The Everard FouDdatRon Annual Report & Financial Statements For the Year Ended 5th April 2025
The Everard Foundatio Page I Annual Re rt for the Year Ended 5th A rKI 2025 Ikgal and Administration Details The tnjmees are pleased to present their report together with the financial statements of the Charity (or the year ended 5th April 2025. The financial staiemenls haye been prepared rn accordance with the accounting polscies sd oui in the notes to the the acc4)unts and colnply with the chariry'$ gov¢ming document. The Charities Act 2011 and Accounting and Reporting by chariti.. Statefftent of Recommended Practice applicable charities preparing their aOUnts in accordance with ihe Financial Reporting Standard applÈ¢able in the UK and Republic of Ireland published in October 2019. The Trustees acting throughout the year, who were nol remunernt and received no expenses. were: Mr. Richard A.S. Everard Mr Julian William Speneer Evernrd Mr. Simon J. Atkinson Mrs. Charlotte lone Vowles Mr. Athinson is. however, a PaTther in Currey & Co LLP, 33 Queen Anne Street, London WIG 9HY, solicitor5 to the trusi who provided secrdarial, accountancy and tax services charging an a[U2] fee in this ¢onn¢ction, details of which appear in the finaneial statements. The investsneni portfolio manager% are Eve1} Partners, 45 GTesham Stree( London EC2V 7BG. The independent exalniner is Ailsa Far¢y CA CTA. of Millbank Financial Setvi¢e5 d, Fourth Floor, 7 Swallow Streel London, WIB 4DE Structure, Gov¢rnnee and MaNagement The ¢harity was estsblished as a grant making tnjst by De of Tnjst dated I lth October 1976 and 15 registered with the Charity Commission. No= 272248. The charity's address is 33 Queen Anne Street, London WIG 9HY. The chtirity is controlled by a board of trust¢e5 who manage all aspects of the trust's affairs and in whorn vests the power to appoint new trustees. The training lles of the tStee5 ate reviewed on an annual basis. and existing trUt¢S are provided with tsxining as and when required. The tralrting COMS incuTred in the current y¢ar were £Nil (2023124: £Nil). They have received appropriate briefing on their responsibilitie5 under the law relating to charities and their dury to ensuTe that their charitsble activities are for the public benefit. The selection of futur¢ trNstees will have regard to the skills. knowledge and experience needed for the effective adTninistration of the charity. Any new trustees will be provided with ¢opie5 of the Charity Commission's guidance io trjslees and given an intrcM]u¢tion to the activities of the tharity by the existing board. Relaled Pr¢ies No transactions look place with related parti although expenses are charged for the serYi¢es provided by Currey & Co LLP as disclosed above.
The Evernrd Foundatio Page 2 ual Re rtftrr thA ri12025 R&sk Mang¢meDt The major risks to which the charity IS th¢oreti¢ally exposed are fluctuations in the value of its investments (whether caused by wider market factor& or under-perfOmian of ihe ¢haritys invesm)ent managers)." the fraud or n¢g]igenc¢ of the trustees or third parties (including their investment managers or bankers) and cyber-crime. The Trustees. having assessed ihese risks, are satisfied that system% and policies (including policies on inveslment management and financial controls) are in pla( to rnanage those risks. The Mstees believe that by delegating investment management to recognksed charity investment professionals and Tnonitoring their perfornjance, they have estsblEshed the effwuve systems to miligate these risks. The trustees also believe that it remains in the tNst's best interest to continue to hold tshares in EB Ltd in the expectation of a reasonable dividend incoTne stream deriving from thai shareholding. The trustees maintain close links with the Board of Dir¢¢tors of EB Ltd remain confident in the management of the company. The trusiees, having assess these risks, are satisfied that systems are in place to rnitigate the charity's exposure thereto. The Trusteeg have s*isfied themselves that the trust is a going concern and has adequate resources to continue in operational existence for the foieseeable future. The charitable activities are funded by the investment portfolio. and the portfolio has suffieieni value to support continued gTant making. Obje¢tlves and Activities The charity's objects provid¢ that.. "Subject to any appoinknent the TNslees should hold the Trust Fund upon T$t to pay or apply the income thereof to such charitable foundations and for such charitable purposes as the TNstees in their discretion shall frorn tilne to time think fit" In considering how best to achieve these objeclive5 the trustees have had regard to the guidance on public benefit issued by the cFty Commission. The obje¢tive of the trust is to seek to obtain a 5UStainable return from their investment portfolio and in particulaT an income i18s]ng at least in line with inflation over the medium tem). The charity is reliant on receiving neither additional funding from donors nor any particular level of income from its investments. The tsustecs nornially only make grants or loans ty other registered charities in areas in which the tsustees have intetesL in particular. the advancement of cttizenship or cornmunity developmenL enyironmentsl prote¢tion and improvemeni and the relief of those in need in and around the county of Leicestershire. The scope of their giving is detem)ined only by the extent of their resources., il is not otheEyise restricted either geogtaphically, or by the type of activity ¢8rri¢d on by prospective benefi¢iari¥ or applicants. The trustees ntinue to make gTants in 5UPPOrt of charitable organisations in furth¢rdnce of the charitys obJt for the public benefit. Public Benefit The trustees confirn) that they have cornplied with the duty in settion 17 of the Charities Act ?01 l and have referred to the guidance contained in the Charity Comlnission's general guidance on publi benefit when reviewing the charity's aims and objectives and in planning future activities and setting the donations policy for the year. The benefit that arises is the provision of funding to organisations that demonstrate charitsble purpose.
The Everard Foundation Page 3 Annual Re rt for the Year Ended 5th A ril 2(125 Achievemtnts and Performance During the course of the year the tnjst made I I grdnts totslling £32,061 as set out in note 5 to ihese accounts. The trustees consider that their principal objectives are being achieved. The trustees are pleased with the progress made in the financial year ended 5th April 2025 and look forward to expanding their work with rnany other ¢Eitte$ in the years to come. FinaDeial Review On 5th April 20?5 the investment portfolio was worth £17,215,692 (2023124- £17,337.908) and in the year ending 5th April 2025 the investment income was £133,427 (2023124: £101.624). The expenditure on chsrltable #divitÉes totailgj £37.712 (2023124.. £26,128). The trustees are satisfied that ih¢ dLaTity'S assets are available and adequate to meet it& obligations. Fixed A55et Investments Investments ate a forni of basic financial instn]rnent and are initially recognised at their transaction value and 8ubsequently measured at their fair value at the balance sheet dale using the closing quoted market price. The sta(ement of financial activitie5 ineludes the net gain5 and105ses arising on revaluation and disposals throughout the year. The main form of financial risk faced by the charity is that of volatility in 4uity markets and inveslment maTkets due to widLY economic condiiions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular seetors or sub sectors. Realised G3in5 2nd Losses All gain5 and losses are taken to the Statement of Fir¢saI Activities a8 thcy srise. Rea]ised gains and losscs on investments are calculated as the difference between sale5 proceeds and their opening c4rying value or their purchase valut if aequired subsequent to the first day of the financial year. Unrealised gains aDd Ios8e% are calculated as the difference between the fair value at the year end 2nd their canying valu& R¢ali5¢d unrealised invesLTnent gains and losses are combsned in the Statement of Financial Activitie5. Employees The charity employs no staff. IvestI¢t Policy Under the Trust D¢ed the trustees are empowered to invest in any type of investmenl which ihe trusiees could make if they were absolut¢ly and b¢neficially entitled. The Investsnent Policy ts monitored by regular inveslment reports and annual meetings with the Investtnent Manager. The trtee8 remain satisfied with the performance of their Investment Manager and that the tru5tees' mandate remkins appropriate. A breakdown of the investments held at the y&v ended 5th April 2025 be seen on page l O. Reserves Polity It is the trustees, policy to distribuie approximately one year's income in the course of each funCIal year and to retain a reserve only gufficient to be 2ble to respond expeditiously and when appropriate to Urgent appeals. At the Balance Sheet dAte the unrestricted reserves amounted to £17,545.110. They are invested in order to generate income and capital gains, PToviding further fi]nds to support the charitys purpos. Plans for the Future The twste¢s intend that the principal objectives should be pursued in perpetuity.
Page 4 The Everard FouDdatio Dnual Re ort for the Year EDded Stb A ri12025 Statement of Trustee5' Responsibilities Th¢ trustees are responsible for preparing the trustees, report and the finaneial statements in kccordance with appli¢able law and regulations. The law applicable to charities in England and Wales requires the tNstee5 to prepare financial statements for each financial year in accordance wth United Kingdom Generally Accepted Ac¢owiting Practice (United Kingdom Accounting Standard5 and applicable regulations)- Under that law the trustees must not approve the f]nancial statements unless ihey are satisfJ¢d that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In PTeparing these fmancial statements, the trSteeS are required to: select suitable accountin policies and then apply them consistently. observe the methods and principles in the Charities SORP (FRS 102) make judg¢ment% and estimates that are re&%onable and prudent" state whether applicable 2ceounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial ststeTnenis on the going concern b[S unless it is inappropriate to presume that the charity will continue in business. The ttustees are responsible for keeping adequate accounting records which are sufficient to show and explain the charity's transactions and disclose with reasonable aceuracy at any time the financial Position of the charity and enable them to ensur¢ that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulat. -008 and the provisions of the tnjst deed. They are also responsible for safeguarding the a of the charity and hente for taking reasonable steps for the prevention and ion of d and other irregularities. alf of the tNsttts 14 ..2025
Page 5 The Evergrd Foundation ststement of Fin2DC121 Activities For the Year ended 5th A ril 2025 Notes 2025 2024 Income from: Investments Total 133,427 133,427 101,624 101,624 Expenditure on: Charitable activities Raising funds Total (37,712) (23,141) (60,853) (26,128) (21,576) (47,704) Net Incomel(expenditure) 72,574 53,920 Gainsl(losses) on currency sales Gainsl(losses) on investment assets Net movement in funds 14 10 15 (10) (125,935) (53,371) 173,131 227,051 ReconciliatOD of funds: Fund balances brought forward 17,598,481 17,37L,430 Fund balances carried fonyard £17,545,110 £17,598,481
Page 6 The Everard Foundation Balance Sheet as at 5th A ril 2025 Notes 2025 2024 Fixed Assets Investments at current value 17,215,692 17,215,692 17,337,908 17,337,908 Current Assets Debtors Cash at bank and on deposit 2 Silver Foxes 60,000 277.844 370 338,214 81,482 187,258 370 269,110 12 13 Creditors: Amounts due within one year Accruals 14 (8,797) (8,797) (8,537) (8,537) Net cuent assets Total Net Assets 329,417 260,573 £17,545,110 £17,598,481 The Funds of the Charity Unrestricted fimds Total Charity Funds 17,545,110 17,598,481 £17.545,110 £17,598,481 Approved by the Trustees on I 2025 and signed on their behalf by: Trustee
Page 7 The Evergrd Folln Ation e Financ I Statements for the Year Ended SthA ril 2025 Note5 to t Accounting Policie5 a) B#sis of flnao¢ial statements preparatio The financia] 5tat¢menls of the charity, which is a public benefit entity, have been prepared in acc4)rdance with the Charities SORP (FRS 102)'Accounting and Rep)rting by Chariiies: Siatement of ROrnmended Pcti applicable to charities preparing their ac¢ounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effeclive l January 2015),, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Chariiies Act 2011. The financial statrments have been prepaTed under the historical cost convention. The financial statements have been prepared lo give a true and fair, view and have departed from the Charities (A¢¢ounts and Reports) RegUl10S 2008 only to the extent required io give a'true and fairf view. This departure has involved following Accounling and Reporting by Chariticg preparing their accounls in accordance with th¢ Financial Reporting Standard appli¢able in the UK and R¢public of Ireland (FRS 102) issued in Octobcr 2019 rather than the Accounting and Reporting by Charities.. Ststement of R¢¢ommended Practice eff¢¢tive from 1st April 2005 which h&8 since been removed. bl Nature of Fund$ All funds held ¢ unTestricted and the trwtees are free to them in a¢¢ordan¢e with the ¢haritsble objects. c) Fixed Asset Inve$trneDts Investments are stated at market value 8t the balance sheet date. Overseas investments are translated into sterling at the rates ruling at the year end. Th¢ Statement of Financial Aetivities (SOFA) includes the net gains and losses on revaluation and disposals throughout the year. d) Investment Income Inv¢slm¢nl income is accounted for when reeeivable and is staled gross of any rttlatrnable tsxation relief. e) Raiqing Funds Expenditure is accounted for on an accrual basis and has been cl&ssified under headings that aggregate all costs related to Ihal calegory and are sho5 in the nots to the financial statements. Cb9ritable Grants Grants payable are reco]iSed in Ihe SOFA when they are approved by the trustees and the recipienl has been infornied of th¢ atnount to be paid. Foreign Currencies TTansaetions denominated in a foreign currency are translated into steTling at the rate of exchange ruling at the dale of the transaction. Al the ba]an¢e sheet date monetary assets and liabslities denominated in a foreion curren¢y are translated at the rate ruling at that dat. All exchange differen¢es are deali with in the SOFA. Remunerdtion of Trustees In the financial year to 5th April 2025 the trustees did not receive any remuneration 1202i124.. £Nill but did re¢eive reirnbursement for exp¢nsEs incurred in the year.
Page 8 The Eyerard Foundalioll Notts t the Financial Statements for the Ytar Ended 5th A ril 2025 2025 2024 3 Investment Income UK Dividends- quoted UK Dividends- unquoted Unit Trust Income Fixed interest stock Property Income Overseas income Bank Interest 20,868 45.592 21,723 22,796 12,246 4,941 2,056 35.778 2,085 £101,624 283 39.285 3,750 £133,427 4 Charitable Activities Direct Support costs costs (see Dthte S) (see note 6) Totsl Charitable expenditure £32.061 5,651 37,712 5 Direct Costs The Charity undertook no direct ¢haritable activities but awarded ants to a number of institutions in fi]rtherance of its Chlble objectives. These are as follows: 2025 2024 ABF The Soldier's Charity Age UK Leicester & Rutland B¢lvoir Cricket & Countryside Trust County Air Ambulance Trust East Farndon PCC Leicestershire County Council Leicestershire Search & Rescue LOROS Lord Lieutenants Award foT Young People Lubenham PCC Naseby Battlefield Project New Parks Play Association Papyru5 clf 300 349 i 0,000 350 400 5,000 500 500 500 500 400 500 3,340 1,095 8,245 15,489
Page 9 The Everard Fouttdation Notes to the Financial Staiements for the Yur Sib A ril 2025 2025 2024 5 Direct Costs cont. Balance blf Pr05tate Cancer UK RSPCA Samaritans TennÈs Leicester Charitable Trust University of Sheffield Warning Zone (Leicester & RutlaJ)d Critnebeat) Whizz Kidz Woodland Trust Young Enterprise Young Leicestershire Ltd 15,489 8.245 1,342 200 1,095 5,000 1.100 950 300 8,000 1,174 4,098 3,300 420 £ 18,652 £ 32.061 AD2lysis of grants made Grnllts to institutions Grants lo individuaLs Total Advancement of.. education health or the saving of lives citizenship or comJnunity development environmental protection or improvement the relief of those in need amaleur sport proJnotion of efficiency of the arnied forces 3,300 1,000 9,674 4,098 3,689 I o.IM)o 300 £J2,061 3,300 1,000 9,674 4.098 3,689 300 £22,061 £0 2025 2024 6 Support Costs Independent Examination fee Withholding tax LEI Registration fee Legal and Professional fees 503 96 72 4.980 £5.651 630 192 6,654 £7,476 7 Expenditure oll Raising Funds 2025 2024 Investh)ent management fees £23,141 £21.576 8 Employees There are no employees so consequently no staff costs have been incutred.
Page 10 ver2rd Foundation ial Statrments for the Ytr Ended 5th ril 2025 Notes .4.2025 MArket VluÈ 9 Investments held at 5th April 2025 49,930 260 1,160 675 438 7.615 3,300 625 23,603 3,670 130 270 8.320 96,550 780 618 305 303.947 1,010 93.435 590 3,380 12.550 550 20,200 3,748 35.500 280 130 21,290 Augm¢ntum Fintech PLC Ip Ord Anglo Arneriw USSO.54945 Anglo American USSO.54945 Ashtead Grtsup plt lop Ord Astrazerteca plc Ord USSO.25 Aviva plr 32.8947p Ord Blackrock STTwll¢r ComleS Trust 25p Ord Bla¢kstone Group LP Comrtlon Units BH Macro Ltd Ord NPV Burford Capital Ltd Ord NPV CG Portfolio Fund Real Return'A' £ CG Portfolio Fund plc Dollar Hedged £ Di5 Conduit Holdings Ltd Common Shares USSO.01 CoTdiant Digital Infr&%tructure Ltd Ord NPV Shares CRH Ord EUTQ 0.32 Croda Int¢TnatioTrai 10.609756p Ord Edgewood L Select Us Select Growth I Z USS Evcrards Brew¢ry Ltd £1 Ord Experi pIL Ord USSO.10 Fair Oaks Income Furtd Ltd. Ord NPV1201T) Findlay P3tk Funds plc Ameri £ Hcdged Dist Fidelity Inv S¢rvi¢¢s (UK) Ltd Fidelity As'ia W Acc £ Fidelity Srtv Services China Sp¢Giai Situations Ip Ord Invcsco Physica] Markets Secur¢d Gold Linked Notes 3111212100 US$ JPMorgzn Asset Managm)ent UK Lid Japan C AGC Jupiter U.T. manag¢ European Z Ine Jupiter U.T, manage Japan Income Z £ Dis tA*ndon Siock ExChall Group plc 6.918604p Ord Microsoft Corporation C4)mmon USSO.00000625 MonidnO Asset Management Montanaro UK SncDffle & S¢ed Murray Inletnational Ttust 5p Ord National Grid plc 12.431289p Ord NB Privat¢ Equiiy Partners Ltd Cla55 A Ord Shares Novartis AG CHF 0.50 IR¢gdl Pershing Square Holdings Ltd NPV Phocnix Ciroup Holdings EUN) 0.0001 Real Esiat¢ Credit Inv Ltd Ord NPV Rio Tinio plc lop Ord RWE AG NVP Schrodci Investrn¢nt Management Lux SA lart Total Retum C £ Di SDCL Effjcienry Intorne Trust Ip Ord Schneider Elcctric SE Euro4.00 Squoi& Econotnic Infra Inc Fund NPV SHVO IP Group plc 2p Ord Skyline Utnbr¢ll& Fund Eagle Cap US Equity ve Fund R £ Smiths Group plc 37.5p Old Stnurfit Kappa Group ple Euro 0.001 Ord UThilev¢r plr 3.11 I Ip Ord United Hth Group In¢ comOrt Stock USSO.01 Unjtcd Kingdom (Govr 00 4.5U/o Bonds 71612028 £1.000 United Kingdom (Govt 00 4.1250A Bonds 291112027 Uniied Kingdom (GO ofj 4.25Q/o Senior Bonds 71312036 £1,000 Visa Inc Common Stock USSO.0001 'A' Zoetis Inc Cornmon US$O.01 Class A 38.146.52 34,451.41 21,255.84 25.575.75 47,339.04 40.009_21 37,950.00 60.560.19 90.045.45 33.341.95 ?4,548.94 43.073.91 27,372.80 80,136.50 49,093.20 17,019.72 93.187.07 14.550.000.00 32,784.60 39,100_20 57,088.40 53.268.80 28,990.50 124,297.25 68.457.80 108,868.88 39,444.05 31,206.0 36,243.14 35,744.85 57,188.(X] 49,115.00 64.860.00 38,532.96 72.666.60 39.028.50 60,390.00 27,977.40 28,495.32 91,547.29 57,726.10 32.954.15 75,238.80 22,053_29 108,713.04 49.456.20 43.271.25 34.031.50 32,589.27 56,108.85 55,698.42 73,488.69 43,635.77 3?,323.79 £17.215.692 4,750 4,600 465 2,155 7,350 49.500 660 1,050 951 127.150 205 101,400 59,765 626 2.780 1,375 725 80 54J50 55,100 75.000 180 275
Pag¢ 11 The Ever4r F undatioll t t thé Flnancial Statements for t th A rll 2025 Ytir Etlded 2025 2024 99 Net gain{lOsses) oil investments Revaluation of investments Gal1(10s5) on s&le of investmcnts {112.570} 113.365} 1£125.935} 167,?68 5.863 £173,131 10 Fixeil A55et INv¢5ÉmEDts 2025 2024 Cost or valuatioft at 5th April 2024 Additions Di5PQ5als Valuation changes at 5th April 2025 17.337,908 360.234 1356.5151 1195,9351 £t7,?15,692 17,101.628 530.122 1466.9731 173,131 £17,337,908 Forthe purposes of the 2025 accounr& th¢ trustses obtained an independcnt PToftssional valuation of the fair value of the unlisted investments &$ at 5th April 2019. and have agrea to USE this market valuation a5 at 5th April 2025. The FA)ok value of the quoted invtmmenis at 5th April 2025 is £2.355.291. Nei gainglloss¢s) on inv¢sunents includes reISEd gains(Ios8esl for the year of £13.36512024.. Gain £5.863} and unre8li5ed gainllossl on revaluation to llwk¢i vajue of £112,57012024.. Gain £149,992). 11 DtbtOT5 Amoints falling dw¢: Loans to.. Warning Zone Dividend Outs[dirt£ 2025 2024 60,000 80,000 1.482 £81,482 £60.000 12 Co$h at b#llk 2025 2024 CAF Bank plc Evelim Parthers Currey & Co LLP Clitni Account 95,700 171,597 10.547 £277,844 171.201 10.547 £181,748 13 Current Assets 2025 2024 2 St¢rling Silver Foxes £370 £370
Page l2 The Everjrd Follndation Notes to the nancIal Stt ments for the Yegr Ended 5th A ri12025 14 Creditors: Amounts falling du¢ withiu one year 2025 2024 Cwrev & Co LLP fees Inv¢strnent Management fee Indcpcrtdcnt ExamiTh&tion fee 2.400 5.827 570 £8,797 2.400 5.506 630 £8.536 15 MovETnrnt ID Funds 2025 2024 Unrestricted Fund5.' Balance broughi forward Net movem¢nt in funds Balanc¢ carried forward 17.598,481 153.3611 £17,545,120 17.371,430 227.051 £17.598.481 Net movemeftt in fijnds included in the abo ar¢ as follows= Gains ud MoveEAent i funds Ineome Outgoings Unr¢stricted funds 133.427 160,853} 1125,935) (53,3611 16 Rtlated Party TraDsa¢tiOn5 lrtcluded in debivrs onc concessiotwy int¢T¢St free loans. The loan to Warning 7¢ Of £60.000 (originally £IOO,0001 is repayable in annudl instalments of not l¢ss ihan £20.000. The latest instalrncnt wa5 r¢p&id in May 2025. WarniThg Zone 15 a h[table company limited by guarantee of which Mr Richard A S Ev¢r8rd OBE is the president. The trnstecs subsequently agrccd thar Wamins Zone could receive a T¢paytnent holiday, on the b&sis that the repayments Could be made when the futlds available.
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE EVERARD FOUNDATION FOR THE YEAR ENDED S APRIL 2025 I report to the charity trustees on my examination of the accounts of the tharrty for the year ended 5 Apnl 2025 which are Set out on pages 5 to 12. Responsibilities and basis of report As the charitys trustees you are responsible for the preparation of the accounts in accordance vith the requirements of the Charities Act 2011 Iyhe Acn. I report in respect of rny exarnination of the charitys aco)unts carried out under section 145 of the Act and in (xrryng out rny examination I have followed all the applicable Directions given by the Charity Cotllmission under section 14515llbl of the Act. Indèpendènt Exarninerfs Ststernent I have completed my examination. I confirm that no material matters have come to my attention in connecknon vith the examination gNing me cause to believe that in any material Spect.. accwnting record5 were not kept in respect of the charity as required by sedion 130 of the Act- c*r the acwunls do not accord with those rewrds,. or the accounts do not comply with the applicable requirements concerning the form and content ol 8ccounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts gNe a Irue and fair view which is not a rnatter o)nsidered as part of an independent examination. I have no concerns and have corne across no other matters in connection wsth the examination to which attention should be drawn in this report in order to en8ble a proper understsnding of the accounts.to be reached. A&J64 Ailsa Farey CA CTA 4th Floor 7 Swallow Street London W1B4DE DATED this day of Jz5