## **PHILIP KING CHARITABLE TRUST** Registered Charity No. 263992 ## **REPORT AND AUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED** **5TH APRIL 2025** **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 2025** The Trustees present their annual Report and the audited Financial Statements for the year ended 5th April 2025. ## **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 2025 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** Evelyn 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 2025** ## **REVIEW OF THE YEAR** The trust's work is entirely reliant on income and investment returns from its investments. Its net assets (including cash) decreased over the year from £13.4 million to £12.1 million. Most significantly there was a £1.0 million realised and unrealised loss on investments (as opposed to an £0.8m gain in the previous year) coupled with £0.5m of grants. As reported last year after a period of a high 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 32 principal grants during the year totalling £521,849. 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: Evelyn 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 2025 INVESTMENT POLICY AND PERFORMANCE - Contnued The total retum on investments managed by the investn*nt managers. after fees. for 2024125 was a negative 6.3°kn. This compares with the rIK)Ve￿llt on the MSCI PIMFA Balanced NR GBP of a posilwe 4.60/0. This re1alw￿Y poor Perfo￿nCe on th8 part of the Invest￿nt manager5 is put down to the dominance in the Ind￿leS of US hi teth ¢on¥Jan*s do not fomi a sKJnrficant part of the TNst's holdings PLANS FOR THE FUTURE The Iruslees continue lo look for projects and small charities that the trust ¢an support. STATEMENT OF TRiISTEES RESPONSIBILITIES Unf(ed K￿gdoM Chanty Tequir8s the Ifustees to p￿parn Financ￿1 Stat8m8nls for each financhgl year, which gNe a true and fair vtw of the slate of affairs of the dlarrty as at the end of the financk41 year and of the incoming resources and the appl￿t￿n of resources of Ihe Iwst for that period. In preparing thos8 FinancHI Stalemenls, the Trustees are required to:_ selecl suitable accounting pOl￿*S and then apply them consislenlty., obseNe the methods and principles ￿ the Charit*s SORP.. slate whether applieabbg UK accovnling standa￿S have been folbwed. 5ubJeci lo any material departures disck)sed and explained in the financkql statements., make judgnK8nls and estinates that a￿ reasonable and prudent., and prepafe the Financial Stalen￿nIs on the going coneem basi% unless rt inappropriate lo presum8 that the INst will continue. The trustees are responsibk for ke8ping proper accounting reco(ds di8close wlh reasonable accuracy al any time the financial posrtion of the trust and to enable them lo ensure that the Financial Statements corrpty with the Charrt*s Act 1993. the Charrty (Accounts and Reports) Regulations 2008 and the provisions of the InJ$l deed. They are also ￿spOnSible for safeguarding the assets of the trust and hence for taking Teasonable steps for the pffjvenlDn and deteCt￿n of frnud and other irregularities. Approved and signed on behaff of the tnJstee$ DAVID TARSH Trustee 19 January 2026 ## **PHILIP KING CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 5TH APRIL 2025** |**STATEMENT OF FINANCIAL ACTIVITIES**
**YEAR ENDED 5TH APRIL 2025**|||| |---|---|---|---| |||**Unrestricted**|**Unrestricted**| |||**Funds**|**Funds**| |||**2025**|**2024**| ||**Note**|**£**|**£**| |**INCOMING FROM**|||| |_Incoming resources from generated funds_|||| |Investment income|2|220,396|210,962| |||_________|_________| |**Total income**||220,396|210,962| |||_________|_________| |**EXPENDITURE ON**|||| |_Costs of generating funds_|||| |Investment management fees||63,755|62,872| |Other professional fees||-|-| |_Charitable activities_|||| |Grants made|3|521,849|527,356| |_Governance costs_|4|18,361|20,243| |||_________|_________| |**Total expenditure**||603,965|610,471| |||_________|_________| |**Net income / (expenditure)**||(383,569)|(399,509)| |_Other recognised gains and losses_|||| |Realised and unrealised gains and (losses)|||| |on investment assets||(966,156)|811,531| |||_________|_________| |**Net movement in funds**||(1,349,725)|412,022| |_Reconciliation of funds_|||| |Total funds brought forward||13,422,506|13,010,484| |||_________|_________| |**FUNDS AT 5TH APRIL**||12,072,781|13,422,506| |||_________
_________|_________
_________| There were no other gains or losses other than those stated above. -4- PHILIP KING CHARITABLE TRUST BALANCE SHEET AS AT 5TH APRIL 2025 2025 2025 2024 2024 FIXED ASSETS Investments 12,025,332 13.385,000 Total Ilxed assets 12,025,332 13,385,000 CURRENT ASSETS Cash al bank Short term deposrts 65.859 55,934 65,859 55,934 LIABILITIES Creditors.. Amounts falling due wf(hin one year 18,410 18,428 Net current assets 47,449 37,506 Totsl assets less current liabilities 12,072,781 13,422,506 THE FUNDS OF THE CHARITY Unrestricted funds 12,072,781 13,422.506 Total funds 12,072,781 13,422,506 The Financral Statements were approved by the trustees and signed on their behaw on 19 January 2026 by.. DAVID TARSH Tnjslee L R MADDISON Trustee ## **PHILIP KING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2025** ## **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 2025** ## **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**||| |---|---|---| ||**2025**|**2024**| ||**£**|**£**| |Dividends - Quoted bonds and equities|186,599|180,094| |Interest on gilts, cash deposits and cash funds|33,797|30,868| ||________|________| ||220,396|210,962| ||_______
_______|_______
_______| ## **3. GRANTS MADE** |**GRANTS MADE**|**GRANTS MADE**||| |---|---|---|---| |Grants made in the period comprise:-||**2025**|**Committed**| |**Recipient**|**Purpose**|**£**|**£**| |Fine Cell Work|Funding for Director of Programmes|30,000|60,000| |The Garden Classroom|To fund executive team support|7,500|-| |Prostate Cancer Research|Grant towards immunotherapy research project|30,000|-| |CLIC Sargent Cancer Care|Support for social worker in East Anglia|18,700|-| |Not Beyond Redemption|Legal support for women prisoners|20,000|-| |Gambia School Support|Supporting schools in Gambia|10,000|-| |Peppo|Funding of on line educational support|15,000|-| |North Middlesex Cricket|Funding for NMCCs New Youth Programme|12,000|24,000| |Jewish Youth Club|To support administration and coaching resource|10,000|20,000| |Red Balloon Educational Trust Grant for Executive Head role||25,000|-| |Gabriel Project Mumbai|Funding for healthcare and livelihood manager|6,809|-| |Soldiers Art Academy|Supporting the fundraising activity|10,000|-| |Arthur Rank Hospice|Support for all inclusive sport initiatives|10,000|10,000| |Save a Child's Heart|Funding towards a nursing post|30,700|-| |NALA|Support for PRISM launch and operation|10,000|-| |Hand in Hand Support|Contribution towards CRM system|20,000|-| |Sadeh|Funding for Head of Education|15,000|-| |Gabrieli Roar|Music courses for state educated school children|30,000|-| |Sheffield Music Academy|Supporting young musicians|16,500|-| |Holocaust Memorial Day Trust Funding for interfaith outreach role||25,000|-| |Fund a Future Uganda|Funding for support during cancer treatment|10,000|-| |Foundation for Jewish HeritageWelsh Jewish Cultural Centre in Merthyr Tydfil||10,000|-| |Gateways|To cover the cost of an English teacher|35,200|35,200| -7- ## **PHILIP KING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2025** ## **GRANTS MADE Continued** ||||| |---|---|---|---| |**GRANTS MADE Continued**||**2025**|**Committed**| |||**£**|**£**| |Jnetics|Support for Head of Outreach and Education|25,000|25,000| |Squash Bond|Integration of squash and padel tennis|15,690|-| |Bloomsbury Football FoundatioGeneral funding||20,000|-| |Squash Dreamers|Community squash in Aman, Jordan|13,400|| |Best Beginnings|Funding for part time bid writer|15,000|| |Big Give Arts Campaign|Matched funding for Big Give Arts Campaign|10,000|| |||________|________| |||506,499|174,200| |Other smaller grants||15,350|-| |||________|________| |||521,849|174,200| |||_______
_______|_______
_______| ## **4. GOVERNANCE COSTS** |**GOVERNANCE COSTS**||| |---|---|---| ||**2025**|**2024**| ||**£**|**£**| |Audit fee|2,590|2,566| |Charity Administrator's costs|15,721|17,652| |Bank charges|50|25| ||_________|_________| ||18,361|20,243| ||________
________|________
________| The trustees received no remuneration in the period (2024 £Nil). The Charity Administrator is Mr Ian Maddison who is married to a trustee of the charity. ## **5. FIXED ASSET INVESTMENTS** |**FIXED ASSET INVESTMENTS**||| |---|---|---| ||**2025**|**2024**| ||**£**|**£**| |Managed investment portfolio|12,025,332|13,385,000| ||_________|_________| ||12,025,332|13,385,000| ||________|________| ||________|________| |**Movement in managed investment portfolio**||| |Market value brought forward at 6 April 2024|13,385,000|12,985,198| |Add: Investments purchased in the year|1,997,632|3,916,988| |Investments sold in the year|( 2,536,640)|( 3,937,709)| |Movement in cash|148,900|( 388,584)| |Add net profit / (loss) on revaluation|( 969,560)|809,107| ||_________|_________| |Market value as at 5 April 2025|12,025,332|13,385,000| ||________|________| ||________|________| ||**2025**|**2024**| |**Investments in managed portfolio at market value**|**£**|**£**| |Equities|10,079,534|11,109,433| |Fixed interest securities|1,666,782|2,145,451| |Cash held within the investment portfolio|279,016|130,116| ||_________|_________| |**Total**|12,025,332|13,385,000| ||________
________|________
________| -8- ## **PHILIP KING CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2025** ## **6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** ||**2025**|**2024**| |---|---|---| ||**£**|**£**| |Accruals|18,410|18,428| |Grants|0|0| ||_________|_________| ||18,410|18,428| ||________
________|________
________| ## **7. ANALYSIS OF NET ASSETS** ||**Unrestricted**|| |---|---|---| ||**Funds **|**Total**| ||**£**|**£**| |Investments|12,025,332|12,025,332| |Net current assets|47,449|47,449| ||_________|_________| ||12,072,781|12,072,781| ||________
________|________
________| -9- REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF PHILIP KING CHARITABLE TRUST Oplttlo We have Mtdited th6 fimttcial Jtatemetm of Philip King CharitJbl¢ Tn￿1 (¢h'thority} for the ￿•r ¢nd¢d S April 2025 which ¢ompris¢ the S¢&temeftt of FinatKial A¢iivities, th¢ Blllance Sheet and notes to th¢ fin4n¢ial statements, in¢luding 8 $umm8ry of signifi¢ani ￿¢0￿]¢1￿8 poli¢i¢s. Th¢ fujanciol re￿rtIng framewoth b&8 beED applied in their pr¢pgr8tion iy appliubie Jaw 2nd Unit¢d Kingdom Ac¢ouotill8 Standard5 (United Kingdom G¢n¢rnlly A¢¢￿￿¢￿ Accounting Pr￿11¢¢). lrt our opiniort the fLtLatL¢iai Statements: giv¢ a true f&ir vi¢w of Ihe stht¢ of the charitys a￿1[$ M It 5 April 2025 •Dd of its incomill8 resoU￿e5 IliutioTh of rtsourccs, for the ye&r then tnded. hav¢ been properly ple￿red ith ac¢ordone¢ with Ullited Kingdom Gmorally A￿¢pI¢d Ac¢¢NJntln8 Pracdee; and have been prtpared in aecordwwe with the requirements of the Chuitfie3 Act 2011. B*sls for oplTrlon We conthicted our audit in *cordkn¢r with Int¢rnlltiortNI Slandarth on Auditing (UK) {ISA3 (UK)) uppli¢able law. Ow r¢sponsibililies under those 5tartdArds are IlJrth8r descrllxd in th¢ Auditors, r¢spoMibilil1¢8 for th? audit of th¢ (kn*nci81 st•trm¢nts s¢¢ty)n of ¢xw report. We are it2dependent of the chartty in ac¢ordan¢¢ with th• ¢thicwl requir¢nw¢ts th&1 are r¢l•voni ro our audit of th¢ tlnAn¢ial stat¢m¢nts ui the UK. bL¢ludlng the FRC'J Ethical Standard. and we huve lfill￿ ow oth¢r ethical re9ponsibilitieJ in oc¢ordene¢ with these requirements. We beli¢v¢ th•t the iudlt evldertee we hav¢ obtaln¢d IJ sufficlent ond approprlot¢ to provld¢ a basi$ for our oplThio Con¢lwloni r¢kntlnR to iolnl eoneern In auditin8 the fin•n¢ial Jtatemenls, w¢ ha￿ concluthd that the tsustees, use of the iolni ¢ry￿•M buts of •¢eow in the preparntion of th¢ fim9￿1￿1 $tat¢M9￿ is approwiaw. B¥ed ort the work we have performed, we hAve Mt Identlfled •ny materfoi uTrcertaintles r¢lotln8 to eveDlJ or ¢ondittonJ thllt, individu<y or collectively, may ¢9st Ji8nifi¢ant doubt on the ch&ritys Ability to Contin￿ as & 8oin8 concern for a peried of at le¥1 tw¢lv• mThth• from wJ*n the fw•n¢wl •tthn¢nts •ro •uthoriMd tor i4mw. Our rey)nsibi1stie5 the r¢sponilbi15tlti of the truthoj with r¢y¢t to 8oing are d¢8cribgd In th¢ r•l¢vant a*¢tions of this reJMK<. Other Informitlon The trujtees 4re r￿poNible for th¢ other i0f(*m￿l0n. The irth•r inforn￿ ¢cthprb6s th• knforn)don Jn¢luded kn d Annuoi Reprt other th•n tho fin￿¢111 stat•m¢nts and our R•￿rt of tho I[¥kp￿delll A￿15￿ themn. Our opinlon on th¢ fln•￿Ill 3tit¢ments does not ￿Ver the oth¢r inftsmiotlon An¢ ex¢w to the ext¢rtt crtherwl expli¢itly sta¢d in our Np)rt. wo do •xpross w forni of uswaft￿ ¢0￿h￿￿on tiwrem. In Colu￿tIon with our audit of the f￿1￿¢141 stot¢ment4 ow t¢4￿031b1]jty i8 to read tho oth¢r knforrnatlon &Nd, in dou18 #o, consider wh¢ther th¢ oth¢T information is m&t¢rialty uwonJi8t¢nt with the finAn¢i&l slatsments or tyjr bJkn)wled obtsibxd ip th• gudit or otherwi3¢ app¢ar5 to be mat¢Nalty mLsslAted. If wo Identify such mttrSal Inconsl8tett¢ies or ¥pwent materlul miMtstements, w• aro required to d¢t¢rniine wh¢th¢r this 8iV¢J ri9e to a mathnal mkgStat¢mont in th• fuMncihl sihternents themselv￿. If, based on the work we hive perforn¢d ￿ Co￿]ud¢ that th¢Te 18 4 mat¢rial mlssrthment of this ¢xh•r inforni￿1￿, w¢ we r4uired tt* Ye￿rt f*. We h4v¢ nOthU￿ to r¢m in thij r¢gw M•tter¥ ott whl¢h w¢ ir¢ requlred ta report by oxcoptlort W¢ h•ve nothlft8 to report in resp¢ct of the following m•tt¢rs wh¢r¢ th¢ Ch•ritl¢s (A¢¢owtts and R¢ports) Rogu￿{￿¥ 2008 r¢quir¢J ￿ to report to yoii if, In our opirtion.. the infonnation given the Report of th¢ Truste￿ is in ony material ￿SpecI with the fuwKial sthtementy; or Juificient ￿coUntin￿ records have t￿l b¢¢n kw,. or the fJn8ncl&l Ji8temBnts •re not iti akreemetti witb the &ctyJntin8 records artd retwLJ; or hav¢ not rn¢¢iv¢d all the inforni￿10tt and expknatlorn we require for our ludlt. Page 10 REPORT OF THE INDEPENDE￿ AUDITORS TO THE TRUSTEES OF PHILIP KING CHARTfABLE TRusr RwonJlbllltkJ Dttrute As expi&uLed rnoTe fulty thé St#eN￿ of Tntsted Re¥KfflMibiliii¢s th¢ tnL#¢es •re Y¢¥#￿Ib￿ fLY ts preparati￿ of the fJJwici•l stthm¢nts whi¢h giye i true fair view, and fLY Juch irt¢rMI ￿trol as the trwte¢5 det¢rn)in¢ i3 n¢¢¢Mary to ¢n•bk th¢ pr¢pmtion of fill￿¢1&1 Slatsm￿ th* lte frt¢ frtsD materiwl mis3tat¢W whethEr to fr•￿￿ In pr¢pArin8 rman¢i￿ stst¢m¢nty the truJ*¢s •r¢ res￿1b10 fty ass¢uing the ability to Is 1 8oini concen4 di￿10$1￿& w •pplic￿l4 mattus r¢]*J kn goi￿ c(*x¢rn and the 80ing cc¥Kern btsSs of ￿¢0￿￿12￿4 unlw the ttwt¢¢3 either illt¢nd to Irquid*te the or io ¢eu¢ Opernt1￿ or h•* no Ait¢rttAtiwe but to th) Our rupoMlblll¢l¢J for the Ittdlt of the Iln*#¢l*l Jthtemertti W¢ been app)inted as oudiiorj secr¥￿ 144 of the Act 2011 ITMI rwort ltt wlth the A and relevgDI re8ulati¢w rnd¢ ry having eff¢¢t dxreAWth. m&teriAI mlsswrn Whetherd￿ w fraud OT ¢mx, and ty isw¢ a Rwt ofth¢ Ind¢pend¢at Awjitrxs thot ]￿lud¢9 opinlott. RetsoDAble WUr￿Ce b * ￿ level of •swrarYA, Iwt is not • th￿ on audit ¢¢Mduc*d in x¢cfd•J with ISAS (UK) will detect a m￿trial miutatem￿ th it ¢xists. M1&thi￿￿n¢1 Arise from fra￿￿ or tTror And consbdered rnt¢rknl if. Sndividuttlly cr in the 4ye8ate, thy coll￿ b¢ ¢xp•XvJ to inrtu¢n￿ tho t¢onomi¢ de¢islLML8 of users rlkffi on the of thesè finBn¢ial ¥t&t¢meDr•. W¢ obtsititd In und¢rstandI￿ ofth¢ k841 aNI regul#ory th•t ￿ wlmble to the ¢huity d¢tthnlned tha¢ th¢ Dmist SI￿1k•ni ar¢ by th¢ Sr8trm¢ni of Pra¢ti¢e for awities (SORP 2019) attd the Charitie8 Art 2011. W¢ 418¢35ed th¢ rnk of m•terial r¢sp¢t of frwd of rnar4emtht and tru¥t¢¢J •Dd by t¢Jtin8 th¢ of t*￿￿TrI￿8 L￿thIS in pl1￿. Ba￿ ¢)n tht rejults ofour rith we oyr wdh Id¢mlfy Trxtll¢ornpIIwt¢¢ wlth gu¢h hw8 And re8u]atiiMlS id¢ntlfle4J by with key and revlery rel¢v•n¢ dOwr￿n¢1t1on Swh •J minutej of Tnwt•¢ m¢¢tlly and Coffuporkn wlth re8ulw bodi#. We ¢onsbJ¢r¢d the ri* of frwd throu rnan•gemvmt ovthd¢ by incorpmty Mring ori￿nI1 ¢ntries r¢viewin8 *Ly requiremEnts to ￿￿¢1 wftymttrtc# t•rArtI. W¢ t￿red fw. th¢ wibillty ofurtwt￿ to rtlthj A further dwriptiw of our r¢spx$ibilitiN tho of tho M•t¢meth ts lo¢knl on the Fr￿￿18l Reportkng Crymcifs weixite at wvnv.fr¢.ty&uklWdit(rnT￿iblliliM. Thii fornM ￿ of ￿ar R¢prKt of the Jndepend¢ll¢ AyditOTS. Ui• of our r•port This re￿ i¥ made Johly to th¢ ¢h8Titys • Wy. IA a¢cc(dw wlth P￿ 4 of the Cfvrsties (ACCO￿ts R¢piYts) Re8ulati0Trs 2ts)8. (hr I￿j1¢ b¢¢n llnthrt&kn Jo w¢ Might to the ¢hwityJ ihose matteTS we ar¢ r4uired to stth to them in kn wditorf rwt and for TLO oth¢r purp*)se. To the fv11¢3t ¢xt¢n¢ permitt¢d by law. we do A¢cepi or usume reSp￿Sibil￿ to othEr th¢ th¢ trwtcu w 4 body, f our I￿j11 wcrtt ror this or for the opirti¢M¥ ￿ h•￿ frxtt Brindky Mlli¢n Umi*d SMNtory A￿lI10r$ 167 Turnerj Hill Chdiunt Hertfordshire EN8 9BH £026