## **PHILIP KING CHARITABLE TRUST** Registered Charity No. 263992 ## **REPORT AND AUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED** **5TH APRIL 2024** **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 2024** The Trustees present their annual Report and the audited Financial Statements for the year ended 5th April 2024. ## **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 2024 were:- Louise Maddison Susie Fox Alison Meek Jeremy Tobias-Tarsh David Tarsh ## **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 2024** ## **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 £13.0 million to £13.4 million. Most significantly there was a £0.8 million realised and unrealised gain on investments (as opposed to an £0.6m loss in the previous year) coupled with £0.2m of investment income. After a period of a higher level of grant giving when investment returns were strong the trustees decided to reduce the overall level of grant making back to a more sustainable level more in line with investement returns. In setting the trust's grant making policy the trustees will typically 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 36 principal grants during the year totalling £527,357. 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 CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5TH APRIL 2024 INVESTMENT POLICY AND PERFORMANCE - Continued The lolal ffjtum on investments managed by the investment managers, after fees. for 2023124 was 8.6. This compares with the movement on the ARC Steady Growth PCI Of 8.85%. PLANS FOR THE FUTURE The trustee5 continue to look for projects and smpll charities that the tru$l can support. STATEMENT OF TRUSTEES RESPONSIBILITIES United Kingdom Chanty law requires the Irust8es to prepare Financ￿1 Sl¥lemenls for each financial year, which give a true and fair view of the stale of affairs of the charity as al the end of the financial year and of the incoming resources and the application of resour¢e$ of the trust for that p8dod. In preparing those Financial Slalemenls, the Trustees are required lo:. select suitable accounting policies and then apply them ¢on$islently', observe the methods and principles in the Charlties SORP., slate whether 8pplicable UK accounting standards have been followed, subjeel lo any material departures disclosed and explained in the financial slatemenls.. make judgments and esllmat8S that are reason8ble and prudent,. and prepare the Financial Slalemenls on the going concem ba515 unless il is inappropriate to presume that the trust will continue. The Iruglee8 are responslble for keeping proper accounting records which disclose with reasonable accuracy ai any time the financial position of the Iwsl and lo enable th$m lo ensure that the Financial Sialements comply wilh the Charilyas Act 1993. the Charity (Accounts and Reports) Regulallons 2008 and tho provisions of the trust deed. They a￿ also responsible for safeguarding the as5els of the trust 8nd hence for taking reasonable steps for the prevention and detection of fraud and olhei irregularilvas. App￿Ved and slgned on beh8W of the lrnsleas J G TOBIAS-TARSH Trustee 14 January 2025 ## **PHILIP KING CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 5TH APRIL 2024** |**STATEMENT OF FINANCIAL ACTIVITIES**
**YEAR ENDED 5TH APRIL 2024**|||| |---|---|---|---| |||**Unrestricted**|**Unrestricted**| |||**Funds**|**Funds**| |||**2024**|**2023**| ||**Note**|**£**|**£**| |**INCOMING FROM**|||| |_Incoming resources from generated funds_|||| |Investment income|2|210,962|198,106| |||_________|_________| |**Total income**||210,962|198,106| |||_________|_________| |**EXPENDITURE ON**|||| |_Costs of generating funds_|||| |Investment management fees||62,872|53,169| |Other professional fees||-|-| |_Charitable activities_|||| |Grants made|3|527,356|751,998| |_Governance costs_|4|20,243|22,378| |||_________|_________| |**Total expenditure**||610,471|827,545| |||_________|_________| |**Net income / (expenditure)**||(399,509)|(629,439)| |_Other recognised gains and losses_|||| |Realised and unrealised gains and (losses)|||| |on investment assets||811,531|(635,690)| |||_________|_________| |**Net movement in funds**||412,022|(1,265,129)| |_Reconciliation of funds_|||| |Total funds brought forward||13,010,484|14,275,613| |||_________|_________| |**FUNDS AT 5TH APRIL**||13,422,506|13,010,484| |||_________
_________|_________
_________| There were no other gains or losses other than those stated above. -4- PHILIP KING CHARITABLE TRUST BALANCE SHEET AS AT 5TH APRIL 2024 2024 2024 2023 2023 FIXED ASSETS Investments 13,385,000 12,985,198 Totsl fixod assgts 13.385.000 12,985, 198 CURRENT ASSETS Cash al bank Short tem deposits 55.934 43,363 55,934 43,363 LIABILITIES Creditors.. Amount5 falling due within one year 18,428 18.077 Net current assets 37.508 25.286 Total assets 19$$ current liabllltles 13,422.506 13,010,484 THE FUNDS OF THE CHARITY Unrestricted funds 13,422,506 13,010,484 Total funds 13.422,506 13.010.484 The Financial Statements were approved by the Injslees and signed on their behalf on 14 January 2025 by- J G TOBIAS-TARSH Tnjslee L R MADDISON Tnjstee ## **PHILIP KING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024** ## **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 2024** ## **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 their settlement date. ## **2. INVESTMENT INCOME** |**INVESTMENT INCOME**||| |---|---|---| ||**2024**|**2023**| ||**£**|**£**| |Dividends - Quoted bonds and equities|180,094|185,204| |Interest on gilts, cash deposits and cash funds|30,868|12,902| ||________|________| ||210,962|198,106| ||_______
_______|_______
_______| ## **3. GRANTS MADE** |**GRANTS MADE**|**GRANTS MADE**||| |---|---|---|---| |Grants made in the period comprise:-||**2024**|**Committed**| |**Recipient**|**Purpose**|**£**|**£**| |Forward Thinking|To fund the cost of an Arab speaker|40,000|-| |The Garden Classroom|To fund executive team support|7,500|7,500| |Project Impact|Funding for two youth leaders|25,000|-| |Kuchinate|African refugee women’s collective in Tel Aviv|10,000|20,000| |Not Beyond Redemption|Legal support for women prisoners|20,000|20,000| |Gambia School Support|Supporting schools in Gambia|10,000|10,000| |Peppo|Funding of on line educational support|15,000|15,000| |iHeart Principles|Engendering resilience in children|20,000|20,000| |The London Clinic|Funding for international nurse at new facility|18,000|-| |ROPES|Feasibility study on impact of sports diplomacy|16,000|-| |Gabriel Project Mumbai|Funding for healthcare and livelihood manager|6,436|7,000| |Soldiers Art Academy|Supporting the fundraising activity|10,000|-| |Power to Inspire|Support for all inclusive sport initiatives|15,000|-| |East Anglian Hospice|Funding towards a nursing post|20,000|-| |ALLMEP|Support for core costs|25,000|-| |Bloomsbury Football Assoc.|Funding towards a Community Engagement role|33,500|-| |Bright Futures UK|Funding for cross charity initiative|23,000|-| |Gabrieli Roar|Music courses for state educated school children|30,000|30,000| |Sheffield Music Academy|Supporting young musicians|16,500|15,000| |Holocaust Memorial Day Trust|Funding for interfaith outreach role|25,000|25,000| |Fund a Future Uganda|Funding for support during cancer treatment|10,000|-| |Long Covid SOS|Funding for an awareness campaign|22,000|-| |Gateways|To cover the cost of an English teacher|35,200|70,400| -7- ## **PHILIP KING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024** |**GRANTS MADE Continued**||**2024**|**Committed**| |---|---|---|---| |||**£**|**£**| |Jnetics|Support for Head of Outreach and Education|25,000|50,000| |Big Give Arts Campaign|Funding raising for the arts|10,100|-| |Street Child|Support for international programme|10,000|-| |||________|________| |||498,236|289,900| |Other smaller grants||29,120|-| |||________|________| |||527,356|289,900| |||_______|_______| |||_______|_______| |**4. GOVERNANCE COSTS**|||| ||**2024**|**2023**|| ||**£**|**£**|| |Audit fee|2,566|2,424|| |Charity Administrator's costs|17,652|19,929|| |Bank charges|25|25|| ||_________|_________|| ||20,243|22,378|| ||________
________|________
________|| The trustees received no remuneration in the period (2023 £Nil). The Charity Administrator is Mr Ian Maddison who is married to a trustee of the charity. **5. FIXED ASSET INVESTMENTS** |**FIXED ASSET INVESTMENTS**||| |---|---|---| ||**2024**|**2023**| ||**£**|**£**| |Managed investment portfolio|13,385,000|12,985,198| ||_________|_________| ||13,385,000|12,985,198| ||________|________| ||________|________| |**Movement in managed investment portfolio**||| |Market value brought forward at 6 April 2023|12,985,198|14,205,998| |Add: Investments purchased in the year|3,916,988|3,335,051| |Investments sold in the year|( 3,937,709)|( 4,143,892)| |Movement in cash|( 388,584)|227,347| |Add net profit / (loss) on revaluation|809,107|( 639,306)| ||_________|_________| |Market value as at 5 April 2024|13,385,000|12,985,198| ||________|________| ||________|________| ||**2024**|**2023**| |**Investments in managed portfolio at market value**|**£**|**£**| |Equities|11,109,433|10,379,217| |Fixed interest securities|2,145,451|2,087,280| |Cash held within the investment portfolio|130,116|518,701| ||_________|_________| |**Total**|13,385,000|12,985,198| ||________
________|________
________| -8- ## **PHILIP KING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024** ## **6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** ||**2024**|**2023**| |---|---|---| ||**£**|**£**| |Accruals|18,428|18,077| |Grants|0|0| ||_________|_________| ||18,428|18,077| ||________
________|________
________| ## **7. ANALYSIS OF NET ASSETS** ||**Unrestricted**|| |---|---|---| ||**Funds **|**Total**| ||**£**|**£**| |Investments|13,385,000|13,385,000| |Net current assets|37,506|37,506| ||_________|_________| ||13,422,506|13,422,506| ||________
________|________
________| -9- REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTbES OF PHILIP KING CHARJTAHLE TRUST Opinio W¢ have Audil¢d ihe fsnaucial S￿eMentS ofphilip King Charitable Tnjsl (the'¢hirilyJ for ihe year ended 5 April 2024 Ivhi¢h ¢ompris¢ th¢ Siaiement of Fin8ncTr21 A¢tiviiie& the Balance Sheet and notes to the financial stst¢metlts. including swnmary of significant a¢¢ounting poli¢i¢s. The fin2ncrdl r￿￿tIng frwnework that has bcen applbed in ihcir preparation iy appl*cabl¢ lllw and Uiiiled Kingdojn A(cDunlitLg Stsndard5 IUniÈcd Kingdom tien¢rally Acceplcd AccounliDg Prn¢ti¢e). In our opinion Ihe finanGial 51atements'. eive & true artd fair view of lh¢ State of lh¥ chaTitys atrairs as at 5 ApTII 2024 and of its incoming re50urce8 and application of I￿o￿r¢¢$, for th¢ yE8r thtn cnded. have been properly pr¢pared in ac¥Dr(Iwmce with United Ksngdom Generelly Accepled Accounting Practi4 Rtld ha￿ b¢cn pr¢wdr¢d in accorthnte wilh Ihe requitemEnis of the Chorilies Acl 2011. Basls for opinion W¢ conducted our audit in a¢¢ordance with Inicrnattonal StsDdards ott Audiiing (UK) (ISAS (UK)) and applicabl¢ law. 0￿1 rcspon5ibilitia% under those slundttrds further deycribL,d tn the Alldi¢ors' resp)nsibilitsts for the audii of the rinan¢ial stat¢m¢pt5 Scction of OUT report. Wc arc indepcndenl ofihe Ch￿1￿ in JCLordance ivilh the ethical requirenLenls Ihm rel¢i'ant to our audit of the finaJKial statements iti the UK, including th¢ bKC's Ethi¢al Standard, and we have fulfilled (>ur olh¢T ¥lhical responsibiliiies irt accordance with these reqiiiremetlts. W¢ b¢li¢v¢ that tho audit evidence we have obtained is suffi¢i¢nl and appropriaie to provid¢ a basis for OUT opinion. Contluslons relatlng to going tonetr In auditing Éhe findnLial slt£iCtnml8, we hove cot)¢luded thAI th¢ Érusiecs, usc of thc going conc¢rn bosis of ￿cOUntIng irt the preparation of the fm8n¢ial $latements is approwiai Based on the work iv¢ hav¢ peJformed, we havt w identified any rna¢triJl unc¢rtaintL&8 r¢latin8 to ¢Y¢nis or ￿ndItionS that. individualty or collectively, may CLSt s18nific￿L doub¢ on th¥ thariiy'5 Mbility to continue a5 a going ¢on¢¢m for a period of at leLs1 twclvc months from wkn Ilje finw)¢i81 $tal¢4n¢nls ¥r¢ authoTis¢d for issue. Our responsibilities and the respongibilitiu of th¢ trustees with respe¢l lo goiiig con¢em aro dexribed in the rel¢v8nt se¢iions of thts report. Other information The trustees ￿ ¥e$ponsihl¢ for the othcr Énfonnhiion. The DthEr inform#Lion coniprises Ihc inforrnalion included in the Annual RepL)ri. oih¢r than Ihc f￿R[￿cIal 51ale11￿1ls and our Report ofibe Indtpejjdenl Auditors I￿e￿O￿. (￿r opinion on lh¢ ftswn¢tal stotthnents doe5 riot cover the infonnation and, except to thc extent ￿herw￿￿e explicitly ststed in r¢wt, we do not cxP￿SS any foll￿ of a55urance conGIu5ion Ihereon. In cotmectton with our audit of th¢ fJnan¢ial Stat¥n¢rt￿ our rr5pon$ibility 1$ to read the other inftsttllatsvn and, in doirtg 50, consider ivhether the tsiljer infuttnOtit)n is maieTially inconsisieni wilh the financial ststements oi. our knowledge obtaE￿I in Ihe alidil or otherwise ap￿ar$ to be I￿aleriallY Enisstaied. If ￿ identify such inateTial incon$islencies or #ppaiont ¥nai¢riHI misstatemcnts. wc are rc(pircd to detcrinine wheihEr this giv¢s ris¢ to a mat¢riAI ms%stsiement in the finanbial siai¢menls thr1Tr5¢1v¢5. If. based UEJ ihe WU￿ have performed, collcludÈ Ihai there is a maLerSal misstatetnent of thi5 4)ther inlorrnation, we ale required lo report that fact. We have nothing io repori in ihis regard. MitleTS whl¢h w¢ requireo tD report by exception We huvc tthtng io IEPOh in respe¢1 Dfiht folloivitig malters where ihe Charities {AccOu￿ts and Reports) Rewilation 2008 require$ us to roport to you if, nur opinion.. lh¢ infonn&tÈon given in thc Report of the T[￿steeS Is incon5jStent in any maierial respect with the financial siatem¢nts,' or 5u(fi¢i¥n( a¢¢¢Mniing re¢ord5 have ntrt kew. or lh￿ fit]attEial 5taletr>¢nls are no¢ in agteEiiieni ivith Ihe ac¢ouiiting recoTd5 and rtluKns' OT Ive hav¢ not i'e¢¢ived all thc information and txplanations wt Teqiiirt for OUT aiidit. Page 10 REPORT OF THE Jf4DEPENDENT AUDITORS TO THE TRUSTELS OF VHILIY KING CHARI'I'ABLE TRUST RÈsponslbllliAp4 of tr￿Sle￿ A& expEained more fully in the Slatcmcnl of Tn￿lets. Rryonsibiliti¢5. th¢ tyuste¢s Ytswible for the prepjrntion of the rjna￿ls1 silllcmenls which giv¢ a true fvir vicw. for such int¢mal eotttrol as the trustecs d¢termuLE is 1￿ceSsary to eJthle the preprntm otrtb)kncMI swement$ ihi we fre¢ from m￿￿11￿ misstatement. whethtr due to fraud or error. In prep#ring the financial the Ints￿eS ￿e resp￿17 Jk fw ihe charitys &bility to coniinu¢ Is a ￿ing ¢or)¢¢rn. di*ll￿1ng, as appliubl¢, matt¢n r¢lat¢d to goi￿ concern and using ronr¢En bASi8 of aLuyunlir8 un1¢55 the tfU5teeS ¢Lth¢r liqyid* th¢ to c¢as¢ Op¢[￿¥)14 (Y haye m11￿1¢ aliernaiiye bui to &$ so. Our rupohilbllllleg for Iht •udit of th¢ fin•¥¢i•l tht¢ments We h*v¢ bttn Appointed as audiiorn w)der Seaion 144 of th¢ Cb•riti¢5 Au 201 l and reFOrt in with th¢ Act and ￿l￿vani r#¥U1￿lUfis m*J¢ or h¥iD8 ¢ff¢¢l th¢r¢wth. Our obje¢live$ 4r¢ 10 ¢Jbtain re&%onable ts5Utance ab￿J1 whether the finatsciil sthtemenis Is a whole ar¢ free from mat¢rial mi￿artment. wheih¢r du¢ to fraud werrrr. and to issue a Rep)rt of the 11￿ AudiiDrs thar Inclu￿ our opinion. Reasonable assurance is a high leyel of 4ssur4nc¢. but is not a &iiarnri¢e¢ thit an audit conduttrd in dLro¥dan with ISAS {UK) will a1￿y5 dekCI a material mis51aiement when li exith. Mi&slal¢m¢ntS CJD arise from fraud or tttOT and are con¥i&re4J inthrial if, irtdividuttlly or in the aggregaie, Ihey couhj reuonubty b¢ cxpctted to influcn¢c the econorni¢ dKisioTh5 of u8erJ t4ken on the b￿1$ of SweMe￿ We obtained In UNIer￿anding of th¢ l¢gal and regulatory hmeworks thal are applicable to ihe Chariiy And determined Ihai Ihe mom $ignifKm¢ aff those ¢overed by the Stsiernl of ReCoMm￿d Pncii¢e for ch￿ItieS ISORP 2019) and Ihe Chariltel Aci 2011. We ass¢s8ed the risk of m*t¢rial missitthlml in respeci of frwjd by m•kin8 ¢tNuiri¢J of nMnwmeni and trustees and by wthe knVI¢7n¢n￿))n of *¢¢o￿tit4 corrtrols place. Based on Ilx r¢JLLlis of our Tisk 8Sse&yt￿r we deS18￿d w S￿￿11 proccduTe5 to irkniify TM)nll¢ompliJnce with Such lawB And T¢guiotiorni id¢ntifi¢d obov¢ by makin8 er44uiries Wlth key PUSLy￿1 and revlewihg relevant do¢um¢r6taiion such as rninutts r*f TnL8tee meeiirTr83 #nd correwdet*e wilh regulatory bodies. W¢ ¢onsid¢re44 Ihe r￿k of fraud through management ove￿Ide by incorpmiiiig tuling of joumal •nd r¢vi¢wing requirements to mc¢t perfonw¢¢ laTBets. We ilJo con$￿tred, ¢¢sitd fw. ikn possibility Or￿n￿rthorIS¢d paymcnt5 lo Irl￿ed PArfie9 A fijrther des¢rfw ofs)ur Y¢spoDsibiliiies r(Y th¢ audi¢ orth¢ 5thtemerts is i0¢￿ed on the Fln•nci•l Reponin8 Council'5 websi* * www.r￿.0f&Ukla￿j￿￿TrfeSpryulbI11tl¢5. Thi5 d¢sCriptI￿ fornb of ow Report of tbe Independent Audiiors. Use olour rtporl Thi¥ r¢￿￿ 13 m#d¢ sokty w th¢ ¢harttyJ as A W. Tn KCOTthKe with Part 4 of the chorli1￿ (Accowjts ond R¢portsl Rogulatiot)$ 2008. Ow O￿til wvrk h&% beeD ￿E￿ertakefi so i￿1 we rnighi 5th1¢ 10 Ihe chariils i￿81ee% Ihose altera wr arc rEqUiTcd to Ihem in an repc*l and for no other purprfe. To ihe fvllui ¢xtent permitted by law. w¢ do DOI a¢C*Pt <)r &ssi]me reSpO￿lbility to anyonc other than the ¢hwiry and The ¢harilY$ truitees ￿ a knjy. for our wdit wwk. forthb rep)rt. <¥ forthe opknicthj we have r￿De Brindl¢y Millcn LimÉted Statutory Auditors 167 1'urnerJ Hill CThc3hunt Hcrtford5hir¢ EN8 9BH Pa8cII