## **Trustees’ annual report (including Directors’ report) for the period** **From:** 1 January 2022 **To:** 31 December 2022 **Charity name:** Windhorse Publications Ltd. **Charity registration number:** 1104078 **Company number:** 5074437 ## **Objectives and activities** ||SORP reference|| |---|---|---| |Summary of the purposes of
the charity as set out in its
governing document|Para 1.17|The principal object of Windhorse Publications
Limited is the advancement of the Buddhist
religion. 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
cooperation with other groups with the same
objectives.
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
activities in relation to those
purposes for the public
benefit, in particular, the
activities, projects or services
identified in the accounts.|Para 1.17 and
1.19|The Charity publishes books on Buddhism,
mindfulness, and meditation. (for details see
below).| |Statement confirming
whether the trustees have
had regard to the guidance
issued by the Charity
Commission on public
benefit|Para 1.18|The trustees have had regard to the guidance
issued by the Charity Commission on public
benefit (PB1, PB2, PB3).| ## **Additional information (optional)** ## You may choose to include further statements where relevant about: ||SORP reference|| |---|---|---| |Policy on grant making|Para 1.38|Windhorse Publications does not make grants.| |Policy on social investment
including program related
investment|Para 1.38|Windhorse Publications does not currently
invest any of its assets or reserves.| |Contribution made by
volunteers|Para 1.38|Windhorse Publications also had the help of
volunteers with data processing, metadata,
customer services, at events and book editing.| |Other||| ## **Achievements and performance** |Summary of the main
achievements of the charity,
identifying the difference the
charity’s work has made to
the circumstances of its
beneficiaries and any wider
benefits to society as a
whole.|Para 1.20|**We published no fewer than 5 new Dharma**
**Books as follows**
_Entertaining Cancer: The Buddhist Way_by
Devamitra, published February 2022
_The Promise of a Sacred World by Nagapriya_.
Published August 2022
_Cyberloka: A Buddhist Guide to Digital LIfe_
published November 2022
_Meeting the Buddhas, New edition_by
Vessantara, December 2022
_The Sound of One Hand_, by Satyadasa published
by Windhorse Publications in December 2022.
**We continued to release three new volumes of**
**the 27 volume Complete Works of**
**Sangharakshita**
Volume 12:_A New Buddhist Movement_. A
collection of previously unpublished talks
Volume 24:_Through Buddhist Eye_s, –A
Sangharaksita memoir
Volume 26: As well as a the collection fo
Aphorisms, the Arts and Late Writings.
**Podcast and new formats**
We started a podcast in mid 2022, which has
proved interesting and useful. It is a way of| |---|---|---| getting the human story of the authors out, and podcast listens have become the biggest single source of new visits to our website. We commissioned an audio book of _The Sound of One Hand_ , read by the author, and this is a new development for us. **An ethical Right livelihood business** As per our objectives, we continued to be a context for Buddhists to practise and work together and support ordination training. **Contribution to the practices of mindfulness, meditation and ethics.** Our books continue to be well received, and used in courses on personal development, mindfulness, leading a meaningful life, and in the books we published in 2022, we extended the themes to include cancer and wise ways of dealing with phenomena of the internet, including overwhelm and pornography. ## **Additional information (optional)** You may choose to include further statements where relevant about: |Achievements against
objectives set|Para 1.41|There were no unmet publishing objectives for
the year.
However, we didn’t do as well as we budgeted.
There were two main reasons for this; a lot of
our books came out late in the year, which
meant high levels of production and print
expenditure, where the main bulk of the sales of
those titles will come in 2023.
In addition, sales are generally down in adult
non-fiction books across the publishing world,
Buddhist centres which are one of our main
points of distribution have been slow to recover
after the epidemic, and inflation has put
pressures on ‘non essential’ spending.
The increase in costs in just about every input -
from staffing costs to make for a better living
wage, to significant increases in the costs of
printing and distribution, affect all independent
publishers at the moment.| |---|---|---| ||Para 1.41|We continued to receive grant support from the
FutureDharma Fund in 2021 (£28,000). We
returned £6,500 of that because at the time our| |Performance of fundraising
activities against objectives
set||budget was looking healthy, and we had
appointed someone to a post funded by the
Fund part way through 2021.
We continued to spend down the funding for
the Sangharakshita Complete Works project.
Fundraising towards the completion of the
project took place in 2022, but will show on the
2023 accounts, being received in March that
year.
We received other smaller amounts of funding
through our “sponsor the book campaign” and
occasional other donations.| |---|---|---| |Investment performance
against objectives|Para 1.41|N/A| |Other||| ## **Financial review** |Review of the charity’s
financial position at the end
of the period|Para 1.21|The total income received in 2022 was £201,515.
(£233,927 in 2021) which is a decrease of
£32,414 from the previous year. This is the
second year of decreased income in a row.
Windhorse Publications consists of a general
publishing business (unrestricted funds plus
some restricted book sponsorship funds) and the
Sangharakshita Complete Works project
(restricted funds).
The general publishing sales were down from
£150,792 in 2021 to £140,008 in 2022, and we
saw a similar drop of nearly £9,000 in sales in
the restricted SCW project. Again this is due to
the ongoing effect of lockdown and slow return
to book sales through high street bookshops as
well as publication of many of our titles late in
the year.
Voluntary income was down by £20,000. As
mentioned above, fundraising for the restricted
SCW fund will be reflected in the 2023 budget,| |---|---|---| |||and some funds were returned to our main
grant funder in 2022.
While our selling costs dropped quite
significantly and we kept overheads under
control, the cost of production of books in 2022
is significantly more than in 2021. One of the
major inputs for this was the increase in printing
costs as a result of the war on Ukraine and the
effect on the price and availability of paper.
There was a £17,000 increase in printing costs in
the unrestricted business - which includes
printing in the USA, and the necessity to do
more reprints to keep mid-selling books in stock.
There was also an increase of £4,500 in other
production costs which include editorial costs
and purchases from other publishers.
Total personnel costs in 2022 were £101K and in
2021 £72K. Personnel costs were higher than in
2021 - because the new Marketing coordinator
worked for the full year, and the production
controller worked two more days per week, and
there was a necessary upward adjustment in
salaries as a result of inflation.
A large stock adjustment was made in 2020 and
some of that was ‘reversed’ in the beginning of
2021 which resulted in a favourable effect on
the cost of sales in 2021. This accounts for most
of the £10,940 difference in stock adjustments/
Work in progress in 2022 compared to 2021.
The combined business ended with a deficit of
£66,150, made up of a £39,732 deficit for the
general publishing business and a loss of
£26,418 for the Sangharakshita Complete
Works. As well as book sales and subscriptions,
The Sangharakshita Complete Works relies on
fundraising that was done in 2016 and 2018 and
more fundraising is being carried out to continue
the project to completion due in 2024.| |---|---|---| |Statement explaining the
policy for holding reserves
stating why they are held|Para 1.22|The charity reserves policy is to hold cash
reserves equivalent to 3 months expenses. This
equates to £55,000. At the end of 2022, total
cash reserves were £97,894| |Amount of reserves held|Para 1.22|Unrestricted £203,445
Restricted £54,899
**Total £258,344**
This is a £66,150 decrease on the previous year
(2021), after a £66,701 increase on the previous
year (2020). The increase in 2021 was due to
£45,815K stock addition & £20,886K increase in
cash compared to £66,150 decrease in cash in
2022.| |---|---|---| |Reasons for holding zero
reserves|Para 1.22|**n/a**| |Details of fund materially in
deficit|Para 1.24|**n/a**| |Explanation of any
uncertainties about the
charity continuing as a going
concern|Para 1.23|There is no uncertainty about the charity as an
ongoing concern.
In terms of the restricted funds, we are sure of
the receipt of new income for the project in
early 2023 and beyond which will balance out
the 2022 loss of £26,418 for the Sangharakshita
Complete Works. Going forward we will not
incur expenses in the ringfenced project without
the receipt of extra funds. There is therefore no
risk to the business in this respect.
The reduction in sales and increase in costs in
the remainder of the business is a concern, but
does not constitute an uncertainty for the
business.
The a £39,732 deficit for the general publishing
business is made up of stock adjustments -
which are not a risk to the business, and the
impact of the negative climate for book sales
and the bigger team. We will adjust the volume
of prints and reprints and the staffing
arrangements such that Windhorse Publications
remains a healthy concern.| **Additional information (optional)** You may choose to include further statements where relevant about: |The charity’s principal
sources of funds (including
any fundraising)|The charity’s principal
sources of funds (including
any fundraising)|Para 1.47|The majority of the charity’s income comes from
sales of books, eBooks and rights to translations
and other formats including audio. This income
is supplemented by Grant fundraising and
Individual donations.| |---|---|---|---| ||||| |||| |---|---|---| |Investment policy and
objectives including any
social investment policy
adopted|Para 1.46|| |A description of the principal
risks facing the charity|Para 1.46|The principal risks lie in the double impact of
reduced sales and increased prices across the
board.| |Other||| ## **Structure, governance and management** |Description of charity’s
trusts:||| |---|---|---| |Type of governing document:
for example,trust deed,
memorandum and articles of
association etc|Para 1.25|Memorandum and articles of association.| |How is the charity
constituted?
for example limited company,
unincorporated association,
CIO|Para 1.25|**Limited company (by guarantee).**
Windhorse Publications Limited was
incorporated on 16thMarch 2004 and is limited
by guarantee (registered company number
5074437). It was registered with the Charities
Commission on 1stJune 2004, number 1104078.| |Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of
any person or body entitled
to appoint one or more
trustees|Para 1.25|New trustees are recruited by invitation of the
existing trustees. They are all committed
Buddhists and members of the Triratna Buddhist
Order. The trustees are elected annually at the
Annual General Meeting. They are all also
directors of the company.| |||| ## **Additional information (optional)** You may choose to include further statements where relevant about: |Policies and procedures
adopted for the induction and
training of trustees|Para 1.51|New trustees are induced by the director and
the chair of the Trustees in a series of meetings.| |---|---|---| |The charity’s organisational
structure and any wider|Para 1.51|Windhorse Publications Limited is governed by
the Trustee Board which is responsible for| |network with which the
charity works||setting the strategic direction of the organisation
and for establishing policy.
The Board meets three or four times a year and
delegates the day-to-day operation of the
organisation to a team of staff led by the
Publications Director.
Windhorse Publications is linked with the
Triratna Buddhist Order and movement, and
connected with the wide range of centres,
retreat centres and Buddhist practitioners that
are part of that community.
Through that we are also connected with the
wider Buddhist world, through for example the
International Network of Engaged Buddhists and
the European Buddhist Union.| |---|---|---| |Relationship with any related
parties|Para 1.51|| |Other||| ## **Reference and administrative details** |Charity name|**Windhorse Publications Ltd.**| |---|---| |Other name the charity uses|| |Registered charity number|1104078| |Charity’s principal address|38 Newmarket Road
Cambridge
BC5 8DT
United Kingdom| ## **Names of the charity trustees who manage the charity** |||||| |---|---|---|---|---| ||**Trustee name**|**Office (if any)**|**Dates acted if not**
**for whole year**|**Name of person**
**(or body entitled**
**to appoint trustee**
**(if any)**| |**1**|Dhivan Thomas Jones (Dhivan)|Chair||| |**2**|Nicholas Gray (Bodhiketu)|Treasurer||| |**3**|Rosemary Tennison|||| |||||| |---|---|---|---|---| ||(Sagaraghosa)|||| |**4**|Ksantikara Green|||| |**5**|John Turner (Sarvajit)||Resigned
November 2021|| **Corporate trustees – names of the directors at the date the report was approved** ## **Trustee name** - **1** Dhivan Thomas Jones (Dhivan) - **2** Nicholas Gray (Bodhiketu) - **3** Rosemary Tennison (Sagaraghosa) - **4** Ksantikara Green ## **Name of Chief Executive:** Ann-Marie Joy Leatt (Dhammamegha), Publishing Director (CEO) ## **Declarations** **The company has taken advantage of the small companies’ exemption in preparing the report above.** **The trustees declare that they have approved the trustees’ report (including directors’ report) above.** **Signed on behalf of the charity’s trustees/directors** **Signature(s).. .** **Full name(s)** Dhivan Thomas Jones **Position:** Chair, Board of Trustees **Date:** 18 September 2023 |**Windhorse Publications Ltd**
**Statement of Financial Activities 2022**|**Windhorse Publications Ltd**
**Statement of Financial Activities 2022**|**Windhorse Publications Ltd**
**Statement of Financial Activities 2022**|**Windhorse Publications Ltd**
**Statement of Financial Activities 2022**|**Windhorse Publications Ltd**
**Statement of Financial Activities 2022**|**Windhorse Publications Ltd**
**Statement of Financial Activities 2022**|**Windhorse Publications Ltd**
**Statement of Financial Activities 2022**|**Windhorse Publications Ltd**
**Statement of Financial Activities 2022**| |---|---|---|---|---|---|---|---| ||||**Unrestricted**|**Restricted**
**(SCW)**|**Restricted**
**(other)**|**Total Funds**|**Total Funds**| |||||||**2022**|**2021**| |||Notes|£|£|£|£|£| |Incoming Resources|||||||| ||
Voluntary income (Donations / grants)|1|23,285|1,300|1,584|26,169|46,679| ||||||||| ||Charitable activities:||||||| ||_Sales of publications & rights_|2|140,008|27,153|0|167,161|187,248| ||_sponsorships & subscriptions_||0|0|8,185|8,185|0| ||||||||| ||Interest income||0|0|0|0|0| ||||||||| ||Total incoming resources||**163,293**|**28,453**|**9,769**|**201,515**|**233,927**| ||||||||| |Resources Expended|||||||| ||
Raising funds||0|0|0|0|0| ||||||||| ||Charitable activities 1
(Cost of Goods Sold):||||||| ||
_Production of Publications_|3|74,388|47,993|0|122,381|56,994| ||_Purchased publications_||1,813|0|0|1,813|690| ||_(Incr.)/Decr. in stock / WIP_||13,598|-5,535|0|8,063|7,231| ||**Total cost of goods sold**||**89,800**|**42,457**|**0**|**132,257**|**64,915**| ||||||||| ||Charitable activities 2 (Expenses):||||||| ||
_Selling Costs_|4|49,966|8,212|0|58,178|73,356| ||_Overheads_|5|72,786|4,202|0|76,988|74,547| ||_Governance Costs_|6|241|0|0|241|224| ||Total expenses||**122,994**|**12,414**|**0**|**135,408**|**148,127**| ||||||||| |Net incoming/
(outgoing) resources|||**-49,501**|**-26,418**|**9,769**|**-66,150**|**20,886**| ## **Windhorse Publications Ltd Balance Sheet 2022** ||||**Unrestricted**|**Restricted**
**(SCW)**|**Restricted**
**(other)**|**Total Funds**|**Total Funds**| |---|---|---|---|---|---|---|---| |||||||**2022**|**2021**| |||Notes|£|£||£|£| ||||||||| ||||||||| |**Non-current Assets**|Fixed Assets|7|1,063|0|0|1,063|1,469| ||||||||| |**Current Assets**|||||||| ||Stock & Work in progress|8|97,428|28,432|0|125,860|135,708| ||Debtors|9|49,127|0|0|49,127|56,397| ||Cash and Bank||92,754|5,140|0|97,894|146,154| ||||||||| |**TOTAL current assets**|||239,309|33,572|0|272,881|338,259| ||||||||| ||||||||| |**Creditors**|Liabilities due in one year|10|15,600|0|0|15,600|15,234| ||||||||| ||||||||| |**Net current assets**|||224,773|33,572|0|258,344|324,494| ||||||||| ||||||||| |**Total Assets less Current Liabilities**|||224,773|33,572|0|258,344|324,494| ||||||||| |**Creditors**|Liabilities due after one year||0|0|0|0|0| ||||||||| |**Funds at 31 December 2022**||11|**224,773**|**33,572**|**0**|**258,344**|**324,494**| `Dhivan Jones` Signed by the Chair on behalf of all trustees ...................................................... Name .................................................... Signature `21 Sep 2023` ..................................................... Date ## **Windhorse Publications Ltd Statement of Funds 2022** ||||**Unrestricted**|**Restricted**|**Restricted**|||| |---|---|---|---|---|---|---|---|---| |||||**SCW Project**|**Other**|||| ||||||||**2022**|**2021**| |||Notes|£|£|||£|£| |**Transfer between funds**|||-2812|2812|0||0|0| |||||||||| |**Addition of US stock**|||**0**|**0**|**0**||**0**|**45,815**| |||||||||| |**Net movement in funds**|||**-49,501**|**-26,418**|**9,769**||**-66,150**|**20,886**| |||||||||| |**Funds at 1st January 2022**|||255,758|57,178|11,558||324,494|257,793| |||||||||| |**Funds at 31st December 2022**||11|**203,445**|**33,572**|**21,326**||**258,344**|**324,494**| ## **Windhorse Publications Ltd Balance Sheet as at 31st December 2022** ## **Certification of the Directors/trustees** ## **Audit Exemption Statement** For the year ending 31/12/2022 the company was entitled to exemption from the audit under section 477 of the Companies Act 2006 relating to small companies. Director's responsibilities: - the members have not required the comapny to obtain an audit of its accounts for the year in question in accordance with section 476 - the directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts - these accounts ahve been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS102 SORP. The company has opted not to include a Profit & Loss with the accounts. Instead the SOFA has been adapted to be an Income & Expenditure account to fulful this purpose for Companies House. Approved by the board and signed on their behalf by: Dhivan Jones............... Director ................................... Signature Date: `21 Sep 2023` ## **Windhorse Publications Ltd Notes to the accounts for the period ended 31st December 2022** ## **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 financial statements have been prepared in accordance with the SORP applicable to charities preparing their accounts in accordance with the FRS in the UK (FRS102) * And with the Charities Act 2011 The charity constitues a public entity as defined by FRS102. ## **Accounting Policies** a) Voluntary income is received by way of donations, legacies & gifts and is included in full in the SOFA 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 suffiecient reliability. The value of the 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 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 SOFA in the year in which they are receiveable. Grants which are received in advance for an activity at a time after the year end have been deferred. d) Restrcited funds are to be used for specified purposes as laid down by the donor. Expenditure which meets this criteria is identified in the fund. e) Unrestricted funds are donations and other income received or generated for the charitable purposes. f) Designated funds are unrestrcited funds earmarked by the trutees for particular purposes. g) Staff costs and overhead expensesare allocated to their activities either directly when identifiable or on the basis of staff time spent on those activities. All costs are included on an accruals basis. 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 central costs of management including the costs of trustee meetings, audit and statutaory compliance. j) Stocks of publications are valued at the lower of cost and net realisable value. Cost comprises of direct production cost, including production overheads, in the case of the Charities's own books and purchase cost of publications from other publishers. k) Each year the cahrity 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 obselete. l) The charity has taken advantage of the exemption section FRS102 section 1A preparing a cash flow statement on the grounds that it is a small chartity. ## **1. Voluntary Income** |**1. Voluntary Income**|| |---|---| |Grants - Future Dharma
Donations|Unrestricted
Restricted
Restricted
Total
SCW
Other
21,500
0
0
**21,500**
1,785
1,300
1,584
**4,669**| ||**23,285**
**1,300**
**1,584**
**26,169**| ## **2. Sales** |**2. Sales**|| |---|---| |Book Sales
Royalties and Rights|Unrestricted
Restricted
Restricted
Total
SCW
Other
137,191
27,153
**164,344**
2,817
0
**2,817**| ||**140,008**
**27,153**
**0**
**167,161**| ## **3. Production costs** |**3. Production costs**|| |---|---| |Production
Personnel Costs|Unrestricted
Restricted
Restricted
Total
SCW
Other
45,939
25,993
0
71,932
28,449
22,000
0
50,449| ||**74,388**
**47,993**
**0**
**122,381**| ## **4. Selling Costs** |**4. Selling Costs**|| |---|---| |Author's Royalties
Sales Promotions & Commissions
Distribution|Unrestricted
Restricted
Restricted
Total
SCW
Other
5,710
0
0
**5,710**
6,529
0
0
**6,529**
37,727
8,212
0
**45,939**| ||**49,966**
**8,212**
**0**
**58,178**| ## **5. Overheads** |**5. Overheads**|| |---|---| |Personnel costs, training & IT support
Staff entertainment
Small equipment
Rent and Rates
Office Expenses
Depreciation
Accountancy fees
Insurance
Bank Charges and interest
Directors expenses
Misc. Expenses & Donations
Complete Works – 25% of recharge costs|Unrestricted
Restricted
Restricted
Total
SCW
Other
58,395
0
0
**58,395**
304
0
0
**304**
295
0
0
**295**
2,308
1,140
0
**3,448**
404
0
0
**404**
406
0
0
**406**
8,457
0
0
**8,457**
599
0
0
**599**
1,281
0
0
**1,281**
2,094
0
0
**2,094**
980
325
0
**1,305**
-2,737
2,737
0
**0**| ||**72,786**
**4,202**
**0**
**76,988**| ## **6. Governance Costs** |**6. Governance Costs**|| |---|---| |Audit/Independent Examination
Trustee expenses|Unrestricted
Restricted
Restricted
Total
SCW
Other
150
0
0
**150**
91
0
0
**91**| ||**241**
**0**
**0**
**241**| |**7**|**Fixed Assets: Tangible Assets Fittings fixtures**
**Cost 1 Jan 2022**
Additions
Disposals
**Cost 31 Dec 2022**
**Depreciation 1 Jan 2022**
Charge (0.25 straight line)
On disposals
**Depreciation 31 Dec 2022**
Net Book Value 31 Dec 2022
Net Book Value 1 Jan 2022|**2022**
1623
0
0| |---|---|---| |||**1623**| |||154
406
0| |||**560**| |||| |||1063| |||**1469**| ## **8. Stock** |**8. Stock**|| |---|---| |Publications for resale
WIP|**2022**
Unrestricted
Restricted
SCW
Total
94,716
28,432
123,148
2,712
0
2,712| ||**97,428**
**28,432**
**125,860**| ## **9. Debtors** |**9. Debtors**|| |---|---| |Trade Debtors
Prepayments
Accrued Income
Web site control
VAT outstanding|**2022**
**2021**
40,593
48,196
324
480
10,085
5,032
-2,379
177
504
2,512| ||**49,127**
**56,396**| ## **10. Creditors Amounts falling due in less than 1 year** |Trade Creditors
Deferred income
Accruals
Payroll liabilities
Gift cards outstanding|**2022**
**2021**
3,327
3,508
7,596
2,200
3,814
8,431
0
688
863
407| |---|---| ||**15,600**
**15,234**| |**11**|**Restricted Funds**|**2022**|**2021**| |---|---|---|---| ||SANGHARAKSHITA COMPLETE WORKS PROJECT|33,572|57,178| ## **12. Disclosure of staff and trustee renumeration** - The average number of employees was 4, 1 full-time, 3 part-time (all 4 days per week) - There were no employees earning £60,000 per annum or more. - Pension costs (defined contribution plan) were £2,112.85 - No trustees received renumeration for their services as trustees. - £91 expenses were incurred in respect of travel and subsistence for trustees attending trustee meetings. CHARITY COMMISSION FOR I NC71 AND AND WAI ES Independent examlner'g report on the accounts Sprtion A Inrfpppndpnl Exhminpi"8 Rppnii tru•￿41dlr•el0￿l 3U12rd022 11040rn 5074437 year eTrJed 3111212020. C(wnpan￿s Ath 2LTh (Ihe 2￿6 ktl. be a￿￿tted lor ihs year urmler Pan 16 of Ihe 2CQ6 Aci and are ewle examnaiion. I rel￿ In re¥)eci ol my examin&￿ of y c*arffy's accounls as camed 0￿ under section 145 01 Ir* Chanfyes Aa 20U (tr 2011 Acn. In carrying rrry examinal￿n. I have IcAlcv￿I Drectsons ty Ihe Clwty (Wmkn s•ctTh 145(5Xb) d • 2011 Aa. ex*miiWs stthment undertake the examinat￿7 ty bwng a quah￿0 membef ol AAT. I hwe C￿￿)le1ed ry examinalK￿ I Ihai ￿ matend nKwvs cryne to rny auernM)n wes ￿ Cal￿ 10 belthie thar." ' acco¢x)tsng rec(NrJs ke0 ￿ ￿c￿danCe v•th s•cMM 386 c* Aci 2iJ)6. . the acc1￿(5 n(1 tmth s￿h rec(￿d5.. ¢Y . the acc(Jmis do rKX C(%nk*y vfilh Televant accounDng requwements un(kr sectson 396 01 Cornpan￿ Aci 2Crf)6 oiher Ihan any rewTerT￿ that COLrf*5 ￿ve a '1￿ aThJ is not a matt•[ C￿&51￿d as p .ilie xcounis have ￿ been wepwed ￿ xcolllance wth ts Ch•A SORP (FRS102). wrfh Ilw exam47￿ lo whKh alleniion should be (kawii w Ihis report In fjw 10 4 ￿14)￿ uNJw51widino ol itr* accounts w be rwhe S*n•d: IER Octob•r 2018 Scanned with Anyscanner Name: Elizabeth Kirkby Relevant professional qualification{s) or body (if any): CIMA Certificate in Financial Accounting Address: 105 Howard Road, Cambridge CB5 8QT Section B Disclosure Only complete if ihe examiner needs lo highlighi material matters of concern (see CC32, Independent examination of charty accounts.. directions and guidance for examiners). Give here brief details of any items that the examiner wishes to disclose. IER ri October 2018 Scanned with Anyscanner