## **PHILIP KING CHARITABLE TRUST** Registered Charity No. 263992 ## **REPORT AND AUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED** **5TH APRIL 2022** **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 2022** The Trustees present their annual Report and the audited Financial Statements for the year ended 5th April 2022. ## **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 2022 were:- Louise Maddison David Tarsh Alison Meek Susie Fox Peter Sawford Jeremy Tobias-Tarsh Susie Fox was appointed a trustee on18 November 2021. Peter Sawford retired as a trustee with effect from 9 June 2022. ## **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. -1- ## **PHILIP KING CHARITABLE TRUST** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2022** ## **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 £14.13 million to £14.27 million. Most significantly there was a £0.8 million (2021 £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 51 principal grants during the year totalling £746,500. 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. -2- PHILIP KING CHARrrABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2022 INVESTMENT POLICY AND PERFORMANCE - Continued The total ￿tuM on nvestnEnts managed by the livestn￿nI ff*n8gers, after fees. for 2021122 was 6.8V This coffpares wrth the mven*nt on the MSCI PIMFA Balan￿d NR GBP Balanced of 7%. PLANS FOR THE FUTURE The Iwstees continue to h)ok for proJ8cts and cha11t￿5 that the tnjsl can support. STATEMEKf OF TRUSTEES RESPONSIBIUTIES Unrted Kiigdom Ctharty law requres the tsustees to prepare Financk41 Stateff*nts for eath fnancHI year. whith gNe a true and faYvEw of the state of affan of Ihe tharty as at the end of tha fmancial year and of the incorrmng rtsources and the appIrat￿￿n of r&sourc£s of the trust for that penod. In prep81ing those Financk41 Slatemenls. the Trustees reqLbwed to-_ select suitabk a¢￿Unt￿g poki8s and then app￿ them consi5tenlty: obs8Ne the melhods and prnaples i) the Chaiii*s SORP: stale whether applcable UK accounting standards have been folb**d. vJJbject to any materBI departU￿S dlsdosed and explained in the financkngl slaterr*nis- make judgnEnls and esti￿185 thal are rBasonable and prudent.. and prepare the FManc￿l stalen￿nts on the going conc8m basL8 unless it * inapprDprAte lo presume that the tNst VAI continue. The tmst8as are rnsponsible for keeping pmpef a0))unt￿g reco￿lS ds(**se Mfjth ￿aSOnab . acojracy al any the financk41 positM)n of the tnjsl and to enable them to ensure that Ihe Financol Ststerronts conyty wrth the Chaiities Act 1993. the Charity {Accounts and Reports) RegulatK>ns 2008 and the p￿¥￿￿K)nS of the twst deed. They are also responsible for safeguardng the assets of the trust and henc8 for takwig reasonabk steps for the prevent￿n and detecti)n of frnud and other negulantes. App￿Ve￿ and sBned on behaff ofthe tNstees J TOBIAS-TARSH Truste8 16 January 2023 ## **PHILIP KING CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 5TH APRIL 2022** |**STATEMENT OF FINANCIAL ACTIVITIES**
**YEAR ENDED 5TH APRIL 2022**|||| |---|---|---|---| |||**Unrestricted**|**Unrestricted**| |||**Funds**|**Funds**| |||**2022**|**2021**| ||**Note**|**£**|**£**| |**INCOMING FROM**|||| |_Incoming resources from generated funds_|||| |Investment income|2|201,687|199,073| |||_________|_________| |**Total income**||201,687|199,073| |||_________|_________| |**EXPENDITURE ON**|||| |_Costs of generating funds_|||| |Investment management fees||65,474|59,335| |Other professional fees||-|-| |_Charitable activities_|||| |Grants made|3|746,500|934,476| |_Governance costs_|4|21,063|19,689| |||_________|_________| |**Total expenditure**||833,037|1,013,500| |||_________|_________| |**Net income / (expenditure)**||(631,350)|(814,427)| |_Other recognised gains and losses_|||| |Realised and unrealised gains and (losses)|||| |on investment assets||772,652|3,238,012| |||_________|_________| |**Net movement in funds**||141,302|2,423,585| |_Reconciliation of funds_|||| |Total funds brought forward||14,134,311|11,710,726| |||_________|_________| |**FUNDS AT 5TH APRIL**||14,275,613|14,134,311| |||_________
_________|_________
_________| There were no other gains or losses other than those stated above. -4- PHILIP KING CHARITABLE TRUST BALANCE SHEET AS AT 5TH APRIL 2022 2022 2022 2021 2021 Ncle FIXED ASSETS Inv8slmenls 14.205.998 14,146,7S8 Totsl ffixed •ssets 14.205,998 14,146.758 CURRENT ASSETS Cash at bank Short tem deposlls 137,668 105.183 137,668 105, 183 LIABILITIES Creditors: AnKJunts fall￿g due h￿thIn one year 68.053 117,630 N•t ¢urr•nt a•••l• 69,615 -12.447 Totsl •¥$•ts l•ss current Ilabllltl•• 14,275,813 14,134.311 THE FUNDS OF THE CHARITY UnreSIr￿ted funds 14,275,613 14,134.311 TolAI lund• 14,275,613 14. 134.311 The Financlal Staten*nt8 were approved by the tru8leevJ and svJned on their behalf on 16 January 2023 by.. J TOBIAS-TARSH Tnjslee L R MADDISON Trnslee ## **PHILIP KING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2022** ## **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. -6- **PHILIP KING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2022** ## **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**||| |---|---|---| ||**2022**|**2021**| ||**£**|**£**| |Dividends - Quoted bonds and equities|191,011|180,009| |Interest on gilts, cash deposits and cash funds|10,676|19,064| ||________|________| ||201,687|199,073| ||_______
_______|_______
_______| ## **3. GRANTS MADE** |**GRANTS MADE**|**GRANTS MADE**||| |---|---|---|---| |Grants made in the period comprise:-||**2022**|**Committed**| |**Recipient**|**Purpose**|**£**|**£**| |Shelter|Funding for domestic abuse hub in Sheffield|20,000|20,000| |Working Families|Helping under privileged with employment issues|15,000|30,000| |Bloomsbury Football Assoc.|Funding towards a Community Engagement role|33,500|77,000| |East Anglian Hospice|Funding towards a nursing post|20,000|40,000| |Law Centre Networks|To fund a fundraising event|25,000|-| |Power to Inspire|Support for all inclusive sport initiatives|19,000|38,000| |Just for Kids Law|Support for the fundraising team|20,000|-| |Red Balloon Learner Centre|Specialist schools for bullied children|50,000|50,000| |Fine Cell|Expansion and development of_Open the Gates_|10,000|-| |Tzedek|Communications and fund raising post|15,000|15,000| |Gabrieli Roar|Music courses aimed at state school children|20,000|-| |Prostate Cancer Research|Funding a research project|30,000|-| |Queen's Club Foundation|Tennis outreach programme|10,000|-| |Rackets Cubed|Squash outreach programmes in London|10,000|20,000| |ROPES|Supporting Jewish and Arab entrepreneurship|12,000|-| |Arthur Rank Hospice|Befriending project|18,600|18,600| |Support Send Kids|To fund the position of a part-time fundraiser|12,500|-| |Action Indoor Sport|Funding for indoor cricket development officer|20,000|-| |Ukraine Appeal|General appeal for Ukraine|10,000|-| |Mind in Harrow|Befriending Project for the over 25s|11,400|-| |Misholim|Arts therapy centre based in Jerusalem|20,000|-| |Sadeh|Help towards maintenance budget|15,000|-| |Project Felix|Funding towards vehicle to distribute food|35,000|-| |The Garden Classroom|Reconnecting children with nature in Hackney|15,000|-| |Parkinson's UK|To fund a research project|20,000|-| |Kuchinate|African refugee women’s collective in Tel Aviv|10,000|20,000| -7- ## **PHILIP KING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2022** ## **GRANTS MADE Continued** ||||| |---|---|---|---| |**GRANTS MADE Continued**||**2022**|**Committed**| |||**£**|**£**| ||||**-**| |ALLMEP|Support for core costs|25,000|50,000| |Well Being of Women|Funding for a project to treat ovarian cancer|11,800|-| |Project Impact|Funding for two youth leaders|25,000|50,000| |Rainbow Fund for South AfricEducational programme for disadvantaged||9,000|-| |Lifting Limits|Funding for position of head of education|31,200|31,200| |The Anne Frank Trust|Youth Empowerment initiative|20,000|20,000| |Forward Thinking|To fund the cost of an Arab speaker|-|80,000| |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|-| |Funding a Future Uganda|Helping fund students in Uganda|10,000|20,000| |||________|________| |||672,500|599,800| |Other smaller grants||74,000|-| |||________|________| |||746,500|599,800| |||_______
_______|_______
_______| ## **4. GOVERNANCE COSTS** |**GOVERNANCE COSTS**||| |---|---|---| ||**2022**|**2021**| ||**£**|**£**| |Audit fee|2,352|2,304| |Charity Administrator's costs|18,711|17,359| |Bank charges|25|25| ||_________|_________| ||21,088|19,688| ||________
________|________
________| The trustees received no remuneration in the period (2021 £Nil). The Charity Administrator is Mr Ian Maddison who is married to a trustee of the charity. ## **5. FIXED ASSET INVESTMENTS** |**FIXED ASSET INVESTMENTS**||| |---|---|---| ||**2022**|**2021**| ||**£**|**£**| |Managed investment portfolio|14,205,998|14,146,758| ||_________|_________| ||14,205,998|14,146,758| ||________|________| ||________|________| |**Movement in managed investment portfolio**||| |Market value brought forward at 6 April 2021|14,146,758|11,586,722| |Add: Investments purchased in the year|2,614,558|2,420,337| |Investments sold in the year|( 2,636,520)|( 3,573,900)| |Movement in cash|( 688,262)|472,279| |Add net profit / (loss) on revaluation|769,464|3,241,320| ||_________|_________| |Market value as at 5 April 2022|14,205,998|14,146,758| ||________
________|________
________| -8- ## **PHILIP KING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2022** ## **5. FIXED ASSET INVESTMENTS Continued** |**Investments in managed portfolio at market value**||| |---|---|---| |Equities|11,971,002|11,007,817| |Fixed interest securities|1,943,642|2,159,325| |Cash held within the investment portfolio|291,354|979,616| ||_________|_________| |**Total**|14,205,998|14,146,758| ||________|________| ||________|________| |**6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||| ||**2022**|**2021**| ||**£**|**£**| |Accruals|18,053|17,630| |Grants|50,000|100,000| ||_________|_________| ||68,053|17,630| ||________|________| ||________|________| |**7. ANALYSIS OF NET ASSETS**||| ||**Unrestricted**|| ||**Funds **|**Total**| ||**£**|**£**| |Investments|14,205,998|14,205,998| |Net current assets|69,615|69,615| ||_________|_________| ||14,275,613|14,275,613| ||________
________|________
________| -9- REPORT OF THE INDEPENDEIYT AUDITORS TO THE TRUSTEES OF PHILIP KING CHARITABLE THUST Opinio We have audited the financial statements of Philip King Charitable Trust (the charity,) for the year ended 5 April 2022 which ¢omprisc the Statcmcnt of Ftnanoial A¢tiviti¢s, the Balance Sheet and notes to ihe financial statements, including a summary of significant accounting policies. The financial r¢poning framewoth that has been applied in their prepaTation is applicable law and United Kingdom Accounting Standards {United Kingdom Generdlly Accepted Accounting Practice). In our opinion the financial slatemenl$- give a true and fair vi¢w of the stste of the charity's affair5 a$ at 5 April 2022 and of its incoming resources and application of resources, for the year thttn ttnd¢d; have been properly prepared in accordance with United Kingdom Gen¢rally Accepted ACcounti￿g Prarti¢e' ond have been prepared in accordance with the r4uirements of ihe Charities Art 2011. Basis for opinion We conducted our audit in accordance with International Standards on Audittn8 (UK) {ISAs (UK)) and applicoble law. Our responsibilities uDd¢r th0￿ standard5 are further described in the Auditors, responsibilities for thc audit of the financial staiements section of our report. We are independ¢nt of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK, including the FRCS Ethical Standard, and we have fulfilled our other ethical responsibiliti¢5 in a¢cordan¢¢ with thesE iequirements. We believe that the audit evidence we have obtsin¢d is sufficient and appropriate to provide a basi5 for our opinion. Conclusions relating to golng concern In auditing the financial statements, we have concluded that the trustees, use of th¢ going concern basis of accountlTi8 in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not idenlified any material uncertainties relating to ¢vents or conditions that, individually or ¢olle¢tiv¢ly, may cast significant doubt on the charitys ability to continue as a going ron¢ern for a period of at least twelve months from when the finan¢ial $tat¢ments are authorised for isSU¢. Our reskx)nsibilitics and thc rc5pon5ibilitis5 of th¢ trustees with respect to going concern are described in the r¢lewJNt sections of this report. Other iDform8tion The trustees are responsible for the other information. The other information comprises the information included in th¢ Annual RepoTL other than the financial statements and our Report of the Independent Auditors thercon. Our opinion on the financial statem¢n¢5 do¢5 not cover the other information and, except to the extent otherwise explicitly stated io our r¢por4 we do not express any forni of assurance conclusion thereon. In connection with our audit of the fmancial stat¢m¢nts, our r¢$ponsibility is to read th¢ oth¢r information and, in doing so. consider whether th¢ oth¢r information is maftrially inconsist¢nt with the financial statements or our knowledge obtained in the audit or otherwise appear5 to b¢ mat¢rially misstated. If we id¢ntify surh material inconsistencies or app8r¢nt material misstatements. we are required to deteTmin¢ whether this gives rise to a material misstatement in the financial statements themselve5. If, based on the work we have perfoTm¢d, w¢ conclude that ihere 15 a material misstatement of this other infom)ation, we are required to r¢pon thai fact. We hav¢ nothing to r¢port in thi5 regard. Matters whieh wt are requircd to report by exceptlon W¢ have nothirjg to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the infom)ation given in the Report of the Trustees is inconsistent in any material respect with the financial statemonts. or sufficient accounting r¢￿rdS hay¢ not been kept. or the financial statements are not in agreement Wlth th¢ ac¢ounting records and retum5' or w¢ hav¢ not received all the infom)aiion and explanations we requir¢ for our audit. Page 10 kEPOIiT OV I'HE IND£PE.¥DETr*T AufJiTOIL4> TQ THE TRVSTEkS OF PIIILIP KINC: C.'JIARITABLE TRVliT Rw¥bMibllidd of trurf• As ¢xpl&l￿d mort fully in rhe sth*me>)i of I"rusl¥¥x' Xcwnsybiliiies the tr￿￿tee9 aTe r￿￿nsible for tho prepafthllot) ol thc fin¥¢rKial stu1c￿¢￿ilY whi¥h give 8 tr￿ ar￿ fair i'j¢w, for ihKh Int¢tnal conirul u5 Ihe intrll¢c5 ddermirt is nece$sdry 10 cDable thc prrpAraiion of finthrtial styt¢m¢nts Ihki ar¢ fi¢¢ fti)m material rnissihiem¢nt. whmhcf du¢ to frdud (Yem lil prep4rinbt the finafK541 xtale￿￿nts, th¢ tru$(e¢s aTe r¢5POD5ibie for ths¥¢ssinK the charity's ability io coniinue as a xoifig CO￿Lern, di5cloui￿ as appliubk. matters Telatcd to soithK ¢on¢*m and wsin¥ th¢ goin& concern btsi$ of a￿0v￿ling yiileK$ the tswie¢$ eithtt int¢nd to liquidate Ehe Charlty or to ¢¢W operation.E, or have no realixi¢ ahern#tive bui w do re4Jonslbllltits for th¢ iudli of th• IIDallclal it#itm¢•Lq We be¢n appttinied al audiiors undcf kciion 144 of tli¢ Chvititj 20114nd report in ￿COr(1￿ce with th¢ Act d r¢levJnt re8ulation5 mllde OT having ¢ifect ih¢r¢urbder. OUT obJ¢¢iiv¢s are to obthin r¢uonabJ¢ wurnrt¢e Ibout whether th¢ linancial itytemEnts vAwle •rn fr*q fmm matrrial mi5siiit¢men( whether due 10 fraud L)r error, gJNJ to issue a Rcport of th¢ Indepena¢nt Auditor$ ihai iitludt8 ow opinioTh. Rcasottable Issuronie is B high levcl of o55urAnc¢, bul 1$ noi a guAranw'¥ Ihui an #udii ¢oNtucit4J in ¥cordanc¢ ryth ISA5 (UK) will always Lldv¢i I Ma￿ri￿ mis5t&tcm¢ni wh¢Ji li ¢xists. Mis51aicmcrtlS W afisc from frRud or erTf Id ore c4Trnsidertd malkriol if, individu411y the J¥w¥ai¢. they eoujd ieasonably be exp¢a¢d io inlluence the onomic decislons nf wers iak¢n orh the buis of I￿*¢ finwKial SthLemenis. We obfaintd ￿ undermndiD8 of ￿ Icyl And re8ul*ory fr4mcworks that ar¢ 8pplicubl¢ to ihe ¢harity And deternJin¢d Ihat Ihe Th)51 sianstii4ni ore ihnAt covered by th¢ Siw¢¢ment of Recomrncnded PrAciice CharttTrcy IS()RP 2019) And Ihr Lh4ri¢i¢% Aci 2011. W(t B5S¢53a Ihe risk of n)•*riul li)￿>181￿MeDI in resptd of traud by intskirbs en4uirits of mthiw¢rnent and trusleej and by i¢Min# th¢ implemtntati(Jn ol lltcountTrng ¢onirols in pluc¢. Biwl on the r￿h8 of risk auo8rn1 d￿lIn1d nur audit proctyJur¢s w tslentify non-e¢mpliMce with w¢h li #nd regulaiions IdeniifLtyJ ubovc by makLfi¥ rii4uirie5 with k¢y p¢rsLinn¢l and r¢¥￿WIng r¢lcvani documcThr4tlon yuch Ininut¢& of fru8tcc mcc(in¥s and correspofvjcncc with r¢8ul*ory bodi¢x. Wv con11der￿ ihc risk of fraud thrLTrUBh mIn￿¢m¢nt oveT¥ide by inc4)rpoTaiing iesilnR of jthumAI ¢ntri¢a reviewin8 Any requirements lo mcd p¢rfonD￿[O tDr8cts. Wt thlso ￿lder9d, Ind t¢Stod for, the possiblllty of un•uthoris¢d pym¢nty to Telattyj A funh¢r d¢y¥rlpriotb of our r¢sprI￿1blEi1its for the a4Kiii of Iht fiNnEi41 $131em•nts is I0￿¢d on the FI￿￿1￿1 R¢ponin8 Council's web$i* li www.frl.0￿uk/#udl1or8r¢$P0nkibil1tleJ. This dHcription fornis port of our Report of the Inde￿ndent Audiiorn. l)* of r*porl 'lThii reptsn 1$ solely w the Ghurity's Iru%lcts. ￿ a body. in accordllnc4 with 4 of lh¢ c-haridu IActy)unis Dnd Rwnsl Ile8ulaliony 2008. wrtit work has be¢n Undertaken w th#1 we mlghi stare io tht chirityl uuiiee6 Ih05e maiws vé ate requiTcd to ¥101¢ 10 them iii audil¢)r¥' r¢wrt and for no other pury05c. To the full¢st extcTh( perrnirt￿ by law, we do Yk)l B¢¢ept or 4ssum¢ respDn5ibilliy 10 {￿yone Diher th•n lh¢