COVENTRY CHURCH {MUNICIPALI CHARITIES AND OTHERS FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Regulator of Social Housing registration number.. A0581 Charity registration number. 228486 COVENTRY CHURCH {MUNICIPALI CHARITIES AND OTHERS INDEX TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 Pa Registered Social Housing PrOv￿er Information Trustees, Report Report of the Auditors 8-9 Statement of Comprehenswe Income 10 Balance Sheet 11 Statement of Changes In Reserves 12 Stslement of Cash Flow5 13 Notes to the Financial Statements 14-27 The City Charity of John Cockesonne Slalernent of Financial Acb"vilie5 28 Balance Sheet 29 Notes to the Financial Statements 30 Lane Educational Foundation Statement of Financ￿1 Activities 31 Balance Sheet 32 Notes lo the Financial Statements 33 Income and Expenditure COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS REGISTERED SOCIAL HOUSING PROVIDER INFORMATION REGISTERED NUMBERS: Charity Commissioners 228486 Regulator of Social Housing - Homes England A0581 TRUSTEES: Three appointed by the Council of the City of Coventry Pursuant to CL8use 27 Mr J Clifford Mr D Kershaw CBE Councillor L Bigham (resigned 13th October 2023} Two appointed by the Trustees of Bond's Hospital Eslale Charity Pursuant lo Clause 27 MsSCForte Mr M Peachey Iresigned 41h October 20231 Seven Co-oplalive Trustees pursuant to Clause 28 Mrs V E Rigby (Chairl Mr M Harban (VI￿ Chairl Idled July 20241 Mr V W Keene M8E (Honorary Trustee from 61h June 20241 Dr R M StM)kes MrRBKDyottDL Mr N Williams Mrs P Bhabra {resi9ned 24 October 20231 Mrs E Cook lappoinled 6th June 20241 Drwwatson lappointed 6th June 20241 CHIEF EXECUTIVE AND CLERK: Mr M F H While MRICS FAAV REGISTERED OFFICE: Bond's Hospital Hill Street Coventry CV14AX AUDITORS: Dafferns LLP Chartered Accountants One EaS￿00d Harry Weston Road Binley Business Park Coventry CV3 2U8 SOLICITORS: Rolherham & Co Limited 8- 9 The Quadrant Coventry CV12EG BANKERS.. Lioyds Bank plc 30 High Sireel Coventry CV1 5RE COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS TRUSTEES, REPORT for the year ended 31 March 2024 The board of Coventry Church Imunicipall Charities present their report and the audited financial statements for the year ended 31 March 2024. CONSTITUTION Consliluled under a Scheme made by the Charity Commissioners dated 18th September 2006. The Coventry Church (Municipall Charities consists of.. Bond's and Ford's Hospital City Chanty of John Cockesonne (which includes the Samuel Edwards Charity and the Foleshill Aid In Sickness Fund) Lane Educational Foundation Charity bl The accounts of the John Cockesonne and Lane Educational Foundation ch8rib.es are appended to the Hospital Charity accounts. ADMINISTRATIVE DETAILS AND POLICIES structure, governance and management The Charity was established out of a Scheme of 1924. drawing together a number of other Charities In the City of Coventry. It is constituted as an unincofporaled association being governed by a SchenE of the Charity Commissioners dated 18th September 2006. The adminislralion of the Charity is vested in seven co-opted Trustees, three Trustees nominated by the City of Coventry and representative Trustees from Bond's Hospital Eslale Charity. The co-opted Trustees are chosen by the existing Trustees being people considered to have a particular interest in the work of the Charity or knowledge or experience likely to assist in ils proper administration. No Trustee receives any renumeration. On appointment. new Trustees receive sufficient background information to enable them to understand the financial position of the Charity and ils current work in hand. Thereafter new Trustees are given an inspection of the Almshouses and an opportunity lo meet staff and. Whe￿ possible. to become inc￿a$lngIY involved in the management and social activities of the Almshouses. The current CEO and Clerk is a member of the Royal Institution of Chartered Surveyors and is able lo advise the Trustees on a number of property related issues. The Charity also has a long-standing arrangement with Rotherham & Co Limited. a local firm of solicitors who have acted for the Charity for several decades. When appropriate. professional advisors will attend the Trustees Meetings which are held normally al quarterly intervals, and should recommendations be made. the Trustees will give all matters due consideration. Between rlleelings. decisions are primarily taken by the Chairman and Vice Chairman with routine decisions concerning building maintenance, etc. and the running of the Almshouses being delegated to the CEO. Objectives and activities The primary objective of Coventry Church (Municipall Charities is the provision of housing accommodation for poor persons of good character, resident at the time of their appointment in the City of Coventry. The Trustees aim lo provide residents with a secure and well-maintained home. in a happy environment, for as long as possible. The Trustees believe that in order lo achieve this aim, residents will increasingly require, as they get older. 8 greater level of support and assistance, and in order to provide this, il is necessary for the Charity lo engage additional Scheme Managers over and above what would be expected on a purely commercial basis The Trustees believe that this greater level of support is entirely in accordance with the Charitable aspirations of the founders and benefactors of the Charity. With regard to the City Charity of John Cockesonne, the object of the Charity is the relief of persons resident in the City of Coventry who are in need, hardship or distress. This may be provided by the gonling of money or the provisions of goods, services or facilities, either directly lo those persons or bodies who provide such facilities for those in need. COVENTRY CHURCH {MUNICIPALI CHARITIES AND OTHERS TRUSTEES. REPORT forthe year ended 31 March 2024 Objectives and actlvities Icontlnuedl The Lane Educational Foundation, stales its object, is to promote the education of persons who are in need of financial assistance, are attending or have attended a Coventry School and are resident within the City of Coventry. The Trustees confirm that they have referred lo the Charity Commission's guidance on public benefit, when reviewing the Charity's aims and objecb'ves, in planning future activities and setting the grant making policy. Grants are made for Relief in Need for people living in the City of Coventry, as set out above. The Trustees believe that they should look to try and increase the grants awarded for those individuals or organisalions, who qualify for Relief of Need. In general, the Trustees consider that making grants lo local partners and organisalions, is an effective means of delivering aid more widely across the community. In exceptional circumstances, grants are made lo individuals, where the application is endorsed by a sponsoring body. Achievements and performance It is now nearty years since the County lost ils longest serving Monarch, Queen Elizabeth 11 who sadly Passed away on the 8th September 2022. The reason for mentioning it in this financial year is that our late Queen is still very fondly talked about by our residents. especially as Queen Elizabeth had been a constant in all of their lives, with the exception of a few elderly residents remembering her later father. ￿lIst we admired and celebrated her dedication and devotion lo Public Service and the Church, the Slate Funeol bought residents together in the manner so seldom seen in today's modern world. The ability of residents within Almshouses and especially Ih05e within this organisalion brings huge benefits lo those who do not have the benefit of farnily being close to hand and the Almshouse Community as a whole becomes extended family which is most welcome to see. On the 8th May 2023 the Trustees, Staff and Residents held a Coronation Paty for King Charles 111 in a marque in the Quadrangle of Bond's Hospital King Charles had visited the Almshouses in 2021 in his capacity as Patron ol the Almshouse Association. We wish our new Monarch every success in this demanding role and a full recovery from his cancer. For the past 12 month5 the Charity experienced hKJh interest rates on its borrowing from The Charity Bank and that ¢oupled with high levels of inflation and pressures on salary reviews, the cosl-of-living crisis deepened. It has been a hard balancing act to ensure that the Charity maintained ils revenue and Is able lo support ils residents who were struggling lo cover their living costs. The Charity were able to financially support some of those residents in the greatest need whilst maintaining accommodation to a high standard. The cost of refurbishing a flat ha5 now oloubled in less than years which adds lo the pressure of ensuring that flats are turned around quickly lo redu￿ the void period. There is still work lo be done on Ihis bul finding contractors who are able lo tske on work al short notice periods is proving very difficult. There is still a strong demand for accomrnodation al the Almshouses and the Charity have a wailing list of approximately 12 prospective benef1ciaries Last year we reported that the Charity were in negotiations with the owners of a property known a5 Penny Black House. This former Public House was converted in 2011 to house students and consists of 21 bedrooms with cornmunal cooking facilities on each of ils three floors. This propety lies opp0511e Ford'5 Hospital on Greyfriars Lane and would be an ideal property to either convert or rebuild as Almshouses when funds pemil. The Trustees were delighted lo secure the purchase of Penny Black House in January 2024. The purchases was funded by taking out an additional loan with The Charity Bank of £900,000, using a small amount of surplus cash held on deposit with the CCLA and the in¢ome received from Bond's Hospital Estate ChaTity in the previou5 financial year. On completion of the purchase the Charity entered Into Ihree-year lease with CovRental Ltd who are the company operating the student lettings and managing the property. In December 2023 from Bond's Hospital Estate Charity received the sum of £337.386. being the surplus income derived from the investments held by the Eslale Charity. The vast majority of this was used lo reduce the level of borrowing with The Charity Bank. The Trustees of Coventry Church (Municipall Charibes wish to once again thank the Feoffee5 of the Estate Charity for their diligence and hard work that produced the surplus of income which has been of great benefit lo this Charity. COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS TRUSTEES, REPORT forthe year ended 31 March 2024 Achievements and pgrformance {continued) In January 2024 the Charity employed a new part time Scheme Manager with the hope that following her six- month probationary period she may become a full time Scheme Manager and would then be able to do on- call alongside the Senior Scheme Manager and the two other full time Scheme Managers. At the lime of writing this report, unfortunately this employee has been taken ill, bul up lo that point she had performed extremely well and had become a valuable member of our team. For the past years the Charity have been planning and budgeting for the new call care equipment that will be required due to the switching over frorn analogue systems to digitsl systems. Many months of planning and organising ensured that when the contractors arrived on sile in April 2024 the work was done smoothly and efficiently, and the residents have 8dapled lo using the new equipment in their Ilals remarkably well and in lime the whole system will become much more efficient and user friendly for all those involved. The Trustees desire lo move from an unincorporated Charity lo a CIO has once again been delayed but this lime due to some of ils endowed propety not being reglstered with the Land Registry. Work is ongoing lo remedy this situation bul unfortunately there are substantial delays In the Land Registry Department. bul it has been noted that this is an exceptional item and does need lo be dealt with a5 quickly as possible. The 'Relief of Need" provisions of the Charity's scheme continued to play an important part of the Trustees work and grants lotalling £13,153 were made during the ye8r. The Trustees look the decision to review its budget, and the main fund provided with a total of £20,000 The Trustee5 are able lo spend the income derived from the investments held by the John Cockesonne Charity and the Lane Educational Foundation. Regulatory metrics RSH Value for Money Metrics IVFMI 2023 12024 2022 12023 VFM Sector Metrics Benchmark Reinvestment O/. New Su Social Housin Units New Su Non-social Housin Units Gearin EBITDA MRI Interest Cover % Social Housin Cost er Unit£ eralin Mar Social Housin eralin Mar in Overall Return on Ca Ital Em lo ed 0.0° 0.00 0.00 o.oo O.OYo O.OV¢ 2080 380.5Vo £6,118 23 OV, 53.5¥0 3.7% 37° 0.7V O.OQ/o 262.3° £6,859 19.90 48.90 3.5Q 170.70 £5.720 18.70 16.80/0 2 1.10 ROCE Source of benchm8rtr." Regulator of S(Kial Housmg- V8Iu8 for money m8tnc$ ond ￿pOrtjng- Finani81 ye8r lo M8frrh 2023. iss February 2024- stsb-s¥Èormetri¢s fFom the 5rnallestcategory ofprovthfrs. b8mg Ihose with < 2.￿ supported units. Reinvestment ° The reinveslrnenl metric looks al the investment in the Charity's properties as a percentage ol the lolal book value of the properb.es held. The Charity spends significant resources maintaining the standard of ils properties as can be seen In note 3, however, this metric considers resources S￿nI on the acquisition or development of new properties, or the enhancement of existing properties. New supply (social housing units) QA The new supply metric Is an indicator of the level of new social housing units that have been acquired or developed in the financial year as a proportion of the total owned and managed units. In the 2021 financial year, the Charity much exceeded the sector benchmark as a result of the Bonds Lodge housing development which practically completed in September 2020, adding 45 flats lo the number of managed units which are available for beneficiary residents Since this development the Charity has not added to the number of units that il operates. New supply Inon-social houslng tsnit$l % The Charity does not manage any non-social housing units, with all the units available being used in the furtherance of the Charity's objectives. However. a5 referred to above, the Charity secured the purchase of Penny Black House In January 2024. The property is currently let lo students and on completion of the purchase the Charity entered into a lease with CovRental Ltd who are the company operating the sludenl lettings and managing the property. This propety is currently reflected in the financial statements as an investment property, bul the Charity will be looking lo ¢onvert the premises in the future. COVENTRY CHURCH (MUNICIPAL) CHARITIES AND OTHERS TRUSTEES. REPORT forthe year ended 31 March 2024 Regulatory metrics Icontinuedl Gearing. The gearing metric addresses how much of the Charity's adjusted assets are made up of debt and the degree of dependence on debt financing The metnc highlights that the Charity falls below the sector average bul has increased against the previous year. This int￿2$ed gearing posith'on is the ￿sUIt of the £900,000 Charity Bank loan taken out lo fund the purchase of Penny Black House as referred lo above. The Charity has mel all scheduled repayments on its loan arrangements in line with the terms of the agreements. EBITDA MRI interest cover Yo This particular interest cover metric is a key indicator of the Charity's liquidity and investment capacity, by looking at the level of surplus generated, compared lo the level of interest payable. Similarly, lo the above gearing rab'o, the Charity is exceeding the sector average. bul the level of cover has worseneLI against the previous year. The level of 0/0 cover has declined due to rising base inlefest rates pushing up the cost of servicing the Charity's variable rale loans, coupled with the additional £900,000 Charity Bank loan taken out during the year. Social housing cost per unit £ This metric simply summarises the headline social housing costs incurred by the Charity, on a per unit basis. The average CDSI per rnanaged unit has further increased due to the higher costs of property maintenance and rising utility Costs, whilst supporb'ng residents by minimising the level of increase in service charge conlr1bulions. Operating margin150cial housing) ° The operating margin represents the operating surplus from social housing lettings divided by the turnover from social housing lettings. This metric has slightly worsened against the previous year, bul remains reasonably consistent with the sector average, and is reflective of the points referred lo in the metric above. Operating margin loveralll % The overall operating margin represents the overall operating surplus of the Charity divided by the total turnover of the Charity. As the Charity does not own or manage any non-so¢ial housing unrts, the turnover in calculating this metric is consistent with the above. However. the overall operating surplus includes non- housing activity Income which typically Includes high levels ol donation income Imosl Pfincipallyl from 8ond's Hospital Estate Charity. As above. donation income received from the Estate Charity this financia5 year totalled £337.386 compared lo £345,854 in the previous year. Retum on Capital employed O The ROCE compares the operating surplus to total assets, less the current liabilities of the Charity, and is a Common measure used in assessing efficient investment of capital resources. The Charity is operating above the sector avera9e and has remained steady across the last tsvo financial years. Flnanclal revlew The Charity maintains an Extraordinary Repair Fund which is held for more major. unexpected or long-lerm items of repair or improvement. The Charity are aware that work will be required shortly lo part of the roof on the Old Wing of Bond's Hospital and some replacement stone and limber work al Ford's Hospital will be undertaken in 2025.The Trustees believe by operating ils Extraordinary Repair Fund they ensure the Charity properties are well maintained, and improvements can continue on an annual basis. Investment pollcy The Charity currently hold circa £110,000 in two funds managed by the CCLA together with the CCLA'S COIF Deposit Fund. R¢$erves policy In recent years, the free reserves of the Charity have fluctuated but generalty have been running al a very low level and the Trustees are looking to re-bLJild these funds in the forthcoming years. The free reserves as at 31 March 2024 were £46,22712023 £472,953) COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS TRUSTEES, REPORT for the year ended 31 March 2024 Plans for fulure periods The CEO has prepared a list of major expenditure items, and these have been considered by the Trustees and funds allocated and works priorilised on a need's basis. The Charity have worked on a 5 Year Plan and once formally adopted will assist the budgeting for the short lo medium term. Having acquired The Penny Black House the Charity will look lo prepare detsiled plans for ils conversion or rebuild within the next 3-5 years. At the time of writing this report, fv40 f￿ehOld properties have been marketed on Hill Street opposite property owned by both the Bond's Hospital Eslale Charity and this Charity. After careful consideration and with a view to the long-term future, the Chanty maole an offer for both buildings which has been accepted In principle On the dale of this report the sales memorandum has yel to be dispatched by the vendors agents but It is hoped that this will be forthcoming Shortly Assessment of compliance with the governance and financial viability standard The Charity has complied with the Governan￿ and financial viability code of practice and have adopted the Almshouse Association code of governance. The Charity continues to review ils contracts with the utility providers on a regular basis and will continue lo pay as many accounts as possible by Direct Debil, thereby benefitting from the discounts available. On major contracts, quotations are sought to ensure COM￿lI11Ve rates for works are achieved. W11h the benefit of income from Bond's Hospital Estate this Charity is able lo subsidise the healing charges levied on all the residents. The Trustees appreciate that some buildings are better insulated than others and they endeavour not lo penalise the resident for living in those parts of the building that are less well insulated. The Charity has spent money fitting thermostatic valves to radiators and is in the process of changing a number of the lights to LED and also to pul some of the corridor lights on timers and motion activated sensors. All of these measures are aimed at reducing energy consumpb'on and thereby reducing the day to day running costs wherever possible. The Trustees strive lo ensure that the properties are well maintained bul not in a frivolous manner and the CEO meets weekly with the Chairman and with the Scheme Managers to ensure the smooth running of the Almshouses. Going Concern The Trustees have considered the funding requirements ol the Charity, and although cashfiow will be light as described above, the Trustee5 believe that the resources available lo them are sufficient for the continuing activities of the Charity for al least 12 months from the dale of this report. As a result of this a55e5sment, the going concern assumption continues lo be adopted in the preparation of these financial statements. COVENTRY CHURCH (MUNICIPAL) CHARITIES AND OTHERS TRUSTEES. REPORT for the year 8nded 31 March 2024 Trustees, responsibilities in relation to the financial statements Law applicable Charities in EnglanLI and Wales. requires the Trustees lo prepare financial slalemenls for each financial year, which give a true and fair view of the Charity's financial activitie5 during the year and of its financial position at the end ol the year. In preparing financial slalemenls giving a true and fair view, the Trustees follow best practice and.. select suitable accounting policies and apply them consistently., make iudgements and eslimales that are reasonable and prudent., stale whether applicable accounting standards and slalemenls of recommended practice have been followed. subject lo any departures disclosed and explained in the financial slalemenls.. Prepare the finanei81 statements on the going concern basis, unless it is inappropriate to presume that the Charity will continue in operation The Trustees are responsible for keeping accounting records. which disclose the reasonable accuracy, the financial position of the Charity and which enable them lo ascertain the finanei81 position of the Charity and which enable them to ensure that the financial slalernenls, comply with applicable law and the trust deed 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. On behalf of the Trustees V.E. Rigby - Chair Dated.. COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS Opinion Vve have audited the financial statements of Coventry Church (Municipall Charib'es for the year ended 31 March 2024. which comprise the Statement Df Financial Activities, the Balance Sheet and notes lo the financial slatemenls. including a surnmary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS102 °the Financial Reporting Standard applicable lo the UK and Republic of Ireland. In our opinion the financial siatements.. give a true and fair view of the slate gf the charity's affairs as at 31 March 2024 and of ils incoming resour￿$ and application of resources, for the year then ended, have been properly prepared in aecordance bmlh United Kingdom Generally Accepted Accounts'ng Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. the Housing and Regeneration Act 2008 and the Accounting Direcb'on for wvate registered providers of social housing In England 2022. Basis for opinion We conducted our audit in accordance with International Standards on Auditr'ng IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance wtlh the ethical requirements that are relevant to OLJr audit of the linan¢ial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other elhi¢al responsibilities in accordance wrth these ￿qUIreMents. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In audrting the financial slalemenls, we have concluded that the board's use of the going concem basis of accounting in the preparation of the financial slalements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating lo events or conditions that, individually Dr colle¢b'vely, may cast significant doubl on the assoGialion'$ ability lo continue as a going concem for a period of at least tsvelve months from when the financial slalements are aulhorised for issue. Our responsibilities and the responsibilities of the board with respect to going concem are described in the relevant sections ol this report. Other Informatlon The other information comprises the infomation included in the trustees, annull report. other than the financial slalemenls and our auditorfs report Ihereon. Our opinion on the financial slalements does not cover the Other infomation and, except lo the extent othe￿iSe explicitly staled in our report, we do not express any form of assurance conclusion the￿on. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial slalemenls, or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we Identsfy such material inconsistencies Dr apparent material misslatemenls, we are required lo clelemine whether there Is a malenal misslalemenl in the financial statements or a material misslalement of the other informali¢)n. If, based on the work we have perfomied, we conclude that there is rnalerial misslalemenl of this other information, we are required lo report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing lo report in respect of the following matters in relats'on lo which the Charities (Accounts and Reports) Regulations 2008 require us lo report lo you if. in our opinion. the inforrnalion given in the financial statements is inconsislonl in any matwial respect with the trustees, report., or sufficient accounting records have not been kept., or the finanaal statements are not in agreement with the accounting records.. or we have not received all the inlormation and explanations we require for our audit. COVENTRY CHURCH (MUNICIPAL) CHARITIES AND OTHERS REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF COVENTRY CHURCH IMUNICIPALI CHARITIES AND OTHERS In addition, we have nothing lo report In respect of the following matter where the Housing and Regeneration Act 2008 requires us to report lo you If, In our opinion". a satisfactory system of control over transaction5 has not been maintained. Responsibilities of Trustees As explained more fully in the Trustees, responsibilities slalernenl sel out on page 7, the Trustees are responsible for the preparation of financial statements and for being satisfied that they give a true and fair view. and for such intemal control as the board determine is necessary to enable the preparab'on of financial statements that are free from material misststemenl. whether rjue lo fraud or error. In preparing the financial slalemenls, the Trustees are responsible for assessing the Charity's ability lo continue as a going concern. disclosing. as applicable. matters related to going concern and using the going con¢ern basis of accounting unless the Trustees either intend lo liquidate the charity or lo cease operatsons, or have no ￿aliStiC allemalive bLrt lo do so. Auditor's responsibilities for the audit of the flnanclal statements Our objectives are lo obtain reasonable assurance about bvhelher the financial slalemenls as a whole a￿ free from material misslalemenl, whether due lo fraud or error, and to issue an auditor's report that Indudes our opinion. Reasonable assuranee 15 a high level of assurance, bul Is not a guarantee that an audit condueled in accordance with ISAS IUKI will always delecl a material misstatement when il exists. Misstalemenls can arise from fraud or error and are considered material if. individually or in the aggregate, they eould reasonably be expected lo Influen￿ the economic decisions of users taken on the basis of these financial 51alemenl5. If￿gularItIes, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line Tmth our responsibilits"es, outlined above, lo delecl matenal misslalemenls in respect of irregularities. Including fraud. The specific Pfocedures for this engagement an(1 the extent lo which these are capable of delecling irregularities. including fraud is detailed below. Enquiry of management. and those charged wlh govemance around actual and potential litigation and claims., Enquiry of entity staff in compliance functions lo identify any instances of non