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2020-12-31-accounts

Trustees’ Annual Report for the period

From 1 January 2020 To 31 December 2020

Charity name: Windhorse Publications Ltd.

Charity registration number: 1104078

Company Number: 5074437

Objectives and Activities

SORP reference Summary of the Para 1.17 The principal object of Windhorse purposes of the charity Publications Limited is the as set out in its advancement of the Buddhist religion. governing document In particular: (a) To encourage members and others to live in accordance with the teachings of the Buddha; (b) To publish literature and other material in furtherance of these aims; (c) To support members of the Triratna Buddhist Order and other duly ordained Buddhists, at the discretion of the Council of the Charity; (d) In furtherance of the above purpose but not further or otherwise, the charity shall maintain close communication with and work under the guidance of the Triratna Buddhist Order, and in co-operation with other groups with the same objects. The charity accepts all aspects of the Buddhist tradition and recognises the value of each, and intends to work in harmony with all other existing Buddhist groups and organisations. Summary of the main Para 1.17 and The Charity publishes books on 1.19 activities in relation to Buddhism, mindfulness, and those purposes for the meditation. (for details see below). public benefit, in particular, the activities, projects or services

identified in the accounts. Statement confirming Para 1.18 The trustees have had regard to the whether the trustees guidance issued by the Charity have had regard to the Commission on public benefit (PB1, guidance issued by the PB2, PB3). Charity Commission on public benefit

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SORP reference
Para 1.38 Windhorse Publications does not
Policy on grant making make grants.
Para 1.38
Policy on social
investment including
program related
investment
Para 1.38 Windhorse Publications also had the
Contribution made by help of volunteers with data
volunteers processing, metadata, customer
services and editing.
Other
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Achievements and Performance

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SORP
referenc
e
Windhorse Publications is a small independent press
whose main objective is the publication and distribution
of books related to Buddhism, meditation and
Summary of mindfulness.
Para
the main 1.20
achievement THE TEAM
s of the Priyananda / Peter Joseph retired from the position of
charity, Publishing Director after nearly a decade of leadership
identifying in this role. His successor Dhammamegha / Ann-Marie
the Leatt was appointed to start in January 2020 and after a
difference period of handover, took over as Publishing Director
the charity’s from March. She was employed for 4 days a week
work has throughout 2020. Michelle Bernard (Publishing
made to the Controller) continued to work 2 days per week
circumstanc throughout the year. Helen Lewis (Communications and
es of its Sales Co-Ordinator) worked full time throughout the
beneficiaries year. A new accountant, Annemie Philips began work on
and any a freelance contract from the beginning of 2020. Both
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wider Helen Lewis and Michelle Bernard went on Furlough for
benefits to the mid part of 2020 while new commissioning,
society as a production, and releases were suspended or postponed
whole. during the first waves of lockdown and therefore the
closure of bookshops.
OVERALL
As can be seen in the Financial Review (see below), we
were able to meet the challenges of the impacts of
covid-19 on the business. Adjustments included moving
many of our sales from trade accounts to B2C
transactions through the upgrading and increased
visibility of our eCommerce platform:
www.windhorsepublications.com
We initiated far greater use of social media, direct mail
campaigns and communication with Buddhist Centres
and the people who attend them. In this way we were
able to bring more people to our website. We
introduced sales and other campaigns.
In particular we launched a “free the dharma”
campaign in late March, and continued throughout the
year to give away free eBook files of relevant and
helpful titles on mindfulness, personal growth, well-
being and Buddhist practice. Aside from increasing our
reach, we also received higher than usual individual
donations throughout the year that somewhat made up
for reduced revenue as a result of the repeated closure
of high street and Buddhist centre-based bookshops.
We engaged in a number of cost-cutting exercises
without having to lose any major business functions,
including getting smaller office premises late in the
year, making use of the Corona Virus Job Retention
Scheme and looking for efficiencies, particularly in how
we approach printing technologies and costs for new
and back list book printing.
Despite the considerable challenges facing us and other
publishers, Windhorse Publications were able to publish
the following in 2020:
General Dharma Books:
Danapriya (2020) It’s Not Out There: How to see
differently and live an extraordinary, ordinary life .
-
(https://www.windhorsepublications.com/product/its
not-out-there-paperback-2/)
Bikkhu Analayo (2020) Introducing Mindfulness:
Buddhist Background and Practical Exercises
(https://www.windhorsepublications.com/product/introd
ucing-mindfulness-paperback/)
Bikkhu Analayo (2020) Mindfulness in Early Buddhism.
(https://www.windhorsepublications.com/product/mindf
ulness-in-early-buddhism-characteristics-and-functions-
paperback/)
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The Complete Works of Sangharakshita: Volume 14: The Eternal Legacy / Wisdom Beyond Words (https://www.windhorsepublications.com/thecomplete-works-of-sangharakshita-volume-14-theeternal-legacy-wisdom-beyond-words/) Volume 23: Moving Against the Stream - - (https://www.windhorsepublications.com/the complete works-of-sangharakshita-volume-23-moving-againstthe-stream/) Volume 25: Poems and Short Stories - - (https://www.windhorsepublications.com/the complete works-of-sangharakshita-volume-25-poems-and-shortstories/) We were able to prepare some books for release in early 2021, and continued our commissioning activities. We were able to begin using short run digital print to keep our back list in stock. Starting with: Sangharakshita: 10 Pillars of Buddhism. - https://www.windhorsepublications.com/product/the ten-pillars-of-buddhism-sangharakshita-classics/

We also sold the audio rights for our best-selling Eight Step Recovery: Using the Buddha’s Teachings to Overcome Addiction by Valerie Mason-John (Vimalasara) and Dr. Paramabandhu Groves.

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Despite the impact of Covid and lockdowns,
Achievements Para 1.41 including some staff going on furlough for part
against objectives of the year, we continued to meet the
set objectives of sharing the dharma and
publishing new life changing books.
One book that had been due for release in
November was postponed into early 2021, that
was the only significant change of outcome.
FUNDRAISING
Performance of We received significantly more income from
fundraising Para 1.41 unrestricted grants and donations in 2020
activities against (£46,000) relative to 2019 (£33,000).
objectives set
We received just over £21,000 in grant
funding, this includes nearly £16,000 from the
Future Dharma Fund and £5,089 from the
government in the form of the CJRS. The
Future Dharma Fund have also agreed to
increase their funding to us in 2021 and
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beyond.
We received nearly £25,000 in individual
donations including in response to the “Free
the Dharma” campaign, an individual donor
campaign, and a campaign to support
Priyananda before his retirement date.
Investment Para 1.41
performance
against objectives
Other
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Financial Review

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Review of the Para 1.21 Covid and the public health responses to it had
charity’s an impact on the business in 2020. Our overall
financial income shrank slightly from £297,433 in 2019 to
position at the £263,365 in 2020.
end of the
period Windhorse Publications is made up of a general
publishing business (unrestricted funds plus some
unrestricted book sponsorship funds) and the
Sangharakshita Complete Works project
(restricted funds). The two parts of the business
fared quite differently in 2020.
The general publishing business managed the
year well considering the Covid impacts. Book
sales were very similar to our previous year,
which had been a good one for us (£171,866
sales income in 2019 and £171,221 in 2020). And
voluntary income was up £13,000 (see above).
Expenses were overall very similar to the
previous year also, with some areas more and
some less expensive. In aggregate, this part of
the business ended with net incoming resources
of £27,781, even with increased accounting for
stock.
The Complete Works project relies on fundraising
that was done in 2016 and again in 2018. The
project was never intended to be able to be
commercially viable, and we are spending down
against reserved funds for this purpose.
However 2020 was a particularly difficult year for
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income to the project because of the expense to
customers of subscriptions and individual volume
sales. We saw a reduction in the number of new
subscribers, and some subscribers cancelled due
to their financial situation, and we had lower
individual sales. The aggregate resources of this
project was £31,039 in outgoings. Further
fundraising will be needed in 2022 and 2023 to
see through the remainder of this project, due for
completion in 2024.
The combined business ended with £3,258 loss in
2020, a significant portion of which can be
accounted for by a decrease in stock value.
We closed the year with a cash balance of
£131,484.
Statement Para 1.22 Ideally, cash reserves representing at least 3
explaining the months’ worth of expenses would be held in
policy for reserve. This would equate to £36,000 of
holding unrestricted cash. At the end of 2020, £131,484
reserves was held as cash.
stating why
they are held
Amount of Para 1.22 £257,783.
reserves held
Reasons for Para 1.22
holding zero
reserves
Details of fund Para 1.24
materially in
deficit
Explanation of Para 1.23 As of the end of 2020, the charity looked in a
any good position to continue trading into the
uncertainties medium term.
about the
charity There is however some uncertainty about the
continuing as a future Covid impact on the economy. These
going concern concerns include the possibility of an overall
downturn in the economy and therefore book
buying capacity, increased costs and difficulty of
supplying books to markets in Mainland Europe
after Brexit, and increased input costs of paper,
printing and freight for example.
The charity has however been able to make some
adjustments, and the team and trustee body is
functioning well, and we have some excellent
new titles in the pipeline for 2020 and beyond.
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You may choose to include further statements where relevant about:

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The majority of the charity’s income
The charity’s principal from sales of books, eBooks and
sources of funds Para 1.47 rights to translations and other
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(including any formats including audio. This income
fundraising) is supplemented by Grant fundraising
and Individual donations.
Investment policy and
objectives including any Para 1.46
social investment policy
adopted
A description of the Para 1.46
principal risks facing the
charity
Other
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Structure, Governance and Management

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Description of charity’s
trusts:
Type of governing Para 1.25 Memorandum and articles of
document association.
(trust deed, royal
charter)
How is the charity Para 1.25 Limited company (by guarantee).
constituted?
(e.g unincorporated Windhorse Publications Limited was
association, CIO) incorporated on 16 [th] March 2004 and
is limited by guarantee (registered
company number 5074437). It was
registered with the Charities
Commission on 1 [st] June 2004, number
1104078.
Trustee selection Para 1.25 New trustees are recruited by
methods including invitation of the existing trustees.
details of any They are all committed Buddhists and
constitutional provisions members of the Triratna Buddhist
e.g. election to post or Order. The trustees are elected
name of any person or annually at the Annual General
body entitled to appoint Meeting. They are all also directors of
one or more trustees the company.
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You may choose to include further statements where relevant about:

Policies and procedures adopted for the Para 1.51 induction and training of

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trustees
Windhorse Publications Limited is
governed by the Trustee Board which
The charity’s
organisational structure Para 1.51 is responsible for setting the strategic
direction of the organisation and for
and any wider network
establishing policy. The Board meets
with which the charity
works four times a year and delegates the
day-to-day operation of the
organisation to a team of staff led by
the Publications Director.
Relationship with any Para 1.51
related parties
Other
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Reference and Administrative details

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Charity name Windhorse Publications Ltd.
Other name the charity
uses
Registered charity 1104078
number
Charity’s principal 38 Newmarket Road
address Cambridge
BC5 8DT
United Kingdom
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Names of the charity trustees who manage the charity

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Dates acted if Name of person (or body)
Trustee name Office (if any) not for whole entitled to appoint trustee
year (if any)
Dhivan Thomas Jones Chair
1
(Dhivan)
2 Nicholas Gray (Bodhiketu) Treasurer
3 John Turner (Sarvajit)
Rosemary Tennison
4
(Sagaraghosa)
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Corporate trustees – names of the directors at the date the report was approved Director name

Dhivan Thomas Jones (Dhivan) Nicholas Gray (Bodhiketu) John Turner (Sarvajit) Rosemary Tennison (Sagaraghosa)

Name of trustees holding title to property belonging to the charity

Trustee name
Dates		 acted if not for
whole year

Funds held as custodian trustees on behalf of others

Description of the assets held in this capacity

Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for safe custody and segregation of such assets from the charity’s own assets

Additional information (optional)

Names and addresses of advisers (Optional information)

Type of Name Address adviser Externa Fay Pritchard 8 Darwin Street l (Uptalavajri) Shrewsbury Shropshire examin SY3 8QE er UNITED KINGDOM

Name of chief executive or names of senior staff members (Optional information)

Ann-Marie Leatt (Dhammamegha) – Publishing Director

Exemptions from disclosure

Reason for non-disclosure of key personnel details

Other optional information

Declarations

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s)

Full name(s) Dhivan Thomas Jones

Position (eg Chair Secretary, Chair, etc)

Date

Registered Charity No. 1104078 Registered Company No 5074437

Windhorse Publications Limited

Trustees' statements financial for the period ended 31[st] December 2020

1

Windhorse Publications Limited Financial Statements for the period ended 31[st] December 2020

Accountants' report to the members on the unaudited accounts of Windhorse Publications Limited

2

Windhorse Publications Limited Financial Statements for the period ended 31[st] December 2020

Windhorse Publications Limited Statement of financial activities and Income & Expenditure account for the period ended 31[st ] December 2020

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Restr Restr
(SCW (other)
project Total Total
Unrestr ) Funds Funds
2020 2019
Notes £ £ £ £
Incoming
Resources
Voluntary income
(Donations / grants) 1 46,058 704 9,282 56,044 83,746
Charitable activities:
Sales of publications &
rights, sponsorships &
subscriptions 2 171,220 34,937 206,157 213,507
Other trading activities 0 0 0 0
Investment income 0 0 0 0
Other 0 0 0 0
Interest income 306 857 1,163 180
Total incoming 217,58 263,36 297,43
resources 5 36,498 9,282 5 3
Resources
Expended
Raising funds 0 0 0 0 0
Charitable activities 1
(Cost of Goods Sold):
Production of 9,282
Publications 3 36,346 43,169 88,787 128,651
Purchased
publications 625 0 0 625 2,936
(Incr.)/Decr. in stock /
WIP 32,154 8,184 0 40,967 (5,151)
Total cost of goods 130,38 126,43
sold 69,124 51,983 9,282 9 6
Charitable activities 2
(Expenses):
Selling Costs 4 58,715 14,028 0 72,743 85,324
Overheads 5 61,260 1,526 0 62,787 41,881
Governance Costs 6 704 0 0 704 602
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3

Windhorse Publications Limited Financial Statements for the period ended 31[st] December 2020

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120,67 136,23 127,80
Total expenses 9 15,555 0 4 7
Net incoming/ (31,039
(outgoing) resources 27,781 ) 0 (3,258) 30,360
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Windhorse Publications Limited Statement of financial activities and Income & Expenditure account (CONTINUED) for the period ended 31[st] December 2020

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Restr
(SCW Restr Total Total
Unrestr project) (other) Funds Funds
2020 2019
Notes £ £ £ £
Transfer
between funds 0 0 0 0 0
Net movement
in funds 27,781 (31,039) 0 (3,258) 43,189
Funds at 1 [st]
January 2020 154,396 106,655 0 261,051 217,861
Funds at 31 [st]
December 2020 14 182,177 75,615 0 257,793 261,051
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4

Windhorse Publications Limited Financial Statements for the period ended 31[st] December 2020

Windhorse Publications Limited Balance Sheet as at 31[st] December 2020

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Restr
(SCW Restr Total Total
Unrestr project) (other) Funds Funds
2020 2019
Notes £ £ £ £
Non-
current Fixed
Assets Assets 10 0 0 0 0 4,787
Rental
deposit 0 0 0 0 2,100
Current
Assets
Stock &
Work in
progress 11 68,512 18,050 0 86,562 117,521
Debtors 12 53,792 0 0 53,792 48,039
Cash and
Bank 73,919 57,566 0 131,484 108,177
TOTAL
current
assets 196,222 75,615 0 271,838 273,737
Liabilities
due in one
Creditors year 13 14,045 0 0 14,045 19,573
Net
current
assets 182,177 75,615 0 257,793 254,160
Total
Assets less
Current
Liabilities 182,177 75,615 0 257,793 261,051
Liabilities
due after
Creditors one year 0 0 0 0 0
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Windhorse Publications Limited Financial Statements for the period ended 31[st] December 2020

5

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Funds at
31
December
2020 14 182,177 75,615 0 257,793 261,051
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6

Windhorse Publications Limited Financial Statements for the period ended 31[st] December 2020

Windhorse Publications Limited Balance Sheet as at 31[st] December 2020 (CONTINUED)

Certificate of the directors/trustees

Audit Exemption Statement

For the year ending 31/12/2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors’ responsibilities:

The company has opted not to include a Profit and Loss with the Accounts. Instead the SOFA has been adapted to be an ‘Income and Expenditure’ account to fulfil this purpose for Companies House.

Approved by the trustee board and signed on their behalf by:

Dhivan Thomas Jones Director

Signature

Windhorse Publications Limited Financial Statements for the period ended 31[st] December 2020

7

20 Sep 2021

Date

8

Windhorse Publications Limited Financial Statements for the period ended 31[st] December 2020

Windhorse Publications Ltd Notes to the accounts for the period ended 31[st] December 2020 (1)

1) Basis of Accounting

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The charity constitutes a public benefit entity as defined by FRS102

2) Accounting policies

a) Voluntary income is received by way of donations, legacies and gifts and is included in full in the Statement of Financial Activities when the charity becomes entitled to the resources, when it is more likely than not that the resources will be received, and the monetary value can be measured with sufficient reliability. The value of services provided by volunteers has not been included. Subscriptions for periodicals are included to the extent that issues paid for have been published in the year. Amounts for future issues are deferred to future years.

b) Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

c) Revenue grants are shown in the Statement of Financial Activities in the year in which they are receivable. Grants which are received in advance for an activity at a time after the year end have been deferred.

d) Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which meets these criteria is identified to the fund.

9

Windhorse Publications Limited Financial Statements for the period ended 31[st] December 2020

e) Unrestricted funds are donations and other income received or generated for the charitable purposes.

f) Designated funds are unrestricted funds earmarked by trustees for particular purposes.

g) Staff costs and overheads expenses are allocated to activities either directly when identifiable or on the basis of staff time spent on those activities. All costs are included on an accruals basis.

Windhorse Publications Ltd Notes to the accounts for the period ended 31[st] December 2020 (2)

h) Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of each asset over its estimated useful life of four years. Equipment purchased costing less than £260 has not been capitalised.

i) Governance costs of the charity relate to the central costs of management including the costs of trustee meetings, audit and statutory compliance.

j) Stocks of publications are valued at the lower of cost and net realisable value. Cost comprises direct production cost, including production overheads, in the case of the Charity's own books and purchase cost of publications from other publishers.

k) Each year the Charity identifies all stock of titles not already fully depreciated and calculates how many years' stock of each title remain in the warehouse. Where stock-holdings are unlikely to be sold within the next five years (based on current year performance), the stock value of these is treated as obsolete.

l) The charity has taken advantage of the exemption in FRS102 section 1A from preparing a Cash Flow Statement on the grounds that it is a small charity.

10

Windhorse Publications Limited Financial Statements for the period ended 31[st] December 2020

Windhorse Publications Limited: Notes to the accounts for the period ended 31[st] December 2020 (3)

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Restr Restr
(SCW (other)
project Total Total
Unrestr ) Funds Funds
2020 2019
£ £ £ £
Voluntary
1 income
Grants 21,085 0 0 21,085 74,819
Donations 24,973 704 9,282 34,959 8,927
TOTAL 46,058 704 0 56,044 83,746
2 Sales
Windhorse Book 203,06 175,22
Sales 168,131 34,937 0 8 0
Royalties and
Rights Sales 3,090 0 0 3,090 3,367
206,15 178,58
TOTAL 171,220 34,937 0 7 7
Production
3 Costs
Production 20,301 21,169 9,282 50,752 60,285
Editorial Support &
Training Costs
(50% of personnel costs
& training & computer
support) 16,045 22,000 0 34,045 66,260
Costs of Rights
Sales 0 0 0 0 2,107
ISBN’s 0 0 0 0 0
128,65
TOTAL 36,346 43,169 9,282 88,797 2
4 Selling Costs
Authors' Royalties 6,035 0 0 6,035 8,523
Sales Promotion &
Commissions 2,721 9,399 0 12,120 19,766
Distribution (inc.
storage) 49,959 4,629 0 54,588 57,038
Bad Debts 0 0 0 0 0
TOTAL 58,715 14,028 0 72,743 85,327
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Windhorse Publications Limited Financial Statements for the period ended 31[st] December 2020

11

Windhorse Publications Limited: Notes to the accounts for the period ended 31[st] December 2020 (4)

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Restr
(SCW
project Restr Total Total
Unrestr ) (other) Funds Funds
2020 2019
£ £ £ £
5 Overheads
Support and Training
(50% of personnel costs &
training & computer
support) 41,424 41,424 26,655
Staff entertainment 20 20 57
External
entertainment 0 0 0
Travel and
Subsistence 253 253 142
Rent and Rates 8,134 1,245 9,388 8,944
Office Expenses 1,726 272 1,999 5,794
Office Move expenses 793 793 0
Depreciation 0 0 1,737
Professional Fees 8,872 8,872 415
Insurance 1,947 1,947 1,422
Bank Charges and
interest 4,088 4,088 2,275
Prior Year
Adjustments 0 0 (225)
Misc. Expenses &
Donations 736 736 0
Complete Works –
selling costs over /
(under) the 40% of
sales recharged to (6,732 (5,335
the project (6,732) ) )
62,78 41,88
TOTAL 61,260 1,526 7 1
Governance
6 Costs
Audit/Independent
Examination 150 0 150 0
Council Expenses 554 0 554 602
Directors' Office
Expenses 0 0 0 0
TOTAL 704 0 704 602
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12

Windhorse Publications Limited Financial Statements for the period ended 31[st] December 2020

7 Corporation Tax

The company is a registered charity so no provision has been made for corporation tax.

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Total Total
Restr Fund Fund
Unrestr Restr (other s s
icted (SCW) ) 2020 2019
£ £ £ £
Net incoming/
This is stated
9 (outgoing) resources for the after charging/
year (crediting):
Auditor's
remuneration 0 0 0 0 0
Depreciation
(included under
Note 5) 0 0 0 0 1,737
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13

Windhorse Publications Limited Financial Statements for the period ended 31[st] December 2020

Windhorse Publications Limited: Notes to the accounts for the period ended 31[st] December 2020 (5)

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10 Fixed Assets: Tangible Assets Fittings fixtures
2020 2019
Cost 1 Jan 2020 44,984 44,384
Additions 0 600
Disposals 44,984 0
Cost 31 Dec 2020 0 44,984
Depreciation 1 Jan 2020 40,197 38,460
Charge 0 1,737
On disposals 40,197 0
Depreciation 31 Dec 2020 0 40,197
Net Book Value 31 Dec 2020 0 4,787
Net Book Value 1 Jan 2020 4,787 5,924
11 Stock and Work in Progress
111,02
Publications for resale 82,151 0
Editorial work in progress 4,410 6,501
117,52
86,562 1
12 Debtors
Trade Debtors 48,232 38,539
Provision for Bad Debts 0 0
VAT repayment from HMRC 2,834 1,320
Prepayments 443 2,175
Accrued income (incl. £388 restricted & SCW gift
aid) 1,908 6,002
Website control account 376 0
53,792 48,036
Creditors: Amounts falling due in less than
13 one year
Trade Creditors 1,897 (351)
Deferred Income 8,170 3,840
Accruals (£15,000 royalties payable in 2020) 7,269 15,046
HMRC payroll (3,291) 1,039
14,045 19,574
14 Restricted Funds
79,75
SANGHARAKSHITA COMPLETE WORKS PROJECT 75,615 1
-
OTHER: fundraising for new titles
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14

Windhorse Publications Limited Financial Statements for the period ended 31[st] December 2020

CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts • Section A •111*￿ Independent Examiner's Report Report to the trusteesldirectorsl members of Windhorse Publications Ltd On accounts for the year ended 3111212020 Charity no.: Company no.: 1104078 5074437 I report to the charity trustees on my examination of the accounts of the Company for the year ended 3111212020. Responsibilities and basis of report As the charity's trustees of the Company (who are also the diredors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordan￿ with the requirements of the Companfes Act 2006 ("the 2006 Act.). Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ("the 2011 Act"). In carying out my examination, I have followed the Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act. Independent examinerfs statement The company's gross income exceeded £250,000 and l am qualified to undertake the examination by being a qualified member of AAT. I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that: accounting records were not kept in accordance with section 386 of the Companies Act 2006. or the accounts do not accord with such records; or • the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination: or .the accounts have not been prepared in accordance with the Charities SORP (FRS102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed: Date: 2010912020 IER October 2018

Name: Fay Pritchard Relevant professional qualification(s) or body (if any): AAT licenced accountant Licence no: 1004354 Address: 8 Darwin Street Shrewsbury SY3 8QE Section B Disclosure Only complete if the examiner needs to highlight material matters of con￿rn (see CC32, Independent examination of charity accounts: directions and guidance for examiners). Give here brief details of any items that the examiner wishes to disclose. NIA October 2018 IER