THE OXFORD CENTRE FOR TRAIMNG RESEARCH ADVOCACY AND DIALOGUE LTD
COMPANY NO. 6717794
ENGLAND AND WALES
A COMPANY LNITED BY GUARANTEE
Af+lD N
T HAVING A SHARE CAPITAL
REGISTERED CHARITY NO. 1143311
FINANCIAL STATEMErrrs
FOR
HE PEIU
D ENDED 31- MAY 2025
KINC LOOSE & CO
INDEPENDFNT fi XAMINERS
ST JOHN'S HOUSE
5 SOUTH PARADE
SUMMERTOWN
OXFORD OX2 7

THE OXFORD CENfRE FOR TRA￿ING BESEARCH ADV
ACY AND DIALOGUE LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31- MAY 2025
CONTENTS
LEgal and Adminisira(ive Inforniation
Trustees, Annual Report
Statemeni of Trusiees, Responsibilities
Independent Examiner's Report
Sta(emen¢ of Financial Aetivitie$
Balance Sheet
Noies to the Financial Statemenis
7-13

THE OXFORD CENfRE FOR TIL41NING RLSEARCH ADVOCACY AND DIALOGUE LTD
FINANCIAL STATEMENTS
ST
FOR THE PERIOD ENDED 31 MAY 2025
ADMIMSTRATIVE INFORMATION
Directors and Trustees
Monsignor M. J. Nazir-Ali
Ri. Reverend A. Marshall
ReveRnd Canon Dr. C. M. N. Sugden
Canon C. Madhukar
Reverend Canon Penelope Avann
Reverend K A Carpani
Com
an
Number
6717794 (England and Wa]es)
Chgri
Number
1143311
stered Office
5 South Parade
Summertown
Oxford
OX2 7JL
Inde
endent Exgminer
Mrs H C Fanthome FCA
King Loose & Co
Si John's House
S South Parade
Sumrnertown
Oxford
OX2 7JL

THE OXFOiiD CENfBE FOR TIL41NING RESEARCH ADVOCACY AND DIALOGUE LTD
ANNUAL REPORT FOR THE PERIOD ENDED 31sf MA Y 2025
The Directors and Twstees present rheir annual report and financial statements. for the period ended 31" May
2025. The financial statements have been prepared in accordanee with the accounting policies sei oui in note I
to the accounts and comply with the chaLlty's memorandum and articles of association. the Companies Act
2006, the Chariries Aci 2011, and Accounting and Reporting by Charities.. Statement of Recommcnded
Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard
applicable in the UK and Republic of Ireland - Charities SORP IFRS 102); and the Finaneial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102).
Ob'ects of the Charit Princi
al Activities and Public Benefit
The Charity is constituted a5 a company limited by guarantee 2nd is, therefore, goyemed by a memorandum
and articles of association. Charitable status was obiained on 12, Augusi 2011.
The Charitys object and its principal activity is that of the promotion of religion through training, research,
advocacy and dialogue and in particular by
a) promoting and conducting research and disseminating the useful results thereof.
b) the promotion of religious harmony for the benefit of the public by.,
educating the public in different religious beliefs including an awareness of their
di81inciive features and their eommon ground to promoie good relaiions beiween persons
of different f2iths'
Pro￿0t]ng knowledge and mutual understanding and respeci of the beliefs and practices
of differcnt religious faiths.
The Charity helps younger people in business and employment, including education and vocational training.
In carrying our these objects and activifics, the Trustees have read and considered the Charity Commis8ion
guidelines for Public Benefit and consider that the Charity continucs to operate fully in accordance therewith
in particular through its work in community harmony.
nisation of Our Work
The Charity is organised so that the Trustees meet and converse regularly to manage its affairs.
Develo
ments and Achievemen
The Trustees consider that the perfornjance of the Charity during the year has been satisfactory. The Charity
hos ser the building blocks for rhe promoiion of lis objects and liaises Wlth other charitable organisarions io
this end.
Future Develo
ments
The TNstees hope to continue to build upon the foundations laid tn the initial Friods of activity.
Transactions and Financial Position
The sthtement of financial activities shows net ouigoing general {i.e. Un￿$[ri¢led) resources of £49,819 for the
peri(Kl (Ye￿ to 31" May 2024.. outgoing £30.500), and the general unrestricied fund balance carried forward
stood at £127,458.
Funds Avallable
The preseni level of funding is believed adequate LO SUPPOrt the continuation of the work programs envisaged,
although further support is necessary for future projects to be undenaken.

2(a)
THE OXFORD CENTRE FOR TIL4INING RESEARCH ADVOCACY AND DIALOGUE LTD
ANNUAL REPORT FOR THE PERtOD ENDED 315f MAY 2025
erative Relationshi
ryth Other Or
satio
The Oxford Centre For Training. Research. Advocacy and Dialogue Ltd has infornial link5 With other
hurches, ehariiie5 and organi5atlODS, worldwide, who generally share its charitable objective5 and from time
to time works with them on particular projecis. Some of these oiher charities and organisations offer suptx)rt
for the Charity s work by way of grant funding. ordonations.
Reserves Polic
It is the policy of the Ch￿ltY to build up sufFicient unrestricted funds. which are the free reserves of the
Chariiy. to a level which ￿lla￿S io apprOxima￿]Y [h￿e months unrestricted expendiiure. This will provide
sufficient funds to cover the ongoing promotion of the Chariiy's objects. iogether with the associated support
and admÉnistratÉon costs. At 31. May 2025, re5erve5 wer¢ at a higher level than the set target, bui the Trusiees
consider this temporarily more appropriafr in the current difficult financial climate.
Directors and Trustees
All Directors of the Company are also Trustees of ihe Charity, and there are no other Trustees. All of the
Trustees named on page I served dllrinE the ￿ri1)d. The Board has the power io appoint additional Tnjsiees
as it considers fit Éo do so. and. as the need arises, appropriate training will be given to any new TNstees
taking up office.
Risk Mana
ement
The Trustees have examined rhe major strategic. business and operational risks which the Chariiy faces or
may face, and confirm that systems are in place to enable regular reports to be prixiuced, so that the necessary
sieps can be raken io I￿Sen any such risks.
Inde
endent Examiners
Mrs H C Fanthome of King Loose & Co, has agreed to offer herself for appointment as Indyndent Examiner
to the Chariiy.
Small Com
me
This report has been p￿pared in accordance wilh the small companies regime of the Companies Aci 2(￿.
rovai
Thi5 report was approved by the Board of Directors and Trustees on.....
signed on its bchalf by..
21
.2025. and
Dr C M N Sugden
(Trustee)

THE OXFORD CENTRE FOR TRAINING RESEAR
ADVOCACY AND DIALOGUE LTD
STATEMENT OF TRUSTEES, RESPONSIBILITIES
FOR THE PERIOD ENDED 31sf MAY 2025
The Trustees are required by law to prepare financial staiements for each financial period which give a true
and fair view of Ihe state of affairs of the Charity, and of its result5 for that period. In preparing those financial
statements. the Trustees are required to..
Select suitable accounting policies and then apply them con9i5tentlyi
Observe the methixls and principles in rhe applicable ch￿itIeS SORP:
Make judgements and estimates that are reasonable and prudent;
State whether applicable accouniin8 Stondards have been followed, subject to any materikl depkrtures
disclosed and explained in the financial statements,.
Prepare the financial statemenrs on the going concern basis Unle￿ it is tnappropriaie to presttme that
the Company will continue in business.
The trustees ate responsible for keeping proper accounting records which disclose with r¢asonable accuracy at
any time the financial position of the charity, and 10 enable them to ensure that the financial statements comply
with the Companies Aci 2006. the Charities A¢r 2011 and ihe applicable Charities SORP. They are also
re5pon5ible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention
and deieciion of fraud and other irregu18Jities.
The trustees are responsible for the maintenance and integrity of the ¢hariiy and financial informaLion included
on Ihe charity's website in accordance with legislation in the United Kingdom govcrning the preparation and
disseminaiion of financial statemenrs.
By Order of the Board of Director5
and Trustses
Dr C M N Sugden

REPORT OF THE INDEPEf4DENT EXAMINER TO THE TRusfEES OF
THE OXFORD CF.NTRE FOR TRAINING RKSEARCH ADVOCACY AND DIALOGUE LTD
I teport io the charity trustees on my examination of the accounts of the company. for the period ended 31° May
2025, which are set out on pages 5 10 13.
Res
ective res
onsibilitÈes of the trustees and eXami￿er
As the charity'5 trustees land also ils diie¢iors for the putposes of company lawl you are responsible for the
weparation of the accounts in a¢coTdat2¢e with the TequiTeTnent5 of the Companies Act 20061.ihe 2006 Aci.).
Having satisfied myself that thc accounts of the company are not rcquircd lo be audited under Part 16 of the 2006
Act and are cligible for independent examination, I report in rcsFCCt of my cxaminalion of your charity'5
accounts as carried out under section 145 of the Charilics Aci 2011 (the .2011 Act,). In carrying out tny
¢xaminaiion I have followed the Directions given by ihc Charity Commission under section 14515llb) of Ihe
2011 Act.
B&5is of Inde
endent examlner's re
My examination was carried out in accordance with the General D1￿CtIons given by the Charity Commissioners.
An eXa￿l[LatIon include5 a review of the accounting records kept by the chaiity, and a comparison of ihe
accounts presented with those records. IL a150 includes consideration of any unubual items 01 disclosures in ihe
accounts, and seeking explanations from you a5 tn25tees concerning any such matie15. The procedures
undertaken do no( provide all the evidence that would be requiTed in audit, and consequently no opinion is
given as to whether the accounis present a 'true and fair view. and the report 15 limiied to those mailers set out in
the statetnent below.
Inde
cndcnt cx&miner's ststemcnt
I have compleied my examitlaiion. I confinn thai no matters have corne to my attention in connection with the
examinatloll 8ivin8 me cause 10 believe..
{]} accounting records were Thot kept in respect of the company as required by section 386 of the 2(K)6
121 th2 accounts do not accord with thosc accounting record5: or
131 the accout2ts do not comply wilh Ihe accounting r¢quiremenis of %ection 396 of the 2006 Aci oiher
than any tequirement that ihe accounts give a 'irue and fair. view which is not a matter considered as
part of an independent examination; or
141 the aceounts have not been prepared in accordance with the mechods and principles of the Sthtement
of Recommended Practice for accounting and reporting by Chariiies lapplicable io charities preparing
their accounts in accordance with the Financial Reporting Siandard applicable in the UK and Republic
of Ireland IFRS 102)].
I have no concerns and have corne scross no other mai￿rS in connection wirh ihe exarninaiion to which
attention should be drawn in thi5 reN)rt in order to enable a proper uThJerstAnding of the accounts io be
reached.
Klng Loose & Co
St John's Hous¢
5 South Parade
Summertown
Oxford OX2 7JL
H.C. Fanthome FCA
Dated

*Tt
tr4
e4cnthm
f4m
rw)

rREF
R TRAININ
EARCH ADV
Y AND DIAL
LTD
BALANCE SHEET AS AT 31- MA Y 2025
COMPANY NO: 6717794
31st Ma
2025
31$1 Ma 2024
xed Assets
Current Assets
Stock
DebtOTS
Cash at Bank
350
6,479
339,729
350
5,921
405,113
io
346,558
411,384
Creditors.. Amounrs
Falling Due In One Year
13,214
21.369
Net Current Assets
333.344
390.015
Total A￿ets less Current Liabilities,
being Net Assets
333,344
39Y),015
Funds
unrcstriC￿d Funds
Restricted Funds
127.458
205,886
177,277
212,738
13
Total Funds
14
333.344
390.015
The directors are satisfied that the company was entitled to exemption from audit under Section 477 of the
Companies Act 2006 ("the Act") and that members have not required an audit in accordance with Section 476.
The directors acknowledge their responsibilities for.'_
ensuring that the company keeps accounting records which cotnply with Section 386 of the Act.
and
preparing ￿cOUn[S which give a trne and fair view of Ihe state of affairs of the chariiable
company as at the end of the financial period and of its profit or loss for the fin0￿cial period in
accordance with the requirements of Section 396 of the Act and which otherwisc comply wi(h the
requirements of the Act ￿lating io accounts, so far as applicable to the charithle company.
Approved by the Board of Directors and TThL5t￿S on ............ .. ..
on its behalf by:
. 2025 and slgned
Dr C LVI N Su8den
Th¢ notes on pages 7 to 13 forn) part of these accounts.

THE OXFORD CENTRE FOR TRAINING RESEARCH ADVOCACY AND DIALOGUE L
NOTES TO THE FINANCIAL sTATE1¥￿NTs FOR THE PERIOD ENDED 31- MAY 2025
Accountin
Policies
(a)
General Informatlon
These financial statements have been presented in Pounds Sterling as this is Ihe currency of
the pritnary econotnic environment in which ihe Charity operate5.
(b)
Basis of preparation
The accounts (financial statements) have been prepared under the historical cost convention
with items recognised at cost or transaction value unless otherwise stated in the relevant
notes(s) to Ihese accounts. The financial Statements have been prepared in ac¢ordance with
the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing
their accounts in accordance with the Financial Reporting Siandard applicable in the UK and
Republic of Ireland {FRS 102) - Charities SORP (FRS 102); and the Financial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102); the Charities Act 2011 and
the Companies Act 2(x)6.
The charity constitutes a public benefir entity as defined by FRS 102.
The charity has taken advantage of the exemption io prepare a cash flow siatement, as
contained in Financial Reporting Siandard I, on the grounds that li is a small chariiy.
(c)
Activities
The financial statemenis include the resulis of the charity's operations as described in the
directors. and t￿steeS, annual report.
(d)
Income recognition
Income of all kinds is accounted for when receivable, i.e. in the period in which the charity is
entitled to receipt, it is probable that ihe income will k ￿ceiVed and the aTnount of income
receivable can be measured reliably.
No pertnanent endowments have been received in the ￿riod.
(e)
Expenditure recognition
Liabilities are recognised as expendiiure as soon as there is a legal or constructive obligation
commitling the charity to that expenditure. it is probable th&1 seiilement will be required and
th¢ amouni of ihe obligation can be reliably measured.
Expenditure is included on an accruals basis and has been classified under headings that
aggregate all costs related to the category.
All core cost categories are regarded as being of a support nature to the Charity's principal
activiiy. as described in the Annual Report. It is anticipated that any future specific project5
will be covered by restricted funds- i.e. funds raised specifically for that projecL

THE OXFORD CENTRE FOR TRAININ
EARCH ADVOCACY AND DIALOGUE LTD
NOTES TO THE FINANCIAL STATEMELYfs FOR THE PERIOD ENDED 31ST MAY 2025
Accountin
Policies
cont'd
(fj
Grants payable
Grant5 payable are payments made to third patties. either individua]s or other chariiable
oiganisaiions, in the furtherdnce of the charity's object5. In the case of unconditional grant
offers. these are accrued once the recipieni has been notified of the award. Conditional Erants
are only accrued when the conditions have been fulfilled and the recipieni notifled.
No multi-year grants are made. other than where additional funding has been re¢eived
thmugh a restricted fund.
Value added tax
Valuc added tax is not recoverdble by the Charity. and as such is included in the relevant
costs in ihe s(atem¢ni of financial aciivilies.
(h)
Financial assets- classified basic fjnancial instnmients
i) Cash and cash equiva]enis
Cash and cash equivalents include cash in hkmd, dew>sits held with banks, and other short
tcrtn highly liquid investment5 Wlth original maturities of three months or less.
ii) Trade and oiher receivables
Trade and other receivables thai are receivable within one year are MeasU￿d at the
undiscounted amount nf the cash expected to be received, net of any impairnienL
iii)Trade and other payables
Trade and other payables that are payable within one year are measured ar ihe
undiscounted amouni of the cash expected to be paid.
{])
Fund accountlng
Unresiricted funds comptise those funds which the trustccs are frec to use in accordance with
the objects of the charity, as defined in the constitution.
Restricted Funds are those Eiven for particular putposes and projects.
(i)
Golng concern
The finan¢ial statements have bcen prepared on a going concern ba515.
The current economic conditions present increased risks for all busine&8es. In reskK)nse lo
such conditions, the dircctorqltru5tees have carefully considered these risks. including an
asse55ment of uncertainty on future trading projection for a period of at least 12 tnonths from
Ihe da* of signing the financial statemenis, and the extent to which they mighi aff¢ct the
preparation of the financial statements.
The directorsltrustees have concluded that the going concern basis remains appropriare.
Translation of Foreign Currencies
Monies receiv¢d and expended in foreign currencies are accounted for ai The ra￿ of exchange
prevailing at the date of the transaction.
Asseis and liabilitics denominated in foreign currencies, which are held or owed it the
balance sheet date. are converted ai (he exchange rate p￿vallIng ai thai dare. Differences on
foreign exchange are reported in the Income and Expenditure Account.
(k)

THE OXFORD CENfRE FOR TRAINING RESEARCH ADVOCACY AND DIALOGUE LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERtOD ENDED 31ST MA Y 2025
Accountln
Policies
cont'd
o)
Operating I%a5es
Renials applicable 10 operating leases where Sub￿antiallY all the benefits and risks of
ownership remain with the lessor, are reflected in the statement of financial activities &$
incutTed.
{ml Pensions
The company previously operated a defined contribution pension schetne.
The relevant scheme was the Church of England Funded Pensions Scheme. Since Au8USI
2019. the pension has been in drawdown and no further contributions are payable.
2. Income and endowments
The TNstees wish to express their SiTKere gratitude to all donors who have enabled the Chatity's
work to continue.
Significant funding was received as follows-
Received From
Sophos
R Hodgson
Srewardship Foundation
Stiftung
1,502

io.
THE OXFORD CENTRE FOR TRAINING RESEARCH ADVOCACY AND DIALOGUE LTD
ST
NOTES TO THE FINANCIAL STATEMENTS FOR THE PE]UOD ENDED 31 MA Y 2025
3. Costs of Activitles in Furtherance of the
harit
Unres.
tricted Restrictod
Fllnds
Unre
Tot21
tricted Restrlcted
2025 Funds
Fut)ds
Total
2024
ram Costs
Salarie5 and associated costs
PrintingJpostageJstationeryladvert15ing
Traveuaccommodationlsubsisience
Telephone and internet
Losbl {Profit) on exchange
Conferences and lectures
Office costs (inc donated services)
39,536
2.530
15.063
408
9.839
39,536 34,541
2,530 1,1(KI
2.196 17,259 18.503
408
521
9,839 4.083
34,541
18.503
521
4,083
1.198
15,(XX)
1.198
15.000
15,000 15,(XX)
82,376
2,196 84,572 73,748
1,198 74.946
oftrice Costs
The Trustees of The Oxford Centre for Training. Resea￿h, Advo¢a¢y ond Dialogue Ltd are indebted
to Sianhill Foundation for providing office space and administrative support during the yeAr. free of
charge. The value placed on these services by the Trustee5 is £15,000 p.a. The income equivalent of
thcse donated service5 is recognxsed within incoming resources as voluntary in¢oJne (genera]
donaiions) and Ihe equivalent notional charge is Teflec￿l under Program cosis above.
Grants Ex
ended
Unres-
tricted Restrlcted
Funds
Funds
Unres-
Total
trlcted RestrSeted
2025 Funds
Funds
2024
The following grants were eX￿nded.
To Organisations
To Individuals
Theological Education Grdnts
5,000 5,(Kx)
19,IK)0 19.(KK>
1.808
3.578 1.970 12.670 14,640
947
1,033
1.033
1.770
947
2,717
6,808
9,525 3,(X)3 31,670 34.673
Other Su
ort Costs
Unres-
tricted Restrieted
Funds
Fun(Ls
Trres-
Total
tricted Restrict
2025 Fund% ￿FU
Tota
Independent Examiner's fees
- independenr exat
accountancy eic
Sundry expenses
Bank charges
1,200
1.800
34
137
1,2(M) 1,21X)
1,8(K) 3,997
34
137
1.200
3.997
326
326
3,171
3,171 5,523
5,523

ii.
THE OXFORD CEPURE FOR TRAINING RESEAR
H ADVOCACY AND DIALOGUE LTD
NOTES TO THE FINANCLIL STATEMENTS FOR THE PERIOD ENDED 31- MAY 2025
Staff Costs
The average number of Frsi)nnd employed by rhe charity was as follows..
2025
2024
Program and administrative personnel
The aggregate p&yroll costs of these employees was as follows:_
2025
2024
Salary costs
Employer's National Ynsurance {net of Emp. Allowance)
Pension coniributions
39,536
34541
39,536
34.541
No employee received emoluments in excess of £60,(KK> pa.
b)
One of the Trustees, Monsignor M J Nazir-Ali, receives a salary from the chariiy for his post
as Executive Director. the payment of such functional salary has been approved by the
Charity Commissioners.
Mrs V Nazir-Ali, wife of the above, also receives a small salary for her role as adminisirative
and pasiordl support.
No expenses paid to any TTUStees', reimbursements are made where overhead items have
been initially expended by the Trustees on behalf of ihe Charity.
Result for the Period
2025
2024
The wrplus of expenditure over income
is stated after charging:
Indettndent Examiners Remuneraiion
for examination services
for oiher services
Bank Interest and charges
1,2(X)
1,8(K>
137
1,200
3,997
326
Transfers between FuniL
There were no such transfers for either 2024 or 2025.

li
THE OXFORD CENTRE FOR TRADIING RESEARCH ADVOCACY AND DIALOGUE LTD
ST
NOTES TO THE FINANCIAL STATEMENfs FOR THE PERIOD ENDED 31 MA Y 2025
Pension Costs
Position until August 2019
The Church of England Funded Pensions Scheme is a defined benefit scheme but The Oxford Cenire
for Training. Research, Adv(tacy and Dialogue Lid is unable io idenrify its share of the underlying
assets and liabilities- each employer in that scheme pay5 a common contribution rate.
Periodically. the scheme is valued and adjustments made to rhe employer's contribution rate as
deemed necessary.
Previous to August 2019. agrecmenr had been reached with The Church of England Pensions Board
such that any projected pcn5ions funding shortf211 would bc paid ovei. a number of yeaTS. togeiher
with the USU￿ annual contributions. Incoming funding to the Chari(y was sought to Cover this
budgeted additional expense, again on an annual basis. and thus the overall maiching of income and
outgoing resources would be both consistent, and a bcttcr indicator of the c￿eful stewardship of the
Charity's resources.
Position from August 2019
Since Augusi 2019. the pension has been in drawdown and no further contributions are payable.
io.
Debtors: Amounts Fallin
Due in One Year
2025
2024
P￿paYMents. deferred expenses and sundry debtors
6.479
5.921
6,479
5,921
ii.
Creditors: Amounts Fallin
Due in One Year
2025
2024
Accruals and sundry creditors
13,214
21.369
13,214
21.369
12.
Share Ca
The Oxford Cenire For Training, Research. Advocacy And Dialogue Ltd is a charitoble company
limiied by guarantee and does not have a share capital.

13.
THE OXFORD cEr￿RE FOR TRAINING RESEARCH ADVOCACY AND DIALOGUE LTD
NOTES TO
ETrLE
OD ENDED 31- MY 2025
13.
Restricted Funds
Balance blfwd
Incomln
Out In Balancecifwd
116124 & transfers & transfers
3115llS
Fund for the Relief of Persecuted Christians
and oihers
Scholarships & cours&s
"Pass Through" Funding
Diocese of Raiwind
Talking Abolli Dying (book)
CCFE Conference
6.643
13,681
250
191,594
180
390
2,196
1,808
4,447
13,375
250
186,594
180
1,040
1,502
650
211738
2.152
9,004
205,886
Scholarshi
s and Courses
The involvem¢ni wilh young people h¢r¢ includes education and vocational training. Aid given here is
generally in microgrant forni.
Pa55 Throu
h Fundin
This generally includes don21ions to be onward transmitted according io the donor's directions.
DIoc￿e of IL'iiivin(I
This effectively represents Pass Through money to support a Technical Training Institute in Pakistan.
Whilst Ihis fund is principally direcied towards education and irdining, it a]so includes funding for
The Jusiice Project
rese￿Ch in relation to this and ple￿ning for a conference concerning it in the
near future.
14.
Anal
515 of Net Assets between Funds
Fixed Net Current
A￿ts
A&sets
Total
Resiricied Funds
Unrestricted Funds
205,886
127,458
205,886
127,458
333,344
333.344
15.
Commitments
In the opinion of the Tnjstees, rhere were no ouistsnding commitments at 31S1 May 2025.