## **THE RALF TRUST** ## **ANNUAL REPORT YEAR ENDED 5 APRIL 2023** ## **CHARITY INFORMATION** ## **TRUSTEES:** Killik & Co Trustee Limited 46 Grosvenor Street Mayfair London W1K 3HN Mark Alexander Ralf Appleby Seaward Drive West Wittering W. Sussex PO20 8AB Claire Alison Ralf Appleby Seaward Drive West Wittering W. Sussex PO20 8AB OFFICES: Killik & Co Trustees Limited Crown House Crown Street Ipswich Suffolk IP1 3HS INVESTMENT MANAGERS: Killik & Co 46 Grosvenor Street Mayfair London W1K 3HN BANKERS: Metro Bank One Southampton Row London EC1B 5HA INDEPENDENT EXAMINER Killik & Co Crown House Crown Street Ipswich Suffolk IP1 3HS REGISTERED CHARITY NUMBER 1144551 ## **THE RALF TRUST** ## **TRUSTEE’S REPORT YEAR ENDED 5 APRIL 2023** ## **CONSTITUITION AND OBJECTIVES OF THE TRUST** The Ralf Trust is registered with the Charity Commission for England and Wales and constituted by Deed of Trust dated 11 August 2011. Under its terms the Trust is to advance the Christian Religion and education and relieve persons suffering hardship and distress or who are aged or sick or to benefit the community at large. ## **FURTHERANCE OF THE OBJECTIVES OF THE TRUST** The Trustees are pleased to report that during the year they have donated £41,650 in accordance with the Charity’s objectives as above. ## **STATEMENT OF THE TRUSTEES’ RESPONISIBILITIES** The Charities Act 1992 and 1993 require the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the surplus or deficit of the Charity for that period. In preparing these financial statements the Trustees are required to: - Select suitable accounting policies and then apply them consistently. - Make judgements and estimates that are reasonable and prudent. - Prepare the financial statements on the going concern basis unless it is inappropriate to do so. - Act in accordance with the Charity’s constitution and rules. The Trustees are responsible under Trust Law to ensure the propriety of transactions and for keeping adequate accounting records to enable them to ensure that the financial statements comply with the Charities Act 1992 and 1993. They are also responsible for safeguarding the assets of the Charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities. The major risks to which the Charity is exposed as identified by the Trustees have been reviewed and systems established to mitigate those risks. ## **THE RALF TRUST** ## **TRUSTEES’ REPORT (CONTINUED)** ## **YEAR ENDED 5 APRIL 2023** ## **RISK REVIEW** The Trustees have assessed the major risks to which the Charity is exposed in particular those related to operations and finances of The Trust and are satisfied that systems are in place to mitigate our exposure to major risks. ## **RESERVES AND INVESTMENT POLICY** The Trustees’ policy is to maintain reserves such that income generated is sufficient to meet the running costs and secure the long term existence of the Charity. On behalf of the Trustees Julia Hacker (Authorised Official) **The Ralf Trust Registered Charity Number: 1144551 Accounts for year ended 5 April 2023** **Portfolios: KCX7061 KCX7064 KCX70P4 KCX70T4** ## **The Ralf Trust** ## **Registered Charity No: 1144551** ## **Receipts** |**Page no.**
**reference**
**Value of Funds as at 6 April 2022**
Killik Investment Portfolio
**3**
Metro Bank cash balance
Platform Securities cash balance
**_Investment Portfolio - Gains/Losses_**
Realised Loss on sales made in 2022/23
**3**
Unrealised Loss in 2022/23
**3**
**_Investment Portfolio_**
Sale Scrip Dividend Woodside Energy Group Ltd Ord NPV
Fractional cash Woodside Energy Group Ltd Ord NPV
Foreign exchange
**_Dividend / Interest Income_**
Investments - Income received during 2022/23
**3**
Metrobank Credit Interest
**_Donations_**
**_Date_**
Claire Ralf
03/08/2022
Mark Ralf
08/02/2023
Mark Ralf under payroll giving scheme:
21/04/2022
27/05/2022
07/07/2022
05/08/2022
30/08/2022
05/10/2022
01/11/2022
23/11/2022
01/12/2023
24/01/2023
01/02/2023
21/03/2023
31/03/2023
Amazon
09/05/2022
Amazon
31/01/2023
**Total**|**£**
416,859.95
18,961.55
851.40
(13,694.61)
(11,672.87)
1,693.70
5.96
(366.83)
14,449.12
35.23
6,300.00
30,000.00
1,673.08
3,346.16
1,673.08
1,753.44
1,723.31
1,723.31
1,723.31
1,723.31
1,723.31
1,723.31
1,723.31
1,723.31
1,723.31
5.00
6.10|**£**
436,672.90
(25,367.48)
1,332.83
14,484.35| |---|---|---| |||427,122.60
36,300.00
23,955.55
11.10| |||**487,389.25**
**£**| Page 1 ## **The Ralf Trust** ## **Registered Charity No: 1144551** ## **Payments** |**Payments**||| |---|---|---| |**Payments made to charities**
**Payment**
**Registered**
**Charity No.**
**Page no.**
**reference**
24-7 Prayer
Faster Payment
1091413
Christians Against Poverty
800177
1097217
Day One Prison Ministries
800178
233465
Intercontinental Church Society
Faster Payment
1072584
London City Mission
800174
247186
OMF International (UK)
800171
1086040
Operation Mobilisation (Fuel)
800172
1008196
Operation Mobilisation (S/Projects)
800173
1008196
Release International
800175
280577
St Michael's Church
Faster Payment
1130914
West Wittering Church, Church of England
Faster Payment
1141879
Wycliffe Bible Translators
800176
251233
Killik & Co Investment Portfolio Fees
Global Custody Quarterly charges
Legal Identifier fee
**Value of funds as at 5 April 2023**
Killik Investment Portfolio
**3**
Metro Bank
Platform Securities|**£**
10,000.00
1,000.00
2,500.00
650.00
3,000.00
5,000.00
2,500.00
2,500.00
2,500.00
2,000.00
5,000.00
5,000.00
1,419.72
677.50
84.00
363,172.48
66,565.00
13,820.55
£|**£**
41,650.00
2,181.22| |||43,831.22
443,558.03| |||**487,389.25**
**£**| Page 2 Assets ||**Trust: The Ralf Trust**|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||**Registered Charity Number: 1144551**|||||||||||||||| ||**Schedule of Investments for theyear ended 5 April 2023**|||||||||||||||| |||||||||||||||||| ||**Security Description**|**Nominal**|**_Book Cost_**|**Market value**||**Date**|**Nominal**|**Purchases in**
**2022/23**|
**Sales in**
**2022/23**|**Realised**
**gain/(loss) in**
**2022/23**||**Nominal**|**_Book Cost_**|**Market value**|**Unrealised**
**gain/(loss) in**
**2022/23**|**Net**
**Income**
**2022/23**| |||**05-Apr-22**|**_05-Apr-22_**|**05-Apr-22**||||||||**05-Apr-23**|**_05-Apr-23_**|**05-Apr-23**||| ||||**_£_**|**£**||||**£**|**£**|**£**|||**_£_**|**£**|**£**|**£**| ||**Portfolio KCX70P4**|||||||||||||||| ||Accenture plc|1,600.00
_4,414.90_
3,437.00
_6,307.20_
6,000.00
_12,087.01_
500.00
_8,848.45_
2,000.00
_8,115.05_
5,000.00
_6,017.46_
10,000.00
_10,135.00_
320.00
_5,005.18_
10,000.00
_9,158.40_
340.00
_10,110.89_
70.00
_10,035.89_
10,000.00
_10,163.53_||||05/01/2023|27.00|6,092.77||||27.00
_6,092.77_
80.00
_5,888.69_
65.00
_5,123.56_
13.00
_6,237.07_
3,437.00
_6,307.20_
25.00
_6,317.28_
500.00
_8,848.45_
2,000.00
_8,115.05_
95.00
_6,086.64_
42.00
_6,018.16_
27.00
_5,929.44_
345.00
_6,120.43_
320.00
_5,005.18_
340.00
_10,110.89_
285.00
_6,059.75_
70.00
_10,035.89_
17.00
_5,396.68_
25.00
_5,257.95_||6,096.07|3.30|18.63| ||AlphabetInc|||||05/01/2023|80.00|5,888.69||||||6,738.14|849.45|| ||AmazonCom Inc|||||18/01/2023|65.00|5,123.56||||||5,273.39|149.83|| ||ASML Holding|||||05/01/2023|13.00|6,237.07||||||6,900.06|662.99|13.33| ||BAEsystems|||11,852.80||21/07/2022|1,600.00||12,536.81|684.01||||||243.20| ||Barclays plc ord gbp0.25|||5,052.39||||||||||5,077.14|24.75|249.18| ||BerkshireHathawayInc ComUSD0.0033 ClassB|||||24/01/2023|25.00|6,317.28||||||6,225.12|(92.16)|| ||BellevueHealthcareTrust plcredeemable ord gbp0.01|||11,400.00||05/01/2023|6,000.00||9,300.49|(2,099.51)||||||375.00| ||BHPgroupltdnpv(di)|||14,822.50||||||||||12,062.50|(2,760.00)|1,129.16| ||BPord usd0.25|||7,658.00||||||||||10,674.00|3,016.00|400.28| ||BTGroup ord gbp0.05|||9,232.50||05/01/2023|5,000.00||6,099.25|(3,133.25)||||||385.00| ||Burford Capitalplc 6.125% gtd snr nts26/10/24gbp100'regs'|||10,127.50||13/01/2023|10,000.00||9,889.66|(237.84)||||||612.50| ||Canadian PacificRailwayLtd Com NPV|||||05/01/2023|95.00|6,086.64||||||5,776.16|(310.48)|| ||CMEGroupInc Com|||||06/01/2023|42.00|6,018.16||||||6,580.26|562.10|31.62| ||DanaherCorp Com|||||05/01/2023|27.00|5,929.44||||||5,368.04|(561.40)|| ||DeutscheTelekom AG|||||10/01/2023|345.00|6,120.43||||||6,973.55|853.12|| ||Diageo ord gbp0.28101/108|||12,734.40||||||||||11,740.80|(993.60)|243.77| ||European AssetsTrust plc ord gbp0.10|||11,525.00||10/01/2023|10,000.00||9,458.00|(2,067.00)||||||660.00| ||Experianplc ord usd0.10|||10,053.80||||||||||9,115.40|(938.40)|148.44| ||Halma ord GBP0.10|||||13/01/2023|285.00|6,059.75||||||6,141.75|82.00|| ||International BusMachcorp comusd0.20|||6,900.70||||||||||7,422.72|522.02|322.25| ||International Personal Finance plc7.75%- 14/12/2023 gbp100'16'|||10,032.05||10/01/2023|10,000.00||9,817.14|(214.91)||||||775.00| ||IntuitInc ComUSD0.01|||||18/01/2023|17.00|5,396.68||||||5,991.27|594.59|| ||Intuitive Surgical Inc Com USD0.001|||||18/01/2023|25.00|5,257.95||||||5,175.75|(82.20)|| Page 3 Assets ||InvescoPhysical Markets secured goldlkdnts 31/12/2100 usd|45.00
_6,148.73_
8,000.00
_8,604.72_
3,500.00
_15,135.22_
8,500.00
_7,716.63_
185.00
_3,579.45_
90.00
_7,302.43_
100.00
_7,261.87_
10,000.00
_10,110.00_
70.00
_8,529.22_
700.00
_4,262.72_
c
100.00
_7,962.10_
225.00
_6,442.96_
400.00
_8,386.35_
2,500.00
_8,457.12_
500.00
_6,496.99_
1,100.00
_7,592.01_
30.00
_7,400.56_
55.00
_10,326.67_
4,200.00
_7,685.85_
125.00
_6,727.82_|45.00
_6,148.73_
8,000.00
_8,604.72_
3,500.00
_15,135.22_
8,500.00
_7,716.63_
185.00
_3,579.45_
90.00
_7,302.43_
100.00
_7,261.87_
10,000.00
_10,110.00_
70.00
_8,529.22_
700.00
_4,262.72_
c
100.00
_7,962.10_
225.00
_6,442.96_
400.00
_8,386.35_
2,500.00
_8,457.12_
500.00
_6,496.99_
1,100.00
_7,592.01_
30.00
_7,400.56_
55.00
_10,326.67_
4,200.00
_7,685.85_
125.00
_6,727.82_|6,412.05||||||||45.00
_6,148.73_
7,040.89
55.00
_6,401.33_
5,631.75
18.00
_6,419.19_
6,823.33
23.00
_5,962.21_
6,565.27
15.00
_6,278.58_
7,394.40
55.00
_1,064.16_
12,550.78
90.00
_7,302.43_
8,992.03
90.00
_6,056.91_
5,657.77
100.00
_7,261.87_
6,848.14
70.00
_8,529.22_
8,497.35
700.00
_4,262.72_
7,721.00
225.00
_6,442.96_
11,886.75
400.00
_8,386.35_
9,452.00
27.00
_5,869.18_
5,612.55
2,500.00
_8,457.12_
7,687.50
875.00
_12,812.96_
15,868.13
2,455.00
_6,000.11_
6,478.75
21.00
_5,180.39_
9,766.83
90.00
_6,044.90_
5,635.38
28.00
_5,257.21_
11,446.38
35.00
_6,278.64_
6,407.77
250.00
_6,028.79_
3,662.89
87.00
_4,682.56_
6,999.59|45.00
_6,148.73_
7,040.89
55.00
_6,401.33_
5,631.75
18.00
_6,419.19_
6,823.33
23.00
_5,962.21_
6,565.27
15.00
_6,278.58_
7,394.40
55.00
_1,064.16_
12,550.78
90.00
_7,302.43_
8,992.03
90.00
_6,056.91_
5,657.77
100.00
_7,261.87_
6,848.14
70.00
_8,529.22_
8,497.35
700.00
_4,262.72_
7,721.00
225.00
_6,442.96_
11,886.75
400.00
_8,386.35_
9,452.00
27.00
_5,869.18_
5,612.55
2,500.00
_8,457.12_
7,687.50
875.00
_12,812.96_
15,868.13
2,455.00
_6,000.11_
6,478.75
21.00
_5,180.39_
9,766.83
90.00
_6,044.90_
5,635.38
28.00
_5,257.21_
11,446.38
35.00
_6,278.64_
6,407.77
250.00
_6,028.79_
3,662.89
87.00
_4,682.56_
6,999.59|45.00
_6,148.73_
7,040.89
55.00
_6,401.33_
5,631.75
18.00
_6,419.19_
6,823.33
23.00
_5,962.21_
6,565.27
15.00
_6,278.58_
7,394.40
55.00
_1,064.16_
12,550.78
90.00
_7,302.43_
8,992.03
90.00
_6,056.91_
5,657.77
100.00
_7,261.87_
6,848.14
70.00
_8,529.22_
8,497.35
700.00
_4,262.72_
7,721.00
225.00
_6,442.96_
11,886.75
400.00
_8,386.35_
9,452.00
27.00
_5,869.18_
5,612.55
2,500.00
_8,457.12_
7,687.50
875.00
_12,812.96_
15,868.13
2,455.00
_6,000.11_
6,478.75
21.00
_5,180.39_
9,766.83
90.00
_6,044.90_
5,635.38
28.00
_5,257.21_
11,446.38
35.00
_6,278.64_
6,407.77
250.00
_6,028.79_
3,662.89
87.00
_4,682.56_
6,999.59|628.84|| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||JLEN Environmentalassets groupltd ordnpv|||8,880.00||10/01/2023|8,000.00||9,504.00|624.00||||||421.60| ||JP MorganChase & Co ComUSD1.00|||||13/01/2023|55.00|6,401.33|||||||(769.58)|| ||Keyence CorpNPV|||||20/01/2023|18.00|6,419.19|||||||404.14|| ||Law Debenture Corp ord gbp0.05|||28,245.00||20/01/2023|3,500.00||28,387.88|142.88||||||1,054.38| ||LindePlc Com Eur0.001|||||03/03/2023|23.00|5,962.21|||||||603.06|23.56| ||Lonza GroupAG CHF1(Regd)|||||10/01/2023|15.00|6,278.58|||||||1,115.82|| ||MIChelverton EquityFundMIChelvertonUK Equityincome b dis|||9,977.50||11/01/2023|8,500.00||9,034.65|(942.85)||||||485.74| ||Microsoft Corp comusd0.00000625|||43,989.85||05/01/2023|130.00||24,777.06|(6,134.73)|||||(527.28)|275.41| ||Nestle SACHF.10 (regd)|||9,152.58|||||||||||(160.55)|131.38| ||NexteraEnergyInc ComUSD0.01|||||24/01/2023|90.00|6,056.91|||||||(399.14)|29.50| ||Orsted a/s dkk10|||9,685.47|||||||||||(2,837.33)|218.13| ||Paragon BankingGroup plc 6% snremtn 28/08/2024gbp100'3' 'regs'|||10,735.00||13/01/2023|10,000.00||10,231.72|(503.28)||||||300.00| ||Procter& Gamble co com npv|||8,281.85|||||||||||215.50|179.48| ||Prudentialgbp0.05|||7,934.50|||||||||||(213.50)|100.94| ||PrusikUmbrella UCITSFund plcPrusik Asian Equityincome b usdin|||14,561.80||16/01/2023|100.00||14,989.58|427.78||||||706.74| ||RioTinto ord gbp0.10|||13,770.00|||||||||||(1,883.25)|1,291.39| ||Shellplc ord eur0.07|||8,484.00|||||||||||968.00|345.20| ||SikaAG CHF0.01(Reg)|||||10/01/2023|27.00|5,869.18|||||||(256.63)|48.98| ||Smith(DS) ord gbp0.10|||7,990.00|||||||||||(302.50)|525.00| ||SSEplc gbp0.50|||8,985.00||06/01/2023|375.00|6,315.97|||||||567.16|554.75| ||Tesco Ord GBP0.06333|||||10/01/2023|2,455.00|6,000.11|||||||478.64|| ||Standard Chartered plc ord usd0.50|||5,495.60||05/01/2023|1,100.00||7,292.38|1,796.78||||||116.28| ||ThermoFisherScientificinc comusd1|||13,405.13||06/01/2023|9.00||4,170.22|148.68|||||383.24|25.18| ||TJXCocInc ComStkUSD1|||||05/01/2023|90.00|6,044.90|||||||(409.52)|18.85| ||UnitedhealthGroupinc comstkusd0.01|||21,797.05||21/07/2022|27.00||11,211.67|511.30|||||349.70|210.64| ||VisaInc ComStkUSD0.0001 A|||||05/01/2023|35.00|6,278.64|||||||129.13|11.07| ||Vonovia SE NPV|||||13/01/2023|250.00|6,028.79|||||||(2,365.90)|| ||Vodafone Group ord usd0.2095238|||5,270.16||05/01/2023|4,200.00||3,692.81|(1,577.35)||||||325.27| ||Xylem inc comusd0.01|||8,304.81||05/01/2023|38.00||3,483.40|958.74|||||1,219.44|101.15| |||||||||||||||||| ||**Sub Total**||**256,528.38**
**£**|**372,748.99**
**£**||||**138,184.23**
**£**|**183,876.72**
**£**|**£(11,616.55)**|||**266,079.60**
**£**|**313,959.35**
**£**|**£(1,480.60)**|**13,107.98**
**£**| Page 3 Assets |||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||**Security Description**|**Nominal**|**_Book Cost_**|**Market value**||**Date**|**Nominal**|**Purchases in**
**2022/23**|
**Sales in**
**2022/23**|**Realised**
**gain/(loss) in**
**2022/23**||**Nominal**|**_Book Cost_**|**Market value**|**Unrealised**
**gain/(loss) in**
**2022/23**|**Net**
**Income**
**2022/23**| |||**05-Apr-22**|**_05-Apr-22_**|**05-Apr-22**||||||||**05-Apr-23**|**_05-Apr-23_**|**05-Apr-23**||| ||||**_£_**|**£**||||**£**|**£**|**£**|||**_£_**|**£**|**£**|**£**| |||||||||||||||||| ||**Portfolio KCX70T4**|||||||||||||||| ||3i Infrastructure ordnpv|4,736.00
_8,598.71_
3,000.00
_6,192.56_
4,200.00
_6,303.55_
4,400.00
_6,043.54_||16,741.76||13/01/2023|3,900.00||13,013.32|(773.18)||836.00
_1,517.85_
2,633.40
788.00
_3,400.22_
3,349.00
43.67
_6,000.00_
5,893.27
3,060.00
_2,585.70_
2,539.80
1,640.57
_2,200.00_
2,106.49
2,900.00
_2,584.49_
2,398.30
3,000.00
_6,192.56_
5,211.00
9.42
_2,600.00_
2,582.03
1,375.38
_1,400.00_
1,391.85
22.086
_2,600.00_
2,536.11
2,240.00
_2,116.13_
1,921.92
1,600.00
_1,398.40_
1,302.40
4,200.00
_6,303.55_
5,854.80
2,869.44
_3,600.00_
3,626.69
2,000.00
_2,747.06_
2,644.00
24.221
_3,300.00_
3,222.07|||(321.86)|511.49| ||BH MacroLtd OrdNPV|||||13/02/2023|788.00|3,400.22|||||||(51.22)|| ||C GPortfolioFundPLC|||||16/01/2023|43.67|6,000.00|||||||(106.73)|| ||CordiantDigital InfrastructureLtd OrdNpv|||||13/01/2023|3,060.00|2,585.70|||||||(45.90)|| ||Franklin Templeton Funds Clearbridge Gbl Infrstr|||||13/01/2023|1,640.57|2,200.00|||||||(93.51)|| ||Hipgnosis SongsFundLtd|||||13/01/2023|2,900.00|2,584.49|||||||(186.19)|| ||LondonmetricProperty plc ord gbp0.10|||8,304.00|||||||||||(3,093.00)|235.80| ||LumynaMarshall Wace|||||18/01/2023|9.42|2,600.00|||||||(17.97)|| ||MI Twentyfour InvestmentFunds|||||13/01/2023|1,375.38|1,400.00|||||||(8.15)|| ||PGIM FundsPLC|||||13/01/2023|22.086|2,600.00|||||||(63.89)|| ||SDCL EnergyEfficiencyInc|||||02/02/2023|2,240.00|2,116.13|||||||(194.21)|33.60| ||SequoiaEconomicInfrastructureInc|||||13/01/2023|1,060.00|1,398.40|||||||(96.00)|27.50| ||Tritax BigBox REITplc ord gbp0.01|||10,441.20|||||||||||(4,586.40)|265.23| ||Trojan InvestmentFunds|||||13/01/2023|2,869.44|3,600.00|||||||26.69|| ||Urban LogisticsREITplc ord gbp0.01|||8,624.00||13/01/2023|2,400.00||3,399.12|(1,304.88)|||||(1,276.00)|267.52| ||WintonUCITSFunds|||||17/01/2023|24.221|3,300.00||||24.221|||(77.93)|| |||||||||||||||||| ||**Sub Total**||**27,138.36**
**£**|**44,110.96**
**£**||||**33,784.94**
**£**|**16,412.44**
**£**|**2,078.06**
**-£**|||**50,545.96**
**£**|**49,213.13**
**£**|**£(10,192.27)**|**1,341.14**
**£**| |||||||||||||||||| ||**Total**||**283,666.74**
**£**|**416,859.95**
**£**||||**171,969.17**
**£**|**200,289.16**
**£**|**£(13,694.61)**|||**316,625.56**
**£**
**£363,172.48**||**£(11,672.87)**|**£14,449.12**| Page 3 ## **Independent examiner's report to the trustees of The Ralf Trust Reg Charity No. 1144551 on Accounts for the year ended 5 April 2023** I report on the accounts of the Trust for the year ended 5 April 2023, which are set out on pages 1 to 5. ## **Respective responsibilities of trustees and examiner** The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to: - examine the accounts under section 145 of the 2011 Act; - to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and - to state whether particular matters have come to my attention. ## **Basis of independent examiner's report** My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below. ## **Independent examiner's statement** In connection with my examination, no matter has come to my attention: (1) which gives me reasonable cause to believe that in any material respect the requirements: - to keep accounting records in accordance with section 130 of the 2011 Act; and - to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Name: Julia Hacker TEP Address: Killik & Co LLP, Crown House, Crown Street, Ipswich, Suffolk IP1 3HS Date: 1 February 2024