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2025-03-31-accounts

Annual Report for the year ended 31 March 2025

CALDER RIVERS TRUST

Trustees Annual Report

for the year ended 31 March 2025

Page 1 of 11

January 2026 © Calder Rivers Trust 2026

Annual Report for the year ended 31 March 2025

Contents

1 Administrative Information ................................................................................... 3
2 Structure, Governance & Management ............................................................... 4
3 Objectives and activities ...................................................................................... 5
4 Protecting rivers .................................................................................................. 5
5 Balancing Land Use ............................................................................................ 6
6 Working with others ............................................................................................. 8
7 Our Partners...................................................................................................... 10

Page 2 of 11

January 2026

© Calder Rivers Trust 2026

Annual Report for the year ended 31 March 2025

1 Administrative Information

The Calder And Colne Rivers Trust Ltd is a private limited company by guarantee (06822083) and registered charity (1134377) (the “ Trust ”).

The company was registered 17 February 2009 The charity was registered 18 February 2010

We operate as ‘Calder Rivers Trust’.

Charity number 1134377 Company number 06822083 Registered office The Elsie Whiteley Innovation Centre Hopwood Lane Halifax West Yorkshire HX1 5ER

Independent Examiner TaxAssist Accountants (Mirfield) (Cramp & Harding Ltd (06524203)) 77 Huddersfield Road Mirfield West Yorkshire WF14 8BL

Page 3 of 11

January 2026

© Calder Rivers Trust 2026

Annual Report for the year ended 31 March 2025

2 Structure, Governance & Management

The trustees of the Trust, who are also the directors for the purposes of company law, collectively form the Board of Trustees (the “ BoT ”).

The BoT for the period 1 April 2024 to 31 March 2025 (the “ period ”) covered by this report comprised:

Cindy Lockwood Esther Gordon-Smith (Resigned from BoT on 26 September 2024) Frank Lawson Geoffrey Sweaney Helen Upson Ian Whitworth (Resigned from BoT on 1 August 2024) Jason Young Nicholas Simms (Chair) Timothy Conroy

The BoT give their time voluntarily and receive no financial benefits from the Trust for their work in that capacity.

Page 4 of 11

January 2026

© Calder Rivers Trust 2026

Annual Report for the year ended 31 March 2025

3 Objectives and activities

Calder Rivers Trust’s purposes as set out in its governing document are:

(a) the understanding of rivers, river corridors and catchments, including their fauna, flora and economic or social activity, and river catchment management.

(b) the need for, and benefits of, conservation, protection, rehabilitation and improvement of aquatic environments.

These purposes inform the Trust’s overall ambition for a prosperous and resilient Calder catchment, for our communities and nature. This ambition and our purposes steer the Trust’s activities in three areas of activity: protecting rivers, balancing land use, and working with others.

4 Protecting rivers

Our primary objective in this area of activity is to restore freshwater habitats and reconnect them with the wider landscape. The Calder is a recovering post-industrial catchment facing multiple challenges, including heavy physical modification and poor water quality.

A healthy and resilient river can be characterised by good water quality, dynamic sediment processes, and strong connections to riparian habitats and floodplains. The Trust’s work to protect rivers is intended to support progress towards these characteristics through the following activities:

Page 5 of 11

January 2026

© Calder Rivers Trust 2026

Annual Report for the year ended 31 March 2025

Connecting the Calder

During the period, the Trust’s Connecting the Calder programme continued to improve the evidence base on the location and distribution of riverine barriers across the catchment. Using historic mapping and field surveys, the Trust mapped 513 weirs across the Calder and its tributaries, visiting and documenting 355 of these.

Feasibility assessments were completed for the potential removal of five weirs on the Rivers Calder and Ryburn and on Black Brook. Detailed designs were also commissioned and received for two weirs on the River Calder.

Looking ahead, feasibility and design work to address in-channel structures will continue within the Connecting the Calder programme, with support from the Great Yorkshire Rivers partnership. The Trust will seek to secure the necessary permissions and funding for delivery while continuing to identify priority locations. Water quality data and river health indicators will continue to be used to help target pressures that the Trust is able to influence.

5 Balancing Land Use

Water quality and quantity in rivers are influenced by how land is managed across the catchment. The Trust’s focus in this area of work is to support landholders to manage land in ways that benefit water and the wider environment.

The upper Calder catchment responds rapidly to rainfall, contributing to flood risk in downstream communities. Extensive artificial drainage of upland pasture has increased runoff rates while limiting opportunities for groundwater recharge. Recent years have also highlighted increasing drought risk. Climate projections suggest more intense rainfall events and greater variability, which is expected to increase pressure on both flood and drought management.

Page 6 of 11

January 2026

© Calder Rivers Trust 2026

Annual Report for the year ended 31 March 2025

Water moving through agricultural land can also carry fine sediment, nutrients and faecal contamination. Supporting landholders to address water quantity and quality pressures contributes to protecting river health. To deliver this work, the Trust undertakes the following activities:

Land and Water Management advice

During the period, the Trust’s Farm & Rural Liaison project, supported by the Community Lottery, continued to provide land management advice. Detailed surveys were completed on 11 holdings and five South Pennines Farmers Group events were delivered.

In January 2025, the Trust also began a new project focused on surveying grassland soils and providing targeted management advice to participating landholders.

Water Stewardship

During the period, the Trust delivered its first wetland creation project supported by private business investment. The Replenish programme supports landholders to manage water in ways intended to deliver wider environmental and societal benefits, which are quantified using the Volumetric Water Benefit Accounting methodology.

Page 7 of 11

January 2026

© Calder Rivers Trust 2026

Annual Report for the year ended 31 March 2025

Through this programme, participating landholders who change land use or create wetland habitats receive Payments for Ecosystem Services to support the ongoing management of land and water for multiple benefits.

Calder and Colne Landscape Links Defra Landscape Recovery

In May 2024, the Trust began working in partnership with Calderdale Council, Kirklees Council, Environmental Projects in Kirklees, and Moors for the Future Partnership on the development phase of a Landscape Recovery project.

The project is working with 17 landholders and covers approximately 16,000 hectares across the Upper Calder, Middle Calder, and Colne and Holme operational catchments.

During the development phase, which runs until April 2026, the Trust is responsible for producing land management plans and the project’s Monitoring and Evaluation Plan to guide long-term delivery over up to 20 years.

If successful, the project is intended to improve climate resilience, including to wildfire risk, flooding and drought, reduce pressures from invasive species, and improve access to and engagement with nature.

6 Working with others

Historic water quality and flooding issues have led many communities to turn away from rivers and rely on hard infrastructure for protection. The Trust’s focus in this area of work is to reconnect communities with rivers and to work in partnership to address catchment-wide challenges.

There is strong evidence linking access to high-quality blue and green space with improved wellbeing. Improving access to and understanding of the water environment also supports more sustainable water use. Addressing these challenges requires collaboration. The Trust works with others by:

Page 8 of 11

January 2026

© Calder Rivers Trust 2026

Annual Report for the year ended 31 March 2025

Calder Catchment Partnership

The Catchment Based Approach Calder Catchment Partnership brings together organisations and community groups to work towards improvements in water environment health and resilience. During the period, the partnership met four times to share updates on activity and agree priority areas for joint working.

Citizen Science

This During the period, the Trust delivered the 14th season of the River Health Project, which monitors aquatic invertebrates as indicators of river health. A volunteer monitoring team of 49 people undertook monthly sampling across 45 sites between March and October.

The Trust also expanded the pilot water quality monitoring project with Halifax Canoe Club, providing monitoring equipment to two additional community groups in Huddersfield and Wakefield. This monitoring supports river users in making informed decisions about water contact and increases local awareness of water quality issues.

Two publicly accessible dashboards are maintained to host River Health Project and water quality monitoring data.

During the period, the Trust also supported the University of York’s ECOMIX research project by collecting samples at two locations using continuous sampling devices. The project is investigating the combined presence of multiple chemical pollutants in Yorkshire’s rivers.

Page 9 of 11

January 2026

© Calder Rivers Trust 2026

Annual Report for the year ended 31 March 2025

Volunteering

In addition to citizen science activity, volunteers supported river clean-ups, tree planting and Himalayan balsam control. This included volunteers from corporate groups and members of the public. During the period, approximately 1,500 volunteer hours were recorded, excluding Trustee contributions.

7 Our Partners

During the period, the Trust worked in partnership with the Environment Agency, Natural England, the Department for Environment, Food & Rural Affairs, Yorkshire Water, Yorkshire Wildlife Trust, the National Trust, River Holme Connections, Calderdale Council, Kirklees Council, West Yorkshire Combined Authority, the Moors for the Future Partnership, Halifax Canoe Club, partners within the Calder Catchment Partnership, and the Trust’s umbrella organisation, The Rivers Trust.

Page 10 of 11

January 2026

© Calder Rivers Trust 2026

Annual Report for the year ended 31 March 2025

We are your local rivers trust, working hard to improve rivers and waterways in Calderdale, Kirklees and Wakefield in West Yorkshire.

We are affiliated with The Rivers Trust the umbrella body of the rivers trust movement, working to protect, promote and enhance our freshwater ecosystems for both people and wildlife.

The Calder catchment includes the main rivers Calder, Colne, and Holme. And all the rivers, streams, canals, waterways, and watercourses connected to them. We work across all these waters within our catchment.

Our river projects aim to improve the rivers and waterways of the River Calder catchment for both people and wildlife

We rely on volunteers to help us with all aspects of our work.

We rely on the generosity of local people to support our important work.

For more information about our cause please visit www.calderandcolneriverstrust.org

© Calder Rivers Trust 2026

The Calder & Colne Rivers Trust is a company limited by guarantee Registered Office: The Elsie Whiteley Innovation Centre, Hopwood Lane, Halifax, HX1 5ER Company No. 06822083

Charity No. 1134377 Operating as 'Calder Rivers Trust'

You must not adapt or re-use this information without the written consent of the Trust.

If you have any enquiries about this publication email talk@calderandcolneriverstrust.org

Page 11 of 11

January 2026

© Calder Rivers Trust 2026

Annual Accounts for the year ended 31 March 2025

CALDER RIVERS TRUST

Annual Accounts

for the year ended

31 March 2025

Page 1 of 16

December 2025 © Calder Rivers Trust 2025

Annual Accounts for the year ended 31 March 2025

Contents

1 Administrative Information ................................................................................... 3
2 Structure, Governance & Management ............................................................... 4
3 Trustees’ Responsibilities and Approval of Financial Statements ....................... 5
4 Statement of Financial Activities ......................................................................... 7
5 Balance Sheet ..................................................................................................... 8
6 Grants and income .............................................................................................. 9
7 Creditors ........................................................................................................... 10
8 Notes to the Annual Accounts ........................................................................... 11
8.1
Accounting Policies .................................................................................... 11
8.1.1
Basis of preparation ............................................................................ 11
8.1.2
Incoming resources ............................................................................ 11
8.1.3
Resources expended .......................................................................... 12
8.1.4
Fund structure ..................................................................................... 12
8.2
Related Party Transactions ........................................................................ 14
8.2.1
Wetland Engineering........................................................................... 14
8.3
Taxation ..................................................................................................... 15
8.4
Liability of directors .................................................................................... 15

Page 2 of 16

December 2025

© Calder Rivers Trust 2025

Annual Accounts for the year ended 31 March 2025

1 Administrative Information

The Calder And Colne Rivers Trust Ltd is a private limited company by guarantee (06822083) and registered charity (1134377) (the “ Trust ”).

The company was registered 17 February 2009 The charity was registered 18 February 2010

We operate as ‘Calder Rivers Trust’.

Charity number 1134377 Company number 06822083 Registered office The Elsie Whiteley Innovation Centre Hopwood Lane Halifax West Yorkshire HX1 5ER

Independent Examiner

TaxAssist Accountants (Mirfield) (Cramp & Harding Ltd (06524203)) 9 Knowl Road Mirfield West Yorkshire WF14 8DQ

Page 3 of 16

December 2025

© Calder Rivers Trust 2025

Annual Accounts for the year ended 31 March 2025

2 Structure, Governance & Management

The trustees of the Trust, who are also the directors for the purposes of company law, collectively form the Board of Trustees (the “ BoT ”).

The BoT for the period 1 April 2024 to 31 March 2025 (the “ period ”) covered by this report comprised:

Cindy Lockwood Esther Gordon-Smith (Resigned from BoT on 26 September 2024) Frank Lawson Geoffrey Sweaney Helen Upson Ian Whitworth (Resigned from BoT on 1 August 2024) Jason Young Nicholas Simms (Chair) Timothy Conroy

The BoT give their time voluntarily and receive no financial benefits from the Trust for their work in that capacity.

Page 4 of 16

December 2025

© Calder Rivers Trust 2025

Annual Accounts for the year ended 31 March 2025

3 Trustees’ Responsibilities and Approval of Financial Statements

Statement of the Responsibilities of the Trustees

The BoT are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

The BoT must ensure that the financial statements give a true and fair view of the Trust’s state of affairs and its income and expenditure for the financial year, in compliance with:

In preparing the financial statements, the BoT are responsible for:

The BoT must also ensure that the Trust:

Approval of the Financial Statements

The Trust is entitled to exemption from the audit requirement under section 477 of the Companies Act 2006 for the year ended 31 March 2025.

No trustee has deposited a notice pursuant to section 476 of the Companies Act 2006 requiring an audit of these accounts.

Page 5 of 16

December 2025

© Calder Rivers Trust 2025

Annual Accounts for the year ended 31 March 2025

The BoT confirm that the financial statements:

These financial statements are approved.

Signed on behalf of the Board of Trustees:

Signature N Simms N Simms (Dec 19, 2025 11:35:05 GMT) Full name Nicholas Simms Position Chair Date 19/12/2025

Page 6 of 16

December 2025

© Calder Rivers Trust 2025

Annual Accounts for the year ended 31 March 2025

4 Statement of Financial Activities

Table 1: Statement of Financial Activities (including income and expenditure account for the year ended 31 March 2025)

Unrestricted Restricted Total Total
funds funds 2025 2024
Notes £ £ £ £
Incoming resources from generated funds
Sales Table 3 433,025 - 433,025 344,963
Bank interest 2,880 - 2,880 2,444
Other income 24 - 24
Income received from charitable sources
Grants & donations Table 3 193,452 - 193,452 93,854
Total incoming resources 629,381 629,381 441,261
Resources expended
Charitable activities
Charitable activities expenditure 452,463 - 452,463 364,512
Governance & overheads costs 15,883 - 15,883 19,573
Depreciation 3,843 - 3,843 3,744
Total resources expended 472,189 472,189 387,829
Fund balances at 1 April 2024 354,661 - 354,661 301,229
Net movement in funds 157,192 - 157,192 53.432
Reallocation of funds - - - -
Fund balances at 31 March 2025 511,853 - 511,853 354,661

Page 7 of 16

December 2025

© Calder Rivers Trust 2025

Annual Accounts for the year ended 31 March 2025

5 Balance Sheet

Table 2: Balance Sheet as at 31 March 2025

Table 2:Balance Sheet as at 31 March 2025
2025 2024
Notes £ £ £ £
Fixed assets 5,432 5,842
Investments 100 100
Current assets
Debtors 197,344 287,461
Other debtors 1,811 916
Cash at bank and in hand 366,804 142,851
565,959 431,228
Creditors: amounts falling due within one year Table 4 59,637 82,364
Total assets less current liabilities 506,320 348,864
511,852
Net assets 511,852 354,661
Income funds
Restricted funds - -
Unrestricted funds 511,852 354,661
511,852 354,661

Page 8 of 16

December 2025

© Calder Rivers Trust 2025

Annual Accounts for the year ended 31 March 2025

6 Grants and income

Table 3: Grants and income received between 1 April 2024 and 31 March 2025

Unrestricted Restricted Total Total
funds funds 2025 2024
£ £ £ £
Grants & Income
Sales 433,025 - 433,025 344,962
Grants 193,452 - 193,452 89,775
Donations - - - 4,079
Other income 2,904 - 2,904 2,444
629,381 - 629,381 441,261

Page 9 of 16

December 2025

© Calder Rivers Trust 2025

Annual Accounts for the year ended 31 March 2025

7 Creditors

Table 4: Creditors: amounts falling due within one year

Table 4:Creditors: amounts falling due within one year
Total Total
2025 2024
£ £
Creditors: amounts falling due within one year
Accruals 11,726 1,412
Creditors 7,602 39,370
VAT 40,092 41,475
PAYE & NIC - -
Pension - -
Credit card facilities 217 107
59,637 82,364

Page 10 of 16

December 2025

© Calder Rivers Trust 2025

Annual Accounts

for the year ended 31 March 2025

8 Notes to the Annual Accounts

8.1 Accounting Policies

8.1.1 Basis of preparation

The accounts have been prepared under the historical cost convention and in accordance with:

The Trust meets the definition of a public benefit entity under FRS 102 and has applied the relevant provisions accordingly.

The financial statements have been prepared on a going concern basis. The BoT have considered the Trust’s financial position, reserves and forecast cash flows and have concluded that there are no material uncertainties that cast significant doubt on its ability to continue as a going concern for at least twelve months from the date of approval of these financial statements.

8.1.2 Incoming resources

Income is recognised in the Statement of Financial Activities (SoFA) when the following criteria are met:

Grants and Donations

Grants and donations are recognised when the Trust has entitlement, receipt is probable, and the amount can be reliably measured. Where grants are subject to performance conditions, income is recognised as the Trust meets the specified conditions and earns the right to the funds.

Page 11 of 16

December 2025

© Calder Rivers Trust 2025

Annual Accounts for the year ended 31 March 2025

Deferred Income

Income received in advance for a specific period or service is deferred until the Trust meets the conditions for recognition.

8.1.3 Resources expended

Expenditure is recognised in the Statement of Financial Activities (SoFA) when:

Classification of Expenditure

Expenditure is classified under the following headings:

Allocation of Costs

Liabilities

Liabilities are recognised as soon as the Trust has a legal or constructive obligation to make a payment.

8.1.4 Fund structure

The Trust maintains the following types of funds:

Unrestricted Funds

Page 12 of 16

December 2025

© Calder Rivers Trust 2025

Annual Accounts for the year ended 31 March 2025

These funds are available for use at the discretion of the BoT in furtherance of the charitable objectives of the Trust.

The BoT may designate funds for specific purposes. While designated funds remain unrestricted, they are set aside for particular activities.

Restricted Funds

These funds can only be used for specific purposes as specified by the donor or where funds were raised for a particular purpose.

Restrictions arise when imposed by grant conditions, donor instructions, or fundraising appeals.

The BoT may also impose internal restrictions on funds for strategic or operational purposes. These restrictions may be temporary, with these funds transferred back to unrestricted funds when the original purpose of the restriction is no longer required.

A summary of the Trust’s funds is provided in the financial statements.

Page 13 of 16

December 2025

© Calder Rivers Trust 2025

Annual Accounts for the year ended 31 March 2025

8.2 Related Party Transactions

8.2.1 Wetland Engineering

During the period:

Wetland Engineering, a business operated by Geoffrey Sweaney, who was a BoT member during the period, was contracted to deliver paid work for the Trust.

This did not cover any duties related to his role as a BoT member.

In accordance with best practice and governance standards, this BoT member was excluded from all decisions regarding the appointment, terms, and payment of this contract.

Page 14 of 16

December 2025

© Calder Rivers Trust 2025

Annual Accounts for the year ended 31 March 2025

8.3 Taxation

The Trust is a registered charity and is therefore exempt from corporation tax on income and gains arising from its charitable activities, to the extent that such income and gains are applied to charitable purposes only.

The Trust is registered for VAT (Registration Number: 460 3121 38). VAT is reclaimed only on expenditure that relates directly to taxable business activities. VAT incurred on expenditure that relates to non-business activities, or general overheads that cannot be attributed to taxable supplies, is not reclaimed and is therefore included within the relevant cost heading in the Statement of Financial Activities. Income and expenditure in the Statement of Financial Activities are stated inclusive of irrecoverable VAT.

The level of taxable business activity during the year meant that partial exemption calculations were not required. Recoverable VAT outstanding at the year end is included within debtors or creditors, as appropriate.

8.4 Liability of directors

The Trust is a company limited by guarantee and does not have any share capital.

Each BoT member undertakes to contribute a sum not exceeding £1 to the assets of the Trust in the event of its winding up, while they are a BoT member or within one year after they cease to hold office.

This contribution is for the purposes of:

Page 15 of 16

December 2025

© Calder Rivers Trust 2025

Annual Accounts for the year ended 31 March 2025

We are your local rivers trust, working hard to improve rivers and waterways in Calderdale, Kirklees and Wakefield in West Yorkshire.

We are affiliated with The Rivers Trust the umbrella body of the rivers trust movement, working to protect, promote and enhance our freshwater ecosystems for both people and wildlife.

The Calder catchment includes the main rivers Calder, Colne, and Holme. And all the rivers, streams, canals, waterways, and watercourses connected to them. We work across all these waters within our catchment.

Our river projects aim to improve the rivers and waterways of the River Calder catchment for both people and wildlife

We rely on volunteers to help us with all aspects of our work.

We rely on the generosity of local people to support our important work.

For more information about our cause please visit www.calderandcolneriverstrust.org

© Calder Rivers Trust 2025

The Calder & Colne Rivers Trust is a company limited by guarantee Registered Office: The Elsie Whiteley Innovation Centre, Hopwood Lane, Halifax, HX1 5ER Company No. 06822083

Charity No. 1134377 Operating as 'Calder Rivers Trust'

You must not adapt or re-use this information without the written consent of the Trust.

If you have any enquiries about this publication email talk@calderandcolneriverstrust.org

Page 16 of 16

December 2025

© Calder Rivers Trust 2025

Registered Number 06822083 THE CALDER AND COLNE RIVERS TRUST Micro-entity Accounts 30 March 2025

19/12/2025

N Simms

N Simms (Dec 19, 2025 11:35:05 GMT)

THE CALDER AND COLNE RIVERS TRUST Registered Number 06822083 Notes to the Micro-entity Accounts for the period ended 30 March 2025 Employees 2025 2024 Average number of employees during the period

Independent Examiners Report for the year ended 31 March 2025

CALDER RIVERS TRUST

Independent Examiners Report

for the year ended 31 March 2025

Page 1 of 5

January 2025 © Calder Rivers Trust 2025

Independent Examiners Report for the year ended 31 March 2025

Contents

1 Administrative Information ................................................................................... 3
2 Independent Examiners Report for year ended 31 March 2025 ....................... 4-5

Page 2 of 5

January 2025

© Calder Rivers Trust 2025

Independent Examiners Report for the year ended 31 March 2025

1 Administrative Information

The Calder And Colne Rivers Trust Ltd is a private limited company by guarantee (06822083) and registered charity (1134377) (the “ Trust ”).

The company was registered 17 February 2009 The charity was registered 18 February 2010

Operating as ‘Calder Rivers Trust’.

Charity number 1134377 Company number 06822083 Registered office The Elsie Whiteley Innovation Centre Hopwood Lane Halifax West Yorkshire HX1 5ER

Independent Examiner TaxAssist Accountants (Mirfield) (Cramp & Harding Ltd (06524203)) 9 Knowl Road Mirfield West Yorkshire WF14 8DQ

Page 3 of 5

January 2025

© Calder Rivers Trust 2025

Independent Examiners Report for the year ended 31 March 2025

2 Independent Examiners Report for year ended 31 March 2025

I report on the accounts of the Trust for the year ended 31 March 2025.

Respective Responsibilities of Trustees and Independent Examiner

As the charity’s trustees of the Company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.

Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the Companies Act 2006 and that the Company is eligible for independent examination, I am responsible for examining the accounts under section 145 of the Charities Act 2011 and for reporting whether any matters have come to my attention. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Basis of Independent Examiner’s Report

My examination has included a review of the accounting records kept by the Trust and a comparison of the accounts presented with those records. It has also included consideration of any unusual items or disclosures in the accounts, and I have sought explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and accordingly I do not express an audit opinion on the accounts.

Independent Examiner’s Statement

Page 4 of 5

January 2025

© Calder Rivers Trust 2025

Independent Examiners Report for the year ended 31 March 2025

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 on behalf of the Independent Examiner:

Signature

Full name TaxAssist Accountants Position Independent Examiner Date 19[th] December 2025

Page 5 of 5

January 2025

© Calder Rivers Trust 2025