OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-04-05-accounts

Docusign En¥ÈlopÈ ID." 6E1629444E37410E-8D4F-4639B4FE104F Charity number: 271492 CRAPS CHARITABLE TRUST ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2023

Docusign En¥ÈlopÈ ID." 6E1629444E37410E-8D4F-4639B4FE104F CRAPS CHARITABLE TRUST CONTENTS Page Report of the Trustees Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Flnanclal Statements 8-14 Schedules of Investments and Income: Unquoted 15 Cazenove Capital 15-21 Jullus Baer

Docusign En¥ÈlopÈ ID." 6E1629444E37410E-8D4F-4639B4FE104F CRAPS CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2023 The Trustees present an annual report and financial statements for the year ended 5 April 2023. The financial statements are prepared in accordance with the accounting policies in note 2. Constltutlon Craps Charitable Trust is an unincorporated charity and is consliluted by a Declaration of Trust dated 4 March 1976 and registered with the Charity Commission under registration number 271492. Trustees The Trustees, who served throughout the year, were.. Jonathan Paul Maurice Dent Caroline Sarah Dent Louisa Rachel Dent Neither the Trustees nor any persons connected with them received any remuneration or reimbursement of expenses during the year. The power to appoint new Trustees was vested in Mrs Jose Marianne Ruth Dent, who died in 2015. The trustees are her children. Reglstered offlce address Grant Thornton UK LLP Victoria House 199 Avebury Boulevard Milton Keynes, MK9 1AU Independent Examiner Grant Thornton UK LLP, Charte￿d Accountants Victoria House 199 Avebury Boulevard Milton Keynes, MK9 1 AU Investment Advisers Cazenove Capital 1 London Wall Place London, EC2Y SAU Julius Baer 1 Sl Martin's Le Grand London, EC1A 4AS Objectives and Grant Making Policy The Trustees have broad discretion lo apply the capf(al and income of the Trust in the form of grants to any one or more of the following.. The Friends of the Hebrew University of Jerusalem. Children and Youth Aliyah Committee for Great Britain. Notwood Home for Jewish Children lJewish Orphanage). The British Technion Society. The Society of Friends of Jewish Refugees. The Home and Hospital for Jewish IncLJrables. Joint Palestine Appe81. The Board of Guardians and Trustees for the Relief of the Jewish Poor Registered. Such other Charities situated within the United Kingdom of Great Britain and Northern Ireland and elsewhere as the Trustees in their absolute discretion may select. Page 1

Docusign En¥ÈlopÈ ID." 6E1629444E37410E-8D4F-4639B4FE104F CRAPS CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2023 Public Benefit We have reviewed our aims and objectives and we have considered the Charity Commission's guidance on public benefit. Key Policies Reserves Policy In order to achieve its charitable objectives, the Trustees maintsin an unreslricled operating fund. The fund primarily consists of a portfolio of investments managed by C8zenove Capital (formedy Schrodersl and Julius Baer, shares in an unlisted company, and cash funds. The income generated from the fund is applied for charitable purposes by way of making charitable donations, either in the year the income is re￿iVed or the following year. It is the Trustees, policy not to generally accumulate income. Investment Powers and Policy The investment powers are governed by Clauses 6 to 14 of the Constituting Declaration of Trust, which gives a wide range of permilled investments. The main objective is to achieve maximum lotsl returns so as to make maximum funds available to meet the charity's objectives. The income return on listed investments, before fees, for the year ended 5 April 2023 was 2.260/0. As identified above, the Trustees hold a portfolio of listed investments managed by Cazenove Capital and Julius Baer. The portfolios are managed on a disc￿tionary basis within the parameters set out by the Trustees. Risk Management The major risks lo which the charity is exposed, as identified by the Trustees, have been reviewed and systems have been established to mitigate those risks. Review of the Year The accounts of the Trust are presented in accordance with the full requirements of the Charities SORP IFRS 1021 (Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 201911. During the year ended 5 April 2023 total income was £97,041 compared with £218,331 in the previous year. Donations of £185,500 were made in the year12022'. £185,500). A list of the donations made during the year is contsined in note 14 of the financial ststements. The Trustees therefore mel their key objective of making charitable donations lo the organisations set out above. The balance sheet al 5 April 2023 shows net assets and total funds of £4,738,019 12022- £5,024,952) and comprises the listed investment portfolio at ils year-end market value of £4,395,389, unlisted investments al cost of £15,000 and net current assets of £327,630, chiefly cash. The accounts include unrealised investment losses of £124,035 in the year Compared lo unrealised gains of £236,486 during the period to 5 April 2022, being the difference between cost and market value of the listed investments al the balance sheet date. Realised losses for the year lolalled £30,945, compared to losses of £67.211 in the prior year. Page 2

Docusign En¥ÈlopÈ ID." 6E1629444E37410E-8D4F-4639B4FE104F CRAPS CHARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2023 Statement of Trustees, Responsibilities The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and regulations. The Charities Act 2011 requires the Trustees lo prepare financial slalements for each financial year. The Trustees have to prepare the financial statements in accordance with United Kingdom Generally Accepted AccoLJnting Practice (United Kingdom Accounting Standards and applicable lawl, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ire18nd. The Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the charity and of the incoming resour￿$ and application of resources, including the income and expenditure. of the charity for that period. In preparing these financial statements, the Trustees are required lo.. select suitable accounting policies and then apply them consislenlly: observe the methods and principles in the Charities SORP {FRS1021', make judgements and accounting estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charity's transactions and disclose with reasonable accuracy al any lime the financial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charrfcy and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities. Approved by the Trustees on 5/12/2023 and signed on their behalf by.. QL JPMDent Trusteo Page 3

Docusign En¥ÈlopÈ ID." 6E1629444E37410E-8D4F-4639B4FE104F CRAPS CHARITABLE TRUST REPORT TO THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2023 I report on the accounts of Craps Charitable Trust Ilhe 'charty'l for the year ended 5 April 2023, which are set out on pages 6 to 24. Your attention is drawn lo the fact that the charity's trustees have prepa￿d the charity's accounts in accordance with the Statement of Recommended Practice 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo Charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191 issued in October 2019 in preference lo the Statement of Recommended Praclice'Accounling and Reporting by Charities.. Statement of Recommended Practice (revised 20051. issued in April 2005 which is referred lo in the Charities (Accounts and Reports) Regulations 2008 bul has been withdrawn. l understand that the charity's trustees have done this in order for the charity's accounts to give a true and fair view in accordance with United Kingdom Generally AC￿pted Accounting Practi￿ effective for reporting periods beginning on or after 1 January 2019. This report is made solely lo the charity's trustees, as a body, in accordance with the regulations made under section 154 of the Charities Act 2011. My work has been undertaken so that I might stale to the charity's Iruslees those mallers l am required lo slate lo them in an independent examinerfs report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Iruslees as a body, for my work, for this report, or for the opinions I have formed. Respectlve responslbllltles of trustees and examlner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required this year under section 144121 of the Charities Act 2011 and that an independent examination is needed. It is my responsibility lo.. examine the accounts under section 145 of the Charities Act 2011., to follow the procedures laid down in the general Directions given by the Charity Commission under section 145151(bl of the Charities Act 2011., and lo slate whether particular matters have come lo my attention. Basis of independent examinerfs report My examination was Carried out in accordan￿ with the general Directions gThien by the Charity Commission. An examination includes a comparison of the accounts with the accounting records kept by the charity. 11 also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such mallers. The prO￿dureS 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. Page 4

Docusign En¥ÈlopÈ ID." 6E1629444E37410E-8D4F-4639B4FE104F CRAPS CHARITABLE TRUST REPORT TO THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2023 Independent examinerfs statement In connection with my examination, no matter has come to my attention.. which gives me reasonable cause lo believe that in any material respect the requirements.. lo keep accounting records in accordance with section 130 of the Charities Act 2011., lo prepare accounts which accord with the accounting records., and lo comply with the applicable requirements concerning the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 have not been mel- or to which, in my opinion, attention should be drawn in order to enable a proper Ljnderslanding of the accounts to be reached. Christopher Bagnall FCA Grant Thornton UK LLP Chartered Accounlanls Milton Keynes Dale 8/12/2023 Page 5

Docusign En¥ÈlopÈ ID." 6E1629444E37410E-8D4F-4639B4FE104F CRAPS CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023 Unrestricted funds 2023 Unreslricled funds 2022 Note Incoming resources Investment income Other income 97.041 218,131 200 Total incoming resources 97.041 218,331 Resources expended Cost of raising funds Investment management costs Charitable activities Grants and donations Audit or Independent Examiner fees Other expenditure (40.1211 141,6211 5,14 1185.500) (13.5001 {61 {185,5001 19,0001 Total expenditure 1239.1271 {236,1211 Net expenditure before Ilosses)Igains on investments 1142.0861 117,7901 (Lossesllgains on investments Realised Ilossesl on investments Realised gain on investment not previously recognised Unrealised {lossesllgains on investments Unrealised gains on foreign exchange (30,9451 167,2111 1,039 236,486 1,630 171,944 1124.0351 10.133 1144.847) Ngt movomgnt in funds 1286.9331 154,154 Fund balances brought forward at 6 April 2022 5,024,952 4,870,798 Fund balances carried fonNard at 5 April 2023 4,738.019 5,024,952 All results relate to continuing activities. There are no recognised gains or losses other than those shown in the Statement of Financial Activities 12022.. none). The notes on pages 8 to 14 form part of these financial slatemenls. Page 6

Docusign En¥ÈlopÈ ID." 6E1629444E37410E-8D4F-4639B4FE104F CRAPS CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2023 Unrestricted funds 2023 Unreslricled funds 2022 Note Fixed asset investments Unlisted investments Listed investments 15.000 4,395,389 15,000 4,265,742 4,410,389 4,280,742 Current assets Debtors and prepayments Bank balance Cash balances held by Investment Managers 10 2,339 126,008 624,702 15.124 326.067 341.191 753,049 Current liabilities Credttors and accrued charges (13,5611 18,8391 Net current assets 327.630 744,210 Net assets 4,738,019 5,024,952 Representlng: Unrestricted funds 4,738.019 5,024,952 The financial slalemenls were approved by the Board of Trustees on 5/12/2023 by.. and signed on their behalf QL JPMDent Trustee CSDent Trustee LrQud LRDenl Trustee The notes on pages 8 to 14 form part of these financial statements. Page 7

Docusign En¥ÈlopÈ ID." 6E1629444E37410E-8D4F-4639B4FE104F CRAPS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 (CONTINUED) General infomiation The charity's registered office address is Grant Thomton UK LLP, Victoria House, 41h Floor, 199 Avebury Boulevard, Milton Keynes, MK9 1AU. Accounting Policies la) Basis of preparation of financial statements The financial statements have been prepared under the historical cost convention wlh items recognised at cost or transaction value unless otherwise slated in the relevant nolelsl to these accounts. The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 (Accounting and Reporting by Charities.. Statement of Recommended Pfftclice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 201911 and the Charities Act 2011. The financial statements have been prepared lo give a 'lrue and fair, view and have departed from the Charities {Accounls and Reports) 2008 only lo the extent required lo provide a 'lrue and fair, view. This departure has involved following the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, rather than the Accounting and Reporting Charities.. Slalemenl of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The charity constitutes a public benefit entity as defined by FRS 102. The charity's functional and presentational CLJrrency is GBP. Ib) Going concem The Iruslees consider that there are no material uncertainties about the Trust's ability lo continue as a going concern for at least 12 months from the dale of signing the financial slalemenls. Investment is continuous from the Investment portfolio held with brokers as listed during the year. The trust remains in a positive net position, and accordingly the Iruslees Consider it appropriate for the trust lo adopt the going concern basis. Ic) Flnanclal Instruments Other than listed investments, which are accounted for at fair value and include non-basic financial instruments, the charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like debtors and creditors, and investments in non- pultable ordinary shares. Financial assets that are measured al cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Financial Activities. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of eslimaled cash flows discounted al the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impaimient loss is the current effective interest rate determined under the Contract. Page 8

Docusign En¥ÈlopÈ ID." 6E1629444E37410E-8D4F-4639B4FE104F CRAPS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 (CONTINUED) For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were lo be sold at the balance sheet dale. Financial assets and liabilities are offset and the net amount reported in the Balan￿ sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a nel basis or lo realise the asset and settle the liability simultaneously. Id) Income All incoming resources are included in the Statement of Financial Activities when the charity has entitlement lo the funds, receipt is probable and the amount can be measured with sufficient liability. Dividends are recognised in the period in which the dividend becomes payable. lo) Rgsources gxpendgd Expenditure is accounted for on an accnjals basis and has been included under expense categories that aggregate all costs for allocation to aclivilies. lfj Investments Listed investments are slated in the accounts at their market value on the balance sheet date. The resullanl unrealised surplus or deficit is credited or debited to the operating fund. Unlisted investments are slated al their cost and are reviewed annually for impairment. Ig) Recognition of liabilities Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity lo the expenditure. Provisions for grants are made when the intention lo make a grant has been communicated lo the recipient. Operating expenses comprise those costs directly attributable lo managing the investment portfolio and raising investment income. (h) Cash at bank and in hand Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. li) Gains and losses on investments 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 opening market value Ipurchase date if lalerl. Unrealised gains and losses are calculated as the differen between the market value al the year end and opening market value lor purchase dale if lalerl. ti) Fund accounting Operating funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for any other purpose. Page g

Docusign En¥ÈlopÈ ID." 6E1629444E37410E-8D4F-4639B4FE104F CRAPS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 {CONTINUED) Investment income Investment income is analysed below: 2023 2022 Net income from listed investments Nel income from unlisted investments Interest on deposits Irrecoverable lax on investment income 93,441 98,045 120,000 86 5,939 (2,3391 97.041 218,131 Investmont managgmgnt Costs Fees as Y. of funds 2023 2022 of funds Investment management fees - Cazenove Investment management fees - Julius Baer 24.408 15.713 1.06/0 0.75/0 25,361 16,260 1.08/0 0.85 /0 40,121 41,621 Grants and donations Donations have been made in accordance with the Trust Deed. A schedule of donations can be found in note 14. Staff costs The charity had no employees during the year 12022.. none) and therefore no employees received emoluments exceeding £60,000 per annum12022: none}. Trustees. remuneration and expenses During the year, no trustees receThied any remuneration or other benefils12022.. £Nill nor were reimbursed for any expensesl2022.. £Nill- Page 10

Docusign En¥ÈlopÈ ID." 6E1629444E37410E-8D4F-4639B4FE104F CRAPS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 {CONTINUED) Investment portFolio As al 5 April 2023, the investment portfolio comprised a diverse mix of listed equities and securities managed by Cazenove Capital and Julius Baer, and is summarised below: Markgt value Annual Income Yield on market value Cost (Net) Cazenove Capital UK Fixed interest Overseas Fixed interest UK Equities Overseas Equities Alternatives 263,830 314,630 160,887 1,099,716 391,600 258,153 301,335 190,804 1,123,405 426,032 4,565 7,162 16,557 9,207 6,952 2.38/0 8.68/0 0.82/0 1.63% 2.230,663 2,299,729 44,443 Market value Annual Income (Net) Yield on market value Cost Julius Baer UK Fixed interest UK Equities Overseas Equities Alternatives 463,948 660,820 707,928 159,901 435,363 805,201 686,420 168,676 13,966 26,049 8,978 3.21 % 3.24% 1.31% 0.00° 1,992,597 2,095,660 48,998 Total listed equities and securities 4,223,260 4,395,389 93,441 Cash balances held by Investment Managers Market value Annual Income {Netl Yleld on market value Cost Cazenove Capital Julius Baer 293,529 32,538 293,529 32,538 5,675 1.93Yo 326,067 326,067 5,675 Annual Income {Netl Yield on market value Total return on investments- equities. securities and cash balances 99,116 2.10 10 Page 11

Docusign En¥ÈlopÈ ID." 6E1629444E37410E-8D4F-4639B4FE104F CRAPS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 {CONTINUED) Investment portfolio (continued) Total Investment portfollos held by the Investment Managers Market valug Annual Incomg (Net) Cost Cazenove Capital Julius Baer 2,230.663 1,992.597 2.299,729 2.095,660 44,443 48,998 4,223.260 4.395,389 93,441 An analysis of the investment movement during the year follows.. Julius Baer Cazenove Capital Total Market value al beginning of year 1,908,891 2,356,851 4,265,742 Pr(Keeds of sale Cost of purchases Realised gainl(lossl Change in unrealised gains 1325,2711 12,165,994) 12,491,265) 583,668 2,192,224 2,775,892 1,279 132,2241 130,9451 {72,9071 151,128) 1124,0351 Movement in year 186,769 157,1221 129,647 Market value al end of year 2,095,660 2,299,729 4,395,389 Unreallsed galn on forelgn exchange 2023 2022 Foreign exchange gain 10,133 1,630 Page 12

Docusign En¥ÈlopÈ ID." 6E1629444E37410E-8D4F-4639B4FE104F CRAPS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 {CONTINUEDI 10. Debtors and prepayments 2023 2022 Income lax recoverable 2,339 11. Creditors and accrued charges 2023 2022 Investment managers, charges Independent examiner'slauditor's fee 6.361 7.200 6,139 2,700 13.561 8,839 12. Audit or independent examiner fees 2023 2022 Charity Audit Independent examination Preparation of accounts Under accrued fees in prior year VAT 5,000 3.250 2,750 6,300 1.200 2,500 1,500 13.500 9,000 13. Trust Funds The operating fund comprises the accumulated resources of the Charity, which may be expended without restriction in the furtherance of the Charity's objectives. Page 13

Docusign En¥ÈlopÈ ID." 6E1629444E37410E-8D4F-4639B4FE104F CRAPS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023 {CONTINUEDI 14. Donations For the year ended 5 April 2023 the following amounts were paid as donations.. Charity Numbgr 2023 2022 Academic Study Group on Israel and the Middle East Anglo Israel Association Amnesty Inlemational UK Section Charrfcable Trust Ben-Gurion University Foundation B'nal B'rith Hillel Foundation The University of Haifa UK British Friends of the Sarah Herzog Memorial Hospital Technion UK The Central British Fund for World Jewish Relief Community Security Trust British Emunah Fund The Foundation and Friends of the Royal Botanic Gardens, Kew WIZO.UK British Friends of the Hebrew University of Jerusalem Nightingale Hammerson The Jerusalem Foundation Jewish Care Freedom from Torture Motor Neurone Disease Association The Royal National Theatre The Prisoners of Conscience Appeal Fund Norw(iod Ravenswood Save the Children Fund Shaare Zedek UK Shelter, National Campaign for Homeless People Limited Friends of The Jerusalem Botanical Gardens New Israel Fund United Jewish Israel Appeal Teach2Teach International 1191067 313523 1051681 276203 313503 270733 1024814 1092207 290767 1042391 215398 3.000 1.000 3.000 1.000 1.000 4,000 1,000 4,000 4,000 25,000 5.000 1.500 1,000 4.000 1.000 4.000 4.000 25.000 5,000 1,500 1.000 803428 1125012 209691 207316 258306 802559 1000340 294354 224223 213766 1059050 213890 1143272 1.000 16.000 14.000 16,000 13,000 20,000 3.000 2.000 1.000 2.000 4,000 2,000 4,000 1,000 16,000 14,000 16,000 13,000 20,000 3,000 2,000 1,000 1,000 4,000 2,000 4.000 263710 1151347 1060081 1060078 1175660 1.000 16.000 13.000 3.000 5.000 1.000 16,000 13,000 3,000 5,000 Total dlstrlbutlons 185,500 185,500 15. Related parties Craps Charitable Trust and Celus Holdings Limited are related parties because they have common TrusleeslDirectors. Craps Charitable Trust owns 120/0 of the ordinary share capital of Celus Holdings Limited, dividends re￿iVed in the year lo 5 April 2023 tolalled £Nil12022.. £120,000}. There was a dividend received after the year end, on 1 June 2023, in the amount of £120,000. Page 14

Docusign En¥ÈlopÈ ID." 6E1629444E37410E-8D4F-4639B4FE104F g g g

Docusign En¥ÈlopÈ ID." 6E1629444E37410E-8D4F-4639B4FE104F

Docusign En¥ÈlopÈ ID." 6E1629444E37410E-8D4F-4639B4FE104F

Docusign En¥ÈlopÈ ID." 6E1629444E37410E-8D4F-4639B4FE104F

Docusign En¥ÈlopÈ ID." 6E1629444E37410E-8D4F-4639B4FE104F

Docusign En¥ÈlopÈ ID." 6E1629444E37410E-8D4F-4639B4FE104F

Docusign En¥ÈlopÈ ID." 6E1629444E37410E-8D4F-4639B4FE104F

Docusign En¥ÈlopÈ ID." 6E1629444E37410E-8D4F-4639B4FE104F a i I

Docusign En¥ÈlopÈ ID." 6E1629444E37410E-8D4F-4639B4FE104F

Docusign En¥ÈlopÈ ID." 6E1629444E37410E-8D4F-4639B4FE104F