PHILIP KING CHARITABLE TRUST
Registered Charity No. 263992
REPORT AND AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
5TH APRIL 2021
PHILIP KING CHARITABLE TRUST
INDEX
Page:
1 - 3 Report of the Trustees
4 Statement of Financial Activities
5 Balance Sheet
6 - 9 Notes to the Financial Statements
10 - 11 Auditors Report to the Trustees
PHILIP KING CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2021
The Trustees present their annual Report and the audited Financial Statements for the year ended 5th April 2021.
FORMATION, GOVERNING DOCUMENT AND PURPOSE
Philip King Charitable Trust is a registered charity (No. 263992) and is constituted by a Trust Deed dated 11th January 1972. The late Philip King bequeathed the residue of his estate to the Philip King Charitable Trust. The residue vested in the trust following the death in 2007 of Clare King, his wife.
As set out in the Trust Deed the trustees can apply the income and capital for such charitable activities as the trustees think fit. In so doing the trustees will consider the causes that the settlor, Philip King, may have chosen to support. The trustees also confirm that they refer to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the trust's aims and objectives and in planning future activities and setting grant making policy.
TRUSTEES
The Trustees at 5th April 2021 were:-
Louise Maddison David Tarsh Alison Meek Nick Tarsh - Chairman Peter Sawford Jeremy Tobias-Tarsh
Nick Tarsh retired as a trustee with effect from 29 April 2021 and has since died.
ADMINISTRATOR AND PRINCIPAL ADDRESS
Ian Maddison is the trust's Administrator. The principal address and address for correspondence is PO Box 1139, Elsworth, Cambridge, CB23 4WB.
BANKERS
Barclays, National Westminster and COIF.
AUDITORS
Brindley Millen Limited, 167 Turners Hill, Cheshunt, Herts, EN8 9BH.
INVESTMENT MANAGERS
Smith & Williamson McInroy & Wood
GRANT MAKING POLICY
The trust seeks initiatives and projects to support: the young, the old, the sick and the disadvantaged.
It favours medical research and Jewish organisations (but not at the exclusion of others). It also seeks to help smaller charitable organisations where a donation will make a real difference.
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PHILIP KING CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2021
REVIEW OF THE YEAR
The trust's work is entirely reliant on income and investment returns from its investments. Its net assets (including cash) increased over the year from £11.7 million to £14.1 million. Most significantly there was a £3.2 million realised and unrealised gain on investments from market movements arising from the recovery following the Covid-19 pandemic. Whilst the trustees have increased the overall level of grants the trustees are mindful of market movements and economic turbulence arising from both a global and domestic perspective. In setting the trust's grant making policy the trustees take the longer term view and do not therefore limit grants to income generated in any given year but take a view as to what the fund might be able to sustain over the medium term.
The trust made 49 principal grants during the year totalling £934,477. The trust has also committed to future funding of projects subject to (where applicable) progress reports. The main grants are listed in note 3 to the accounts.
STRUCTURE GOVERNANCE AND MANAGEMENT
As set out above the trust was set up by Philip King in 1972 and since that time has made donations to a range of causes. Following the death of his wife, Clare King, the trustees have a substantial portfolio of assets at their disposal. The trust does not actively fundraise and seeks to continue the charitable work desired by the donor and his wife through the careful stewardship of its existing resources.
New trustees are appointed by the existing trustees. There is no set period of appointment set out in the trust deed, nor minimum or maximum number of trustees. All of the trustees give their time freely and no trustee remuneration was paid in the year. Details of trustees expenses are disclosed in the notes to the accounts. Trustees are required to disclose all relevant interests (particularly as regards grant applications) and withdraw from decisions where a conflict of interest arises.
At the six monthly trustees' meetings, the trustees agree the broad strategy and areas of activity for the trust, including consideration of grant making, investment, reserves and risk management policies and performance. The day to day administration of grants and the processing of applications prior to consideration by the trustees is delegated to the charity's Administrator.
RISK MANAGEMENT
The trustees have considered the major risks to which the charity is exposed. In so doing the trustees periodically review the performance of the investment manager(s) with the assistance of investment consultants. The portfolio is currently run by two managers namely: Smith & Williamson and McInroy & Wood. The managers report quarterly in writing on the performance of the funds they manage and when required in person at trustees' meetings.
INVESTMENT POLICY AND PERFORMANCE
The trust's investment manager is instructed to invest to maximize the total return on the funds at their disposal within the constraints of a risk profile as discussed and agreed with the investment manager.
The charity is a long term investor and the trustees, on professional advice, take the view that a mixed portfolio of equities, bonds, cash and other investments, weighted according to the appetite for investment risk, remains appropriate.
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PHILIP KING CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2021 INVESTMENT POLICY AND PERFORMANCE - Continued The total return on investments managed by the investment managers. after fees. for 2020121 was 310 This compares wth the movement on the MSCI PIMFA Balanced NR GBP Balanced of 22Dh. PLANS FOR THE FUTURE The trustees continue to look for projects and small charities that the trust can supFort. STATEMENT OF TRUSTEES RESPONSIBILITIES United Kingdom Charity law requires the trustees to prepare Financial Statements for each financial year, which give a true and fair view of the stale of affairs of the charity as at the end of the financial year and of the incoming resources and the application of resour$ of the trust for that period. In preparing those Financial Ststemenls. the Trustees are required to'.- select suitable accounting policies and then apply them consistently., obseNe the methods and principles in the Charities SORP.. state whether applicable UK accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements- make judgments and estimates that are reasonable and prudent". and prepare the Financial Ststements on the going COnM basis unless it Is inappropriate to presume that the trust will continue The trustees are responsible for keeping proper accounting records leh disclose wlh reasonable accuracy al any lime the financial position of the trust and lo enable them to ensure that the Financial Statements comply with the Charities Act 1993. the Charity IAccounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved and signed on behalf of the trustees D J TARSH Trustee 15 January 2022
PHILIP KING CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 5TH APRIL 2021
| STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 5TH APRIL 2021 |
|||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| Funds | Funds | ||
| 2021 | 2020 | ||
| Note | £ | £ | |
| INCOMING FROM | |||
| Incoming resources from generated funds | |||
| Investment income | 2 | 199,073 | 257,379 |
| ___ | ___ | ||
| Total income | 199,073 | 257,379 | |
| ___ | ___ | ||
| EXPENDITURE ON | |||
| Costs of generating funds | |||
| Investment management fees | 59,335 | 61,274 | |
| Other professional fees | - | - | |
| Charitable activities | |||
| Grants made | 3 | 934,476 | 761,405 |
| Governance costs | 4 | 19,689 | 20,301 |
| ___ | ___ | ||
| Total expenditure | 1,013,500 | 842,980 | |
| ___ | ___ | ||
| Net income / (expenditure) | (814,427) | (585,601) | |
| Other recognised gains and losses | |||
| Realised and unrealised gains and (losses) | |||
| on investment assets | 3,238,012 | (1,775,530) | |
| ___ | ___ | ||
| Net movement in funds | 2,423,585 | (2,361,131) | |
| Reconciliation of funds | |||
| Total funds brought forward | 11,710,726 | 14,071,857 | |
| ___ | ___ | ||
| FUNDS AT 5TH APRIL | 14,134,311 | 11,710,726 | |
| _ _ |
_ _ |
There were no other gains or losses other than those stated above.
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PHILIP KING CHARITABLE TRUST BALANCE SHEET AS AT 5TH APRIL 2021 2021 2021 2020 2020 Note FIXED ASSETS Investments 14.146.758 11.586.722 Total fixed assets 14.146.758 11,586.722 CURRENT ASSETS Cash at bank Short term deposrts 105.183 139.299 105.183 139,299 LIABILITIES Creditors.. Amounts falling due within one year 117.630 15,295 Net current assets -12.447 124,004 Total ats le$$ CulnI liabilities 14.134,311 11.710.726 THE FUNDS OF THE CHARir Unrestricted funds 14.134.311 11.710.726 Total funds 14,134.311 11.710.726 The Financial Statements We approved by the twstees and signed on their behalf on 15 January 2022 by.. D J TARSH Trustee L R MADDISON Trustee
PHILIP KING CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2021
1. ACCOUNTING POLICIES
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The financial statements have been prepared under the historical cost convention. The particular accounting policies adopted are described below.
Going concern
There are no material uncertainties about the charity's ability to continue as a going concern and accordingly the accounts have been drawn up on a going concern basis.
Fund structure
The charity has a single expendable endowment fund.
Investment income
Interest and dividend income is included in the Statement of Financial Activities on an accruals basis.
Grants and commitments made
Grant commitments are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure.
Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the trust.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
Commitments to provide funds that are dependent on the recipient undertaking certain obligations are recorded in the notes to the accounts as commitments until such time as they are paid.
Irrecoverable VAT
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities.
Governance costs and administrative expenditure
Resources expended on governance and administration are included in the Statement of Financial Activities on an accruals basis.
Fixed asset investments
Quoted investments are stated at market value as at the balance sheet date. Unquoted investments are periodically valued by the trustees. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
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PHILIP KING CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2021
ACCOUNTING POLICIES Continued
Cash at bank and in hand
Cash at bank and in hand includes cash, current bank deposits and deposit bank accounts with no withdrawal restrictions.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at there settlement date.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Dividends - Quoted bonds and equities | 180,009 | 226,795 |
| Interest on gilts, cash deposits and cash funds | 19,064 | 30,584 |
| __ | __ | |
| 199,073 | 257,379 | |
| _ _ |
_ _ |
3. GRANTS MADE
| GRANTS MADE | GRANTS MADE | ||
|---|---|---|---|
| Grants made in the period comprise:- | 2021 | Committed | |
| Recipient | Purpose | £ | £ |
| Shelter | Funding for domestic abuse hub in Sheffield | 20,000 | 40,000 |
| Working Families | Helping under privileged with employment issues | 15,000 | - |
| NAPAC | Funding for support group sessions | 19,742 | - |
| NET and Salvation Army | Covid-19 appeals | 20,150 | - |
| Jewish Women's Aid | Supporting a new client support worker | 20,000 | - |
| Freedom from Torture | Legal advice and welfare service | 15,000 | - |
| Just for Kids Law | Support for the fundraising team | 15,000 | 15,000 |
| Red Balloon Learner Centre | Specialist schools for bullied children | 50,000 | 100,000 |
| Fine Cell | Expansion and development of_Open the Gates_ | 10,000 | 10,000 |
| Tzedek | Communications and fund raising post | 25,000 | 25,000 |
| Gabrieli Roar | Music courses aimed at state school children | 20,000 | 20,000 |
| CLIC Sargent | Funding for children's social worker | 20,000 | - |
| Prostate Cancer UK | Nurse led telephone support | 20,000 | - |
| Noah's Ark Children's Hospice | General donation over three years | 150,000 | - |
| Pimlico Opera | Supporting Primary Robins: singing in schools | 15,000 | - |
| Squashbond | Community cohesion and learning through squash | 20,702 | - |
| Arthur Rank Hospice | Befriending project | - | 39,200 |
| Designability | Support for Wizzy Bug loan scheme | 20,000 | - |
| Action Indoor Sport | Funding for indoor cricket development officer | 30,000 | 30,000 |
| Action for ME | Funding for Operations Director | 15,000 | - |
| Mind in Harrow | Befriending Project for the over 25s | 11,400 | 11,400 |
| Misholim | Arts therapy centre based in Jerusalem | 20,000 | 20,000 |
| Sadeh | Help towards maintenance budget | 15,000 | 15,000 |
| Aids Orphan | Outreach service for HIV/AIDS sufferers in Nairobi | 17,000 | - |
| The Garden Classroom | Reconnecting children with nature in Hackney | 15,000 | 15,000 |
| Just a Drop | Support for the salary of the Partnership Manager | 16,000 | - |
| Kuchinate | African refugee women’s collective in Tel Aviv | 20,000 | - |
| Tel Aviv University Trust | Supporting the legal clinic | 20,000 | - |
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PHILIP KING CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2021
GRANTS MADE Continued
| GRANTS MADE Continued | Paid 2021 | Committed | |
| £ | £ | ||
| Foundation for Jewish Heritage | Restoration of Merthyr Tydfil synagogue | 25,000 | - |
| ALLMEP | Support for core costs | 15,000 | - |
| Mane Chance Sanctuary | Support for fundraiser | 10,000 | - |
| Viva Arts | Funding for access lift for disabled | 10,000 | - |
| Rainbow Fund for South AfricaEducational programme for disadvantaged | 8,000 | - | |
| Lifting Limits | Funding for position of head of education | 31,200 | 62,400 |
| The Anne Frank Trust | Youth Empowerment initiative | 20,000 | 40,000 |
| The Childhood Trust | Funding for the Christmas Challenge | 10,000 | - |
| Forward Thinking | To fund the cost of an Arab speaker | 40,000 | 80,000 |
| Tunmarsh School | Newham safeguarding team programme | 15,100 | - |
| Humanity & Inclusion | Helping people with disabilities in Palestine | 11,183 | - |
| Bright Futures UK | Funding for additional programme coordinator | 25,000 | - |
| Addenbrookes | Family therapy project | - | 20,000 |
| Gambia School Support | Supporting schools in Gambia | 18,500 | 18,500 |
| Funding a Future Uganda | Helping fund students in Uganda | 13,000 | 4,000 |
| __ | __ | ||
| 906,977 | 565,500 | ||
| Other smaller grants | 27,500 | - | |
| __ | __ | ||
| 934,477 | 565,500 | ||
| _ _ |
_ _ |
4. GOVERNANCE COSTS
| GOVERNANCE COSTS | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Audit fee | 2,304 | 2,256 |
| Charity Administrator's costs | 17,359 | 18,020 |
| Bank charges | 25 | 25 |
| ___ | ___ | |
| 19,688 | 20,301 | |
| _ _ |
_ _ |
The trustees received no remuneration in the period (2020 £Nil). The Charity Administrator is Mr Ian Maddison who is married to a trustee of the charity.
5. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Managed investment portfolio | 14,146,758 | 11,586,722 |
| ___ | ___ | |
| 14,146,758 | 11,586,722 | |
| __ | __ | |
| __ | __ | |
| Movement in managed investment portfolio | ||
| Market value brought forward at 6 April 2020 | 11,586,722 | 14,028,818 |
| Add: Investments purchased in the year | 2,420,337 | 3,160,971 |
| Investments sold in the year | ( 3,573,900) | ( 3,992,954) |
| Movement in cash | 472,279 | 172,017 |
| Add net profit / (loss) on revaluation | 3,241,320 | ( 1,782,130) |
| ___ | ___ | |
| Market value as at 5 April 2021 | 14,146,758 | 11,586,722 |
| _ _ |
_ _ |
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PHILIP KING CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2021
5. FIXED ASSET INVESTMENTS Continued
| Investments in managed portfolio at market value | ||
|---|---|---|
| Equities | 11,007,817 | 8,822,853 |
| Fixed interest securities | 2,159,325 | 2,256,533 |
| Cash held within the investment portfolio | 979,616 | 507,336 |
| ___ | ___ | |
| Total | 14,146,758 | 11,586,722 |
| __ | __ | |
| __ | __ | |
| 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 2021 | 2020 | |
| £ | £ | |
| Accruals | 17,630 | 15,295 |
| Grants | 100,000 | - |
| ___ | ___ | |
| 117,630 | 15,295 | |
| __ | __ | |
| __ | __ | |
| 7. ANALYSIS OF NET ASSETS | ||
| Unrestricted | ||
| **Funds ** | Total | |
| £ | £ | |
| Investments | 14,146,758 | 14,146,758 |
| Net current assets | (12,447) | (12,447) |
| ___ | ___ | |
| 14,134,311 | 14,134,311 | |
| _ _ |
_ _ |
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF PJIILIP KING CHARITABLE TRUST Opinit)n We hay¢ audited the financial statements of Philip King Charitable Tnjst lthe charity) for the year ended 5 April 2021 which comprise the Stal¢ment of Financial A¢tiviti¢s, the Balance Sheet and notes to the financial statemertts, including a summary of sigDificant accounting poli¢ies. The finan¢ial reporting framework thai has been applied in their preparation is applicable law and Uiiited Kingdom Acrounling Standards (United Kingdom Generally Ae¢epted Accounting Practice}. In our opinton the financial stat¢rt)¢nt5'. give a true and fair view of the stale of the charity's affairs as at 5 April 2021 and of its incoming resources and application ofr¢sources, for the yeAr th¢n ¢nd¢d., hav¢ b¢en properly prepar¢d in accordance with United Kirtgdom Generally Accepted A¢¢ouDting Practice: and have been prepared in accordance with the requirements of the Charitie$ Ad 2011. Basis for oplniotl We Londuct¢d our audit in aecordance with International Standard5 on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, r¢5ponsibilities for the audit of the financial statements section of our report. We are independent of th¢ ¢harity in accordance with th¢ ¢thical requirements that are Televant to our audit of th¢ financial staiements in th¢ UK, including the FRC's Ethical Standard. and w¢ have fulfill¢d our oth¢r ethical responsibilities in accordance with these requirem¢nts. We believe that the audit evidence w¢ have obtained is sufficient and appropriatc to provide a b&sis for our opinion. Conclu5Tons relating to going conc¢rn In auditing the financial statements, we hav¢ con¢luded that the trustees, use of th¢ going concern basis of accounttng in the preparation of the fmancial statements is appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or ¢onditions that, individually or colleetively, may cast significant doubt on th¢ charity's ability to continue as a going concern for a period of at least twelve months from when the finan¢ial statemenls authoTised for issue. aiir r¢spon5ibilities and the responsibilities of the trustees with resp¢¢t to going concern are describ¢d in th¢ Televant sections of this report. Otber information The trustees are rcspon5ible for the other inforniation. The othcr inforniation comprises the inforn)ation included in th¢ Annual Report, other than the financial statements and our Report of the Ind¢p¢rAdent Auditors thereon. Our opinion on the financial statements does not cover the other infortTtation and, except to the ¢xtent otherwise cxplicitly stated in our r¢por¢ we do not express any forrn of a55urance conclusion thereon. In connection with our audit of th¢ financial statements, our re3pon5ibility 18 to read the other information and, in doing so, consider wh¢th¢r the other infomjation 1$ mat¢rially inconsistent with the financial st4t¢m¢nts or our knowledge obtained in the audit or otherwise app¢ars to be materially misstated. If we id¢ntify such material inconsistenci¢g or apparent mterial misstat¢ments, we are required lo deterrnine whether this gives rise to a material misstatem¢nt in the tlllancial stat¢ments themselves. If, based on the work we hav¢ perfornied, w¢ con¢lude that Ih¢r¢ is a material misslateAneAt of this oth¢r infomialion, we are required to report that fa¢¢. We have nothing to report in this regard. Matters on wliieh we are r¢quired to report by exception W¢ hav¢ nothing to report in respect of the following nMtter8 wh¢r¢ the chaT]ti (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the infomation giv¢n in the Report of ihe Trustees is inconsistent in any material respect with the financial staLements' or sufficient accounting records have not been kepl. Or the fUncial statements are ntst in agreement with the accounting rordS and returns. or we have not received all the inforn)ation and explanations we require for our alldil. Pag¢ 10
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF PHILIP KIf4G CHARITABLE TRUST Responslbllities of trustees As explained more llY in the Statement of Trustees, Responsibilities, the tntstees are responsibl¢ for the preparation of the flnancial statements which give a true and fair view, and for such internal control as the trustees detemiine is necessary to enable the preparatiOD of financial sta¢eTnents thkt are free from material misstaiemenL whether due to fraud or error. In preparing the fmancial statements, the trnstees are r¢spon5ibl¢ for a55¢$5tng th¢ tharity'5 ability to continue &8 a going on¢¢m, di5¢1osin& &5 applicable. matters related to going concern and using the going conc¢m basis of arcowiting unless the trustees either intend to liquidat¢ the charity or lo c¢as¢ op¢rations, or have no realistic alternative but to do so. Our responslbilitle5 for the audit of the financlal statements We have been appointed as auditors under Section 144 of the Charitie5 Act 2011 and report in a¢¢ordan¢e with the Act and relevant regulations made or havwg ¢ffe¢t thereunder. Our objectives are to obiain r¢asonabl¢ assurance about whether the financial statements as a whole are fre¢ from material misstatement, whether due to fraud or error, and to issu¢ a Report of the Independent Auditors that includes our opit)ion. Reasonable assurance is a high level of assurance, but is not a guarante¢ tbal an audi¢ conducted in aecordanc¢ with ISAS (UK) will always detect a material missratement when it exists. Misstatements can aTiSe from fraud or error and are considered material if, individually or in th¢ aggr¢gat¢, Ih¢y Could reonablY be expected to influence the economic decisions of users taken on the basis of these financial statem¢nts. Irreguiaritias, including fraud, are instaTLees of non<ompliArnce with laws and regulations. We design procedures in line with Ot responsibilities, outlined above, to detect material misstatem¢nt8 in r¢spe¢t of irregulAritl&8, including fraud. The ¢xten¢ to which our procedures are capoble of detecting trregularities, including fraud is d¢tail¢d below.. We obtaiThed an understanding of the legal and regulatory frameworks that are appli¢abl¢ to the charity attd det¢mLined that the most significant are those covered by the Stat¢tn¢nt of R¢¢0mMded Practice for Charities (SOIITr 2019) and th¢ Chariti¢8 Act 2011. We ussessed the risk of material mi5Stat¢men¢ in re5P¢rt of fraud by making enquirles of management and tTUSt¢¢s and by t¢sting the impl¢m¢ntstion of a¢coiinting controls in place. Based on the results. of our risk as&¢ssrnenl we desi¥ned our audit procedures lo ideiitify iioii-¢oiwliall¢¢ widi such laws and regulations identifled above by making enquiries with key personnel and reviewing relevant documentstion su¢h as minutes of Thistee meetings and correspondcnce with r¢¥ulatory bodies. We considered the risk of fraud through managem¢ni override by incorporating testing of journal entries and reviewing any requirements to meet performance tsrgets. We also considered, and test¢d for. the possibility of unauthorised payments to related parties. A further description of our responsibilities for the audit of the financial atements is lo¢at¢d on the Financial Reporting Council's website at www.frc.org.uklauditorsrespottsibiliti¢s. This description fornu part of our R¢po]t of the Independcnt Auditors. Use of our report This report is made solely to the chariws tnte¢s, as a body. in accordance with Part 4 of the Charities (Awounts and Repo) Regulations 2008. Our audit work has been undertaken so that we might 5tat¢ lo the charitys trustees those matters w¢ are required to state to them in an auditors, report and for no other puryose. To the fvllest extent pemiitted by law. we do not aG¢ept or assume responsibility to anyone other than the dlty and the charity's trustees as a body, for our audit worK for this report, or for the opinions we have fomie4L Brindley Millen Limited Statutory Auditors 167 Turners Hill Cheshunt Hertfordshire EN8 9BH 15 Ianuary 2022 Pag¢ll