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2025-12-31-accounts

ANNUAL REPORT AND FINANCIAL STATEMENTS 2025

Charity Details

Charity name: The Abhayaratna Trust Registration number: 1126494 Registered address: 3 Wydale Low Cottages Brompton-by-Sawdon Scarborough YO13 9DF

Trustees

Alan Sabatini (Dharmashura, Chair) John Bristow (Shantisthana) Christine Ann Jackson (Shraddhalocani) Martin Ambrose Hillary (Dayasara) Gillian Alison Thomas (Padmajata) James William Turnbull (Akashamitra) resigned 20 September 2025 Kavyamani Stephanie Delany (Kavyamani)

Independent Examiner

Nicholas Gray, FMAAT Adhisthana Coddington Court Ledbury Herefordshire HR8 1JL

Bankers

CAF Bank Ltd: 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4TA

Skipton Building Society , 59 High Street, Skipton, North Yorkshire, BD23 1DS

Nationwide Building Society, Nationwide House, Pipers Way, Swindon, Wiltshire, SN3 1NW Charity Bank, The Charity Bank Limited, Fosse House, 182 High Street, Tonbridge, TN9 1BE Saffron Building Society , 1A Market Street, Saffron Walden, Essex, CB10 1HX

1. Charity Governance

The Abhayaratna Trust is an unincorporated charity governed by a deed registered on 21 October 2008. A supplemental deed was registered with the Charity Commission for England and Wales on 10 October 2013. The objective of the Trust is: 'To relieve financial hardship among members of the Triratna Buddhist Order, particularly in the face of sickness, old age or disability.’

Appointed trustees govern the Trust, and its policies and strategies are discussed and agreed at quarterly Trust meetings. The trustees are also responsible for budget-making, recruitment and other key decisions as matters arise.

In 2025 the Trust said goodbye to Akashamitra and thanked him for the significant contributions that he made to the Trust in his time as a Trustee.

The employed team[1 ] executes policy and other key decisions aided by volunteers where appropriate, along with the dayto-day administration. In 2025 the team was James Hepton (Visarada), Finance Officer; Campbell McEwan (Jinavamsa), Donor Communications Officer; Tracy McLoughlin (Taradakini), Grants and Care Coordinator (left June 2025); Mark Leech (Mahasraddha), Director and Joanne Kshantika Coates (Kshantika) Grants and Care Coordinator (joined August 2025). The team are employees of the Trust with the exception of Campbell McEwan (Jinavamsa) who works as a selfemployed contractor. The team underwent a number of changes in 2025. In August 2025 Mark Leech (Mahasraddha) announced that he would be leaving the team and recruitment for a new Director commenced. On leaving in June the Trust thanked Tracey McLoughlin (Taradakini) for her considerable contribution, hard work and dedication over 13 years in a variety of roles and in August the Trust were pleased to welcome Joanne Kshantika Coates (Kshantika) to the team.

Trustees are selected via a comprehensive and rigorous recruitment procedure. This includes advertising a vacancy in Shabda (the Triratna Buddhist Order’s monthly journal) and our newsletter, as well as recommendations from current trustees. Prospective trustees with the skills, experience and expertise that plug gaps in the existing trustee body are invited to attend a Trust meeting as a guest. Trustees are appointed at a special meeting.

Trustees give their time voluntarily. Travel expenses to attend meetings are reimbursed on request. New trustees receive a Trustee Handbook which contains the Trust Deeds, values and policies, a description of the roles within the Trust, its history, latest Annual Report and Accounts, Annual Reviews and recent minutes. New trustees sign a declaration of eligibility and a confidentiality agreement before appointment.

Trustees review support (grant) requests from Triratna Buddhist Order members during meetings or by email, aiming to respond within seven working days. These decisions are ratified at the following Trust meeting. The Trust’s Chair, in consultation with another trustee and the Director via email, decides on requests for emergency or urgent help.

The exception to this process is some modest grants made in India to allow Indian Order members to go on retreat and grants for the Dharmacharini Health project. Grants in India are decided by the Indian Order Office. The Indian Order Convenor (Dharmachari Ratnashila), together with a team of Regional Order Convenors, make the decisions and forward them to the Trustees for comment. Grants for the Livelihood project are also decided in India and then ratified by the Trustees at the next Trustees meeting.

Trustees address administrative matters and new projects through email or during Trust meetings.

The Trust's principal accounting policies are given in Appendix 1.

2. Activity of The Abhayaratna Trust in 2025

2.1 Overview Alongside the Trust’s ongoing core work to provide grants to members of the Triratna Buddhist Order experiencing financial hardship, and running appeals for individual Order members requiring support in excess of £1,500, other longer term, strategic work included:

1 The average number of employees during the year was 2.0 full-time equivalent.

2.2 Grants and Appeals

In 2025 the Trust awarded a total of £78,125 in grants. Thirty-five percent (£27,674) was paid out from the general grant fund and sixty five percent (£50,451) from restricted funds.

2.2.1 General Grants

The Trust awarded 53 support grants totalling £27,674 to Triratna Order members experiencing financial hardship. Grants were made to individuals in the UK, Republic of Ireland, Spain, Mexico, the USA and were given for help with physical and mental health needs, living costs (such as rent or fuel bills), or for financial assistance for Order members attend retreats for spiritual training.

2.2.2 Other grants

In addition to general support grants the Trust awards grants from several other funds. In 2025, 10 grants totalling £7,475 were made from the Trust’s Worldwide Health Fund, which supports Order members worldwide with urgent and chronic health needs. Three grants totalling £753 were made to enable Order members to attend large Order gatherings.

The work of the Trust in India continued in 2025, primarily distributing funds raised in the COVID India Appeals of 2020/21. The Livelihood Project, a scheme established on the recommendation of Indian Order members, to help Order members get back on their feet financially post-COVID, awarded 6 livelihood grants to 6 individuals totalling £15,870. As well as helping individuals in need, the project has raised awareness of the Trust and its work, not just in India but further afield throughout the international Triratna Buddhist Order. The Livelihood Project highlights the determination and entrepreneurship of Order members in India, and the global solidarity with them. The Trust keeps the Order informed of the impact of its funding in India via regular articles in its Newsletter.

A second project related to the COVID India Appeals of 2020/21 aims provide modest grants for health needs of women Order members in India. The level of demand anticipated by the Trust, based on feedback from colleagues in India, was less than anticipated. In 2025, the Trust undertook additional actions to advance the project, including appointing the Women’s Order Convenor as the project lead and engaging a doctor to provide medical guidance for the scheme. The project will be relaunched in 2026 and it is hoped that there will be greater uptake in grants.

Four small of grants were also made to Indian Order members for help with health costs, these were made from the Worldwide Health fund mention above.

To help the Trust monitor its work in India, the Indian Management Team, provides reports on request to the Trust, on the progress and management of the Livelihood Project and the Dharmacharini Health Project as stipulated in the formal governance agreement drawn up for the projects.

The Order in India continued to express heart-felt gratitude for the solidarity and support felt as a result of the funds raised by the Trust from within the international movement and Order to help individuals in need in India

The Director continued to collaborate with the two other key Triratna charities working in India – Future Dharma Fund and the Karuna Trust. The collaboration shared resources, information, and strategies to better coordinate fundraising in

India and stay updated on developments in the country.

2.2.3 Appeals

In addition to direct grants, the Trust also runs appeals to raise funds for Triratna Buddhist Order members needing several thousand pounds. In 2025 the Trust ran 5 individual appeals for Order members which raised a total of £23,234. Two grants totalling £2,118 were also paid from appeals in 2024. The total paid out for appeals in 2025 was £26,352.

Appeals continue to be very successful and typically individual appeal targets are reached within hours or days of launch. These data are a significant indicator of the mutual care and solidarity that exists amongst Order members worldwide – a spirit that the Trust works to foster and enhance and make more explicit as an important and efficacious aspect of individual and collective Buddhist practice.

The Trust continues to take steps to raise awareness of its activity and resources, including its grant provision, within the worldwide Triratna Buddhist Order to ensure that the Trust is providing support to as many Order members in hardship as possible. Ongoing efforts to do so include proactively seeking out opportunities to speak at large Order gatherings, articles in the Trust’s monthly newsletter and publishing short videos, as well as work to put in place Abhayaratna Trust representatives in local sanghas across the world, with the aim of forming an international network through which the work of the Trust can be promoted and channelled. Furthermore, the Trust publishes an Annual Review which is distributed widely in the Order (and Movement), including to influential individuals and Triratna retreat centres. The Review is distributed to mitras through their convenors.

2.3 The Sangha Support Network Project

The Sangha Support Network (SSN) project is a Trust initiative to help local sanghas worldwide set up more explicit and organised frameworks of care and support to individuals in need.

The need for this initiative has remained vital in 2025, with the continuing challenges of the economic climate, due to high interest rates, housing [rent] and food costs, fuel bills and global uncertainty resulting in fluctuating inflation. In such times of challenge, the Trust was particularly vigilant to ensure that those most vulnerable were looked after and supported in their everyday and Dharma lives, and promoted SSNs as one way to do this, including via promotional videos of Order members speaking in one way or another about the need for SSNs and presentations at Centres/online by the Director.

The key message of SSNs continued to be one of encouraging local sanghas to be aware of, and discuss, the implications of sickness, ageing and disability in local sanghas and how the processes developed within SSNs (e.g. a simple database of sangha members offering time, transport, skills, expertise, etc.) could be used.

Recent discussions have been in the context of SSNs supporting the spiritual vitality of sanghas[2] , an emphasis that has been well received in promoting the need for SSNs. In 2025 the Director continued to visit Triratna Centres to lead events focussed on SSNs, including how SSNs work, and the principles and benefits.

Although there is still more work to be done to establish SSNs in a larger number of sanghas worldwide, the benefits to Centres and sanghas in implementing a SSN have become clear, and include:

2 As Sangharakshita (the founder of the Triratna Buddhist Order) points out, spiritual vitality is founded on Going for Refuge to the Buddha, Dharma and Sangha, and that one Goes for Refuge (GFR) within three contexts: individual, collective and cosmic. Although SSNs emphasise the collective context of GFR, inevitably, they contribute to the other two contexts.

2.4 Development of Online Advice and Information Resources

In 2025 the Trust continued to provide online information and advice based on areas highlighted through financial aid applications, as well as to Order members seeking individual assistance. Videos posted on the Trust website of Order members living and practising within the context of mental and physical challenges, as well as teaching meditation in the context of mental health and trauma, and discussion on the importance of, and how to create, lasting power of attorney and last will and testament documents, continued to attract significant numbers of viewings.

2.5 Housing and Elders

With the growing numbers of ageing Order members, housing needs in the Order are changing, including an interest in communal living. A questionnaire put to Order members by the Abhayaratna Trust showed that 78% of respondents said ‘yes’ or ‘maybe’ to the question ‘are you interested in living with other Order members – e.g. in a co-housing situation – now or in the future?’

Whilst the Trust does not have the funds to put capital into property, what it can do is to act in a coordinating role by putting those interested in some form of co-housing in contact with each other. The Director continued to participate as a co-creator in the setting up of a co-housing project in Cambridge, UK. The project took major steps forward in 2025 with a planning permission application submitted. This development will serve as an example of what can be done for any future co-housing initiatives that are likely to spring up in Triratna.

2.6 Innovation

The Trust constantly monitors emerging developments in the Order and respond accordingly with new ways to meet emerging need. From late 2024, the Trust offered training and business start-up grants to support people wishing to train in a new livelihood or, if they already have the skills, to start a business. In 2025 a number of grants were given in this project but uptake was less than may have been expected. The project will be republicised and promoted in 2026.

2.7 Internationalisation

The Trust recognises its role as part of an international Order, rather than a UK-focused organisation. Although the Trust encourages requests for support from any Order member wherever they live in the world, it also recognises that efforts need to be maintained to raise awareness of the Trust and its work to the international Order. To support this aim, the Trust continued to publish its monthly Newsletter in different languages where a translator was accessible. Efforts to expand the number of Triratna Centres around the world that have Abhayaratna Trust representatives are ongoing.

3. Overview of Financial Performance

2025 saw a 6% decrease in general donations in comparison with 2024. Overall income from donations was 40% less than in 2024 and this was due to fewer requests for the Trust to run appeals for Order members. While donations decreased there was an increase in funds gifted in legacies in 2025 with a significant donation of £137,600 (351% more than in 2024).

Income for the year to 31 December 2025 was £227,341 This is the combined total of;

Overall expenditure on staff costs was £56, 326 which includes supporting one full-time and three part-time staff.

The Trust expects to use legacies in partnership with regular donations. With the legacy income in this year of £137,600 the Trust finished the year with a surplus of £81,267 across general and designated funds. In 2023 the Trust drew up a Five-Year Financial Plan to help manage the Trust's finances, in which legacies were placed as the primary income stream (supplementing income from regular and one-off donations) in the Trust's fundraising strategy. The Trust is uniquely placed in Triratna to be an attractive and main destination for legacies. The Trust will continue to promote both regular and one-off donations, expecting steady growth as its donor base expands.

4. Supporters

In 2025 the number of people who donated monthly, either by bank standing order, direct debit or PayPal recurring payments, was 194. The total amount donated to the Trust’s general funds was £31,102 of which £30,478 was from regular donations and £624 was from one-off donations. These figures exclude Gift Aid.

Supporters were kept informed through monthly newsletters, social media, and occasional Shabda notices. In addition, the Trust publishes an Annual Review which is distributed widely within the Triratna Buddhist Order and Movement and beyond and is also available on the Trust’s website.

5. Public Benefit

The trustees of the Abhayaratna Trust, having considered the Charity Commission’s guidance on public benefit, have concluded that they are compliant with their duty.

The Trust is a respected charity in the Triratna Buddhist Community, effectively providing aid to members of the Triratna Buddhist Order facing financial hardship in the face of sickness, old age, or disability. The Trust gave grants to approximately 3% of the total number of Triratna Buddhist Order members worldwide; the trustees continued to consider ways of encouraging more Order members in need to approach the Trust for help.

The Trust is actively responsive to needs in the Order and its public benefit now extends beyond grant giving to help Order members as outlined in section 2.1 above.

6. Reserves and Risks

The Trust’s Reserves Policy is that six months of budgeted expenditure is ring-fenced at any time. The restricted funds balance at the close of 2025 was £55,683 and the designated fund balance £364,512. The restricted funds are from appeals that haven’t yet been paid out to beneficiaries (including funds raised in the Trust’s India COVID Appeal); the designated funds derive from legacy income and are drawn on as required to meet general funding requirements as per section 3 above.

The Trustees continue to review the key risks that the Trust faces[3 ] and they receive a financial report at each quarterly trustee meeting from the Trust’s Finance Officer. In addition, the Five-Year Financial Plan implemented in 2023 allows the Trust to manage its reserves. The trustees remain confident that the Trust is adequately resourced to mitigate such risks or deal with unexpected adverse conditions.

The Director continues to scan for opportunities to submit grant applications to both internal Triratna sources and external agencies.

The Trust undertakes an annual review of its Data Protection Policy and Procedures to ensure they remain fit for purpose.

7. The Future

The Trust underwent a period of transition in 2025 that included significant team changes: two senior, experienced team members—Mark Leech (Director) and Tracey McLoughlin (Grants and Care Co-ordinator)—left the organisation . The Trust continued to fulfil its core aim of relieving financial hardship among members of the Triratna Buddhist Order, particularly in the face of sickness, old age or disability through its grants and appeals and through its work in India. The Trusts work has continued to effectively facilitate the flow of generosity, care and support between members of the Triratna Buddhist Order in particular (for example, appeals run by the Trust for individual Order members in need often reach the targets within hours of publication). Moreover, the Trust remained in a healthy financial position despite the challenging economic environment which impacted both income (fundraising) and expenditure (e.g. rising cost of living resulting in increased running costs).

The international reach of the work of the Trust within Triratna expanded notably in 2025, especially, but not exclusively, in India (where most Order members in Triratna reside). Previously, the Trust provided grants to support Order members in hardship to attend a retreat/Order event; since 2021, the Trust has provided more substantial grants to successful applicants to a scheme to help Order members (men and women) set up a livelihood to help them stand on their own two feet. The Trust will continue its activities in India, building on the working relationships that have been

3 The Director undertakes a Business Risk Assessment (frequency dependent upon specific assessment item) which is reported to the trustees. The assessment is used to review threats to the Trust’s viability and operations.

established with colleagues there.

The Trust's initiatives to expand its international presence were further evidenced by a growing volume of grant applications originating from countries beyond the UK and India.

The Abhayaratna Trust exists to relieve financial hardship and its consequences whenever and wherever it arises: the Trust is acutely aware it must continue its efforts to make as many Order members as possible throughout the world aware of what it offers.

It is vital that the work of the Trust remains relevant to the needs of the Triratna Buddhist Order (and, by extension, the Triratna Movement), and the Trust must stay flexible in what it does and how.

In 2025, the Trust continued to be innovative in response to perceived need in the Order – and will continue to be so in 2026. In 2025 an inaugural retreat for Order member aged 65 and over was organized, in collaboration with Adhisthana (Triratna institution that holds retreats). The retreat was a great success. Participants left with renewed confidence, deeper friendships, and a clearer sense of how they might support one another in the years ahead. There was a strong desire to have further retreats and for longer periods. It is anticipated that another retreat will be planned for 2027. The Trust will build upon the positive developments seen in 2025, and continue its innovative approach and respond to need both immediate and longer-term, and have a positive impact on shaping the culture of the Order especially in terms of looking after each other in line with its charity objectives and the vision expressed in a lecture given by the founder of the Triratna Buddhist Order (Sangharakshita) entitled A Case of Dysentery.[4]

The trustees thank the Abhayaratna Trust team for their hard work and our supporters for their continuing and generous support.

Alan Sabatini (Dharmashura) Chair of the Abhayaratna Trust

6 June 2026

4 A recording of the lecture can be found by following this link https://www.freebuddhistaudio.com/audio/details?num=152

Appendix 1 : The Abhayaratna Trust’s Principal Accounting Policies

a) Basis of accounting: The financial statements have been prepared in the light of applicable charity law and accounting standards and the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP).

b) Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when received. All income is included on a receivable basis.

c) All liabilities are recognised in the Statement of Financial Activities at the point at which the charity is deemed to have become contractually liable for payment. The Trustees do not consider that the charity had any contingent liabilities at the Balance Sheet date.

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

e) Restricted funds are used for specific purposes laid down by the donor. Expenditure that meets these criteria is charged to that fund.

f) Designated funds are unrestricted funds designated by the Trustees for particular purposes.

• Computers and other equipment 25%
• Furniture, fixtures and fittings 10%

h) Management and administration costs of the charity relate to the central costs of the management including the costs of statutory compliance.

j) Creditors and provision for liabilities are measured at their settlement value or best estimate.

k) The value of shares is the figure notified in the FTSE share index at the close of trade on the last working day of the year. An appropriate gain or loss is shown in the Statement of Financial Activities.

l) There were no related party transactions.

The Abhayaratna Trust Annual Accounts 2025 Balance Sheet

Fixed Assets
Current Assets
Cash
OtherAssets
Total Assets
Current Liabilities
Payroll Liabilities
Accrued Expenses
Total Net Assets
Funds as at 31 December 2025
General Fund
Designated Funds
Restricted Funds
Total Funds
Signed		 613
414,444
5,150
420,207
0
0
420207
0
364,523
55,683
420,207
2025
£		 Notes
909
1
333,324
5,366
2
339,599
281
378
338941
10
268,779
3
70,151
4
338,940
2024
£

Alan Sabatini (Dharmashura)

Notes to the 2025 Balance Sheet

The Abhayaratna Trust

£

1. Depreciation of Fixed Assets

Depreciation is calculated at 25% of cost

Computers at cost
Accumulated depreciation to 2024
Charge for the year
Net book value
2. Other Assets
Gift aid not yet claimed on donations for 2025 (estimated)
Skipton Building Society interest earned in 2025 (estimated)		 1,023
185
225
613
2,000
3,150
5,150

3. Legacy Fund (formerly Long-term Development Fund)

The Legacy Fund tracks legacies left to the Trust.

LalitavyuhaLegacy
AryashilaLegacy
DharmottaraLegacy
4. Restricted Funds
These funds are the balance due to specific individuals and causes arising
from appeals conducted in 2025 or earlier years. This includes £17,865
from the Covid India appeal.		 137,600
37,471
189,452
364,523
55,683

The Abhayaratna Trust Statement of Financial Activities 2025

INCOMING RESOURCES
TOTAL INCOMING RESOURCES
RESOURCES EXPENDED
Direct Charitable Expenditure
Grants and Applicant Support
Development
Charity Administration
GeneralOverheads
Financial and Other Costs
TOTAL RESOURCES EXPENDED
Exchange rate difference
NETINCOME/EXPENDITURE
TRANSFERS
LegacyFund
GeneralFund
RestrictedFund
GeneralFund
NET MOVEMENT IN FUNDS
Balance brought forward
Prior year adjustment
Restated balance brought forward
Balance carried forward
Donations and Similar Income
Legacy
SharesDonated
Investment Income		 93,994
0
52,011
£
40,128
50,451
1,560
-49
-20
41,856
2,564
-41,856
-2,564
-2,564
10
-10
Restricted
Funds
UnrestrictedFunds
General Funds
Designated Funds
£
£
38,175
137,600
0
11,438
49,613
137,600
40,128
39,408
25,186
28,597
803
-44,430
137,600
-11,904
44,420
-41,856
0
268,779
70,161
10
268,779
70,151
0
364,523
55,683		 146,005
159,901
Notes
-69
1
2
3
4
2025
2024
78,302
120,710
137,600
33,398
0
-3,278
15,528
11,438
227,341
166,358
89,859
103,374
25,186
26,369
28,597
26,042
2,363
4,116
81,266
6,457
-41,856
41,856
-20,101
20,101
-2,564
2,564
-6,733
6,733
0
0
338,940
332,484
338,940
332,484
420,207
338,940

The Abhayaratna Trust

Detailed Income and Expenditure 2025

Income
Total
Expenditure
Total
BankCharges
Exchange rate gain/loss
Depreciation
Grants
Marketing
Meetings and Travel
Office costs
Software
Staffcosts
Donations
Gift Aid
Interest
Dividends
Royalties
Grants
Legacies
SharesDonated
Other Income		 187,213
803
49
225
General
Fundraising
& Development
31,102
6,716
11,422
0
17
0
137,600
0
356
General
Fundraising
& Development
651
651
2,421
1,448
949
322
972
220
23,378
22,547		 187,213
803
49
225
General
Fundraising
& Development
31,102
6,716
11,422
0
17
0
137,600
0
356
General
Fundraising
& Development
651
651
2,421
1,448
949
322
972
220
23,378
22,547		 Grants
Grants
27,674
197
136
11,401		 40,128
40,128
1,560
20
50,451
Restricted
Funds
Restricted
Funds
52,032		 Total
227,341
Total
2,363
69
225
78,125
1,302
3,869
1,468
1,327
57,326
71,230
6,716
11,422
0
17
0
137,600
0
356
146,074
29,449 25,186 39,408

The Abhayaratna Trust Notes to the 2025 SOFA

1. Exchange rate differences

The Trust holds some foreign currencies in PayPal to avoid expenses caused by converting into and back from sterling. These funds have been revalued at current exchange rates as of 31 December 2025 resulting in a small loss.

2. Transfer from Legacy Fund to the General Fund

The transfer of £41,897 from the Legacy Fund to the General Fund is to support general spending.

3. Transfers from Restricted to General funds - Cost Recovery

For an agreed subset of restricted funds, 10% of the money raised is moved into the General Fund to help cover running costs of the Trust.

4. Prior year adjustment

This corrects an error in the 2024 accounts whereby Restricted Fund balances

were overstated by £10 and the General Fund was understated by the same amount.

Total staff costs

Staff employed in development, fundraising, grant processing & admin
Employer pension contributions to NEST		 55,442
1,174
56,616

Trustee Expenses

The trustees do not receive any emolument for their services as trustees. Expenses incurred in discharging their duties as trustees are reimbursed.

Independent examiner’s report to the trustees of The Abhayaratna Trust

I report to the trustees on my examination of the accounts of The Abhayaratna Trust for the year ended 31 December 2025.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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 to enable a proper understanding of the accounts to be reached.

Signed:

Nicholas Gray, FMAAT

Adhisthana Coddington Court Ledbury Herefordshire HR8 1JL

1[st ] June 2026