THE RIGHT COURSE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 ## THE RIGHT COURSE Annual report and financial statements For twelve months to 31[st] December 2025 Registered Charity Number: 1190520 (England & Wales) Page 1 of 25 THE RIGHT COURSE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 Contents ||Page| |---|---| |Reference and Administration Details|3| |Report of the Trustees|4 - 15| |Independent Examiner’s Report|16| |Statement of Financial Activities|17 -18| |Notes to the Financial Statements|19 - 25| Page 2 of 25 THE RIGHT COURSE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 ## REFERENCE AND ADMINISTRATION DETAILS ## Trustees _(2-year position)_ At date of approval of the financial statements ## Fred Sirieix, Chairman ## Chief Executive Officer Simon Sheehan (appointed CEO 1 July 2023, prior to this date appointed as consultant from 3 May 2021) (appointed 22 July 2019, Reappointed 12 July 2023, 21 May 2025) Michele Caggianese (appointed 22 July 2019, Reappointed 12 July 2023, 21 May 2025) Registered Name The Right Course Registered Charity No. 1190520 (England & Wales) ## Beverley Campbell (appointed 21 July 2022, Reappointed 4 September 2024) ## Charlie McVeigh (appointed 21 July 2022, Reappointed 4 September 2024) ## Francesco Messinas (appointed 21 July 2022, Reappointed 4 September 2024) Ali Zaidi (appointed 22 July 2019, Reappointed 12 July 2023, 21 May 2025) Principal office The Right Course 15 Stonor Road, London W14 8RZ United Kingdom Tel: +44 75729 10362 Email: info@therightcourse.org.uk Website: therightcourse.org.uk Independent Examiner Berish Hoffman FCA Landau Morley LLP 325-327 Oldfield Lane North Greenford Middlesex UB6 0FX Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill, West Malling, Kent ME19 4JQ Page 3 of 25 THE RIGHT COURSE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 In this report and financial statement The Right Course is referred to as the “charity”. ## STRUCTURE, GOVERNANCE AND MANAGEMENT The trustees present their report together with the financial statements of The Right Course for the 12 months to the year ended 31 December 2025. The Right Course is constituted as a Charitable Incorporated Organisation on 22 July 2020 and is a registered charity with the Charity Commission of England and Wales (No. 1190520). ## TRUSTEES AND OTHER KEY MANAGEMENT PERSONNEL The trustees consider that the board of trustees and the charities’ CEO comprise the key management personnel of the charity who oversee the management and control of the charity as well as running and operating it on a day-to-day basis. The trustees who served during the period from 1 January 2025 to the date that this report was approved are listed on page 2. Trustees hold office for a period of two years and may be re-appointed. New trustees are identified and nominated by existing members. Trustees can hold positions with any of the charities partners however they remove themselves from any decision if there is a conflict of interest. The trustees are all unpaid volunteers. A trustee may receive reasonable and proper remuneration for professional services rendered to the charity and reasonable out of pocket expenses. Payments made during the year are set out in note 5. Trustee Indemnity Insurance is in place and the premium is paid by the charity. The Charity has a formal procedure for inducting new trustees to ensure that they are fully familiar with history and current strategies and activities. Training is provided at the request of trustees. On an ongoing basis pertinent Charity Commission briefings as well as charity updates, including budget updates, are provided to all trustees. ## ORGANISATION The trustees meet formally four times a year. Subcommittees or working groups can be formed for specific functions, including finance. Whilst the strategic direction is decided by the trustees, the day-to-day decisionmaking process has been delegated to the CEO of the charity within specific parameters. Regular email and telephone updates are provided to the Trustees outside the formal meetings. ## STAFF AND ADMINISTRATION The charity has two members of staff. The trustees authorise the CEO to undertake the day-to day running of the charity, financial and administrative duties, as well as the oversight of the Training and Operations Manager and developing opportunities for growth. All contractual and financial decisions are shared and approved by the Board. Remuneration is bench-marked with similar charities to ensure that the remuneration set is fair and not out of line with that paid for similar roles and responsibilities (see note 5). ## PRINCIPAL FINANCIAL MANAGEMENT POLICIES The charity prepares an annual budget, which is approved by the trustees. Accounts are prepared each quarter to ensure that variances from the budget are monitored. All payments are approved by a nominated subset of Trustees. Accounts are discussed at the trustee meetings. Page 4 of 25 THE RIGHT COURSE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 ## CHARITABLE ACTIVITY Within the principal objects laid down by the trustees, the focus of the charity’s activities is on establishing training restaurants within prison environments to teach learners the skills and behaviours to gain employment upon release. Working with our partners to deliver The Right Course’ Curriculum and Standard Operating Procedure, the restaurants offer an authentic experience for learners. Our support continues “through the gate” to work with our learners to identify job opportunities, to arrange interviews and to support them as they begin work. Our support continues for as long as a candidate requires it. By securing employment and accessing additional support, such as housing and travel assistance, we work to enable our learners to rebuild their own lives and determine their own future career, providing alternatives to crime, and therefore reducing reoffending rates. ## FUNDRAISING POLICY The charity does not use fundraising services or external professional fundraisers to undertake its fundraising activities. Additionally, no data is shared with or sold to any external agencies. The charity shares information about its charitable work and fundraising activities on social media. The charity does not undertake Direct Mail. The charity invites individuals and companies to attend events, usually through its business networks or via its supporters, but does not excerpt undue pressure to attend or donate. It does not approach or pressure vulnerable people to support its work. A complaints policy is in place and is accessible on the charity’s website. No complaints were received and no failures to comply were identified in 2020, 2021, 2022, 2023, 2024 and 2025. The charity adheres to the Fundraising Code of Practice issued by the Fundraising Regulator. Fundraising events carried out in aid of and on behalf of the charity are monitored by the Trustees, with regular meetings and contact during the preparation for, and clean up from, the event. All marketing materials and approaches are checked to comply with the Fundraising Code of Practice and a profit and loss file is kept for large events. All related income and expenditure are reported to fundraising volunteers who organise an event on the Charity’s behalf to ensure financial transparency and correct amounts raised. ## INVESTMENT POLICY There are no restrictions on the charity’s power to invest. The trustees set the investment strategy after considering income requirements and the risk profile. The trustees do not consider high risk or speculative investments as being suitable to invest the charity’s reserves and therefore avoid such types of investments. Due to current levels, reserves are held in cash in short-term deposits that can be accessed readily. ## RESERVES POLICY The trustees have approved a reserves policy. Its objective is to achieve a balance between the need to use voluntary income received to fulfil the charity’s strategic objectives and the need to retain funds to give sufficient financial flexibility to protect the long-term future of the charity’s operations and ensure stability of programme activity. The trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately 6 months of unrestricted expenditure (specifically governance, office costs and salary costs not associated with charitable activities). The trustees consider that this level will provide sufficient funds to continue charitable activity and ensure that support and governance costs are covered whilst seeking new income. ## RELATED PARTIES A register is held by the charity of trustees, its key personnel, and their related party’s interests to ensure no conflict of interest with the work of the charity. This declaration is checked at every trustee’s meeting. Page 5 of 25 THE RIGHT COURSE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 ## RISK MANAGEMENT The trustees have assessed the major risks to which the charity is exposed, those related to the operations and finances of the charity and are satisfied that systems are in place to manage those risks. ## Risk chart Risk rating: Low <5 | Medium 5–14 | High >14 **----- Start of picture text -----**
Risk
Potential Risk Potential Impact Prob. Impact Steps to Mitigate Risk
Rating
Governance
Lack of strategy and • Issues addressed without • Create and maintain a strategic plan setting out aims,
forward planning strategic reference objectives and policies
• Loss of support from • Include alternative strategies for maintaining income from
sponsors diverse sources
• Financial management • Create and monitor financial budgets aligned to strategic
1 4 4
difficulties priorities
• Loss of reputation • Monitor operational performance and obtain volunteer
and beneficiary feedback
• Review strategic plan at least annually — critical as
organisation expands to new prisons
Non-renewal of Fred • No further fundraising • Strategic plan to include alternative strategies for replacing
Sirieix partnership / partnerships with Fred Sirieix income from other sources
involvement • Loss of publicity and industry • Maintain sufficient reserves to cover expenditure during
links transition
1 4 4
• Actively develop relationships with other hospitality
industry figures and companies
• Document and systematise the model so it is not
dependent on any single individual's profile
Breakdown of • Unable to continue with The • Regular, structured communication with Prison,
partnership with Prison, Right Course in the prison Novus/PeoplePlus and Ministry of Justice
Education Providers • Cannot offer recognised • File all reporting requirements on time
(Novus, PeoplePlus) qualifications • Maintain up-to-date MoU / partnership agreements with
and/or Ministry of all providers
Justice 3 4 12 • Build network of relationships with multiple contacts in
each organisation to mitigate staff turnover
• As expansion progresses, ensure each new prison site has
its own relationship-management plan
• Work with alternative education providers to maintain
optionality
Conflict of interest • Decisions not based on • Policy for disclosure of potential conflicts of interest —
relevant considerations reviewed annually
• Impact on reputation • Clear procedures for standing down from decisions where
1 4 4
a conflict exists
• Robust trustee selection process
• Adhere to Charity Commission guidelines on conflicts
Reputational risk from • Negative media coverage • Develop a crisis communications plan before entering each
expanded prison relating to any incident at a new prison
operations partner prison • Ensure clear and consistent messaging about the charity's
• Loss of donor or funder purpose and outcomes
confidence 2 4 8 • Maintain strong relationships with prison PR and comms
• Withdrawal of MoJ / prison teams
support • Document and publish impact data regularly to underpin
reputation
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Page 6 of 25 THE RIGHT COURSE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 **----- Start of picture text -----**
Risk
Potential Risk Potential Impact Prob. Impact Steps to Mitigate Risk
Rating
Financial
Budgetary control and • Budget does not match key • Budgets linked to and approved against the strategic plan
financial reporting — objectives • Timely and accurate monitoring and reporting to trustee
fraud or error • Inability to meet board
commitments • Review credit control, budgetary expenditure and treasury
• Financial loss management procedures
2 5 10
• Risk to reputation • Strict control of fund accounting and restricted funds
• Regulatory action • Segregation of duties for all financial transactions
• Financial authorisation limits documented and enforced
• Monthly management accounts reviewed by Director and
Finance Committee
Investment policy • Financial loss through • Maintain a documented and Board-approved investment
inappropriate investment policy
• Cash flow difficulties from 1 3 3 • Adequate and regularly reviewed reserves policy
lack of liquidity • Regular trustee review of trading policy, performance,
• Loss from trading subsidiary profitability and viability of subsidiary
Reserves policy • Inability to meet • Reserve policies linked to business plans, activities and
commitments or planned identified financial risks
objectives • Regular review by trustees — particularly important during
1 3 3
• Reputational risk expansion phase when costs may rise ahead of income
• Ensure reserves policy explicitly accounts for multi-site
operation costs
Cost of living pressures • Reduction in grant funding or • Diversify income streams — grants, corporate
and funding corporate donations partnerships, individual giving, earned income
environment • Rising operational costs • Maintain a forward-looking 12-month cash flow forecast,
(travel, venue, staffing) reviewed monthly
• Inability to sustain expansion • Apply proactively to multiple funders and avoid over-
3 4 12 reliance on any single grant
• Conduct annual cost-base review to identify efficiency
savings
• Engage a fundraising professional or consultant if capacity
is a constraint
• Build cost-of-living assumptions into all budget projections
Management
Employment issues • Employment disputes • Clear job descriptions, regular performance appraisal and
• Health and safety issues feedback
• Claims for injury, stress or • Regular health and safety and fire training
unfair dismissal • Review working conditions, training and job satisfaction
• Equal opportunities issues annually
• Recruitment costs and lead • Fair and open competition for key posts with documented
1 3 3
times interview and assessment process
• Loss of experience • Structured job training, induction and development
• Low morale • Reference and qualification verification for all new hires
• Regular trustee and staff meetings to maintain open
communication
• Review rates of pay against sector benchmarks annually
Health and safety • Staff injury • Compliance with all relevant law and regulation
• Written statement of health and safety policy — reviewed
2 2 4 annually
• Regular staff training including first aid awareness
• Specific risk assessments for prison visiting environments
Disaster recovery and • Computer system failures • Tested data backup procedures (at least monthly)
business continuity and loss of data 1 4 4 • Off-site or cloud backup of all critical data
• Adequate insurance cover reviewed annually
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Page 7 of 25 THE RIGHT COURSE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 **----- Start of picture text -----**
Risk
Potential Risk Potential Impact Prob. Impact Steps to Mitigate Risk
Rating
• Destruction of property and • Document a basic business continuity plan covering key
records through fire or other processes
disaster
Information technology • Systems fail to meet • Regular appraisal of system options against operational
operational needs needs
• Failure to innovate or update • Security and authorisation procedures including multi-
• Loss or corruption of data 1 2 2 factor authentication
• Implementation and development procedures
documented
• Disaster recovery procedures tested at least annually
Data protection • Loss of data • Data handling policies and mandatory staff training
(GDPR) • Data misused or retained • Encryption and password protection on all IT equipment
longer than needed • Annual review of policies, procedures and data retention
• Fines, penalties or censure schedules
from ICO • Identify and document key legal and regulatory
1 5 5
• Reputational risks requirements
• Allocate clear responsibility for data protection compliance
• Conduct Data Protection Impact Assessments for any
new processing activities, including expansion to new
prisons
Procedure and system • Lack of awareness of • Documentation of all key policies and procedures —
documentation procedures and policies especially important as staff/volunteers grow
• Action taken without proper 1 2 2 • Annual audit and review of systems
authority • Ensure documentation is accessible to all staff and
volunteers
Compliance risks • Fines, penalties or censure • Identify key legal and regulatory requirements — refreshed
(charity law, data from regulators as each new prison site is added
protection, • Employee action for • Allocate clear responsibility for each compliance area
employment law, H&S, negligence 2 2 4 • Compliance monitoring, reporting and preparation for
gambling, bribery, • Loss of licence to operate visits
HMRC Gift Aid) • Reputational risks • Compliance reports from auditors reviewed at Board level
• Legal or HR advice sought when legislation changes
AI and emerging • Use of AI tools creating data • Develop a clear AI usage policy for staff and volunteers
technology risks privacy or GDPR breaches • Prohibit entry of personal or sensitive data into third-party
• Inaccurate AI-generated AI tools
content used in • Provide staff training on safe and responsible AI use
communications or reports 2 3 6 • Ensure AI-generated content is reviewed by a responsible
• Volunteers or staff sharing person before use
sensitive data with AI • Include AI risks in the annual data protection and IT review
platforms
• Reputational damage
Volunteer Management
Bullying, harassment or • Bodily or mental harm to • Thorough vetting process and declarations of previous
physical / emotional either individual convictions and conflicts of interest
abuse between inmate • Loss of prison visiting access • Mandatory training and mentorship for all volunteers
and volunteer • Restrictions on future before their first prison visit
volunteers • Safeguarding policy briefing required before any visit
2 4 8 • Ensure sufficient staff-to-volunteer ratios during visits
• Clear incident reporting procedure — all incidents
escalated to the Designated Safeguarding Lead
• Debrief sessions offered to volunteers after prison visits
• As programme expands, appoint a named safeguarding
contact at each new prison site
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Page 8 of 25 THE RIGHT COURSE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 |Potential Risk|Potential Impact|Prob.|Impact|Risk
Rating|Steps to Mitigate Risk| |---|---|---|---|---|---| |Data breaches —
volunteer/inmate
contact|• Exchange of personal data
with intent to communicate
after release
• Risk of incident, abuse or
harassment through post-
release contact|2|3|6|• Inform all volunteers before visiting that post-release
communication with inmates is strictly forbidden
• No volunteer left unsupervised with an inmate during visits
• Staff to report any volunteer/inmate relationship that
appears too familiar
• Clear policy on use of personal devices during prison visits
• Annual refresher briefing on data breach risks for all active
volunteers| |Data protection —
sharing volunteer data
with external partners
for vetting|• Volunteers unaware their
personal data is shared with
external partners|2|2|4|• Volunteer Policy to be read, understood and signed before
any data is shared
• Privacy notice clearly explains what data is collected, with
whom it is shared and why
• Data sharing agreements in place with all vetting / partner
organisations| |People targeting the
charity (using visitation
to access an individual
in prison)|• Exploitation of access to
reach a specific inmate|2|4|8|• Robust vetting process with declarations of previous
convictions and conflicts of interest
• Cross-check volunteer applications against known persons
of interest where possible
• Work closely with prison security teams to flag any
concerns
• Monitor volunteer behaviour during visits; report
anomalies immediately| |Volunteer recruitment
and retention difficulties|• Insufficient volunteers to
deliver programme, especially
across multiple prisons
• Programme quality suffers if
sessions are understaffed
• Burnout among existing
volunteer cohort|3|2|6|• Develop a proactive volunteer recruitment strategy with
clear channels (industry events, hospitality networks, social
media)
• Set minimum volunteer pipeline targets per prison site
• Implement a volunteer recognition and appreciation
programme
• Provide regular volunteer debriefs and wellbeing check-ins
• Maintain a pool of trained reserve volunteers ready to step
in
• Track volunteer satisfaction and reasons for attrition| ## OBJECTIVES AND ACTIVITIES The objects of the charity provide a public benefit by promoting the education of offenders, ex-offenders or those at risk of offending by providing or assisting in the provision of: - training and qualifications in catering and hospitality skills; and - mentoring; and - into-work and employment advice and support. ## PUBLIC BENEFIT The charity benefits the public by working to reduce reoffending by providing prisoners and those who have previously been in prison with the skills, behaviours and opportunities to secure employment in the hospitality sector. Our vision is of a world where prison leavers have the aspiration, skills and opportunities to rebuild their life, away from crime, and contribute back to society. Our mission is therefore to provide them with the tools, opportunities and support to transform their own lives through experiencing authentic and relevant training in staff restaurants; facilitating employment opportunities; and industry mentoring. The trustees confirm that they referred to the guidance contained in the Charity Commissions general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities. Page 9 of 25 THE RIGHT COURSE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 ## PRINCIPAL ACTIVITIES The trustees determined that the principal focus should be on facilitating the opening of new training restaurants in prisons across the UK; working with education providers and prison establishments to deliver The Right Course curriculum and standards; arranging mentoring and inspirational training from industry volunteers; providing interview and employment training and guidance; and brokering job interviews and employment for learners. ## REVIEW OF ACTIVITIES 2025 has been a year of significant momentum for The Right Course, marked by strong graduate outcomes, deepened partnerships, and growing national recognition of the charity's model. The year started well when eleven graduates from The Right Course secured employment upon their release between the end of 2024 and the start of 2025, with seven entering roles within the hospitality industry. Notable placements included positions at Hilton Park Lane in London, Lansdown Bistro in Southport, Seven Dials Market in Covent Garden, and Prezzo in Woodbridge, Suffolk. We continued to support our existing five sites by monitoring operations, providing industry expertise, facilitating employer masterclasses, and, most importantly, supporting our learners into employment. Our learner support includes identifying aspirations, showcasing roles within the industry, facilitating interviews prerelease, support through the gate, facilitating job opportunities and financial support for work travel, uniforms and equipment. In 2025 we continued on the journey to open new training restaurants at HMP Hindley, HMP Channings Wood, and HMP Drake Hall. Developing designs, and securing funding has taken the majority of the year but these foundations mean that these restaurants have been fully refurbished and will open as inspiring training spaces and facilities for the prison early in 2026. A highlight of the year was the launch of _Chefs Unlocked_ , a major new initiative developed in partnership with New futures Network and leading hospitality employers. The programme will see learners from a selection of prisons showcase their skills in competitions held with employers. The launch event took place at The Escape — our staff restaurant at HMP Wormwood Scrubs — where teams of learners competed to impress culinary experts and representatives from the hospitality. Prisoners cooked three dishes judged by a panel that included Florance Cornish the Development Chef from Hilton, The Right Course co-founder and Trustee Fred Sirieix, and guest judge Lord James Timpson, Minister for Prisons, Probation and Reducing Reoffending. The event served as both a skills showcase and an employer engagement opportunity, with Lord Timpson noting the events function as a platform for employers to understand participants' potential and to facilitate timely job offers. To constantly drive standards the charity developed a Kitchen manual, standardising recipes and presentation, This working document allows for restaurants to submit recipes for sharing with other sites. Our aim is that over 90% of our learners will get at least one qualification and of those eligible for release over 50% secure employment in hospitality. This target allows for those learners returning to existing jobs or disappearing on release, which remains our biggest barrier to securing employment for those released. We also signpost graduates to other jobs as required. In 2025 95% of learners gained at least one qualification Page 10 of 25 THE RIGHT COURSE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 (average 1.6 qualifications per learner). Of those 2025 learners released, 32% have secured employment, with another 18% currently looking. Of those released and in contact with the charity, 59% are employed, with 32% currently looking and 9% currently unable to work. This compares to 2024 figures of 87% of our learners have secured at least one qualification. Of those learners who have been released, 56% have secured employment (or 85% of those who are in contact post release). (Please note: figures for the year are based on the date the learner started the course even if our support is spanning over multiple years): **----- Start of picture text -----**
2025 Impact
Learners on/through course 83
Percentage Completed 66% completed or retained as worker
8% Ongoing on course
18% Didn’t complete
8% Removed
No. Transferred 16%
No. Released 47%
% Employed 28%
18% actively looking
% Employed from those in contact 59% Employed
32% Actively looking
% Unknown 45%
Reoffended or Breached licence (known) 0%
**----- End of picture text -----**
An example of a learner’s journey: “Y” story is a powerful example of how determination and the right opportunity can pave the way to lasting change. We first met “Y” at HMP Berwyn, where Novus Cambria and _The Right Course_ supported him through hospitality training and preparation for release. Thanks to his own commitment — and the dedicated training provided by trainers Kerrie and Gareth — it was clear from the outset that “Y” had both the potential and the mindset to take a new path. He was serious about making a change and fully committed to building a better future. Before his release, we introduced him to Todd Lockley, Lead Recruitment Manager at Marston’s PLC. Todd was immediately impressed by his attitude and readiness to work. A few months later, Todd got in touch with a job opportunity: a commis chef role at a hotel in South Wales, with live-in accommodation . After speaking with the hotel’s General Manager, “Y” was offered the position the same day. Relocating from Manchester was a big decision. “Y” had initial doubts about moving so far from home. With support from his parents and encouragement from our team, he agreed to travel down for a site visit. He instantly connected with the hotel, the team, and the local area — and chose to take the leap. To help with the transition, The Right Course covered his travel expenses and continued weekly support calls to ensure he was settling in well. One of our initial support calls came from our founder Page 11 of 25 THE RIGHT COURSE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 and trustee Fred Sirieix, who ensures all of our candidates get those extra words of encouragement when they start their employment journey. Not long after “Y” joined, the head chef left unexpectedly — and “Y” stepped up to lead the kitchen. Despite the pressure, he handled the responsibility with maturity and focus. Over time, he has grown in confidence, developed his culinary skills, and emerged as a capable and respected leader. “Y” is now a key member of the hotel team, and his journey serves as a testament to what can be achieved through resilience, hard work, and a willingness to embrace new opportunities. |Objective|Strategy|Update| |---|---|---| |Improving learner
outcomes: Increased
learners participating on
course (2024 totalled 93
learners), with over 90%
securing at least one
qualification (currently
87%). Increasing contact
post release to 80%
(currently 70%). Secure
employment for over
75% of graduating
learners that have been
released (currently 56%).| Working with prison regimes
to ensure greater throughput
of learners.
 Improve curriculum, menu
and increase number of
masterclasses from hospitality
professionals to inspire
learners (current average of
one per quarter per site).
 Build networks and regular
communication channels with
project sites to ensure links
and opportunities are
established with learners prior
to release.
 Measure learners’ behavioural
journey with the
implementation of Learner
Survey at key milestones.|In 2025, 90% of learners achieved at least one
qualification.
Of those learners who have been released,
28% have secured employment (or 59% of
those who are in contact post release), and
decrease from 56% (and 85% of those who
are in contact post release) in 2024. Due to
release times many learners remain actively
looking for jobs, receiving support to secure
employment from our team so percentages
for this year’s cohort will improve.
Work still needs to be done in encouraging
graduates keeping in contact post release. We
continue to work on expanding our employers
geographical spread to accommodate learners
being released into different area and to
mitigate a reduction in recruitment within the
sector due to business’ pressures and the state
of the economy.
The learner survey continues to be rolled out.
Those completed report increased
improvements in skills, confidence, team work
and readiness to work.| |Training restaurants:
Improve consistency of
operations delivery and
learner journey. Expand
training restaurant
network, especially in
women’s prisons.
Increase the network of
Support Sites
(transferredgraduates,| Identify new sites, develop
designs and operational plans
and secure funding for
implementation and any
refurbishment requirements.
 Engage with new
opportunities identified by
New Future Network.|Our new Kitchen Manual was developed and
released to standardise food delivery.
Refurbishment work has started at three new
sites – HMP Drake Hall, HMP Hindley and
HMP Channings Wood. After securing funding
from the Ministry of Justice and the
Department of Business and Trade,
refurbishment work started at the end of
2025. The new sites are expected to open mid| Page 12 of 25 THE RIGHT COURSE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 |potentially on ROTL) to
10 (currently 7).||2026. HMP Drake Hall will be our first female
prison site.
Support Sites remain at 7 due to transfers of
learners remaining at existing Support Sites.| |---|---|---| |Fundraising support:
secure a pipeline of
support to cover
operational costs, allow
for an additional post for
operational support, and
develop specific funds for
refurbishment of new
sites.| Regular applications to Trusts
and Foundations.
 Bid for MOJ tenders and
explore funding opportunities
from Department of Work
and Pensions for employment
support activities.
 Increase donor engagement
to recognise existing support.|This year we have focused on securing grants
from governmental departments to cover
major refurbishment work. This has enabled us
to focus support Trusts and foundations to
operational costs. As well as supporting named
projects donors are asked to contribute to
central cost. We have provided donor
updates, recognition on social media and
facilitate donor visits to our project sites. We
have secured enough funds to cover current
operations. We need to secure more
unrestricted fundingto cover core costs.| |Storytelling: Continue to
articulate impact and
learner journeys.
Improve storytelling with
key audiences: new
prisons, employers,
existing learners and
potential learners.
Increase followers by
15% (currently 1083 on
X and 654 on Instagram).
A quarterly feature in
industry publications.| Increase social media following
through regular posting of
engaging updates and sector
news.
 Coordinate storytelling
opportunities with MOJ and
partners.
 Develop sector links and
orchestrate features in sector
publications.|Followers on X have remained static, and on
Instagram there has been a 15% increase in
followers.
Previous collaboration with MOJ for a video
about the opening of our training restaurant at
HMP Lincoln has continued to gain
recognition, collecting several awards for the
MOJ comms team. We have also collaborated
with the team on a video about the launch of
our Chefs Unlocked initiative with New
Futures Network.
We also produced a video in collaboration
with our partners PeoplePlus about our
showcase event at HMP Sudbury with guest
Michelin-starred chef Alex Bond from
Alchemilla in Nottingham.| ## FINANCIAL REVIEW Income from restricted and unrestricted grants as well as fundraising activities totalled £186,439 of which £96,866 was restricted (2024: £223,968 of which £223,177 was restricted). Expenditure totalled £239,135 of which £185,794 (78%) was on charitable activities (for 2024 £191,318 of which £123,549 (65%) was on charitable expenditure). At 31 December 2025 the charity’s total fund balance was £90,132 a decrease of 37% on 2024, consisting of £4,476 unrestricted and £85,656 restricted (2024: £142,828 a 30% increase on the previous year, consisting of Page 13 of 25 THE RIGHT COURSE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 £9,571 unrestricted and £133,257 restricted). This was due to funding secured changes during the year as well as cost associated with additional staff. ## RESTRICTED FUNDS Due to grant restrictions, the following restricted funds exist (see Note 9 of Notes to the Financial Statements for more details): - Channings Wood Refurb - NOVUS Cambria - Southampton Row Trust - Hilton UK Foundation - Luke Johnson - Charles Gladstone - Hilton Event - Hawksmoor - Sudbury Showcase Event ## _GENERAL RESERVES_ The trustees consider that the average level of unrestricted funds not committed or invested in tangible fixed assets should represent at least 6 months of unrestricted expenditure (specifically governance, office costs and salary costs not associated with charitable activities), approximately £20,000. The trustees review the reserves policy annually as part of the consideration of the budgetary parameters for the forthcoming financial year. Currently the charity is outside the reserves policy. However, the Trustees agree that there are sufficient funds within the restricted reserves that can cover current commitments for over the next year (bank balance currently over £108,000). The trustees are focusing on securing more unrestricted funding from donations and funding applications over the coming year. Page 14 of 25 THE RIGHT COURSE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 ## _FUTURE DEVELOPMENTS_ |Objective|Strategyand measure| |---|---| |Improving learner outcomes: Increased
learners participating on course (2025
totalled 83 learners), with over 90% securing
at least one qualification (currently 90%).
Increasing contact post release to 65%
(currently 55%).
Secure employment for over 50% of
graduating learners that have been released
(currently 28%).| Working with prison regimes to ensure greater throughput
of learners.
 Improve curriculum, communications and increase number
of masterclasses from hospitality professionals to inspire
learners and improve sector awareness (current average of
one per quarter per site)
 Improve learner messaging to increase understand of
opportunities in the sector and to drive engagement..
 Build networks and regular communication channels with
project sites to ensure links and opportunities are
established with learners prior to release.
 Improve measurement and data capture of learnerjourneys.| |Expand impact by opening three new
training restaurant; identifying a pipeline of
potential new sites; and maintain quality at
existing training restaurants.| Complete refurbishment and training for new site openings.
 Recruit new regional post.
 Identify new sites, develop designs and operational plans and
secure funding for implementation and any refurbishment
requirements.
 Engage with new opportunities identified by New Future
Network.| |Fundraising support: secure a pipeline of
support to cover operational costs
(preferably unrestricted), allow for an
additional post for operational support, and
develop specific funds for refurbishment of
new sites.| Regular applications to Trusts and Foundations.
 Bid for MOJ tenders and explore funding opportunities
from other Government Departments for employment
support activities.
 Pilot Apprenticeship model, including securing levy funding.
 Increase donor engagement to recognise existingsupport.| |Storytelling: Continue to articulate impact
and learner journeys. Improve storytelling
with key audiences: new prisons, employers,
existing learners and potential learners.
Increase followers by 10% (currently 1083
on X and 753 on Instagram). A quarterly
feature in industry publications/
conferences/podcasts.| Increase social media following through regular posting of
engaging updates and sector news.
 Coordinate storytelling opportunities with MOJ and
partners.
 Develop sector links and orchestrate features in sector
publications.| The Trustees’ Report has been approved by the Trustees on 28 May 2026 and signed on their behalf by: Fred Sirieix Founder and Chairman of the Trustees Ali Zaidi Trustee Page 15 of 25 INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE RIGHT COURSE I report to the trustees on my examination of the financial statements of The Right Course (the charity) for the period ended 31 December 2025. ## Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## Independent examiner's statement I have completed my examination. I confirm that no 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 charity as required by section 130 of the 2011 Act; or 2. the financial statements do not accord with those records; or 3. the financial statements 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 financial statements to be reached. ## Berish Hoffman FCA Landau Morley LLP 325-327 Oldfield Lane North Greenford Middlesex UB6 0FX Dated: 9 June 2026 Page 16 of 25 ## THE RIGHT COURSE STATEMENT OF FINANCIAL ACTIVITIES FOR THE 12 MONTHS TO 31 DECEMBER 2025 |Notes
Income from
Donations & Legacies
2
Fundraising Events
2
Charitable Activities
Investments
3
Total Income
Expenditure on
4, 5
Raising funds
6
Governance
Charitable activities
Total Expenditure
Net income
Net gains/(losses) on
investments
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought
forward
Total funds carried
forward|Unrestricted
Funds
Restricted
Funds
Total
2025
Unrestricted
Funds 2024
Restricted
Funds 2024
Total
2024
£
£
£
£
£
£
89,294
95,889
185,183
517
220,764
221,281
-
977
977
-
2,413
2,413
-
-
-
-
-
-
279
-
279
274
-
274| |---|---| ||89,573
96,866
186,439
791
223,177
223,968| ||45,773
1,872
47,645
9,284
53,044
62,328
5,696
-
5,696
5,441
-
5,441
43,199
142,595
185,794
35
123,514
123,549| ||94,668
144,467
239,135
14,760
176,558
191,318| ||| ||(5,095)
(47,601)
(52,696)
(13,969)
46,619
32,650| ||-
-
-
-
-
-
-
-
-
18,000
(18,000)
-| ||(5,095)
(47,601)
(52,696)
4,031
28,619
32,650| ||9,571
133,257
142,828
5,541
104,638
110,179
4,476
85,656
90,132
9,571
133,257
142,828| All of the above results are derived from continuing activities. All gains and losses recognised in the 12 months are included above. Page 17 of 25 THE RIGHT COURSE NOTES TO THE FINANCIAL STATEMENTS FOR THE 12 MONTHS TO 31 DECEMBER 2025 |Notes
FIXED ASSETS
Tangible assets
7
Investments
CURRENT ASSETS
Cash at bank and in hand
8
Debtors
CREDITORS:
Amounts falling due within
one year
9
NET CURRENT ASSETS
FUNDS
10
Restricted funds
Unrestricted funds:
General reserves
TOTAL FUNDS|2025
£
-
-
-
96,499
-
96,499
(6,367)
90,132
85,656
4,476
90,132|2024
£
-
-| |---|---|---| |||-| |||144,421
5,000| |||149,421| |||(6,593)| |||| |||142,828| |||133,257
9,571| |||142,828| The financial statements were approved by the trustees on 28 May 2026 and signed on their behalf by: |Fred Sirieix|Ali Zaidi| |---|---| |Founder and Chairman of the Trustees|Trustee| The notes which follow form an integral part of these financial statements. Page 18 of 25 THE RIGHT COURSE NOTES TO THE FINANCIAL STATEMENTS FOR THE 12 MONTHS TO 31 DECEMBER 2025 ## 1. ACCOUNTING POLICIES The principal accounting policies adopted are as follows: - 1.1 Basis of accounting The accounts have been prepared under the historical cost convention, as modified by the inclusion of investments at market value, and in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” and the Charities Act 2011. The Charity is a public benefit entity as defined by FRS 102. The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. ## 1.2 Fund accounting The financial statements of a charity must differentiate between restricted and unrestricted funds. - _Restricted funds_ are amounts which are subject to conditions imposed by the donor or which are collected for a specific purpose other than the general funds of the Charity. As agreed with donors, 10% of donations contribute to unrestricted funding and transferred accordingly. - _Designated funds_ are amounts that have been put aside at the discretion of the trustees out of unrestricted general funds for specific future purposes or projects. - _Unrestricted general funds_ comprise accumulated surpluses and deficits after transfers to designated funds. The nature and purpose of each fund are set out in Note 9 to the financial statements. ## 1.3 Income recognition All incoming resources are included in the period in which they are receivable, which is when the charity becomes entitled to the resource. Fundraising income, merchandising income and investment income are recognised on an accruals basis. ## 1.4 Expenditure recognition Expenditure is accounted for on an accruals basis. Expenditure is allocated by reference to its functional classification and not by type of expense. The expenditure heads in the statement of financial activities include both direct costs and allocated overheads. Overheads are apportioned on a staff time basis. Staff and office costs are divided into the areas of activity of the Charity: fundraising, charitable expenditure and governance, on the basis of the cost of related staff time. The charity’s annual leave policy states that it runs on the calendar year and no holiday can be rolled over into future years. Fundraising activities costs are those incurred in organising fundraising events and in seeking voluntary contributions and do not include costs of disseminating information in support of the charity’s charitable activities. ## 1.5 ## Tangible fixed assets and depreciation Tangible fixed assets costing £1,000 or more are capitalised at cost and depreciated. Depreciation is provided by the straight-line method, calculated to write off assets over their estimated useful lives at the following rates: - Computer equipment over three years - Other office equipment over three years - Furniture and fittings over four years Page 19 of 25 THE RIGHT COURSE NOTES TO THE FINANCIAL STATEMENTS FOR THE 12 MONTHS TO 31 DECEMBER 2025 ## 1.6 Investments Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised investment gains are combined with investment income in the statement of financial activities. The Charity does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within certain sectors or sub sectors. ## 1.8 Value added tax The Charity is not registered for Value Added Tax (VAT), and therefore input tax is not recoverable. Expenditure incurred by the Charity is therefore recorded inclusive of VAT. ## 1.9 Foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the accounting date. Transactions in foreign currencies are recorded at an average monthly rate at the accounting reference date. All differences are charged to the profit and loss account. ## 1.10 Pensions All staff are entitled to participate in the Charity’s pension scheme. The Charity’s contributions are restricted to the contributions disclosed in note 5 to the financial statements. The Foundation has no liability beyond making its contributions and paying across the deductions for the employee's contributions. There were no outstanding contributions at the period end. The scheme is a defined contribution scheme managed by NEST and invests contributions made by the employee and employer in separate investment funds to build up over the term of the plan. The pension fund is converted into a pension upon the employee reaching their normal retirement age. Contributions are made at the following rates of 4% or more from employees and 4% from employer. ## 1.11 Financial instruments The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments, including its debtors and creditors. These are initially recognised at transaction value and subsequently valued at their settlement value. 1.12 Judgements and key sources of estimation uncertainty Judgements and key sources of estimation uncertainty are detailed in the above accounting policies where applicable. Page 20 of 25 THE RIGHT COURSE NOTES TO THE FINANCIAL STATEMENTS FOR THE 12 MONTHS TO 31 DECEMBER 2025 ## 2. DONATIONS AND FUNDRAISING ACTIVITIES |2.|DONATIONS AND FUNDRAISING ACTIVITIES|DONATIONS AND FUNDRAISING ACTIVITIES|DONATIONS AND FUNDRAISING ACTIVITIES|||||| |---|---|---|---|---|---|---|---|---| |3.
4.|General Donations & Charitable Activities
Commercial Trading Income
INVESTMENT INCOME
Investment income receivable
Interest receivable
EXPENDITURE ON||||2025
£
186,160
-
186,160
2025
£
-
279
279||2024
£
223,694
-
223,694
2024
£
-
274
274|| |||Fundraising
activities|Charitable
expenditure||Investment
Costs||2025
Total|2024
Total| |||£|£||£||£|£| ||Allocated Payroll costs|44,730|104,619||-|149,349||121,748| ||Allocated Office costs|1,472|4,174||-|5,646||16,748| ||Allocated Communication costs|203|580||-|783||3,222| ||Direct expenditure|1,240|76,421||-|77,661||44,159| ||Apportioned governance costs|1,484|4,212||-|5,696||5,441| ||Total 2025|49,129|190,006||-|239,135||| ||Total 2024|51,587|139,731||-|||191,318| Payroll (staff and consultants), communications and office costs are divided into the areas of activity based on time spent undertaking these activities. Page 21 of 25 ## THE RIGHT COURSE NOTES TO THE FINANCIAL STATEMENTS FOR THE 12 MONTHS TO 31 DECEMBER 2025 |4.
EXPENDITURE ON (continued)
Governance Costs
Allocated Staff costs
Allocated Office costs
Legal and Professional Fees
Accountancy Fees
5.
STAFF COSTS
Salary costs
Social security costs
Pension costs

The average headcount of employees
during the year was:|2025
£
2,666
0
860
2,170
5,696
2025
£
132,386
7,110
12,520
152,016
2025
Number
2|2024
£
2,841
260
60
2,280
5,441
2024
£
107,433
12,629
10,050| |---|---|---| |||130,112| |||2024
Number
2| ## KEY MANAGEMENT PERSONNEL One employee received remuneration between £100,000 - £110,000 during the year. The total value of the CEO’s remuneration package was £101,075 (2024: £86,267). During the year, the trustees received £nil reimbursement of travel expenses (2024: £nil). No emoluments were paid to trustees in the current period. Page 22 of 25 THE RIGHT COURSE NOTES TO THE FINANCIAL STATEMENTS FOR THE 12 MONTHS TO 31 DECEMBER 2025 ## 6. Raising Funds Restricted grant funding in 2024 contributed towards the running of the charity, funding administration costs involved with running, promoting and raising funds for the charity. In 2025 these activities were covered from unrestricted funding due to unrestricted funding available and restricted grant priorities. |||Unrestricted|Restricted|Restricted|Total|Unrestricted|
Restricted|
Restricted|Total| |---|---|---|---|---|---|---|---|---|---| |||Funds|Funds||2025|Funds 2024|Funds 2024||2024| |Raising|funds|45,773||1,872|
47,645|9,284||53,044|62,328| |7.|TANGIBLE FIXED ASSETS||||||||| ||The Charity doesn’t have any tangible||fixed assets.||||||| |8.|DEBTORS||||||||| ||||||2025|2024|||| ||||||£||£||| ||Prepayments and accrued
income||||-||5,000||| ||||||-||5,000||| |9.|CREDITORS:||||||||| ||AMOUNTS FALLING DUE WITHIN ONE YEAR||||||||| ||||||2025|2024|||| ||||||£||£||| ||Taxation and social security||||4,617|4,913|||| ||Accountancy Fees||||1,750|1,680|||| ||||||6,367|6,593|||| ||AMOUNTS FALLING DUE AFTER MORE THAN||||ONE YEAR||||| ||||||2025|2024|||| ||||||£||£||| ||Creditors||||-||-||| ||||||-||-||| Page 23 of 25 ## THE RIGHT COURSE NOTES TO THE FINANCIAL STATEMENTS FOR THE 12 MONTHS TO 31 DECEMBER 2025 |10.
FUNDS
RESTRICTED FUNDS
Channings Wood Refurb (1)
NOVUS Cambria (2)
Southampton Row Trust (3)
Hilton UK Foundation (4)
Luke Johnson (5)
Charles Gladstone (6)
Hilton Event (7)
Hawksmoor (8)
Sudbury Showcase Event (9)
DESIGNATED FUNDS(10)
GENERAL RESERVES(11)
TOTAL FUND BALANCE|At 1 Jan
2025
Total
Income/GainsTotal Expenditure
Transfers
At 31 Dec
2025
£
£
£
£
£
0
45,889
(45,889)
-
-
2,905
-
(2,905)
-
-
38,159
-
(10,247)
-
27,912
1,352
50,000
(51,352)
-
-
30,780
-
(9,842)
-
20,938
11,251
-
(11,251)
-
-
7,606
-
(7,606)
-
-
39,564
-
(4,159)
-
35,405
1,640
977
(1,216)
-
1,401| |---|---| ||133,257
96,866
(144,467)
85,656| ||-
-
-
-
-
9,571
89,573
(94,668)
-
4,476
142,828
186,439
(239,135)
-
90,132| The purposes of the charity’s funds are detailed below: - _(1) Channings Wood Refurb_ - This restricted fund supports programme activities at HMP Channings Wood and the establishment of a new training restaurant. Funding was provided from HMP Channings Wood and enabled the purchase of kitchen and restaurant equipment and a proportion of support costs. - _(2) NOVUS Cambria_ - This restricted fund supports programme activities at HMP Berwyn, including direct expenditure and a proportion of support costs. - _(3) Southampton Row Trust_ – This restricted fund donated by Garvin Brown via Charities Aid Foundation, supports programme activities across our portfolio of restaurants with a preference for activities at women’s prisons. As agreed with the donor, 10% of the grant is transferred to General Reserves to cover administration costs. - _(4) Hilton UK Foundation_ – This restricted fund supports programme activities at HMP/YOI Isis, HMP Wormwood Scrubs, HMP Lincoln, HMP Berwyn, HMP Sudbury and the development of new project sites, including direct and indirect expenditure. As agreed with the donor, 10% of the grant is transferred to General Reserves to cover administration costs. - _(5) Luke Johnson_ – This restricted fund supports programme activities for the development of a training restaurant at HMP Hindley (changed from HMP Pentonville in agreement with donor). As agreed with the donor, 10% of the grant is transferred to General Reserves to cover administration costs. - _(6) Charles Gladstone_ – This restricted fund supports programme activities at HMP/YOI Isis, HMP Wormwood Scrubs, HMP Lincoln, HMP Berwyn and the development of new project sites, including direct expenditure. As agreed with the donor, 10% of the grant is transferred to General Reserves to cover administration costs. - _(7) Hilton Event_ - This restricted fund are the funds generated from the 2023 Hilton Brighton Metropole Midsummer Ball. Costs for the event, including the share for the other partner charities, are taken from this fund. The net surplus is given to The Right Course to support all administration and programme activities. The event was not held after 2023 with the balance of the fund being used to contribute to The Right Course’ operating costs as designated. - _(8) Hawksmoor –_ Hawksmoor implemented a donation request with customers from January 2024 – March 2024 at their restaurants. Guests were asked to contribute to the hospitality training and employment support being Page 24 of 25 ## THE RIGHT COURSE NOTES TO THE FINANCIAL STATEMENTS FOR THE 12 MONTHS TO 31 DECEMBER 2025 delivered at HMP Isis as well as the production of community meals being prepared by learners. Funds will be used for training support, refurbishment costs of the restaurant as well as associated costs for the community meals and employment support. - _(9) Sudbury Showcase Event –_ A second showcase event was held at The Secret Diner at HMP Sudbury in September 2025. Income from ticket sales is being used to cover costs associated with the event and any surplus used for future events, restaurant equipment to enhance the learner experience, as well as through the gate support for graduates. - _(10) Designated Funds_ - This designation represents the net book value of assets of the charity allocated by the Trustees and is therefore not available for other purposes. - _(11) General Reserves_ - This represents the unrestricted funds, which the trustees are free to use in accordance with the charitable objects. ## 11. RELATED PARTY TRANSACTIONS The Trustees keep a record of related parties, which is reviewed at each meeting, and recorded no conflict of interested throughout the year. No donations or payments were made from or to related parties. Page 25 of 25