteer Trustees wlth requlsltg lime, $kills & experienGe resLTrtts in 5utroplimal Board trffecliveness. This issue will be priorltised in 2024 as part of the ggneral reviow of existing governance arrangements. Page 6

THe ¢UT8U8H & CQRRALL CHARITY R•port of tho Tru¥ta for Iho Yoar End 31 DeoombgT 2023 8TRUQTURE, OOVERNANCE AND MANAGEMENT R18k management ltontlnuedl Tru8lee8 aT8 near lo ccmplotlng the wo¢etss of reflnlng th• way Iho Chlrity managè8 Ask and inirodueèd a n8w method ol rOrdIng and managlng th8 rlsk8 fa¢ed by the Ch&rlly, Thls Is b88ed cm Charity GommL831on guldanco and lallored lo the Idellmfted Tl¥k8 faced by th9 Charity, The new rlsk reFQrt Indudes a descripllon of the polentlal Impact and 8xl$llng ¢onlrolg abng wllh acttons raqulred to mlllgale rLsk further. The Clerk a Ghlgf Offlcer wlll gn8ura acUDn is tskon to ansuro rlsks ar6 ¢onlrolled effe¢llvety. Truste&$ have kjentllled rl3ks a8soclaled wllh an ovgr-rgllan¢e on 5nveslmenl Ino)m810 5UPPDrt opèraung ¢osts and hav& concoms th81 In¢om8 from weekly malntenanc2 charges vlll be Insufficlent lo malntsln the high-quallty seNice lo r•$ldqnts and achlgve longer lem $lraleglc oblecllve8. Work lo mllig81e thL4 rtsk wlll bo progressed in 2024, STATEMEtrif OF TRUSTEES. RESPONSIBIUTIE8 Tho trusteos ara ra8pDn8lble for preparing Ihg Report of tha Trustee$ at7d the fln¥ndg1 $iaiomenl8 In acrdan¢• wlth applicablg law and Unlted Klngdom Accounllng Standard$ Iunltod Klngdom Genorally A¢e4pted A¢counlln9 Pr091. The law appU¢able to charllles In Englond and Wdles, lh8 Gharilles Act 2011, Charity {Aocounts and ReFK)rt81 R8gulalk)ns 2008 the provlBk)n8 of iha Iwgl dfjed requir88 the tru8t8e8 to propare flnanclal Blalemonts for each finan¢l81 y68rwhlch glve a Irua and falT vlaw 01 th6 81al¢ of affalr$ ollhe ¢harlty and of the inaomlng r080urco$ •nd applloalvjn of resources. Includlng the iicom8 and expendllure, of th6 ¢hwlty for th81 p8rfod. In praparlng thoue flnanclal statem9nis, the trusle¢s are reqLlred to seleot suliable accounllng po[kS and then apply them cons18tsnlly: ¢1)8erv8 the mgth¢ds and prlnclplgs In the Charity SORP., mak¢ ludgernenls and wllmal¢¥ that ale reasonable an(1 prudgnt., state whether opplicab18 8ccoundng standards have be&n followed, 8ublect 10 8ny malerld departiir69 dlsclosed and explalnad In the financlgl stalemgnls,. ' prepare the flnanclal siatsrnent8 on the goln9 concem bayks unl65$11 b Inappropr18te to prnsume Ihatthe charlty wll ¢onllnug In bu51nes$, The trus10gB gro re8p01bl9 for ke8pln9 proper BCQ)unling rerS whl¢h dlsclostr wllh rea¥onable awutacy at any Ilme tho flnanclal PDsltlon ol the chaTIty gn¢J lo ènab18 Ihem to ensur8 that nnanclal statements cornpty wlth Ihe Qhaillle$ Act 2011, the ChaTlly (Accounts Reports) Règul8llong 2DQB and the provl$lon9 Ot tho Iru$l dead. They arp 8190 respon81blo lor 88feguardlng the a8sels of th6 charlty and henGO lor laklng rqa¥onable 8t• for the prevenuon and dele¢tlon of freud and Dther Irregulor51109. 07 OGI 2024 Apprcved by ordor ollhe board ol Iru$t¢Q8 Qn ..........................- .... an¢J 81gned on Its boh1 by.. ¢nrdinq IMM.Th Od•724 IJ..I3$T) C Hlgiiwood - Chalr of TruÉtee8 P890 7

Report ol the Ind•pendent Audltors to tho Trustoes of The Cytbu8h & Corrall Charfty Oplnlon We have audited the fin8ncial slalemenls ol The Cutbush & Corrall Charity Ilhe 'charity'l for the year ende 31 December 2023 which comprise the Statement of Financial Acliville$, the Balance Sheet, the Cash Flow Statement and notes lo the financial statements. including a summary of significant 8ccounling policies. The financial reporting framework that has b8on applled in their pr8paralion is applicable law and United Klngdom Accounllng Standards {Unlled Kingdom Generally Accepted Accounting Practice). In our ¢)plnlon the flnancial slalemenls.. give a true and fair view of the sla18 of the charity's affalrs as al 31 December 2023 ond of fts incoming resources and appll¢alion of resources, lor the year Ihen ended., have been property prepared in accordan¢e with United Kingdom General Aecepled Accounting PraCte., and have b8en prepared In accordan¢¢ wh the roquiremenls of the Charftiès Act 2011. Basls for oplnlon We conducted our audit in accordanee wllh International Standards on Audiiing IUKI IISAS (UK)) and applicable law. Our responsibilitles under those standards are further degcribed in the Audf(ors' responsibilities for the audit of the financial statements sectign of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audft of the financial 8lalemenls in the UK, including Ihe FRC'S Ethical Standard, and we h8ve fulfilled our other 8thlca1 responslbllities in accordance with these requirements. We believe that the audit evidence we have obtained is $uffi¢ient and appropriate lo provide a ba813 for our opinkjn. Con¢lu8lon8 rèlatlng to golng ¢oncorn In auditing the linan¢ial slatemenls, we have concluded that the Iruslees, use of th8 going concern bas1$ of accounting in the preparation of the flnancial statements is approprkile. Based on the work we havè perfomied, we have not idenlif18d any m8terlal uncertainties relating to evenl8 or conditions that, individually or colleclivety, may cast signrficant doubl on the charity's gbility lo continue as a golng concern lor a rIOd of al lea81 tW8lve months from when thè financial slalemenls are authorlsed for issue. Our responslbllllies and the responsibilities of the trustees with respect to going concern 8re de$crib8d in the relevant sections of Ihl8 report. Other Informatlon The iruslèes are responsible for the other Infomiatlon. The other informatlon comprises the infomialion included in the Annual Report, other than the financial stalemenls and our Report of the Independent Auditors Ihereon. Our opinion on the financial slalemenls does not cover the other information and, except lo the extent otherwise explicitly slated In our report, we do not expre88 any form of assurancg con¢lu$ion Ihereon. In connection with our audit of the financial staternenls, our responsibility Is to read Ihe other information and. in doing 80, con$lder whether th8 other information is Material Inconsislenl with the financial 51alemonts Or our knowledgè obtsined in the audit or otherwise appear5 to bg materially mi881at8d. If we idenlrfy such matertal inconsBlencies or apparent material misstalemenls, we are required to determlne whether this gwes rise to a materlal misstalement in the finarbCi81 slalements Ihem88lves. If, ba88d on the work we hava performe(l. we conclude that there is a material mlsslalem8nt of IhiB other Information, we are requirgd to port that fact. We have nothing lo report in this reg8rd. Maltgr¥ on whl¢h we are r8qulrad to report by exceptlon Wtr have nothing lo report in respect of Ihg folk)wing mallers where the Charfli8s {Accounls and Reports) Regulallons 2008 requires u8 to report lo you if. in our opinion.. the informallon given In the Report of the Trustees 1$ inconsistent in any material respe¢t wllh the finan¢lal st8lements', or sufficient accounting records have not been kept- or the financial $talemenl8 are not in agreement with the aecounllng records and returns., or we have not received all the information and explanations wo require for our audiL Page 8

Report of th8 1ndepend9ntAud0r$ to thoTru$tso$ of Th9 Cutbugh & Corrall Charlty R•5ponslbllltles of Irusteo8 AS explainèd MO lully in the Slalemgnl of Trustees, Responsibilitles, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for 8uch internal control as the trustees dglgmiine is necessary lo enabl8 Ihe preparation of finan¢lal slalement5 Ihal are free from material misstatement, whether due lo fraud or error. In preparlng the financlal Stalents, the trustees a spOnsIble for assessing the charty's abIltY lo eonllnue os 8 going concern, disGlosing, as applicable, matters related lo going concern and using the going concern basis of accounting unle55 the trustee8 ellher Intend lo Ilquidate the charity or lo cease oparallons, ¢X have no realL811¢ aKernative bul lo do so. Our r¢sp¢n$lbilltlQs for thg audlt of the flnanclal 8tatoment8 We have been 8ppointed a8 auditors under Section 144 of the Chariti&8 Act 2011 and report in ac¢ordan¢& with the Act and relavanl rUl01)S made or having 8Jffect Ih8reunder, Our ObjecteS are lo obtain reasonable assurance about whether the financial statemen18 as a whole are free from material mis51alemenl, whether due to fraud or error, and lo issue a Report of the Independent Auditors that include8 our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit ¢onducled in Kcordance with ISAS {UKI will always delect a material mlsstalemenl when il exists. Misslalemenls can arise from fraué or error and ar8 considered material if. Indlvidually or In the aggregate. Ih¢y ¢ould reasonab be expected to influence the economic decisions of useis lak8n on the basis of th888 financial slatam&nts. Irr8gu18rili8s. including fraud, are Instances of non-compli8nce with laws 8nd regulations. We design procedures n Ilne with our responsibilrfLies, outlined above. lo detect materia5 misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecllng irregularille8. Includlng fraud k8 detailed below.. We obl8ined an understanding ol the legal and regulatory frameworks that are applicable lo the charfcable company and determined that the most signrficant are the Slalement of Recommended Practice Accounting 8nd Reporting by Charrtbs, ISORPI, in accordance with the Financial Reporting Standard applicable in the UK IFRS 1021. - The Charlly is required lo comply with charity law and, based on our knowledge of its aGtivitses, we identified that the legal requirement lo accurately account for restricted funds was of key 8VjnicanCe. We understood how the charity 18 comptying with those framewoTks via communication with those charged with govgrnance, together with the review of the charlly's docurriented poIleS and procedures. We assessed the susceplibilily of the charity's financial slalemenls to material missl8lement, Including how fraud might occur by con$idering Ihe key risks impacting the financial slalemenls. These included risks associated with Revenue Recognition, and Man8gemenl Override of Controls, which were dl$¢ussed and agreed by the audit team. Our approach Included agreeing the charills recognillon of income lo the terms of the underlyNig licenses lo occupy and as60ci8led correspondence. tha review ofjoumal entries proce58èd In the aeeounling records and the investigation of slgnificanl and unusual transactions idenlrfN?d from our revigw of Ihg accounting records. Our approach was also to check that all reslricled income wa8 properly Idenllfied and Separately acoounted for. Thls included reviewing journal adjustments and unusual transactions. Basod on this understandlng we designed our audit procedurès to idenllfy non-compliance with such laws and regulations. Our procedure$ lnv0tv review of the reportlng t¢ the Iru$lees with respect lo the appli¢atlon of the documented policies and procedures and review of the financial $ts18menls lo gn$ur& ¢ompliance with the reporting requirements of the charity. Page 9

Report of th8 Indepgndgnt AudMor8 to the Trulteos of The Cutbu¥h & Corrall Charlty Our rosponslbllltles for the audlt of tho Ilnanelal 8tat•monts Icontlnugdl There are inherent limilallons in the audit procedures described above and. th8 further removed non-compliance with laws and regulations is from the events and Ir8nsa¢lions reflected in the financlal stalem&nts, the less Ilkely we would become awar8 of it. The risk of not dete¢ling a malerlal misslalemenl due lo fraud is hlgher than the rsk ol not delecling one resulting frcln error. as fraud may involve deliberate con¢e8lmenl by, for example, forgery or intentional mi8repr8senlallons. or through collusion. A further descripllon of our r88ponsibililie$ for the audit of the financial statements Is local6d on the Financial Reporting Council's website al w.fr¢.0rg.UklaUd[t0rsreSponslbiIiIle$. This description forms part of our Report of the Independent Auditors. U$9 of our report This report is made sc4ely lo Ihe charty's trustee$, a8 8 body, in accordance with Part 4 ofth$ Charities (Account5 and Reports) Regulations 2008. Our audit work has been undertaken so that we might 81ale lo the charity's trusless those mallers wa are required to slate lo them In an auditors, report and for no other purpose. To the fullest e)rtent permitted by law, we do not accgpl or a$sum8 responslbility lo anyone other than the charity and the charity's trustees as a body, for our audit work. for thi5 report, or for the opinions we have formed. Knox Cropper LLP Chartered Accountants and Statutory Auditors Office Suile 1 Haslemere House Lower Streol Haslemere Surrey GU27 2PE Date,. Pag8 10

THE CUTBUSH & CORRALL CHARITY statement of Flnanclal Activltlos for the Year Endod 31 Dec&mb•r 2023 2023 Tot81 lunds 2022 Total funds as rastaled Unrestricted Restricted Endowment funds fund fund Notes INCQME AND ENDOWMENTS FROM Donations and le9acie5 1,499 1N99 1,000 harltabl¢ actlvlt Houslng 742,607 742,607 679.457 Investment income Other income 131.679 650 131,679 550 129,612 Total 876 235 876 23fj EXPENDITURE ON Ralsing funds 5,901 5.901 4,653 Charltablo actlvltl88 Housing 755,252 771136 746,030 Totgl 761153 777 037 750 683 Net g8insll10$5esl on inve¥tmenls 48,905 734,660 NET INCOMEIIEXPENDITURE) Transfers betwe8n funds 190,379 (10,B841 48,905 6.083 223,400 (673,4741 18 Not movomont In fund8 184,296 115,8841 54,988 223,400 1673,474) RECONCIUATION OF FUNDS Total fund8 brought forward As prgviously reported Prior year adjuslmenl 8,118.988 106.3391 1,688.395 190 6071 2,1 56.657 11,864.040 12,240.568 296 9461 12 A6 roststed 8,012,649 1,397,788 2,156,657 11.567.094 12.240,568 TOTAL FUNOS CARRIED FORWARD 1,381904 2 211645 11790,494 11,567 094 The note5 form part of these financial stslements Page11

THE CUT8U8H & CORRALL GHARtrY Balanco Shoet 31 D•c•mbor 2023 2023 2022 as re8tated Not¢8 FIXED ASSETS Tanglblg assets Invgslments 13 14 8,362,490 3 324 276 7.481.768 3690211 11,686,766 11,071,979 GURRENT AS8eTS Debtors Ca¥h Él bank and In hand 16 28,629 169816 191,963 573,880 CREDITORS Amounts falling ¢Jue wllhh one y88r 16 {88.2241 (78,715) NET GURREwf ASSET8 103729 495,116 TOTAL ASSETS LESS GURRENT LIABILITIES 11,790,494 11,58Y,094 NET ASSETS 04 11567094 FUNDS Unre5tr1¢led fvndg Reglrbted fund3 Endowment lund8 18 ,196,9415 1,381,904 2 211845 8.012,849 1,397,788 2 166857 TOTAL FUNDS 41790494 11567 094 The financial $la16monts were approved ty lh¢ Board of Tru8lee8 and authorlsgd fcf 18Bue on 07.Oot.3024..................... and wtsr8 91gned on ts bèhalf by.. cpMkng Trhocl l?',66m887i C Highwood- Chair lif TruBleeB rfi> orr $-Trust8e The notss form part of tho89 flnanclal Btatsrn8nts Page 12

THE CUTBUSH & CORRALL CHARITY C48h Flow Statemgnt for the Yoar Ended 31 December 2023 2023 2022 as restatatl Nol85 Cash flows from operatlng actlvltles Ca8h generated from operations 86 795 Net Gash provided by op&rallng 8clwi118$ 92,923 86,795 C•¥h flows from Inv88tlng actlvltle8 Purchase ol tangible fixed ass?Is Purchase of fixed asset investments Sale of fixed as5el inv851menls Interest received Dividends CeIved Movement in inveslm6nl manager ca8h {993.0731 278,7481 {368,0681 126,270 4.028 115,e30 235,803 406.547 1.788 116,959 370 Net Cash us8d in investing aclivilv&8 468 165 087) Chango In cash and cash aqulvalent8 In the reportlng porlod 1375.4861 178,292) Cash and cash •quSval•nts at th• beglnnlng of the reportlng perlod 545 301 623,593 Cash and cash equlvalents at th9 ond of the roPQrtlng perlod 169 815 545,301 The noles form part of Ihe$e flnan¢lal $talement8 Page 13

THE CUTBUSH & CORRALL CHARITY Notgs to the Cash Flow Stattrmenl for the Year Ended 31 December 2023 RECONCILIATION OF NET INCOMEIIEXPENDITURei TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 as reslaled Net Incomellexpondlturol for the reportlng period {9¥ par tha Statement of Flnanclal Actlvltl¢$l Adlustmgnts for: Depreciallon charges (Gainlllosses on inveslmenl8 Loss on disposal of fixed assets Int8resl received Dividends received Accumulated éividends Decreasellincreasel In deblors Increase in ¢redilor$ 223,400 1673,474} 109,530 1124,2021 2.821 11,7881 1115,959} 116,7791 6.391 108,148 734,660 6,801 {4.0261 1112,2911 113.2951 1,604 Net cash provldgd by op•ratlon¥ 88,795 ANALYSIS OF CHANGES IN NET FUNDS At1.1.23 Cash flow At 31.12.23 Net cash Cash al bank and in h8nd 169 815 376 486 169 815 Total 546 301 376 4861 169 815 The notes fomi part of these financl81 slatemenls Page 14

THE CUTBUSH & CORRALL CHARITY Note8 to the Flnanclal Statements for the Year Ended 31 De¢¢mber 2023 ACCOUNTING POLICIES Bas18 of preparlng the flnanclal 8tatomèn18 The Culbush & Corall Charily is a charity governed by a scheme dated 15 November 2010, as arnanded on 16 July 2020. and reglslered a8 a charity with the Charity Commission of England and W818s. The addr85$ of th6 reglslered office is given on Pgge 1. The financial statements of the charity, which is a public benefit entity under FRS 102, have been pr8parad in acwrdan¢è wllh the Chari118s SORP (FRS 102} 'Ac¢ounling and Reporting by Charitles,, Slalemenl of Recommended Practice applicabla lo charities preparing their ac¢oun18 in accordance with the Financial R8POrting Standard applicable in the UK and Republic of Iren IFRS 1021 (effective 1 January 2019)., Financial RepDrting Standard 102 The Financial Reporting Standard aPIcable in the UK and Republic of Ireland, and the Charilitr$ Ad 2011. The lin8nclal $ts18mentB have been prepared under the hlstorfcal cost convontion, wilh the exception of investments which are Included at markal value. a3 modified by th? rev?luallon of certain assets. The flnancial stalemenls are presented in sterling. whiGh Is th& funclional currency of the Charity and are rounded lo the nearest pound. Th8 accoun18 have been prepared lo give a 'lrue and falr vievl antj have departed from the Ch8ri11es {Accounls and Reports) Regulations 2008 only lo the extent required to proVe a 'lrue and fair view.. This departure invtslved following Accounting and Reportlng by ChaTities preparing IhEir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republk of Iroland IFRS1021 issued on 16th July 2014 rather than the AGcounling and Reportlng by Charities Statement of Recommended Pracuce effective from 181 April 2005 which has since been wilhdr8wn. Golng ¢oncern The financial slalemenls have been prepared On a going concern basis as the Tru$lee8 believe that no material uncertainties exist. The TTu$lees have considered the level ol funds held and the expecled18vel of income and expenditure for 12 months Irom aulhorisin9 these financial statements. The budgeted income and expenditure 15 $uffleienl with the level of reserves for the Charity lo be able lo continuo as a going concern. Critlcal accountlng judgements and koy sources of gstlmatlon uncertalnty The following are the critical ludgomenls and key sources of eslimalion uncertainty that the Board has m8de in the proco$s of applying the charity's accounting pollcles and that have the most signlficanl effect on the amounts recognised in the financial 8talemenl8'. Idenlificalion of housing property ¢omponenls The charity account$ for ils expenditure on houslng" properties using component accounting. Under componanl accounting, the housing property is divided into those major compon&nts which are considered to have substantially different useful economic live8. Judgement is used in allocating property costs between components (land, structure. kitchens, bathrooms elcl and in delemiining the useful econom lives of each component. Housing propety depreciation is calculated on a component-by-component basis. The idenlificallon of such components is a maller of ludgemenl and may have a materi81 impact on the depreciation charge. Th8 components selected are Ilv)se whi¢h reflect how the major ropairs lo the property are managed. Incomo All income is re¢ognkqed in the Slalemenl of Financlal Activities once Iho Charlty ha5 8nlMlamenl to the lunds,11 Is probable that the Incom8 will be received, and the amount can be mea8ured reliably. Page 15 ¢ontinued...

THE CUTBUSH & CORRALL CHARITY Notgs to tho Financial Statements. contlnued for tho Year Ended 31 Dgcember 2023 ACCOUNTING POLICIES. ¢ontlnued Income For lega¢ies. enlillemenl is taken as the earlier of the date on which 8iih8r.' the charity is awa that probate has been granted, the 85tate has been linali5ed an¢J notification has been made by the executors lo the ¢harily that a distribution will bE made. or when a distribution is received from the eslale. Re¢eF)t of 8 legacy 18 only considered probable when the amount can be measured reliably, and the charity has been notified of the executors intention lo make a dislribulion. Where legacies have been nalilied lo the ¢harity. or the charity is awa of the granllng ol probate, and the criteria for income recognition have not been mel, then the legacy 18 Ire818d as a contingont asset and disclosed If material. Donations are recogni5ed In the pertod in which they are received, unless there aro conditions that have not been met befor6 the charity is entitled to the resource. Weekly mainlenanco conlrlbulions and deposf( interest are included in the fi'nancial statements based on the period for which they r81ala. Income from investments in the form of divi(lends and intere8118 Included in the flnanci81 slal8men15 when declared. Exp¢ndltur• Llabililies are recognised a8 expenditure as soon as there is o legal or constructsve obligation committlng the charlly lo that expenditure, il is probable th81 a transfer of economic benefits will be required in selllemont and the amount of the obligation can be m8asured reliabty. Expenditure is accounled for on an accruals basis and has been classified under heading8 that aggregat? all c081 rela19d lo the category. Where cos15 cannot be directly allributed lo partlGular headings, they have been allocated lo acliwlies on a basis consistent with the usg of resource8. Costs of raising fund$ compris88 the oosls relating lo the investments. Expenditure on charVLable activitles includes the Gosts of runnlng and molntalnlng the almshou5e$ and providing services and benefits lo the residents. Allo¢atlon and apportlonment of ¢o$t8 Support costs are those functions that assist the work of the charity bul do not directly undertake charitabl8 aclivf(ies. Support C08ts include offiee costs. personnel, payroll, and governa? ¢osls which support the charty's programme8 and activities. Th858 cos18 have begn alloted beiween cost of raising funds and expenditure on ¢harilable activi1185. Tanglble flx•d assets Housing propertles are $181ed al depreciated cost. The cost C)f Completed housing properties is depreclaled over Ihe life oflha properties. Properties are accounted foron a component cost basis with each component being dePreCed over eslimaled economic life. The principal Gomponenlg identified, and the d8preGialion rate appligd to each component are sel out below.. Yoarn 100 70 40 30 30 Fabrfc Roof Electrics Windows and door$ Bathrooms Page16 contlnuad...

THE CUTBUSH & CORRALL CHARITY Not88 to the Flnancial Statements - contlnued for tho Year Ended 31 Decemb•r 2023 ACCOUNTING POUCIES . ¢ontlnu8d Tanglbl• flxad a880ts Mechanical sysloms Kitchens Boilers 30 20 15 Computer Equlpment Computer Equipment is slated al depreciated cost. Qeprecialion is provided 8120% on a straight line basls lo write off th& ¢ost ol fixed a&sats over their expected useful lives. Taxatlon The charity is exempl from lax ils Charitable a¢tivilies. Fund accountlng Unrestricted funds can be us8d in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can onty be usèd for particular reslricled purposes within the objects of the charity, Restriction5 arl$è when specified by the donor or when funds are raised for particular restricted purpo8e8. Further explanation of the nature and purpose of oach fund is in¢luded in the notes to the flnancial 81atemenl8. Dgbtors Trade and other debtors are recognised al tha settlement amount due after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. Cash at bank and In hand Cash al bank and cash in hand includes Ga5h and Short lem hKJhly liquid inve$lments with 8 short maturty of throe months or le$s from the dale of acquisition or opening of the deposit Or similar account. Credltors and provislons Creditors and provisions are recognised where the charity ha8 a present obllgation re8ulllng from a past evenl that will probably r8suII in the transfer of funds to a third party and the amount due lo settle the obllgation can be measured or estimated reliably. Creditors and provisions are normally ¢¢gniSed al their setllernent amount after allowing for any tr8de discounts dug. Flnanclal Instrumgnts The charlty only has financial assets and financial liabililies ol a kind that qualfy as basic financial instruments. Basic financial instruments aro inilialty fy¢ognis&d al transaction value and subsequently measured al their SettMent value with Ihe exception of bank loans which are subsequently measuréd al amortised cost u$lng the effective inter051 method. InvoStm8ntB Investments are a form of bas1¢ flnancl81 Investmgnt and are inlclally recogni8ed al Ihelr Iran8action value and subsequently measured at fair vglua as at the balancè sheet dale using the c105ing quoted market pricè. The statement of financial acliviiie8 Includes the nel gains and losses arislng on revaluations and dSsposals throughout the year. Page 17 conllnued...

THE CUTBUSH & CORRALL CHARITY Notes to tho Flnan¢lal Stalements- contlnued for th¢ Yfrar Ended 31 Decembgr 2023 ACCOUNTING POLICIES . contlnuod Debtors Realised 98ins and 1065e$ on inveslm8nts are calculated as the differ&n¢e beiween sales procd8 8nd their opening carrying value or Iheir purchase value kf acquired subsequent lo the fir81 day of the financial year. unalISed gains and1088e8 ar8 calculated as the difference bolween the fair value 81 the ye8r end and their carrying value. Recoupment Ordèr The charity is subje¢l to a Recoupment Order made by the Charity Ctsmmlsslon on 13 May 1993 In respect of historic payments made out of the permanent endowment, which were expended on Phas8 11, Culbu8h & Corr811 Court. Payment of up lo £555.000 was permilled bul il was agreed with the Charity Commlssion that only £365.000 was used. The recoupment poriod is 60 years and £6,083.33 per annum Is therefo sel aside and invested in shares each year. The income arising from these inveslm8nls will not form part of the permanent endowment itself an(J Can be expended by the charity against the general fund. DONATION8 AND LEGACIES 2023 2022 as re$tal6d Donations Legacie8 1,499 INVESTMEKf INCOME 2023 2022 a8 reslaled Investment Income Deposit account interest 129,891 125,586 4,026 131679 129.612 Pag818 continued...

THE CUTBUSH & CORRALL CHARITY Notss to thè Flnanclal Statements . contlnuod for the Year Ended 31 December 2023 INCOME FROM CHARITABLE ACTIVITIES 2023 2022 as rostaled Activmy Housing Housing Housing Housing Activities Resident5, activities Room Hire 740.367 2,091 59 677.237 2.102 118 742 507 679,457 RAISING FUNDS Ra181ng donatlons and legacles 2023 2022 as restated Support Costs 4563 Inve8tm•nt management Costs 2023 2022 as re8tated Portfolio management 90 Aggregate amounts CHARITABLE ACTIVITIES COSTS Direct Costs (see note 71 Support Sts (see note 81 Totals Housing 644,371 126.765 771 136 Page19 continued..,

THE CUTBUSH & CORRALL CHARITY Notes to the Flnanclal Statsment8- contlnuod for th¢ Year Ended 31 D¢¢gmbpr 2023 t)IRECT COSTS OF CHARITABLE ACTIVITIES 2023 2022 as restated Staff costs Christmas L)ounties lo individuals Walgr, light, heal and insurance Rates re. empty propertles Gardening Property repeirs and maintenance 186,829 7,300 91.224 17.075 35,941 154.179 180,241 6,950 83,515 10,901 40,956 126,906 F 11 Sundrles Residents, trips and aclivmies Professional fees Summer paty Christmas party . Telephone Motor runnin9 expenses Depre¢iation Los5 on sale of asset 13,208 3.441 10,517 6,395 3,579 12.310 5,682 3,654 2.106 7,435 103,123 4,636 3.786 9.198 104.216 600.454 SUPPORT COSTS Governance cosls Management Totals Raising donations and legacies Houslng 5,889 113 326 12 6.901 126.7615 119215 13A51 132 866 Support Gosls, included in the above, are 88 follows: 2023 2022 as reslaled Raising donations and legacigs Total aGlivilies Total activities Housing Wages Water, lighl, heal and insurance Telephone Sundries Repairs and improvements Proltrssional fees 800 29 31 330 25 79,240 2,844 3,026 6,278 2,428 3,863 80,040 2,873 3,066 6,608 2.463 81,820 20,076 3,570 4,431 3,603 Carried forward 5,750 97,678 103,428 116,488 Page 20 continued...

THE CUTBUSH & CORRALL CHARITY Noto8 to thfr Flnan¢lal Ststements- contlnued for the Yoar Ended 31 Dgcomber 2023 SUPPORT COSTS - contlnued 2023 2Q22 as reslal¢d Tolal aclivities R81slng Donation8 and legacies Total activitie8 Housing roughl forward Staff training Computer expenses B8nk charges Depreciation of tsngible and herage assets Auditors, remun¢tiOn Auditors, remuneration for non4udil work Trustee indemnlly Insuraneè Truslee8' expenses 5,750 97,678 1,949 6,012 2,426 103,428 1,949 6,073 2,451 115,488 1,101 4,828 2,428 61 26 53 5,261 8.012 4A20 5.314 8,012 4.320 5,025 11,700 8,990 11 1.049 58 1,060 159 579 126,7615 132 666 150.139 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. Trustee8' exp8n888 Total expenses reimbursed lo truste8s in the year were as follows.. 2023 2022 Travel 59 Expènsas were reimbursad lo 2 Trustees In the year {2022.' 01. 10. STAFF COST8 2023 2022 Gross Salaries Social Security Pen8ions 239.483 16.335 230,923 19,649 11,489 266 869 262.061 2023 No. 2022 No, Housing aclivf(ie Management and administration No employee8 received erllolumenls in excess of £60,0. Tho key managgmenl personnel of tho charity comprise the Clerk & Chief Executlve Offtir, Head of Finan¢e and Head ofOperallon$, along with the Trustees. The total remunerallon of key management personnel during the year was £116.512022: £115.0861. Page 21 continued...

THE CUTBUSH & CORRALL CHARITY Notes to the Flnanclal Statomonts- contlnued for the Year Ended 31 D8c8mber 2023 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslricled Restricted funds fund Endowment fund Total funds as restated INCOME AND ENDOWMENTS FROM Donations and legacies 1,000 1,000 Charltsblè actlvStle8 Housing 679,457 879,457 Investment income Other income 129,612 129,612 1.800 Total 811,869 811869 EXPENDITURE ON Raising funds 4,e53 4.653 Charltable actlvltle8 Hou81ng 730,148 15,884 748 030 Total 734.799 750.683 Net gains1{losses) on inve5tment8 337.625) 397 0351 734.6601 NET INCOMEI{EXPENDITURE Transfers bgtwgon funds 1260,5SSI 6.083} 115.8841 1397,0351 1673,4741 Ngl movement In fund8 1266,638) 115,8841 1390,9521 (873,4741 RECONCILIATION OF FUNDS Total funds brought forward 8,279,287 1,413.672 2,547,609 12,240,568 TOTAL FUND8 CARRIED FORWARD 8.012 649 1397 788 2 156.657 11567,094 12. PRIOR YEAR ADJUSTMENT In accordance with the Charitie5 SORP, where an asset ¢ompr18es components with materially different useful 8conomic lives. those assets ere separately identrf18d and depreclaled over thosg individu81 lives. In compliance with this, the Comparatives have baen restated to recconise the refurbi5hmenl ol the housing prop8rtSes under component accounting upon transition to FRS 102. The effect of the adju81menl was to reduce opening funds by £296,946, being the inGrease in cost ol flxed assets amounting lo £2e,149 net of accumulated d&precialion of £323,095. The impact on the Slalemenl of Financial Activities for the year ended 31 December 2022 was a reduction of ¢haril?bl& a¢livrty expenditure of £19,399. being a decrease of repair costs amounting lo £39,467, net of increased depreciation of £13.267 and the k)$s on disposal of housing compononls of £6,801. Pagg 22 continued...

THE CUTBUSH & CORRALLCHARITY Notes to the Flnan¢lal Statement8 - contlnuod for the Year Ended 31 December 2023 12. PRIOR YEAR ADJUSTMENT l¢ontlnued) ReStrted funds at 31 December 2022 have been reduced by £190,607 whlch refflects the accumulated depreciation applicable lo th8 social housing granl element of housing prop&rtlès. Unrestricted funds have been reduced by £106.339. 13. TANGIBLE FIXEDASSETS Other Freehold Property Housing properties Computer equipmgnl Totals COST At 1 January 2023 Addrtions Disp08818 9.271,672 9B3,202 15 0771 208.295 7,998 17,361 1,873 9,497,348 993,073 15 0771 At 31 De¢gmber 2023 10,239 797 218 293 10475 344 DEPRECIATION At 1 January 2023 Charge for year Eliminated on disposal 1,982,623 104,216 46,896 2,618 6,261 2,696 2,015,580 109,530 At 31 December 2023 2 054,583 NET BOOKVALUE At 31 December 2023 .185 214 166.979 8 362 490 Al 31 De¢ember 2022 7,309,049 161,599 7 481768 14. FIXED ASSET INVESTMENTS Listed inve8lmenls MARKET VALUE At 1 January 2023 Additions Disposals Revaluations Movement In cash 3,590,211 16,779 1403.0221 120,676 3691 At 31 December 2023 3.324,276 NET BOOK VALUE At 31 December 2023 3,324 275 At 31 December 2022 3,590 211 There were no Investment assets outslde the UK. Page 23 ¢onlinued..,

THE CUTBUSH & CORRALL CHARITY Notes to the Flnanclal Statement8 - contlnued for tho Year Ended 31 De¢gmb*r 2023 15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 as restated Trade debtors Other (lebtors Prepayments and accrued income 5,058 1,429 4,423 4.276 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 as reslalod Trade crodilors Taxation and social security Other creditors 18.521 6,603 37,118 5,036 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2023 2022 as restated Totsl funds Unteslrlcled Restricted Endowment funds fund fund Total funds Fixed assets Inveslmonts Current assets Current liabilillès 6.798,086 1,427.029 60,064 1.381.904 182.500 1,897,246 131,899 8,362,490 7.481,768 3.324,275 3.590,211 191,953 573,830 88 2241 8 7151 8,196,945 1,381,904 2,21164S 11790 494 11567,094 Page 24 ¢onlinued...

THE CUTBUSH & CORRALL CHARITY Not88 to the Flnan¢lal Statements - contlnued for tho Year Ended 31 December 2023 18. MOVEMENT IN FUNDS Prior year adju8tmenl Nel movement in funds Transfers bglwe&n funds Al 31.12.23 A11.1.23 Unrostrlctèd funds General fund Extraordinary repairs fund Development fund 6.249,297 1106,3391 133,815 687,414 6,964.187 1,201,468 668 203 48,088 203,9061 489,5911 1,045.8SO 1B7 108 8,118,988 1106,3391 190.379 16,083) 8,198,945 Restrlcted fund8 Grant Income fund 1,588,396 1190.6071 11J,8841 1,381,904 EndowmentfuDds Endowment fund8 2.156,667 48,905 6,083 2,211,645 TOTAL FUNDS 11,864040 1296,9461 223.400 11,790,494 Net movement in funds, included in the above are as follows.. Incoming resources Resources expènded Galns and losses Movement in fund8 Unrestrlcted funds General fund Extraordinary repairs fund Development fund 876,235 {761.1531 18,733 48,068 133,815 48.068 8.496 B70,235 1761,153) 76,297 190,379 Réstrlctsd fund8 Grant Income fund (15,8841 116,8841 Endowmentfunds Endowment funds 48,90S 48,905 TOTAL FUNDS 876,235 7T1 0371 124,202 223,400 PBgè 25 continued...

THE CUTBUSH & CORRALL CHARITY Notos to the Flnanclal Statements- contlnuod for thè Year Ended 31 D¢Gèmber 2023 18. MOVEMENT IN FUNDS. contlnued Comparatlvgs for movement In funds Nel movement in fund8 Transfers belweon funds Al 31.12.22 Al 1.1.22 Unrestrlctgd funds General fund Extraordinary repairs fund Developmènl fund 6,167.942 1,408.948 702 397 {3,5471 (207,4591 49 6491 {21.4381 6,142.957 1.201,489 668,203 15.355 8,279,287 1260.5551 (6,0831 8,012,649 RtrIcted fund8 Grant Income fund 1,413,672 115,884} 1.397.788 Endowment funds Endowment funds 2,647,609 1397,0351 6.083 2.156,657 TOTAL FUNDS 11,567,094 Comparative nel movement in lund8, included in the above are as follows.. Incoming resource8 Re50ur¢es expended Gains and 10s8&8 Movement in funds UnrB8trlcted funds General fund Extraordinary repairs fund Development fund 811.869 (734.799 {80.6171 1207,4591 49,5491 (3.5471 1207.4591 49,5491 811.889 1734,7991 1337,6251 (260,5551 ReBtrlctod funds Grant Income fund 115,884) 115.8841 Endowment funds ErKJowment funds 1397.0351 1397,0351 TOTAL FUNDS 811 869 750,683) 734 6601 673 4741 Th8 Extraordinary Repair Fund is maintained out of the income of the charity for the purpose of providing lor the &xlraordinary repair, improvemgnl or rebuilding of the homes and other property belonging lo the charily. The Trustees h8ve dEcvJed that the balance on thi8 fund is lo be held al approxlmately £1,OlX,000. An annual transfer is ma¢Je lo this fund from tho accumulalBd income fund If the Trusttres considor il n8c6s88ry, Page 26 Gontinued...

THE CUTBUSH & CORRALL CHARITY Note¥ to the Flnanclal Statoments . contlnu¢d for the Year Endèd 31 Dècember 2023 18. MOVEMENT IN FUNDS- contlnued The Developmonl Fund répresents amounts sel aslde for future almshou8e developmgnls. Transfer$ to this fund are made 81 the di¥crelion of the Tmslee8. The Restricted Grant Income Fund represents grant monies reGeived from the H¢Jnes and Communities Agency towards the building ¢0sts of Ihe new almshouses al Huntsmans Cotlage and the renovation of the almshou$e$ at Harrielsham and St Faith's Slreel. The charity has undertaken lo corbtinually proviée services in accordance with th8 Standards of Almshouse Management and the grants are repayable rf the conditlons are not mel. The movement in the period reflects the depreciation on housing propertie8 to wrilo off the grant over the lrfe of the component$ of the propertiès to whh the grants relate. The Pemanenl Endowmgnl Fund is held on trust lo be retained for the benefrt of the charty as a eapllal fund. The annual Iransler into the Permanent Endowment Fund amounting lo £6,083 (2022.. £6,083) has been made in accordance with a Recoupment Order, as described In tho aecountlng policles. 19. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 Decèmber 2023. 20. CONTINGENT ASSET During the reporting period, VAT amounting lo £125,1)44 was Incorrectly ch8rg8d to the Charity by a construction company that ha8 subsequenlty gone Into adminislralbjn. The conslwction company apPld th& incorrect VAT rale lo tho VAT invoices that il issued for the worf( by charging 20% VAT on the supp Iher than the 5% VAT that w88 due. Culbush and Corrall have pald this VAT to the contractor. HMRG have advised that the Charity musl pursue a claim for the overpaid VAT with the receiver. The Charli y has commenced this process. bul the outcome will not be decided until after the dale Ihal the financial stalemenl8 are aulhorised for i8sue. The entit$ advisers have infjicaled that M Is more likely than not Ibul not virtually certainl that tho entity will receNe Ils fvll refund. Page 27 continued...

REGISTERED CHARITY NUMBER: 213463 Rgport of tha Tru5t•88 and FlnanGlal Ststements for thp Year Endèd 31 D•c•mber 2023 for THE CUTBUSH & CORRALL CHARITY

The Cutbush and Corrall Charity

Audit Findings Report Year Ended 31 December 2023

The Cutbush and Corrall Charity: Audit Findings Report for the year ended 31 December 2023

The Board of Trustees

The Cutbush and Corrall Charity

11 July 2024

Dear Trustees

The Cutbush and Corrall Charity

Audit findings for the year ended 31 December 2023

This Audit Findings Report highlights the significant findings arising from the audit and sets out the key matters which we are required to formally report to those charged with governance in accordance with International Standard on Auditing (UK) 260.

As you will appreciate, our audit procedures are designed primarily to enable us to form an opinion on the accounts as a whole. Our procedures include such tests of the accounting records and internal control systems as are, in our opinion, necessary for audit purposes. Consequently, whilst our procedures may identify certain weaknesses which may exist, the audit procedures in themselves should not be relied upon to reveal all the weaknesses which may exist in the system.

This report has been prepared for your sole use and we assume no responsibility to any other party in respect of its contents. The report should not be disclosed to any third party without our prior written consent.

This report is not exhaustive and deals with only the more significant matters which came to our attention during the audit. Other matters of lesser significance have been discussed with the relevant staff during the course of our audit work.

We would like to take this opportunity to express our appreciation to management and staff for their assistance and co-operation during the course of our audit. If you have any queries on any of the points in this letter, please do not hesitate to contact us.

Yours Sincerely

Knox Cropper LLP

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The Cutbush and Corrall Charity: Audit Findings Report for the year ended 31 December 2023 Contents

Audit Overview	Page 3
Materiality and Audit Adjustments	Page 6
Key Audit Risks and Conclusions	Page 7
Internal Control Observatons and Recommendatons	Page 9
Emerging Issues	Page 11
Leter of Representaton	Page 13

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The Cutbush and Corrall Charity: Audit Findings Report for the year ended 31 December 2023

Audit Overview

General

The purpose of our audit is to gather sufficient evidence to allow us to conclude that the transactions and balances disclosed in the accounts are unlikely to be materially misstated, to establish that disclosures reflected in the accounts comply with the requirements of legislation and relevant accounting standards, to assess whether the accounting policies adopted are appropriate and consistently applied and to assess whether judgments exercised and estimates made in the preparation of the accounts are fair and reasonable.

Audit Report

We confirm that we have completed the audit to our satisfaction and intend to issue an unqualified audit opinion on the Financial Statements. This means that we have no material reservations over the figures or information disclosed in the financial statements.

The wording of our audit report is in accordance with the standard text for unqualified audit reports prescribed by the Financial Reporting Council. Our report also includes a section which is specific to this audit setting out our response to the risk of material misstatement in respect of irregularities arising from noncompliance with laws and regulations, including fraud.

Estimates and Judgments

The key estimates and judgements made by management affecting the financial statements are as follows.:

Identification of housing property components and attributed estimated useful lives.

Following the restatement of housing properties under component accounting rules, we have concluded that management have exercised judgments and calculated estimates in a fair and reasonable way.

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The Cutbush and Corrall Charity: Audit Findings Report for the year ended 31 December 2023

Accounting Policies and Disclosures

The accounting policies which have been adopted in the financial statements are in accordance with Generally Accepted Accounting Practice and are, in all material respects, appropriate to the organisation’s operations and in compliance with FRS 102 and the Charity Statement of Recommended Practice 2019.

Adequate consideration was given to the potential impact of changes in legislation and accounting standards which arose during the year. No significant changes arose during the current year which affected the financial statements and therefore the form and content of the accounts are largely consistent with the preceding year.

You are aware that fixed assets have been restated to comply with FRS 102, which requires the major components of an item of property, plant and equipment which have significantly different patterns of consumption of economic benefits to be separately recognised. This includes items such as the roof, boilers, bathrooms and kitchens in a property. In this case, FRS 102:17.16 requires that the initial cost of the asset is allocated to its major components with each component then depreciated separately over its useful life. We have therefore amended the policy to comply with this treatment.

Professional Ethics and Independence

We confirm our compliance with Ethical Standards issued by the Financial Reporting Council. There are no matters in relation to our audit engagement which we consider should be brought to your attention.

We also confirm that we have evaluated our firm’s independence in connection with the audit and implemented appropriate safeguards to ensure there are no factors affecting our independence or objectivity and thus our ability to continue to act as auditor. These included:

The self-review threat arising from our assistance with the preparation of the financial statements;
The self-review and management threat arising from processing journal adjustments;

These however have been properly addressed by appropriate safeguards, namely:

A review by a second manager independent of the audit;
Journal adjustments being approved by the Trustees in writing;

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The Cutbush and Corrall Charity: Audit Findings Report for the year ended 31 December 2023

Other Audit Matters

In accordance with UK auditing standards, we confirm the following matters in relation to our audit of the financial statements:

a) We have not identified or been made aware of any incidents of fraud or suspected fraud. We would emphasise that our work as auditor is not intended to identify any instances of fraud of a non-material nature and should not be relied upon for this purpose.
b) We have not identified or been made aware of any incidents of non-compliance with laws and regulations which could have a material impact on the financial statements.
c) We have not identified or been made aware of any related party transactions other than matters which have been disclosed in the financial statements.
d) We have received all requested third-party confirmations which represent an essential element of our audit evidence.
e) Apart from the matters set out in this report, there were no significant matters discussed with management during the audit which we are required to bring to your attention. There were no significant disagreements with management, or any limitations placed on the scope of our work. No significant difficulties were encountered during the audit.
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The Cutbush and Corrall Charity: Audit Findings Report for the year ended 31 December 2023

Materiality and Audit Adjustments

Materiality

Materiality is used both to plan the nature and extent of audit testing and to evaluate the effect of misstatement. In accordance with ISA (UK) 260 ‘Communication with those charged with governance’, we are obliged to include details in this report of all unadjusted errors which are below materiality unless they are clearly trivial. Whilst our audit procedures are designed to identify misstatements which are material to our audit opinion, we also report to those charged with governance and management any uncorrected misstatements of lower value errors to the extent that our audit identifies these.

Omissions or misstatements are regarded as material if they would reasonably influence the users of the financial statements. The assessment of what is material is a matter of professional judgement.

Our assessment of materiality for the charitable company for the year ended 31 December 2023 was calculated as follows:

	Parent £	Explanaton
Overall Materialityfor the Financial Statements	17,415	Accounts materiallymisstated where total errors exceed this value

Performance Materiality	13,061	Workperformed to capture individual errors at this level.

TrivialityLevel	870	Unadjusted errors above this level are reported.

Audit Adjustments

All material adjustments arising from our audit work have been discussed with management and appropriately reflected in the financial statements. The adjustments agreed are included in an appendix to this this letter.

We confirm that no further misstatements were detected during the audit which remain uncorrected in the financial statements other than matters which are both individually and cumulatively below performance materiality. A schedule of unadjusted errors is also included with this report.

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The Cutbush and Corrall Charity: Audit Findings Report for the year ended 31 December 2023

Key Audit Risks and Conclusions

The following schedule sets out the key risks which we identified as part of our audit planning. It sets out our approach to ensuring that these risks did not give rise to any material misstatement in the financial statements and our audit findings.

Risk Audit Approach Audit Findings 1 Completeness of income Rental income will be reviewed against expected We are satisfied following the review of income Under ISA (UK) 240 there is a presumed risk of rents in the year and tested to underlying data on documentation and audit procedures performed fraud in relation to revenue recognition. The a sample basis. We will review the underlying that income is recognised correctly. presumption is that the Charity could adopt documentation for grants and contracts accounting policies or recognise income in such a receivable to ensure that all income to which the way as to lead to a material misstatement in the charity is entitled, and which can be ascertained reported revenue position. with reasonable precision has been included. 2 Management override of Controls Due to the size and nature of the entity, the We are satisfied that journals processed in the Under ISA (UK) 240 there is a presumed risk that potential for management override of controls is accounting records were routine in nature and management and Trustees have the ability to considered a significant risk. This will be appropriate to the activities of a housing charity. process transactions or make adjustments to addressed by the review of journal entries financial records outside of the normal financial processed in the accounting records, and the control processes. Such transactions could lead investigation of all significant and unusual to a material misstatement. transactions identified from our review of the accounting records. 3 Macro-Economic Conditions The wider economic environment is providing We will review budgets and cash flow forecasts to We have not identified any issues with going several challenges which are both directly and ensure that there are no issues or concerns with concern over the course of our audit. The charity indirectly impacting the Charity. Increases in cash levels. recorded a surplus of £223k in 2023 and retains Consumer Prices Index will have an effect on the £170k of cash and £3.324m of Investments. Charity’s direct costs as well as income collection We will review the WMC Arrears list, identifying There are no indications of any impairment issues as more tenants struggle to pay their WMC. Major long outstanding and large balances. We will in the year. changes to the benefits system have also come enquire as to whether these amounts have been There has been a slight increase in WMC debtors into force in the last few years, including the recovered post year end and, if not, the likelihood in 2023. We have considered the recoverability of Benefit Cap, the bedroom tax and the rollout of that they will be recovered. We will review the debtor balances and reviewed the actions taken Universal Credit. current doubtful debt provision to see whether by the Charity to receive these amounts. It

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The Cutbush and Corrall Charity: Audit Findings Report for the year ended 31 December 2023

this appears adequate based on our arrears appears that reasonable steps are being taken to This introduces additional audit risks in us arriving review. manage debtor balances. at our audit opinion, including: Void losses decreased in the year from £47,903 to

at our audit opinion, including: Void losses decreased in the year from £47,903 to • Going concern including reduced future cash We will review occupancy rates and the impact of £44,292 and are consistent with the flows; voids on the Charity’s ability to perform circumstances leading to the void periods. • Increase in arrears as benefit claims requiring refurbishment work on void properties. We will continue to review the latest performance processing by local authorities in the current and forecasts up to the point of signing the situation increase; and financial statements.

• Impact in performance in voids as filling void properties is more difficult in the current situation.

4 Housing Properties

Component accounting has not been adopted on fixed asset properties. There is a further risk that property components are treated as revenue items and not correctly identified in the accounting records. This will include both property additions and disposals and the accounting treatment of replacement components.

We will perform component accounting Housing properties have been restated under calculations and restate housing properties in component accounting using the guidance issued compliance with FRS 102:17.16, which requires by the National Housing Federation in respect of the initial cost of the asset to be allocated to its component apportionment and useful economic major components with each component then lives. depreciated separately over its useful life.

Minor adjustments were also made in the year for Additions will be checked to ensure that they have fixed asset additions posted as revenue been correctly categorised and are genuine expenditure. We are satisfied that component additions. replacements are now fairly stated.

5 Identification of all related party transactions The risk of material misstatement of related party relationships and transactions can arise due to a failure by entities to identify or disclose related party relationships and transactions, whether by lack of understanding or knowledge of relationships that fall within the definition, or by using unidentified related parties to cover up fraudulent activities or financial reporting.

We will review the details of related party No additional related party transactions were transactions prepared by the Board of Trustees identified during the course of our work. We are and obtain representation from the Board that satisfied disclosure of related party transactions the register accurately and completely discloses in the financial statements is complete. all related party transactions. We will review our audit work to identify any previously unidentified related parties and related party transactions.

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The Cutbush and Corrall Charity: Audit Findings Report for the year ended 31 December 2023

Internal Control Observations and Recommendations

We are required to report to you, in writing, significant deficiencies in the internal controls and the internal control environment that we have identified during the course of our audit. These matters are limited to those which we have concluded are of sufficient importance to be reported to you. Our audit cannot necessarily be expected to disclose all deficiencies in the system and, as a result, the matters reported may not be the only ones which exist.

We have categorised the internal control deficiencies using a colour-scale rating system. The key to which is as follows:

Control weakness is not significant but we recommend that it be addressed to comply with good practice Control weakness is serious and needs to be addressed Control weakness is of critical importance and needs to be addressed as a priority

Matters Arising in the Current Year

Risk Observation Recommendation Management Response Rating

Whilst we were able to confirm the dates of beginning and end of licenses from the void records, we recommend that the recording of new licensees is kept up to date and checked for completeness.

1 Income Recording Our testing of income identified 3 licensees who were not recorded on the new starter list.

We also noted that Housing benefit relating Consideration should be given to the to the final two weeks of December had correct cut-off in respect of housing benefit not been accrued. claim recognition.

Our Inform System which holds all resident details is accurate and holds all the relevant information. The list provided for audit was created manually and omitted 3 residents. Next year a report will be crested directly from Inform to ensure you receive the correct information.

We are satisfied that income was materially accurate in the accounting records.

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The Cutbush and Corrall Charity: Audit Findings Report for the year ended 31 December 2023

2 Expenditure Invoices

Our detailed testing of expenditure We recommend that where invoices are not revealed 3 instances where no supporting received for expenditure items, suppliers are invoice was available for inspection. We contacted to obtain copies to complete the increased our sample as a result and are audit trail. able to conclude satisfactorily over this

Extra effort will be made to ensure all supporting invoices are present in order to produce a complete audit trail.

area.

3 Fixed Asset Additions

Where housing components are replaced, they are initially posted to repairs expenditure codes within the nominal ledger.

We recommend that component A separate nominal code will be used in replacements are separately identifiable by Xero for component replacements going posting them to a different nominal code. forward. This will enhance the year-end accounting process and make management information more in line with the year-end position.

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The Cutbush and Corrall Charity: Audit Findings Report for the year ended 31 December 2023

Emerging Issues

Proposed changes to Financial Reporting

The Charity SORP and Financial Reporting Standard 102 (FRS 102), on which the SORP is based, are both in the process of being updated, with changes expected to be implemented for accounting periods beginning on or after 1 January 2026. Key proposed changes include:

Leases: All leases, with few exceptions, must be capitalised.
Revenue Recognition: A new five-step model will impact how grants and contracts are recognised.
Additional SORP Changes: Larger charities will need to include sustainability reporting, while smaller charities will have a simplified reporting regime.

National Cyber Security Strategy 2022-2030

The government’s National Cyber Security Strategy aims to enhance the UK's digital security. A draft Code of Practice on cyber-security governance was published in January 2024 to help directors and senior leaders strengthen their defences against cyber threats, placing cyber security on par with financial and legal risks. It covers regular cyber-awareness training for staff, regularly updating organisational comprehensive plans for responding and recovering from cyber breaches, advocating for regular penetration testing to identify and address vulnerabilities and encouraging organisations to obtain “Cyber Essentials” certification.

Changes on Holiday pay process

A recent court decision has simplified the rules for holiday pay, particularly for workers with irregular hours. The Supreme Court has confirmed that holiday pay liabilities can be retroactive for up to two years, necessitating careful planning by employers to avoid errors. New regulations define irregular hours and part-year workers, specifying that leave must be accrued at 12.07% of hours worked and can be paid in instalments, though this is optional. The regulations also detail how leave can be carried forward for workers who are sick or on statutory leave like maternity or paternity, allowing unused leave and pay to be carried forward to the next leave year. These changes aim to provide clarity and simplify the holiday pay process for both employers and employees.

Class 1A NIC on benefit in kind

Starting April 2026, payrolling benefits and paying Class 1A NIC on BIK via payroll will be mandatory, aiming to simplify tax reporting and reduce administrative burdens.

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The Cutbush and Corrall Charity: Audit Findings Report for the year ended 31 December 2023

Office of Financial Sanctions Implementation’s (OFSI) guidance

All UK entities, including charities, must comply with financial sanctions. The OFSI provides guidance on ensuring compliance, particularly important given the increased sanctions due to the Ukraine conflict.

https://www.gov.uk/government/publications/financial-sanctions-faqs

Know your donor – key questions for trustees

All charities should know their donors and think carefully about whether or not to accept donations. Charity Commission’s Compliance Toolkit and Know Your Donor Questions provide useful tools for due diligence for charities to assess the risks of accepting a donation, including reputational risks.

https://www.gov.uk/government/collections/protecting-charities-from-harm-compliance-toolkit#chapter-2:-charities:-due-diligence,-monitoring-andverifying-the-end-use-of-charitable-funds https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/550694/Tool_6.pdf

My Charity Commission Account

Launched in 2023, My Charity Commission Account provides trustees, managers, and accountants with tailored support and information, facilitating access to online services such as updating charity details and submitting annual returns.

https://www.gov.uk/guidance/setting-up-my-charity-commission-account

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The Cutbush and Corrall Charity: Audit Findings Report for the year ended 31 December 2023

Letter of Representation

International auditing standards require us to obtain, from the directors, a number of specific representations and also confirmation of any other material representation given to us during the course of our audit which forms part of our audit evidence. The representations should be made on the basis of enquiries of management and staff with relevant knowledge and expertise.

The following is the full list of representations which we will require to be formally provided to us in a letter, signed on behalf of the directors, prior to signing our audit report.

Confirmation of Responsibilities

We have fulfilled our responsibilities as trustees under the Charities Act 2011 (“the Act”) for preparing financial statements which give a true and fair view in accordance with the financial reporting framework (FRS 102 and the Charity SORP).
We confirm that all accounting records have been made available to you for the purpose of your audit, in accordance with your terms of engagement, and that all the transactions undertaken by the company have been properly reflected and recorded in the accounting records. All other records and related information, including minutes of all management and Directors’ meetings, have been made available to you. We have given you unrestricted access to persons within the Association in order to obtain audit evidence and have provided any additional information that you have requested for the purposes of your audit.
We acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that:
so far as each Director is aware, there is no relevant audit information of which you as auditors are unaware; and
each Director has taken all the steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that you are aware of that information.

Estimates and Judgments

We confirm that the methods, significant assumptions and source data used by us in making accounting estimates, and their disclosure in the financial statements, are appropriate and in compliance with the recognition, measurement and disclosure requirements of FRS 102.
We confirm that all known actual or possible litigation and claims, the implication of which should be considered when preparing the financial statements, have been disclosed to you and have been accounted for and disclosed in accordance with FRS102 and the Act.
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The Cutbush and Corrall Charity: Audit Findings Report for the year ended 31 December 2023

Post Balance Sheet Events and Commitments

We confirm that there have been no events since the balance sheet date which necessitate revision of the figures in the financial statements, or inclusion of a note thereto, other than those matters which have already been disclosed or included in the financial statements.
We confirm that the Charity has not contracted for any capital expenditure other than as disclosed in the financial statements.
We confirm that we have no plans or intentions that may materially alter the carrying value and, where relevant, the fair value measurements or classification of assets and liabilities reflected in the financial statements.

Related Parties

We confirm that we are aware of the definition of a related party as set out in FRS102 and the Charities SORP.
We confirm that we have disclosed to you all related parties and related party transactions relevant to the charity and that we are not aware of further related party transactions other than those already disclosed in the financial statements in accordance with the requirements of FRS102 and the Act.
We confirm that the charity/company has not had, at any time during the year, an arrangement, transaction or agreement to provide credit facilities for trustees, nor to provide guarantees of any kind on behalf of the trustees, except as disclosed in the financial statements.

Laws, Regulations and Contractual Agreements

We confirm that we are not aware of any possible or actual instance of non-compliance with those laws and regulations which provide a legal framework within which the charity conducts its operations, non-compliance with which could affect the financial statements.
The charity has complied with all aspects of contractual and other agreements that could have a material effect on the financial statements in the event of non-compliance.

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The Cutbush and Corrall Charity: Audit Findings Report for the year ended 31 December 2023

Internal Control and Fraud

We acknowledge our responsibility for the design and implementation of controls to prevent and detect fraud and we confirm that we have assessed the risk that the financial statements may be materially misstated as a result of fraud and that we have made this assessment available to you. We also confirm that, to the best of our knowledge and belief, there have been no significant deficiencies in internal control during the year.
We confirm that we have disclosed to you our knowledge of any actual or suspected instances of fraud involving management, employees with a significant role in internal control, and others where the fraud could have a material effect on the financial statements. We also confirm that we have disclosed to you our knowledge of any allegations of fraud or suspected fraud, affecting the financial statements, which have been communicated by employees, former employees, regulators or others.

Going Concern

We confirm that, having considered financial projections which reflect the charity’s expectations and intentions for a period of at least twelve months from the date on which the financial statements are expected to be approved, in our opinion, the charity’s financial statements should be prepared on the going concern basis.

Uncorrected Misstatements

We confirm that, in our opinion, the effects of any uncorrected misstatements which have been set out in the Audit Findings Report, are immaterial, both individually and in aggregate, to the financial statements as a whole.
All grants, donations and other incoming resources, receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms and conditions in the application of such incoming resources.
We confirm that we have informed you of the details of all correspondence with the charity’s regulators during the year and, in particular, the details of all Serious Incident Reports that we have made to the Charity Commission
We have reviewed the journal adjustments processed during the course of the audit and confirm our approval of these as set out in the annexe to this letter.

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The Cutbush and Corrall Charity: Audit Findings Report for the year ended 31 December 2023

Signed for and on behalf of the Trustees of The Cutbush and Corrall Charity

07 Oct 2024

caroline (Mon, 7th Oct 2024 13:58:09 BST)

Trustee

Date

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