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2025-03-31-accounts

OpenBright Foundation

Trustees’ Annual Report

For the year ended: 31[st] March 2025

Charity registered number: 1190215

Contents

1. Legal and administrative information 3
2. Report of the Trustees 4
2.1
Highlights of OpenBright’s grant-making activities 2024-25		 4
2.2
Objectives and activities for public benefit		 5
Purposes and objectives 5
Activities undertaken April 2024 to March 2025 5
Planned activities April 2025 to March 2026 7
2.3
Grant making policy		 8
Principles and priorities for support 8
Grant making criteria 9
Grant making processes 9
2.4
Structure, governance and management		 10
2.5
Organisational structure and decision making		 10
Trustee Meetings 10
Method of appointment or election of Trustees 10
Administration and advisory input 10
Other relevant organisations 11
Chair 11
Treasurer 11
2.6
OpenBright’s grant-making		 11
2.7
Outcomes of OpenBright’s funding		 13
Women use our grants to undertake high-quality projects 13
Women access vital resources and opportunities 14
Our Awards help to mitigate financial and practical worries and risks 14
OpenBright Awards celebrate, showcase, and reward women’s efforts 14
Our Awards are helping to inspire innovation, build confidence and give visibility to women in
the field of computing 15
Women are using OpenBright Awards to build skills for employment and research 15
2.7
OpenBright’s impact: to what extent are we meeting our longer-term goals?		 16
2.7
Statement of Trustees' responsibilities		 18

2

1. Legal and administrative information

Trustees Elizabeth Molyneux (Chair)
Geraldine Flanagan (Treasurer)
Andy Roberts
Charity registered number 1190215
Registered office 20 Old Bailey
London
EC4M 7AN
Independent examiner Mr J Lyons
Bankers CAF Bank
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
Solicitors Withers LLP
20 Old Bailey
London
EC4M 7AN
Social media consultants Naturally Social
Office 13
Hampton Park West
Melksham
Wiltshire
SN12 6LH

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2. Report of the Trustees

The Trustees present their annual report of the OpenBright Foundation (OpenBright), for the year 1[st] April 2024 to 31st March 2025. The financial statements are presented as a separate document.

2.1 Highlights of OpenBright’s grant-making activities 2024-25

4 university partnerships agreed, established and embedded.

2 Calls for Awards held this year; 7 in total since 2020.

31 new applications received this year from eligible students; 77 in total since 2020.

2 Q&A days held with 13 shortlisted applicants; 7 Q&A days with 42 applicants since 2020.

11 OpenBright Awards (totalling £19,525) made to 11 successful students.; 34 Awards (totalling £60,462) made since 2020.

26 projects from previous Calls completed and 23 Project Completion Questionnaires returned (up until 31[st] March 2025).

Feedback from Awardees continues to show that:

This year, OpenBright also provided financial assistance, through sponsorship, to the Lovelace Colloquium (April 2024) and the Open University’s Women in Computing conference (June 2024).

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2.2 Objectives and activities for public benefit

Purposes and objectives

OpenBright was incorporated as a CIO in July 2020. Its purpose is to advance the education of women of any age studying at UK further or higher education institutions. Under the terms of its constitution, the Board of Trustees will apply funds for the public benefit to promote the education of women in the fields of computing and IT-related subjects in such ways as the Trustees think fit.

Activities undertaken April 2024 to March 2025

The activities undertaken by Trustees during this period were associated with the management, administration, delivery and monitoring of grants (hereafter known as Awards). In setting objectives and planning for these activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. Key activities have been as follows:

Administration, governance and communications

5

Financial management

Partnership maintenance and development

Grant-making, including OpenBright Awards

Grants management

Training, learning and strategy development

6

Planned activities April 2025 to March 2026

At the February 2025 Away Day, Trustees agreed the following key objectives for the next operating period:

Administration, governance and communications

Financial management

Partnership maintenance and development

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Grant-making, including OpenBright Awards

Grants management

Training, learning and strategy development

2.3 Grant making policy

Our grant making policy sets out the principles, criteria and processes that govern how OpenBright makes grants in accordance with its priorities. A grant is defined as a financial award made by the Foundation from its funds to support its charitable objectives.

Principles and priorities for support

The number of projects which can be supported will be limited by the amount of funds available for distribution in one year. The Board of Trustees have determined that the priorities for funding over the new few years will be focused on:

Supporting women to undertake degree-level or postgraduate-level research projects in computing and IT-related subjects, including (but not limited to) software engineering, creative/social technologies, digital media, artificial intelligence and robotics.

Our website provides an overview of what we fund and why. Currently, the overall aim of our grantmaking is to address the gender gap in computing and tech-related education/careers for women living in the UK. In the short term, we hope our funding will encourage and inspire women to explore new ideas and undertake innovative research (in collaboration with their academic

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departments) in the knowledge that their efforts will be celebrated, show-cased and rewarded. Longer term, we hope this support will help to have an impact on gender imbalance in computing careers and will create more women tech leaders of the future.

Grant making criteria

We want our grants to celebrate, support and encourage women to undertake innovative research projects at undergraduate or postgraduate level that perhaps they would otherwise not consider. Our grants are aimed at supporting projects that are reflective of the interests, needs and voices of women. The nature of the costs to be sought might include, for instance, purchase of specialist equipment, books or training; travel/subsistence for attending a conference, meeting or networking event; paying for external mentoring or consultancy; or simply the time and space to explore, experiment and innovate.

The Trustees would expect that such research projects will lead to an academic outcome such as a report, dissertation, thesis; but appreciate that there may be other relevant and tangible outcomes such as artefacts, applications, demonstrations and prototypes.

The Board of Trustees will not normally approve/support applications:

Grant making processes

As set out on our website, all grant requests go through a six-step process as summarised below:

  1. Call for applications – OpenBright issues a Call for applications from eligible students from partner universities. Currently we hold two Calls per year: one in the Spring and one in the Autumn. Typically, Awards are made to students, via partner universities, in April (for the Spring Call) and January (for the Autumn Call).

  2. Application – students complete an online application form and submit this for initial assessment by OpenBright’s Trustees to ensure they meet the basic criteria for funding. Applications not meeting grant-making criteria will be rejected at this stage.

  3. Shortlisting – OpenBright Trustees and/or a subcommittee determine whether the applications should be shortlisted for support. Applications not shortlisted are rejected at this stage.

  4. Assessment - Shortlisted applicants are invited to discuss their proposal at a Q&A session online with the Board of Trustees and/or a subcommittee.

  5. Decision – Grants not recommended are rejected. All grants must be approved/confirmed by the Board of Trustees or a person/committee acting with its delegated authority.

  6. Funding - Grants will be made to the partner university for disbursement by them to successful applicants. OpenBright does not make awards directly to individuals.

Once an Award has been made, OpenBright asks universities to confirm the end dates of projects/Awards are still correct. Students are then contacted around this date and asked to submit a Project Completion questionnaire. This is the only feedback that Awardees are currently asked to submit – there is no requirement for a dedicated final report but we welcome any additional documents or material that Awardees wish to share with us about their completed projects.

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2.4 Structure, governance and management

The OpenBright Foundation was established as a Charitable Incorporated Organisation in July 2020 under the terms of its constitution dated 27[th] November 2019 which include the following provisions regarding governance and management:

2.5 Organisational structure and decision making

Trustee Meetings

The Board meets approximately 12 times each year to make decisions, conduct the business of OpenBright, approve grants and receive reports. Additional meetings, including regular Financial Management meetings, Trustee Away Days are held to expedite actions where necessary. All meetings are minuted and these minutes circulated and agreed by Trustees.

Method of appointment or election of Trustees

The present and founding Trustees are set out in Section 1 of this report. New Trustees will be selected when vacancies or need for additional expertise arises. The Trustee Recruitment policy, which sets out the method for appointment or election of new Trustees, was drafted this year (2024/5) and agreed by Trustees in September 2024.

Administration and advisory input

The day to day running and administration of the CIO is conducted by the Chair and Trustees, with regular and agreed input from a part-time freelance grants and partnerships advisor, a part-time freelance advisor and clerk to the Trustees, and contracted social media consultants.

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Other relevant organisations

Details of other relevant organisations acting in advisory roles are set out in Section 1 of this report.

Chair

The Chair of the Board of Trustees is the Founding Member of the CIO: Elizabeth Molyneux. Elizabeth also sits as a member of all sub-committees.

Treasurer

The Honorary Treasurer oversees the financial records of the CIO, presents financial reports for the Trustees’ meetings together with the Annual Accounts and chairs the finance sub-committee.

2.6 OpenBright’s grant-making

OpenBright’s first funding round was held in Autumn 2021 (Call 1). Since then (and up until 31[st] March 2025) a total of 7 Calls have been held, with 34 OpenBright Awards made to successful applicants, totalling £60,462 in grant funding to female students at UK universities.

Figure 1 shows how our funding has gradually grown over time as Trustees have developed their grant making policies and systems.

Figure 1: OpenBright’s grant giving over time

----- Start of picture text -----
20
18
16
14
12
10
8
6
4
2
0
Call 1 Call 2 Call 3 Call 4 Call 5 Call 6 Call 7
Total funding in £000s Number of Awards made
----- End of picture text -----

Figures 2 to 4 below show the types of students, projects and deliverables funded by OpenBright to date and including our 7[th] Call in Spring 2025. Over three-quarters of OpenBright Awards have been made to postgraduate students (n=27 Awards) with far fewer successful applications from undergraduates.

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Figure 2: Types of students funded by OpenBright (n=34)

----- Start of picture text -----
BSc (undergraduate)
7
10
MSc (postgraduate)
PhD (postgraduate)
17
----- End of picture text -----

The projects funded cover a diverse range of computing topics, with common themes including artificial intelligence and machine learning, cybersecurity, software engineering and systems analysis and design.

Figure 3: Subject area of projects undertaken by Awardees (n=34)

----- Start of picture text -----
4
4
2
2
1
4
----- End of picture text -----

----- Start of picture text -----
17
----- End of picture text -----

----- Start of picture text -----
AI and Machine Learning
Cybersecurity
Database sytems
Graphics and HMIs
Internet of Things (IoT)
Software engineering
Systems analysis and
design
----- End of picture text -----

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Figure 4: Types of deliverables funded by OpenBright (n=34)

----- Start of picture text -----
Data model
1 1
1
Novel research
Policy document
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9 Review
Software
Specification/framework
1
Training guide
4 3
Website
----- End of picture text -----

2.7 Outcomes of OpenBright’s funding

OpenBright collects impact data from Awardees via an online, end-of-award completion questionnaire. All awardees are required to complete this questionnaire as set out in the terms and conditions they accept when the Award is made to them. Up until 31[st] March 2025, 26 of the 34 funded projects had reached their completion date and of these, 23 awardees had submitted a completion questionnaire: a response rate of 88%.

Data from these questionnaires show that OpenBright Awards provide both practical support and meaningful recognition for female computing students. Our grants empower women personally and professionally while elevating the quality, scope, and impact of their projects.

Women use our grants to undertake high-quality projects

OpenBright Awards enable women to access key resources, new skills, and professional networks to enhance the technical quality, scope, and impact of their projects and dissertations.

Awardees commonly use funds to upgrade to high-performance laptops or obtain specialist software and paid APIs, essential for advanced modelling and data processing.

“The OpenBright Award eliminated the financial burden of purchasing a highperformance laptop.”

Women also invest in online courses, bootcamps, and certifications, applying new techniques directly to their projects in areas such as AI, machine learning, and data science.

“The knowledge and skills acquired from the online courses… enabled me to develop a high-performing model.”

Conference attendance and engagement with industry experts expand horizons and improve outputs, creating networks that support future research and career progression.

“Attending the Infobip Shift Developer Conference allowed me to apply knowledge that made my app fully functional.”.

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Women access vital resources and opportunities

OpenBright grants act as a gateway to high-spec resources and experiences that women might otherwise struggle to access. Practical support also extended beyond hardware to professional development and funding is used to support participation in conferences, workshops, and summer schools, enriching project relevance and visibility.

“The award enabled me to take courses on AI systems development and attend conferences that enhanced my expertise.”

“I was able to network with people of high calibres and great expertise within the industry.”

Some awardees have used funding for participation and stakeholder engagement (travel for interviews, focus groups, poster sessions) deepening the validity and reach of their research projects.

“It afforded me the opportunity to physically conduct focus group sessions and better form relationships with relevant stakeholders.”

“Having the OpenBright Award significantly impacted my project by providing crucial funding that allowed me to expand the study's scope.”

Our Awards help to mitigate financial and practical worries and risks

Financial support from OpenBright reduces stress and frees up time for innovation. Owning equipment and providing fully funded access removes reliance on shared facilities and short-term resource limits such as free tiers, enabling flexibility and continuity.

“It eased up the financial challenge I had with having to pay for the bootcamp.”.

“Having my own efficient laptop gave me complete control of my time and flexibility.”.

“…before the award, I had been forced to rely on Google Colab’s GPU resources… The OpenBright Award eliminated the financial burden of purchasing a highperformance laptop…”.

“The award offers financial support which allows more focus on your studies and projects, without worrying as much about finances.”

OpenBright Awards celebrate, showcase, and reward women’s efforts

OpenBright validates women’s potential, boosts confidence, and provides platforms for recognition.

“…my abstract has been accepted for a poster presentation at the Health and Care Analytics (HACA) Conference…”.

“It’s more than just financial support - it’s a vote of confidence in your abilities and potential.”

Questionnaire data has highlighted that Awardees found applying to OpenBright to be an empowering and rewarding experience that opens doors to new opportunities.

“Applying for the OpenBright Awards is an empowering experience. The recognition and support provided by the award can open doors to new

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opportunities, boost confidence, and help set you apart in your studies and future career. It’s a fantastic way to connect with a community that truly values diversity and is invested in your success.”

Some recipients actively promote the award through blogs, social media, and peer networks.

“I have personally written a post on our internal university Research Blog to highlight the benefits of the OpenBright Award.”

“I have recommended few of my cohorts to apply for the grant and I would like to keep motivating people to put forward their applications.”

“…I am available to be contacted by any prospective awardees who may have questions or need guidance.”

Our Awards are helping to inspire innovation, build confidence and give visibility to women in the field of computing

OpenBright grants inspire women to explore new ideas, push boundaries, and undertake innovative research.

“Applying for the award helped shape my research very early into my PhD.”

Awards encourage women to pursue projects they might otherwise have not considered, while creating enhanced opportunities for networking inside and outside academia. Women consistently describe Open Bright Awards as a catalyst for confidence and a sense of belonging in a maledominated field.

“Knowing that my potential was recognised through the award boosted my confidence to succeed in the male-dominated tech industry.”

“It made me feel supported and proud to be female in an industry that is populated with male colleagues.”

This recognition often translated into ambition and resilience whereby the Award created a sense of

responsibility that sustained some awardees through challenges with their projects.

“When my academic pressure became overwhelming… what kept me going was knowing I had made a commitment to OpenBright.”

“This sense of responsibility prevented me from giving up… I felt obligated to OpenBright to persevere because they had invested in me.”

Women are using OpenBright Awards to build skills for employment and research

Since February 2024 we have asked if Awardees are planning to stay in computing/tech. All 17 who answered this question said they were, with:

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Awardees have told us that OpenBright Awards help them gain knowledge and skills that equip them for employment or further study, with some linking this directly to job offers and PhD opportunities.

“…allowed me to produce a fully functional mobile application…”.

“The knowledge and skills acquired… played a significant role in my success at a job interview, ultimately leading to my employment as a Performance Analyst.”

“The project gave me hands-on experience that directly led to opportunities like attending international conferences and securing my current PhD position.”

“I feel that the experiences my award provided me with opened my eyes more to the extensive world of computing and truly made me feel like I had a future in the industry. Being the only girl on my course throughout University, it was really refreshing to meet and mix with female software engineers.”

2.7 OpenBright’s impact: to what extent are we meeting our longer-term goals?

OpenBright’s overarching aim is to address the gender gap in computing and tech-related education/careers for women living in the UK. Through our Awards and other forms of funding we hope to contribute to the following longer-term impacts:

Since 2021, 34 OpenBright Awards have been made to female students at UK universities, totalling £60,462 in grant funding. Partnerships with four universities have already been established and our plans to expand our partnerships to more universities show structural commitment to widening access.

Feedback from awardees indicates OpenBright funding may be encouraging women to stay in computing and pursue advanced study. A few awardees have reported direct career impacts showing that skills and confidence gained through awards are translating into employment outcomes. Data from the completion questionnaire also confirms that high numbers of awardees are planning to remain in computing/tech, and that networking opportunities and visibility through conferences are helping to sustain engagement.

Projects funded by OpenBright include digital health prototypes, apps tailored to user needs, and AI models informed by diverse perspectives. Awardees describe using funding for stakeholder engagement and projects show diversity-driven design, but long-term sector-level change will require scale.

Awardees actively advocate for OpenBright and recommend applying to their fellow female students, with some offering peer support and guidance. These early signs of mentoring are positive but require some further support and possibly some formalisation for instance through an alumni network.

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OpenBright’s impact on numbers of women in positions of leadership is not yet evident. There is strong evidence that our Awards build confidence and visibility and provide networking opportunities; but leadership outcomes will depend on sustained career progression over time. We will also need to find ways to measure these outcomes through sustained contact with awardees/alumni in the longer term.

To conclude: OpenBright is meeting or making progress on goals relating to retention and career entry. Evidence of mentoring and leadership is emerging, but we may want to consider longer-term tracking and alumni engagement to monitor and evidence this. Sector-level goals (e.g., influencing product design and leadership representation) are long-term and highly aspirational. To have impact on these, OpenBright will need to find ways to work in partnership with sector-level bodies and thought leaders in the computing field.

Given that OpenBright has only been making Awards for four years, since 2021, the outcomes noted in section 2.6, and the emerging impacts noted in this section are significant. Evidence from Awardees indicates that OpenBright grants are already catalysts for progress: they remove practical barriers, build capability and confidence, and create visibility for women in computing, as this quote sums up:

“Receiving the OpenBright Award made a meaningful impact on me as a woman studying computing. It not only provided practical support—such as funding a laptop essential for my studies—but also offered recognition in a field where women are still underrepresented. The award reinforced my confidence, showing me that my efforts and potential were valued. It inspired me to push forward, stay committed to my goals, and hopefully encourage other young women to pursue computing as well.”

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2.7 Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). OpenBright’s financial statements are presented as a separate document.

The law applicable to charities in England and Wales requires 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 incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the governing document. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report was approved by the Trustees and signed on their behalf by:

Geraldine Flanagan Honorary Treasurer Date: 26 January 2026

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Registered number 1190215

Openbright Foundation

Accounts

31 March 2025

Openbright Foundation Accountants' Report

Examiner's report to the trustees of Openbright Foundation

I report to the trustees on my examination of the accounts for the year ended for the year ended 31 March 2025.

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

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

  2. 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 in order to enable a proper understanding of the accounts to be reached.

Mr J Lyons Accountants

11 Codrington Rd Bristol BS7 8ET

14 November 2025

1

Openbright Foundation Statement of Financial Activities for the year ended 31 March 2025

Income
Other income
Charitable Activities
University Partnership Grants & Awards
Gross profit/(loss)
Staff costs
Other charges
Added to Reserves/(deducted from reserves)		 2025
£
83,338
104
(20,125)
63,317
(365)
(34,554)
28,398
28,398		 2024
£
10,000
68
(24,298)
(14,230)
(1,002)
(36,393)
(51,625)
(51,625)

2

Openbright Foundation Registered number: Balance Sheet as at 31 March 2025

1190215

Fixed assets
Current assets
Prepayments and accrued income
Creditors: amounts falling due within
one year
Net current assets
Total assets less current liabilities
Accruals and deferred income
Net assets
Total Charity Funds
Average number of employees		 2025
£
2,861
29,766
3,960
33,726
(2,631)
31,095
33,956
(328)
33,628
33,628
Number
0		 2024
£
2,861
6,493
358
6,851
(570)
6,281
9,142
(3,912)
5,230
5,230
Number
0

Openbright Foundation is a registered Charity registered in England. Its registered office is 20 Old Bailey, London, EC4M 7AN.

The trustees are satisfied that the charity is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.

The trustees have not required the company to obtain an audit in accordance with section 476 of the Act.

The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

G Flanagan Treasurer Approved by the board on :

3

Openbright Foundation Detailed profit and loss account items for the year ended 31 March 2025

This schedule does not form part of the statutory accounts

Income
Donations
Other income
Other operating income
Interest receivable
Charitable Activities
Awards via University Partnerships
Staff costs
Staff training and welfare
Travel and subsistence
Other charges
Premises costs:
Rent
General administrative expenses:
Telephone and internet
Postage
Stationery and printing
Subscriptions
Bank charges
Insurance
Software
Sundry expenses
Legal and professional costs:
Consultancy fees
Advertising and PR
Other legal and professional		 2025
£
83,338
-
104
104
20,125
153
212
365
823
823
170
16
954
444
60
89
410
-
2,143
6,379
14,795
10,414
31,588
34,554		 2024
£
10,000
1
67
68
24,298
164
838
1,002
270
270
123
-
71
363
60
96
492
-
1,205
11,449
14,443
9,026
34,918
36,393

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Openbright Foundation Detailed balance sheet items as at 31 March 2025

Fixed assets
Intangible fixed assets
Plant and machinery etc
Current assets
Other debtors
Cash at bank and in hand
Prepayments and accrued income
Prepayments
Creditors: amounts falling due within one year
Trade creditors
Other creditors
Accruals and deferred income
Accruals
Total Charity Funds
Profit and loss account
Profit and loss account
Brought forward
Added to Reserves/(deducted from reserves)		 2025
£
370
2,491
2,861
106
29,660
29,766
3,960
2,514
117
2,631
328
33,628
5,230
28,398
33,628		 2024
£
370
2,491
2,861
-
6,493
6,493
358
540
30
570
3,912
5,230
56,855
(51,625)
5,230

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Openbright Foundation Accountants, Report Examiner's report to the trustees of Openbright Foundation report to the trustees on my examination of the accounts for the year ended for the year ended 31 March 2025. 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 Cthe 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 sertion 145(5)(b) of the Act. Independent examiner's statement I have completed my examination. I confim) that no material matters have come to my attention in connection with the examination giving me cause to tklieve that in any material respect.. l. 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 Report5) 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 in order to enable a proper understanding of the accounts to be reached. Mr J Lyons Accountsnts 11 Codrington Rd Bristol BS78 14 November 2025