The Everard Foundation Annual Report & Financlal Statements For the Year Ended 5th April 2024
The Evtrard F&llndalion Page I Annual R¢ rt for the Year Ended 5th A ril 2024 LegAI Administration Detsljs The trnstees are pleaged to present their report togeth¢r with the fu)ancial ststements of the charity for the year ended 5th April 2024. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the the accounts and comply with the eharity's governing document. The Charities Act 2011 and Accounting and ReportÈng by Ch3rititt- Statement of RecoTnm¢nd¢d Practice applicable to charities preparing their a¢¢ounts in accordance with thE Fin3ncial Reporting Standard applicable in the UK and Republic of ]reland published in October 2019. The Trustees acting throughout the year, who w¢re not remunerated and received no expenw. were.. Mr. Richard A.S. Everard Mr Julian Williarn Spencer Everard Mr. Simon J. Atkinson . Charlotte lone Vowles Mr. Atkinson is, however, a parther in Cutrey & Co LLP, 33 Queen Anne Stree¢ London WIG 9HY, solicitors to the trust who provided sttretarial, aecountancy and i&x setyices charging an annual fee in this connection. details of which appear in the financial statements. The xnvestmettt portfolio managers are Evelyn Partners, 45 Gresham Stree( London EC2V 7BG. The independent ex3Tniner 15 Ailsa Farey CA CTA, of Millbat]k Financial Scrvices Lt¢L Fourth Floor, 7 Swallow Street, London, WIB 4DE Governance and Managem¢n¢ The charity was established as a gTar]t Tlldkin&i tru51 by De¢d of TTUSt dated I Ith October 1976 and ig rcgistered with the Charity commissio No= 272248. The charity's address is 33 Queen AnT)¢ Street, London Wl G 9HY. The charity is controlled by a board of trustees who manage all &spts of the tNst's affairs and in whom vests the power to appoint new trustees. The trainin&F needs of the trustees are reviewed on an annual basig, and existing tSte¢S are provided with training as and when required. The training costs incurred in the eurrent y&8r were £Nil {?O??P3.. £Nil). They have received appropriate briefing on their responsibilities under the law relating to charilies and their duty to ensure that their ¢haritabl¢ a¢tiviti¢s are for th¢ publi¢ b¢nefit. The selecrion of future trustees will have regard to the gki11g, knowIge and exp¢rience needed for the effective administration of the charity. Any new trustees will be provided with wpies of the Charity Commission's guidance lo trustees and given an introduction to the activities of the charity by the existing board. Related Partles No transactions took Pla with r¢lat¢d parties although expense5 are charged for the services provided by Currey & Co LLP as disclosed above.
The Ev Foundatio Page 2 AnDual Re ort for tbt Year Ended th A rll 2024 Risk Management The major risks to which tht charity is theor¢ti¢ally exposed are fluctuations in the value of its investments (whether caused by wider market factors, or under-perfornwice of the Char9 investment managers).. the fraud or negligen of the trusEe¢s or third parties (including their investm¢nt managers or bankers) and cyber-crime. The Trustees, having assessed these risks, are satEsfied that systems and policies (including policies investtnent rnanagement and financial controls) are in plk¢e to manage those risk5. The trustees b¢lieve that by delegating investment managem¢nt to recognised charity investment professiona15 and monitoring their pcrforn)ance, they have established the effectiv¢ systems to mitigate these risks. The trustees also believe that it remains in the trust's best interest to continue to hold shares in EB Ltd in the expectation of a reasonable divid¢nd income stream derrving from that shareholding. The trustees maintsin close links with the Board of Directors of F.B Ltd and reTnain confident in the management of the company. Th¢ ttees. haviT]&T &ss¢ssed these risks, are satisfied thai syst¢m$ ar¢ in place to mitigate the charitys exposure thereto. The Trustees have satisfied ihernselves that the trust is a going concern and has adequate resources to continue in operational existence for the foreseeable filture. 11)e charttable activities are funded by the invesknent portfolio, and the portfolio has sufficient va]ue to support continued grant making. Objectives and Attlviti¢s The charitys objects provid¢ that.. "Subject to any appointment the Trustees should hold the Trust Fund upon Trust to pay or apply the income thereof to such eharitable foundations and for su¢h charitable purposes as the Trustees in their discretiOTt shall from time to time think frt" In considering how best to hleve these objertives the trustees have had reg2rd to the guidance on publi¢ benefit issued by the Charity Commission. The objective of the trust is to seek to obtain a SUSts1b]E return from their investtnent portfolio and in particul2r an income increasing at least in line with inflation over the medium term. The charity is reliant on teeeiving neith¢r additional funding froTn donors nor any particular level of income from Ets inv¢5tments. The trUe£S nornially only make grants or loans to other registered charities in areas in which the trustee5 have an interest. in parricular, the advancernent of Citizenship or community development, environmental protection and llnprovement, 2nd the r¢Si¢f of those in need in and around the county of Leicestershire. The scope of their 8ivÈrig Is (kterrnined only by the exteni of their resources; it is not oth¢rwise restricted either geogrnphically, or by the t)pe of activity carried on by prospKtiv¢ beneficiaries or applicants. The trustees continue to make grants in support of charitable organisations in furtherance of the charity's object for the public benefEL Public Benefit The trustees conflrm that they have eomplied with the duty in section 17 of the Charities Act 2011 and have ref¢rred to the guidance cofflained in the CEity Commission's general guidance on public benefit when revi¢wing the ¢harity's aims and objectives and in planning future activities and setting the donations policy for the year. Th¢ benefit that arises is the provision of funding to organisations that demonstrare charitable purpose.
The Ev oundation Page 3 Re ort forthe YÈarEnded 5th A ri12024 Achievements 4nd PerforngD¢¢ During lh¢ course of the year the trust Tnade 15 grants totalling £18.652 a5 set out in note S to these accounts. The trustees consider that their principal objectiYe$ are being achieved. The trustees are pleased with the progress made in the financial year ended 5th April 2024 and look fonvard to expanding their work with many other Charities in th¢ years to come. Finarteial Review On 5th April 2024 the investment portfolio was worth £17,337.908 (?0?2ll3: £17.101,628) and in the year ending 5th April 2024 the investment income was £101,624 {20?Z123- £90,J2Jl. The expenditure on charitable activities tota]led £26,1?8 (2022Q3= £63,282)- The trustees are satisfied that the charttys assets 2re available and adequate ro meet its obligations. Fixed Asset Investments Investments are a fonn of basic finan¢ial instrument and are inEtially recognised at their trangaetion value and subsequently measured at th¢ir fair value as at the bklance Sheet date using the closing quoted market price. The statement of financial activities includes the net gains ond losses arising on revaluation and disposals tEoughOut the year. The main foTTh of financial risk faced by the charity is that of volatility in ¢quity markets and investment markets due to wider economic conditions, the attitude of investors to investment risL and changes in sentiment concerning equities and within particular sectors or sub sectors. Realised Gains Losses All gains and losses are tsken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are cal¢ulated as the difference between sales proceeds and their opening carying value or their purchase value if acquired subsequent to the fitst day of the financial year. Unrealised gaini and losses are calculated as the difference between the fair v&lue at the year end and thcir carrying valu¢. Realised and UTJrealised investment gains and losses are combined in the Ststement of Financial Activities. Employees The charity employs no staff. Investment Poliey Under the Thist Deed the trustees are empowered to invest in any type of investsnent which the tNstees could if they were absolutely 2nd beneficially entitled. The Invesknent Poliey is monitored by regular investm¢nt r¢ports and annual meetings with th¢ Investment Manager. The trustees remain satisfied with the p¢rforniance of their Investmeni Manager and that the true¢S, mandate remains appropriate. A breakdowTr of the investments held al the year ended 5th April 20?4 can be seen on page 10. Re5erve5 Poli It is the trustees, policy to distribute approximately one y*s income in the course of each financial year and io retain t reserve only sufficienl to be able to respond expeditiously and when appropriate to urgent appeals. Ai the Ba12Aee Sheet date the unrestricted reserves aTnounted to £17,598,481. They are invested in ord¢r to generate income and capital gain5. providing further fijnds to support the charityg purposes. Plans for the Future The tNstees intend that the principal obje¢tives should be pursued in perpetuity.
Page 4 The Everard Foundation ADDual Re ort for the Year Ended 5th A ril 2024 Statement of Trnstees, R¢sponsibilities The trnstees are responsible for preparing the tru5tees' report and the financial statements in accordance with applicable law and regulation5. The law applieable to charities in England and Wales requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generdlly A¢cepted Acc(Trunting Practice (United Kingdom Accounting Standards and applicable regulations). Under that law the ttustees must not approve the financial ststements unless they are satisfied that they give a true and fair view of the gtate of affairs of the charity and of the incoming resources and applicatiorl of resources of the ¢harity for that period. In preparing these fitw)cial 5talements, the trustees are required to: select suitable accounting policies and then apply ihem consistently- observ¢ the methods and principles in the Charities SORP (FRS 102) mak¢ judgements and estimates thai are rvasonable and prudent- State whether applicable accounting standards haye been followel subject to any rnaterial departures disclosed and explained in the f]nan¢ial statements; and prepare ihe financial ststements on the going conc¢m basis unless it is inappropriate to presuine that the charity will continue in business. The trustees are responsible for keeping adequate accounting records which are suffi¢i¢nt to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the tharity and enable them to ensure that the financial statements comply with the Charities Act ?01 I, the Charities (Accounts and Reports) Regulations 2008 and the provisigns of the trust deed. They are tlso responsible for safeguarding the assets of the charity and henc¢ for taking reasonable steps for the prevention and det ion of fraud and other iTregularities. RAS on of the trust¢¢s -.2025
Page 5 The Everard Foundation Statement of Finaneial Activities For the Year ended 5th A ril 2024 Notes 2024 2023 Income from: Investments Total 101,624 101,624 90,323 90,323 Expenditure on: Charitable activities Raising funds Total (26,128) (21,576) (47,704) (63,282) (20,968) (84,250) Net Illcomel(expenditur¢) 53,920 6,073 Gains/(losses) on investment assets Net movement in funds 10 15 173,131 227,051 (188,453) (182,380) Reconciliaton of funds: Fund balances brought fonvard 17,371,430 17,553,810 Fund balances carried forward £17,598,481 £17,371,430
Page 6 The Everard Foundation Balance Sheet as at 5th A ril 2024 Notes 2024 2023 Fixed Assets Invesknents at Current value 17,337,908 17,337,908 17,101,628 17,101,628 Current Assets Debtors Cash at bank and on deposit 2 Silver Foxes 81,482 187,258 370 269,109 121,487 157,418 370 279,275 12 13 Creditors: Amounts due within one year Accruals 14 (8,536) (8,536) (9,473) (9,473) Net current assets Total Net Assets 260,573 269,802 £17,598,481 £17,371,430 The Funds of the Charity Unrestricted fLU]ds Total Charity Funds 17,598,481 17,371,430 £17,598,481 £17,371,430 Approved by the Tru 5 and signed on their behalf by.. Trustee
Page 7 The Everard Foundation es to the Flna ial tatsmeRts for the Year Ended 5thA ril 2024 Aecollnting Policies a) Basis of financial statements preparation The financia] statem¢nts of the charity, whi¢h is a PUbi¢ benefit entity, hav¢ been prepared in accordance with the Charilies SORP {FRS 102)'Accounting and Reporting by Charities: Statem¢nt of Recommended Practice applicable io charities preparing their accounts in accordance with the Financial R¢porting Standard appli¢able in the UK and Republic of Ireland (FRS 102) (effective l January 2015),, the Financial R4rtIng Standard applicable in ihe United Kingdom and Republic of Ireland and the Charities Act 2011. The financial statcments hav¢ been prepared under th¢ historica] cost ¢onvention. The finan¢ial statements have been prepared to. tsive a *rue and fail view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the eent required to give a'true and fate view. Thi5 departure has involved following Accounting and Reporting by Charities preparing their coUnts in accordan(¢ with the Financial Reporting Standard pplicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Reeommcnded Practic¢ ¢ff¢dive from 1st April 2005 which hal since been removed. b) Natsre of Funds All funds held ar¢ unrestricted and ihe trutheg are free to use th¢m in accordanc¢ with the ¢haritable objects. c) Fixed Asset Investments Investments ar¢ stated at market value at the ba]ance sheet dale. Ov¢rs¢as investments are translat¢d into sterling ai the raic$ ruling at the year end. The Siatement of Financial Activities {SOFA) includes the net gains and 105ses on r¢valuation and disposals througho the year. d) Investment Income Investment income is accounted for when receivable and is stated gross of any reclaimable ttIon r¢li¢f. e) Raising Fund$ Expenditure is accounted for on an accrual basis and has been e12ssified under headings that aggregate all costs related to that category and are shown in the notes to the financial statements. f) Charitsble Grants Grants payable are recognised in the SOFA when they are approved by Éh¢ trustees and the recipient has been infom)ed of the amount to be paid. g) Foreign Currencies Trdnsaclions denominated in a foreign currency are translated into sterling at the rate of exchange ruling at the dat¢ of the transaction. At the balance sheet dale monetary assets and liabilities denominated in a foreign eurrency are translaled at the rate ruling at that date. All exchftnge differences are dealt with in the SOFA. 2 Remuneration of Trustees ID the financial year to 5th April 2024 the trugtees did not r£ceiv¢ any remuneration (202212) £Nil) but did receive reimbursen7eni for expenses incurred in the year.
Page 8 The Everard undailon Notes to the Ftnaneial Stslements for the Year Ended 5thA ril 2024 2024 ?023 3 Investment Income UK Dividends - quoted UK Dividends - unquoted Unit Trust Income Fixed int¢rest stock Property In¢ome Overseas incom¢ Bank Interest 21,723 22,796 12,246 4,941 2,056 35.778 2.085 £101,624 21,739 22,796 9,497 402 2,494 33,021 374 £90.323 4 Charitable Atlivities Direct Support costs costs (see note S) {5ee llote 6) Total Charitable expenditure £18,652 7,476 26,1?8 5 Direct Costs The Charity undertook no direct charitable activities but awarded grants to a number of institutions in rtheranCt of tts ¢haritable objectives. These are a5 follows: 2024 2023 ABF The Soldier's Charity Age UK Leicester & Rutland British Heart Foundation Carers of t£i¢¢st¢rshire Advo¢acy & Support County Air Ambulance Trust East Famdon PCC Friends of New Walk Charitsble Trust Lei¢¢st¢rshire County Council Leic¢st¢r Tiger5 Foundation Lubenham PCC Macmillan Cancer Supw)rt Martor Hous¢ Community Centre N&seby Battlefield Project Papyrus df 1,800 10,410 5,000 500 350 400 5,000 500 500 i 0,000 500 400 765 800 500 1,095 8,245 30.275
Page 9 The Everard Foundation Iyotes to the Financial Statements for the Year Ended 5th A ri12024 2024 2023 5 Direet Costs ¢ont. Balance b/f Prostaid Prostate Cancer UK Restore RSPCA Samaritans Tennis Lei¢ester Charitsble Trust University ofsheffield The Forward Trnst Warning Zone (Leicester & Rutland Crimebeat) Whizz Kidz Winfiiih Pre-school Young EnteNse Young Leiceslershire Ltd 8,245 30.275 1,342 362 250 200 1,095 5,000 1,100 10,040 1,375 950 300 1,000 3.580 420 £ 18.652 £ 47,J17 ADalysis of rallts made Grants to institutions Grants to individu#ls Total Advancement of.. education health or the saving of lives citiz¢nship or community development the relief of those in need animal welfare Any other charitable purposes ,900 1,900 11,850 770 201) 11,850 770 200 £18,652 £0 £18,652 2024 2023 6 Support Costs Independent Examination fee Bank charges Withholding tax LEI Registration fee Legal and Professional fees 630 431 192 192 72 15,270 £15,965 6,654 £7,476 7 Expenditure on Raising Funds 2024 2023 Investment management fees £21,576 £20.968 8 Employet5 There are no employee5 so cons¢quently no staff costs have been in¢urred.
Pag¢ 10 The Everard Found2ti0 tht FinAn ial Stgtenje for the Year Ended SthA OZ4 9 InvesttDenis held at Sth Aprtl 2024 arket Value 20.302 1.160 675 438 7.615 3.300 625 23.603 13.180 3,670 130 270 8.3?0 96.550 780 618 305 303,947 ,oio 93.435 590 3.380 12,550 550 20,200 3,748 35.500 28Q 130 21.290 23200 4,750 4,600 5.015 465 2.155 7,350 31,900 440 660 1,050 Augmentum FÉnt¢th PLC Ip Ord Aftglo Ametican USSO.5494i Ashtead Group plc lop Ord Astyaleneca plc Ord USSO.25 Aviv4 plc 32.8947p Ord Blackrock SmaEler CotDpanies Trust 25p Ord Blackstone Group LP Common Units BH Macro Ltd Ord NPV BP plc Ord US$O.25 Burford Capital Ltd Ord NPV CG Portfolio Fund Real Return'A' £ CG Portfolio Fund plc Dollar Hedged £ Dis Conduit Holdings Ltd Common Shares USSQ.01 Cordiant Digital Infrasiru¢ture Ltd Ord NPV Shares Ciul Ord Euro 0.32 Croda Intemational 10.609756p Ord Edgewood L Stleci Us Seleci Growth I Z US$ Evtrards BTew¢ry Lid £1 Ord Expuian plc Ord US$O.10 Fair O#ks Incom¢ Fund Lid. Ord NPV120171 Findlay Park Funds plc Arnerica £ Hcdgcd Dist Fidelity Inv Services IUKI Lid Fidtlity A%ia W Acc £ Fidelity Inv Scrviccs Chsna Special STtuaiions Ip Ord Invcsco Physical Markets Secured Gold Link¢d Notes 3111 J? 100 USS JPMnrg3n Asset Management UK Ltd Jap C Acc Jupiter U.T. M8n&g¢ts European Z Inc Jupiter U.T. Managers Japan IncotnB Z £ Dis London Stock ExLhange Group plc 6.918604p Ord Microsoft Cowralion Common USSO.00000625 Monianaro Asset mana.Ment Montanaro UK Inwme & Seed Murray Intemational Trust 5p Ord National Grid plc 12.431?89p Ord NB Privait Equity Partners Ltd c]S A Ord Sh8t¢S Neubtrger Berman IDV. Funds plG Unrorr¢lated Strategie5 P £ Acc Nov8rtis AG CHF 0.50 IR¢gdl Pcrshing %quar¢ HoldiDgs Ltd NPV Pl)oenix Group Holdings EUTO 0.0001 Real Estat¢ Crdit Illv Ltd Ord NPV Reckitt B¢ncki3cr GTOUP plc lop OTd RiD Tinto plc lop Ord RWEAG NVP Schmder Investment Managtjnent Lux SA Asian Tots] Rewm C In¢ SDCL Energy Eificiency Intotn¢ Trust Ip Ord Sequoia Economic Infra Ine Fund NPV SHVO IP Group plc Ip Ord Skyline Umbrella Pund Ea81¢ Cap US Equity Value Fund R £ Smiths Group plc 37.5p Ord Smurfji Kappa Group plc Euro 0.001 Ord Syncona Ltd Ord NPV TritLx EuToknx plc Ord Euro 0.01 Unilever plc 3.11 I Ip Ord Unita Kingdom (Govt ofj 10/0 Bonds 2214P_O?4 £1.000 United Kingdom (Govt 00 50/0 Senior Bonds 71312025 £1.000 United KillgdoEn (Govt ofj 4.5V/o Bonds 71612028 £I.000 Unit¢d Kingdom (GO ofj 4.1250/0 Bonds 2911n027 Walt Disney Company USSO.01 Xirackers ETC plc IIE} Physi¢ai Gold ETC £ 20.139.58 24.220.80 38,488.50 46,515.60 37.343.96 43.692.00 63,091.1? 78,834.0? 66,703.98 45.471.30 24.406.20 42.641.10 41.267.?0 61.21? 70 51,6? 1.60 28,106.64 107.719 05 14.550,000.00 34,249.10 41.189.79 62.191.90 5? 457.60 25.664_75 97,724.00 68.I75.00 1?6.309.97 41,6?7.30 26.258.40 43.774_i5 41,008. 16 57.536.00 49,067.50 75,532.00 52.005.54 35,l?1.36 85,769.00 40.241 75 36,$44.50 18,810.00 32.83 1.70 27,723.17 97.031.33 39.565.40 55.563.64 26,655.19 111.843.04 44.368.80 49.830.00 17.700.00 19.731.60 27,818.25 i5.671.25 53.826.33 56.100.53 55.399.90 34,?01.96 47.819.61 £17,337.908 67.060 68.260 59.765 626 2.780 1.375 15.000 39.150 725 55,500 53,500 54.350 55.100 365 .737
Page 11 The EveTard Fouthdati Notey to the Financial StAte]llen r the Year 5thA ril 2024 2024 92 Net gaIn(lo$s¢S} on inveAments R¢valuation ofinwestments GaitLI{lossl on sale of investments 167,268 5.863 £173,131 1185.6511 12.8021 1£188,4531 10 Fixed Asset Investmtnts 2024 9023 Cost or valuation at 5th April 2023 Additions Dssposa15 Valuation ch8ng¢s at 5th April 2024 17.101.628 530.122 1466,9731 17.?31 ?40 155,177 196,336) (188,45_31 £17.101,628 £17.337,908 Forth¢ purposes of the 2024 &ccount& the tru5te¢s obtsirt¢d an ind¢p¢ttdent professional valuatioft of ihe fair wJu¢ of th¢ unlisttd investments 5th April 2019. 2nd have agreed to use this market waluation as at 5th April 20?4. The book value of th¢ quoted in¥estmertlS at 5th April ?024 is £2.35AOT7. Net n(lO$s¢s) on invesrm¢nts includes realised gains for the year of £5,86312023.. Loss £2.8021 and unreaiised oll revaJuatlQA to tnark¢t value of £149,99212023.. Loss l£185.65111. 11 Debtors Am•unts falling due= Loan5 to.. Agc UK LcicesttT5hire & Ruiland (repayable in 3 years) Warning £ont Dividend ouistaDding 2024 2023 40,000 80.000 1.487 £121.487 so.000 -489 £81.482 12 Cg$h at bank 2024 2023 NatW¢st Bank pl¢ Ew¢lyn Partners curr & Co LLP Client Account 13.632 16.664 27.1)2 £157.418 110,8?9 76.429 £187.258 13 Current Assets 2024 2023 2 Stttling Silver Foxes £370 £370
Pag¢ 12 The verard Foundation Financi21 Ststements f r t 5th A ril 2024 Notes e Year Ended 14 Creditors: AmoLEnts falling due within on¢ yeir 2024 2023 CuTtcy & Co LLP fees Inve5tsnent Nlanagem¢nt fte lTrdepend¢nt ExgJnination f¢t 2.400 5,506 630 £8.536 3.600 626 £9,473 15 Movement IL FuDds 2024 2023 Uore5triCted Fund$.- BaJanc¢ brought fonvard Net movcmcnt in funds Balanc¢ c8Thied fotward 17,371,430 227.051 £17,598.481 17.5i3.811 {182.3811 £17.371,430 Net movement in funds included in the above are as follows.. Csins and (losses) Movement ID funds Outgoings Unrestricted funds 101.6?4 147.7041 173.131 ?27.051 16 Related Party Transactions Included in debtors nvo o)ncessionary interesi frcc loans. Tht 103n to Age UK LtiCeerShir¢ of £40:000 w&8 repJid on 4th Scptcmbcr 2023, and the Loan to Wanjing Zone (pf £80,000 (originally £IOO.0001 is rep&yable in annuJ in5ta]m¢nts of noi less than £20.000. Th¢ fst instafm¢Dt was repd in March 2023. Warning 2on¢ i5 a Chltsb]e company limit¢d by guaramtee of which Mr Richard A S Everard OBE is the pr¢idellt. 'I'he trustee5 subsequently agtted that Warning Zonc could receive 2 repaymeni holiday. on the basis that the repa)Thenis Could be rnade when the funds bEcam¢ available.
INDEPENDENT EXANIINER'S REPORT TO THE TRUSTEES OF THE EVERARD FOUNDATION FOR THE YEAR ENDED 5 APRtL 2024 I report to the chsytty trustees on my examlnatiDn of the aceounts Df th¢ chartty for th8 year en<led S April 2024 whlch ar¢ sel out on pages 5 to 13. R•$ponsibilltbs and b351$ of report A& the charfty'$ trustees you are responsible for the preparation of the accounts in accordance with the rÈquFremenb of the Charities Act 2011 Ilhe A¢n. I report In r•spe¢t of my examination of the charity's ount$ Caled out under section 145 of the Act and in Carrr OLrt my examinalion I have folltswed al the applicable Directions given by Ihe Charily Comrniso$1 undèr $tIOn 145{5llbl of the Aet. Independoth Examln•rfs siatement I hav¢ o)rnpletsd rny examination. Ih81 no matewi81 rnatters have come lo My attention in connection with tha examination giving me cause to telieve that In sty material r¢$Fect acc4unting records were nol kepl in Tespect of IhÈ rharity as reouwed ty sectton 130 of the Act., or the aKounts do not accord with those r0dS.. or 3. the accounts dts not compty with the aptyieth requirements conrning the form and content of accounts set out in fhe Charknes (Acwurts and Reptsrtsl Regulatiorts 28 olher Ihan any r4uiremenl that the accounts give a Irue and fatr view whith is not a Matter conwdered as part of an independènt examinabon. I have no concem$ and have ctsmo auoss no othèr malter5 In conn¢dron with the examination to whith attenfron should bè dratsfft in Ihis report in order to enable a proper undeTStanding of Ihe accounts to be rÈ*hed. rtiJ&£ lkntsa Far¢y CA CTA 4th Floor 7 SwalFow Street Lot)don W1B4DE DATED this4day ofJort21Y25.