COMPANY REGISTRATION NUMBER: 1971731 CHARITh REGISTRATION NUMBER.. 293417 Hartcliffe & Withywood Ventures Company Limited by Guarantee Flnanclal Statements 31 July 2025 CHARLTON BAKER BRISTOL LTD Chartered Accountants & statutory auditor 61 Macrae Road, Ham Green, Bristol BS20 ODD Hartcliffe & Withywood Ventures Company Llmlted by Guarantse Financial Slatemonts Year ended 31 July 2025 Paga Trustees, annual report (Incorpor8ting the directors, report) Indep8ndent auditorfs report to the rnembors Statement of financlal activities (induding income and expenditu￿ account) Statement of financial position stst8ment of cash flows 14 15 16 Notes to the financlal statements 17 Hartcliffe & Withywood Ventures Company Llmlled by Guarantee Trustses. Annual Report Ilncorporatlng the Dlre¢tors' Report} Year ended 31 July 2025 Page 1 Th& dlr8ctors. who are a150 the dkectors for the purposes of (ompanylgw, prosent thglr rowt and th8 financial stat8mants of ihe charity for the ygar ?￿jed 31 July 2025. Refer•nc8 and aqlmlnlstratlv• d•talls Ragistered charlty nan Hartcliffe & Ventyres Charlty rnglstratlon number 293417 Company reglstration nurn￿r 1971731 Prln¢lpal tsffi￿ and rO￿￿ter1d The Gatèhouse Centr& offlc• Haroclfve Road Hartcliffe Bri8101 BS13 9JN The dlrectors H Holland T Anstey D Portingale A Retter J Walts Cway (Respwed 20 January 20261 Cowny B•cr•tary J Thomas Audltor Charfton B8k8r18ristoll Ltd Charterod Accountants & statutory auditor 61 Mauae Road, Harn Green. Bristol BS20 ODD Bankèrs Barcloy$ Bank PIC PO Box 324 Park House N￿briCk Road Stoke Gifford Bristol BS34 8ZJ Stratwe dlrect¢xs Amanda 8r•ww & Mundy Hartcliffe & Withywood Ventures Company Llmlted by Guarantee Trustses. Annual Report (In¢orporatlng the Dlrectors. Report) {¢OnlthurfdJ Year ended 31 July 2025 Page 2 Struclure. govomanc• and managemont Hartclffe and Wilhyrfrfood Ventures is a Charfty règislgred under a schemo with the Charity Commission, governed by the Charfllos Ad 2011. and 1$ Incorporated as a company limitéd by guarnntea. The ry)nstitutlonal documents ar8 tf* memorandurn and artid$$ of assoclation. The Trustees of the Charity ￿ 8180 Dliedors of the Comparty. They are drawn mainly frorn users of our seNic8s 8nd local pwpl• in business, p)Iltks and lik8m1￿1ed agen¢i8s. R&8klents livlng in the area of bonofrt are partlculgrty welcom8d. We monttor the make-up olthe Bogrd in lerms of agg, elhnlclty, gender and disability and lake action wh•re thorg are gaps. The full Board of Trust88s meets at least slx times 8 year. There clear and agr•ed delegation of the day to day running of the organk5atbn with SenK)r Managers also attending Board énd 8ubweommfttee mee￿n0$. The Trusta89 ¢onfifm that they have reférred ts the guidanca contained in Ihe Charity Cornmission s general guidance on publ1¢ bengfit whgn r8vbwlng Ihe Trusts aims and objectives 8nd in seth'ng the grant making pollcy for the year. There is clear publlc benefit as thg charity ass15tS F¢oplo In a dis8dvanla9ed area ol Bristol to gain and develop $kill¥. qualifKalk)ns and gmploymonL Rl•k rnanagom•nt Risk assessmènt is caffled out annually as part of the bUsi￿sS pknnlng and $8lf a$8e58ment processes. ActKJn8 are identified to mitigate risks Wh￿ pos51ble. Hartcliffe & Withywood Ventures Company Llmfted by Guarantee Trustees. Annual Report {In¢orporatlng the Dlrectors. Report) (witthu•d) Ygar ended 31 July 2025 Page 3 obj9￿1Ve$ and a¢tlvRIos The Char￿able objocts for whl¢h the company Is esl8bli81*d Bre ytat8d In the momorandum of association. The objects C£*ntinue lo be to increase th8 thoices and oppcKtunitles avallabl¢ lo poople in the BS13 area of Brlstol so that they have a bettèr $tandard of lfving and hlgher qualNy of1S1&. The maln Object￿98 for the yearwgro.. To cont￿Ue tQ WOTk to reduce bar￿rS lo accessing, rémainiry wogrossing in educath)n, arnlng and employmènt for ch51dran. young Feople and ad￿ts. To fijrther devekbp provision of leaming and quallftations in response to I￿1 ngeds. Wtth a ￿ntInUed focus on th¢ gmotional health. well being and suprK)rt to Ioc41 peop￿. To further develop partnerships wth other local communlty based proJe¢ts and ￿rnIng & edwation organl8ations. support agencies and businesses lo benefit tho bcal cimnmunity. To fulls1 ulillse 8PoGe both 81 the Gal8hou88 CeTrtre and sat8llte sito Thg LaThy lo erKourage organisations to locats locally and add valu8 to the services avollaw &) the locèl afea. To contlnue lo develop the Golehous8 Nursery capauty to offer 8paces to chlldren & tsmllles kn Ilne with Gov&mment extended hour5 offer. Our Str8t89ies for a¢hlewng Ihe8e objectNes wore as followE: ro contlnuo to work olhgT development agencies IWiv8ring events initiativas locally induélng voluntary sector network davelopmenl. To retsin our cxjntracts with tho City of 8￿t01 College lo provid8 qu8liflcalbns to adult leam9r8 and young leamers. adjusting our provision to mo8t needs and interests and engage new leamers in thalr learning and 8mploym8nt a$plraUons. Whil$1 at the same Img WOTklng to 8xpand our %Nl¢e opportunttles w¢ prowde utili5ing a wlder r•nge of funding str8ams. To buikl the capacity ol bcal people through voluntèar pLq¢emènts and work oxperien¢e OFvc¥bJnitsos. To retoln tho contract vthh BrL8tol Clty Council to deliver the Nurnery Ed￿l￿an Grant for 2 and 3 yeai olds and prepare for Iho ¥xtgnded NurBery EducatKJn Grant offer w7th Increasgj quallfied lev81 and numb8r8 of staff employed. Look at opportunltle5 for n8w ways to work wllh and support local peop￿ who IsolAt8d dlsengaged and in need of support. To matst and prornote officg. shop and bu5ine5s unlt spac8 81 ¢ompolTbvg rates. Pago 4 Hartcliffe & Withywood Ventures Cornpany Llmlted by Guaranto8 Trustees. Annual Report (Incorporatlng the Direclors. Report) fctsnrf Year ended 31 Juty 2025 Achlevements and perlorman¢o We cDntlnue to deliver the Nursery EduBalion Grant provision with Bristr)I Clty COU￿[1 fundlng and private Nursery spa¢es. The Nursery has achieved full oceupancy again this year with over 100 ¢hildren on ￿gISt￿r. Income In thls arsa gf Ouf work has incr¢a8ed significantly. We remaln g¢od rating with OFSTED, wè have secured 8ddib.onal funding to Work on a 1".1 ba51s ￿th Several chihlren wTrth a(Iditional needs and •mployed staff io work diredy with th8se chrndren and reduc* staffiro ratios acr08S the nursery. At thls lime we have continuod to 8ul>¢onlroct tho mgjority of our train￿n9 provIsh?n with t1￿ City Bristol Collgge. Wè have worked wld) a $ignificant number of young people 53 in thls y88r alone. w6th Bround 15% having a high lgvel of need and signifteant barriers to educalk¥) and employment. Wo have worked with 158 adutt leamers In year agaln with 8 signrncant numb8r neèding addition81 leaming 8￿p¢￿t to 8chlevo their goals. Exam performanee and qualific81ion ach18￿ment for the year h88 been good wThh Success rate$ 71.2Yo in youth and 78.5% In adults. We have a150 been re-awardod our Matrix standard quahty mark for the ygar. Our Comrnunty spaces have been well used Ihis year and room bwkings and space5 for bcal authorities, busin$$sgs and olheT agancies to r8nl has Increased significanlly. We 8Lg0 secured a longer term tenancy for our satellite slla lo¢alty with an organisation that provvjes atsrnalNe leamlng provlslon for 5-18 year olds from S¢pt 2025. Our Community Developmgnt Worker has conJnLted to buiha p8rtnerships with othgr 898nclès such as DWP, Famlly Hub, Job Centre. Brave & Bold, Caring in Biistol and Ways2Work contlnued InitiatNes such 89 (¥Jmmunity wnterwarmer ijrop In $OTvi¢e plus soft play provbslon. Our luttory ￿nded charity shop has seen several voluntsgrs an(J learner placements with yourwJ P80p19 accessing vocational expwience and skills development. We hove 8lso been developin9 a new parln?r5hip with UnSv8r51ty o18rfslol who have 8P8o in the buildlng and are collaborating wtth us on an oifice for Students fund¢d project to engage local pgop in programm•s of hS9her edUcat￿n. Hartcliffe & Withywood Ventures Company Llmtted by Guaranteé Tru$tees' Annual Report {Incorporatlng the Dlrectors. R•port) (¢Mlthu¢o) Year ended 31 July 2025 Page 5 Flnanclal review Our main sources of lunding are.. - Contracts lor dellvery of tr8iniyvJ & qualificallons, City of Brvatol Colbge. - Privats Nursery fo98 & the Nursory Educatron Gr8nl {NEGI ￿nd￿l9 from BCC. - Rentsl In¢ome from lettlng Space at the Gatehouse and the LBmp. - Income from the ¢afé, room booking5 and buffets. - Partnarshlp projects wllh Unlversty of Brtstol aNJ 8CC These funds have supported the Charitable oble¢lSves throLpJh the employmènt of SL￿Who'. - Keep the premises doan, wel¢omlng and ￿11 maintalned. - Run the café as 8 'hub' for local peorAo lo coryJr8gate and oat180C￿ls•. Deliver advice and gu#lancè, training. support and a$6e&8mont to pgople wanung lo upgradg thglr skllls ar￿ knowledge. oain qualfflcallons and work experien￿ and ullmalely become employad. - Care for and gducale young chlldren whilst enabling thelr parenls to train or work. The Future The current economlc environmont and agenda is bringiThJ bth d￿ri￿￿{leS and opportun1t1￿ to HWV. Our Nursery 6du¢81ion provision has Soen a large amount of growth Ihis y8ar and this is proje¢ted lo ¢onUnue over th8 next of yea￿. We will be looking 8t ways to expand the spacgs av8Nabl8. We have continued to provKIg the majorfty of our training rourses through sub-contract arrangemants with City of 8rbslol College. 24125 has seen the Introduction of some altemallve funding For trainin9 and this will continue into 25126 however changes al the end of 25126 tsAII 8ee our long-term provision for leamiro redue•d as we will not contlntsÉ as # $ub•contracior for Cty of Bristol Collega 8ft¢r this time. We arg planning lo look at new ¢raatlve and ￿SponsI¥& ¥lratsgies to provide opportunlt6es to meet the devetopment needs of le￿1 people and find ways to enoag• thgm in rnfjanin9ful leamlng and employment opportunibes. Thg 25126 year Is seelng new lniUat￿e8 such as the GovBmmenl Trail 8Lazer funding con* lo our area of benefit. Wè hav8 collaborated with Bristol Crfy Coun￿1 on employability programmes for youn9 people and these will continue at the Gatehouse Cèntre in 2e127. We avg at the same tim8 dtrvoloping a new p4rtner8hip wtlh Unlverslty of 8rotol to engage local peopl8 In higher education programmes of Eè8mlng. Our bulldlng L8 full to capacAty with 8 wkle range of services and organi58t*)ns. Yhth OLtr aim for futurg vislon belng developed as the Gatehouse Centre beo)mes 8 cerblral hub for léarnlng Èducatlon and support S8rviws for the bcal community. Hartcliff8 & Withywood Ventures Company Limited by Guarantee Trustees. Annual Report (Incorporating tho Dlrnctors. Roport) (Colth￿￿j Year anded 31 July 2025 Page 8 Flnanclal roylew {¢onYnu R•s•rvK policy Th8 directors and trustses of tho eharlty have g$labl18￿ a poliGy ￿erebY the tArget free res•r¥•s lunder normal conditions) should be four months, an￿cipated expenditure kn the fol1x￿￿9 financial year. We wn3ider that th￿8 wll ohe the charity sufficlent unrestrlctfjd fttnds to contirwje cutrent 8cl¢vities in the event of 4 significant ￿￿￿Cl￿)n in funding and to ensure sufficlent fundln9 is availab tQ ¢8sM flow the training contracts and lo rospond to fjmergencies and opportunlU6s i.e. r4pairslmaint8nancg to lh8 bJildln9 or fundSn9 a bld whlch could bring further opportunities. The chèritls fre8 r8sèNeJ at tho gr￿ of th8 financial year have bgon calculated at £1.055,139 compared wllh a target figure of£500,CN)O, iesufting in an excess of £555.139. In the current g¢onomlc environment Ihls oxcess is consklergd prudent In vlew of the incr￿$8{1 uncertainties ¢)v¢r fvlur8 incomè stre2n￿. However. this ￿11 be k8Pt undpr iegular review 8nd ￿11 be parly ullisod by further premise5 malnt8nance and ￿lUrb15hmttnt expendthjré. TNstees' reJpon8ibllltl•s stAtement The Irust8es. who arè also dimctor¥ for the purposes of company law, ar8 responsfola for preparing th? trusiees. rop¢rt $nd the fin8n¢ial statements in accordance with appltable law an¢J United Kingdom ACcoUn￿n0 Standards (United Klngdom Generalty Accepted AcCwn￿ng Pracllcel Company law requires thè thaTity Iru8teè$ to prepare financkql slatsments for 08ch year wh￿h give a true and fair view of tho state of affairs of the charilable company aftd Ihg incoming r8SOUt¢gs and 8pplle81ion of r•sources, indudlng Ihe irmme arKI aXp•ndl￿re, fcf that perfcKI. In prgparfng finandal 51aternents. the tru8teè$ aro requlred to: 8el8Ct suitable accounting polla88 8nd then apply thom ccfisistenuy., observe the methods and prindple5 In tho appllcable Charflies SORP.. make judgments and a¢¢ounting estlmatas thal are reasonablg and pnAénl- prapare the finan¢ial statements on th8 going concem b8s55 un198$ (t 15 inappropriate to pre¥uTh that thè tharity wlll continug in busines$. The trustees are rgspL)n8itde for k88pINJ adequate accountlng rt¢trds that ara suffiognt to 8hN and exp181n the ¢harill8 Iransaetians and disclose with r8a$¢nabl8 ac￿raCy 8t any time the finaneAal positson of. the charfty and on8bl6 them to ensura that the finandal stslements compty wtth the Compan18$ Act 2006. They are atso responsible fc* $afeguardlng tho assets of the charity and hencx for taking reasonablo steps for Iha p￿ventIon aThJ deteCt￿n of fraud ¥nd olhor irT•9ularMIgs. Hartcliffe & Withywood Ventures Company Llmlted by Guarantee Trustees. Annual Report (Incorporating the Directors, Report) Year ended 31 July 2025 Pago 7 Audltor Each ofthg persons WI￿1$ 8 dlrector 81 the date of approval of this report confims that 80 far as they 8ra aware. there Is no ralovant aud￿ Inform8lk)n of whlch th6 auditor is they havè taken all st8ps that they ought to have taken as a director to make them$elvgs aware ol any Tet8vant au(Jit Inform8llon 8nd to 88tabllgh that th¢ charty$ auditcr is awor$ of that Informat(on. The auditor L8 deemed to have beèn rwpont8d In accordarKg vhlh s8ction 487 of the Companlfrs Act 2006. Small c(mpany pro¥f¥lon6 This report has been prap¥ed In ￿ance wlth Ihg pmi3k)ns 8ppll¢able to comwie8 entilled trj Ihe small ￿npanIeS exemption. The trustees. annual reFQrt Ilntsjrporating the dlrec4ors' roportl was approved on 14 Aprfl 2026 end sign8¢Y on behaff of the ard of tru5tses by.. T Anstey Dire¢tor Pag• 8 Hartcliffe & Withywood Ventures Company Umlted by Guarantse Indep¢ndont Audltorfs Report to the Members of Hartcllffe & Wrthywood Vantures Yoar ended 31 Juty 2025 Opinlon We haw audited the financkal stslements of Hort¢liffe & Wilhywood Vgnlures Ilhe'charityl for the year 9n¢J¥d 31 July 2025 whlch ￿MpriSe the statam•nl of finandal acllvibeÈ lincludlng Income And expenditure aco)unt). slalement of financial posrtion, statement of cash ftows and Ihe related notes, induding a summary of signfficant accounling pollcles. The financol reporting fraM￿ork Ihal has been appllgd In th&ir preparation Is applicable law and United Kingdom Accounllng Standards. induding FRS 102 Tho Financial Reporting Stan¢Jard applicable in the UK 8nd Republ￿ of Ireland {Unrt•¢J Kingdom Generalty Accepted Accountlng Praclicel. In our opinlon Ihe ffin8n&al 8tsterw)ts: givo a trua and fair view of th8 slate of the charity's affalrs 88 al 31 Juty 2025 aNJ of its incoming resources and gpplicalK)n of re8ouYce$. Indudlng It8 irthme and expendlbjre, lor tha year then ended.. have been propgrty prepar8J In a¢￿ardance wilh Unlled tfjngd¢m Generally Accepted Accounting Prdctlco" havo been prepar•J in a¢¢ordan¢e with tho r8quirom9nts olthe Companies Act 2008. Basls for oplnlon We corbjucted our audft In ￿tr￿dance ￿t￿ Intem3￿On8I Standards on AL*Jiting IUKI IISAS IUKII and appIl￿b]e law. Our Tesponsibll1t￿S under those stsndards are further described in the auditorfs responsibilitiès for the a￿11( of th8 financial staiem8nts $￿tion of our report. We are bnd&p8ndént of the charity in acCOrdar￿ wlth the ethl¢al réquirements that are ￿levant to our audit of the financlol stataments in the UK, Indudlng the FRC'S Eth5cal Stsndard. and w¥ have fulfilled our olher ￿h1¢al respOr￿1b11thes h accordanc• vAth these requiremènts. We believe that the audit wKlan¢e we have obtaffted15 sufflciont and approprtate trj provlde a b8$L8 for our opinron. COnG￿*1￿n5 relattng to golng ¢orK•m In audiling the financial slalements. we have conduded th81 th8 directors. use of Ihe g)Irg concern basi5 of accountlng In the preparatton of the financial slatèmenls Is approprlatg. Based on th& work we have perfomied, we have noi ￿enified any materfal un(*rt81ntle8 relating to Ovgnts or conditions that, indlvldually or collectively, May cast slgnlficant doubt on the charivs abllity to ¢ontinu8 as a going concarn for a perlod of at least month5 from when the fln8n¢l81 statements are authorised for Issue. Our responsibdities and the fesponslbllilles of the dIrects￿ wth r8sFéct to 9Dlng ccffl¢èm are described in thè rèlèvant sections of thls reporL Hartcliffe & Withywood Ventures Company Llmllod by Guarantee Indep8ndent Audltorfs Report to the Members of Hartcllffe & Withywood Venluros (¢oniifiued) Page 9 Year ended 31 July 2025 oth•r Snformation The other information comprisès the infomialion induded In the annual report. olheT than the financial statements and our aud5torf8 report Ihereon. The directors are rèspons￿18 for tha other Inlomiaticffi. Our opinion on the financlal 3tatem9nts does not Cover the other Infomiglion and, èxcept to the extent othÈMi$e explicitty ststed in Ouf report, we do not axpr888 any form of assurance conduslon th&reon. In eonnectlon our athllt of the finanel81 $lalements, our responsibility is lo read the Othgr infomiatlon and, in th)ing 50, COns￿er whalhgr the other Inf(rtion is mater5ally In¢on$Lstent with the flnan¢lal statements or our knowl8dg8 obtalned in tho aLvJil or othe￿i￿￿ appèars lo bo mat8rfolly misstated. If we identify such material InconsiSter￿leS or apparent matarial misstatements. w¢ are requlred lo deteminé whether there is a material misstatement In Ihe financial ststements or 8 malorial misstal¢menl of the other Information. If. bas8d on Ihe woth we have perfom*d, we MnclLhl6 thai there bs a materfal misstatement of thls othèr Inforrnation. we are r8quired to report that fa¢t. We have nolhinig to rgport in Ihis regard. Opinio•u on 4)ther matt•rs pr•5cr5b•d by th• Companlos Act 2006 In (wr opinion. based on the wC￿k undtrrtaken in Ihe coursg of tho audit.. th8 irrfomi8tion given In tho directors, f•￿t for th8 financiql ￿ar for which thg fin8ncial ststements are prepArad Lq omslstent wlh the ffinancial statemgnts., and the dirgotors. report has been prepared kn 8c*ordancè with applicable leg81 T•quirements. att•r• on whlch we ar• r•qulrod to rgport by excèptlon In the light of the knovrtgdge and uThlerslAndlno of charity and Its environFnenl obtained In th& course ofthe au¢Jf(, we have not *Jentified mal•riAI mis$tatemonts in tho dlre¢tor8' ffjFQrt. Wg have nothing lo r&port in rospect of th& lolbwing matters In relatron to wh￿h the Comp8nles Act 2006 raquires u$ to report lo you 5r. In our oplnvJn- adequate accountlng records have not been kgpt, or relums adequats fr)r our audit have not been received from branch8s not visltgd by us- or ihe ffin8Mal slat8rnenl$ aro not in agr8emenl wth tho aC￿untIng records and rel￿8. or certain disdosures ofdireciors. rernun8rallon Sp￿fied by law ore nol made; or we have not recelved all the inlormatbn 8nd 8xplanations we requlre lor our audit- or the dlrectorn wère not entltlgd to propare Ihe financlal statenwnts in ac￿danc￿ the small C4)mpanles regime and lake advantage of d)8 Small cornpani8s' exemptlons In prepaiing the diwtors, rewrt 8nd from lh8 wuiremont to prèpare 8 Strategic rèport. Hartcliffe & Withywood Ventures Company Limiled by Guaranteo Indo￿ndent Auditovs Report to tho Members of Hartcllffe & Wlthywood Ventures Pag• 10 Yearended 31 Juty 2025 Rosponslbllltles of dlrnclorn AS expla*ied more fully in Ihe directors, responsibilitles sl818ment. the dirn¢tors (who are dso the dlreclors for the purpos8s of company law) ar8 rasponslble for the preparatlon of thè fmancial ststemen15 and for being satLsfi$d that they give a true and fair ￿ew, and for such Intemal corrtrol a8 the directors determine 1$ necessary io anable the preparation of finanaal ststements that 8w froe from material misstatement. whether du8 to fraud or 8NoT. In F)repamg the financlal statements, diractors ère responsiblg for assesslng the ¢harWs ￿lIty to conbnue as a going conc8in. di8closing, as 8pplicBblo, matters related to going ctsncern and uslng tho going conc*m b8$15 of acc¢)unllng unless th¢ directors &ithor intgnd to liquldale the charty or to ¢8a8e OFerations, or have ￿ wlislic aliomatlve bul to ¢Jo 80. Hartcliffe & Withywood Ventures Company Llmited by Guarantee Independènt Auditor's Report to tha Members of Hartcllffe & Wlthywood Ventures f¢ontrnuedJ Page 11 Year ended 31 July 2025 Auditorfs r•sponslblSitleg for the audSt of the financlal stalgmgnts Our objectNes arè lo obtain reasonable assurance about wh&lhgr the financAal statements as a whole are free from malerial mlsslatern8nt, whethèr duè to fraud or error, and to18suÈ an auditor's report that includes our opinion. Reasonable assuronce t8 a hlgh level of assurance, blrt is not a 9uaranlee that an audit conducted In a¢cordanc9 wlth ISAS IUKI will ahvay3 detèct a material misstalemenl when it exists. Misststements can arLse from fraud or error And are consldertrd material If. Individually or in the aggregate. they could reasonably be expectad tc Influen￿ the 8conomic deGlsion8 of users taken on the basis of these finandal statements. Irregulaiibg¥, including fraud, are in$tsncos of non•compllance wth laws 8NJ regulalions. We design pr0¢8cfures Y) line with our re5ponsibllltles, ou11in8d abovo, lo detect rnBtari81 misstatemen15 in rospect of irregularities, Including fraud. The extent lo which our procedure5 are capabLq of detectin9 irregularftles, including traud 18 delail8d ￿1¢)￿.. Key audlt mlttern: our 4$8•Mm•nt of rlsk$ of mal•rlal mlutatemont Key audit maller8 are those m8ttsr¥ that in our profg55ional judg&m&nt We￿ of most $ignifficance in the audlt of the financial statements and include the rnost signffieanl assessed Fisks of mAterial misstatement Iwhether or not due to fraud) identhfied by us. Including those whleh had the greatest effect orb thg albcalh)n of resourc85 in the audit, and dIr￿tIng thè èfforts of the ¢ngagernenl team. There 8re no key ar•as idenlif18d as the audit is very low rlsk wllh normal audit procèdurgs adequatè in all audrt areas. We agreed to reF¥)rt to Ihe board of trustee8 any correctsd or uncorrècted identmed misststements. Id•ntifying and r•portlng of rfsks of matorlal mis•tatement du¢ to fraud To identity risks ol molerial misstatement due lo fraud we ass&$sed event$ ￿ conditions that could indicats an incEntNe or pressure to commit Iraud or providg an opportunity Its comrnil fraud. Our rfsk assessment procedures 5ncluded.' Enquiring of thg slrateglc direclors and the trustees and Inspection of kèy pa￿ls pmvitled to those charged with governance as to high level polides and proceduies to prevent and rleie¢t fraud. Révièwiro the minut•s of Trustees, m8atiFbg5. We ¢ommunicatod Identified fraud rfsks through)ut the aLKlil team and rernaln8d al•rt lo any indicatsons ol fraud throughoul the audit. As requir8d by auditiro stsndards. and taking into account POsslb19 proswres lo meèt tsrgets and our ovorall knowledge of the control enwronmont, Wo perfonned procedures lo assess the risks of management ovethde of ￿ntrOlS. To addrgss the pervasfjve dsk as it reL3led to management oveThide of controls, we review•d matsrial journal •ntri85 and agreed thesa to supportlng documontstlon where appropriats. klentlfylng and respondlng to rl$ks of matorlal MI￿tatement duè tr+ non¢omplianGe wlth laws and règulations We identified areas of taws and regulatk)n$ that could TeasonBbly be expected to have a material effecl on thg financlal statemenlg from our general commer