The trustees are aware that concerns have recently been raised regarding the Association's finances and governance.
The trustees take these concerns extremely seriously. As soon as the issue came to light, appropriate action was taken at the time. This included ensuring that all the funds concerned were repaid to the Association. We have also obtained professional advice and have reported the matter to the Charity Commission as well as other relevant authorities. We have also commissioned an independent review of the Association's financial records covering the last three financial years.
The trustees recognise that this matter has caused concern amongst residents. Because of its seriousness, the trustees considered it essential to establish the facts, seek professional advice and begin the appropriate independent processes before making a public statement. We believe it is important that residents receive accurate information based on evidence rather than speculation.
The purpose of the independent review is to provide residents with confidence that the Association's finances have been examined objectively and that any recommendations for improving financial controls can be implemented.
The review is expected to be completed in time for the Association's meeting in September, where the trustees will present the findings and answer appropriate questions from residents.
The trustees remain committed to openness, transparency and acting in the best interests of the charity and the wider community. In the meantime, the Association will continue to operate and continue to provide services and activities for residents while the review is being completed.
The trustees recognise that confidence has been affected and are committed to implementing any recommendations arising from the independent review to strengthen the Association's governance and financial procedures.
We respectfully ask residents to allow the independent review to be completed before reaching conclusions. We hope the findings will provide clarity, help restore confidence and allow everyone to focus once again on supporting the community with the work of the Association.