Audit Plan for a charity

I need help identifying significant risks, and other risks along with there responses to the risks in the list given below.
I have determined materiality to be 1% of the gross expenditure (400k) and performance materiality to be 50% (200k)

I am pleased that you are taking on the role of Audit Manager of our new client, Kent Rural Development Trust. As you are aware this is the first year that Tick and Bash has been responsible for the audit and it is rather unfortunate that the proposed Audit Manager left the firm at short notice.
We have an Audit Committee meeting due in January at which we need to present a draft audit plan. I would like you to have a first stab at preparing a draft.
I have jotted down below key information that you might want to take into account in preparing the plan.
Materiality
Key metrics based on the 2016 statements are:
• Gross assets: £26.2 million
• Net assets £4.1 million
• Turnover £40.0 million
• Deficit £1.3 million
Sources of income
Income in 2016 comprised:
• Legacies £12.1 million
• Membership Fees £0.4 million
• Rental income £2.2 million
• Government grant £15.6 million
• Sale of goods and services £9.7 million
Types of Expenditure
In 2016 expenditure comprised:
• Staff £16.1 million
• Interest £1.2 million
• Grants to community groups £4.5 million
• Payments to suppliers £17.2 million
• Depreciation £0.5 million
• Other £0.5 million.

Accounting systems
Core accounting is provided in-house by a small finance team using a well known accounting package.
Payroll is provided by Gubbins Payroll services on a contract basis.
Internal audit

Internal audit is provided by Charlie Buggins, a trustee who is a retired office manager. He undertakes about 50 days of work a year focussing on ‘high risk’ areas such as inventory, catering stocks and petty cash.
Other issues identified in audit planning

Discussions with management and review of Board minutes up to June 2017 has identified the following issues that may be relevant to audit planning:
• the trustees were dissatisfied with the work of the previous external auditors and rejected their recommendations for improved segregation of duties on the grounds that the employees of the Trust were all of the highest calibre and inherently trustworthy;
• the Trust has received a claim from the disgruntled nephew of a widow who gifted her entire £3m estate to the Trust. The Trust believes that the claim is weak but has yet to obtain legal advice;
• the Trust has incurred a deficit for the third year running and has engaged an advisor to prepare cashflow forecasts for the next 9 months;
• the Trust has moved into a new market of operating some of its properties as holiday lets. It anticipated income of up to £2 million per year but performance in the year to date has been very disappointing;
• the Trust has launched a consultation on its 10 year plan. If adopted this would envisage doubling the turnover of the Trust over that period;
• the Trust suffered a fraud perpetrated by its stores manager. The identified loss was £150,000 but records were incomplete and it could have been more;
• the agreed audit fee is £24,000. A further £3,000 is payable for preparation of VAT returns; and
• a former partner in Tick and Bash, B Ash, is a trustee of the Trust.