Registration number: 00510618

Campden BRI

Contents

Campden BRI

Company Information

Campden BRI

Chair's Statement for the Year Ended 31 December 2024

2024 was a year of investment for Campden BRI with improvements in infrastructure and systems being launched as well as a strategic review of our services and research requirements.

A major programme is being implemented to improve our internal processes and procedures to enable Campden BRI to adapt to the evolution that is ever present in the food and drink sector, to improve the competitiveness of the our services and enable Campden BRI to remain at the heart of our Members' requirements. This programme includes new systems which will help us reduce response times and improve accessibility for our Members and includes, for example, developing a Member focussed portal to allow electronic interaction.

We are also upgrading our management information systems to allow us to better manage our resources and make more informed decisions.

These improvements involve expenditure both of an operating and capital nature resulting in costs being incurred in the year impacting on our reported loss to the extent of £871,581 (included within Exceptional Items - see Note 6 to the accounts). Accordingly, the underlying profit for the year before taking these investments into account was £748,359 which compares to the result for the prior year of £1,508,218.

In the absence of capital from our shareholders, the challenge that Campden BRI faces as a Member owned organisation is that the only money available for investment and research comes from the profit that we generate and this has been depleted in recent years by contributions that have had to be made to recover the deficit in the defined benefit pensions schemes that resulted from the financial crisis of 2008/09. However, these contributions linked to improved bond yields have resulted in a material reduction in these deficits and the Board is now seeking to reduce these contributions to release more profit for investment and research.

Our previous Chair, Sebastian Munden, resigned in May of this year in order to pursue his other activities and I was appointed as your Chair on 1st July 2025. I am sure you will join me in thanking Seb for his excellent contribution during his period as Chair and to wish to him well in all that he does. For my part, I am both delighted and honoured to be appointed Chair of such a highly respected and long standing research institute that is vital to the future of the food and drink industries which we serve as the only truly independent company in the sector meeting the science and technology needs of our Members. The active engagement of hundreds of businesses in our fifteen Member Interest Groups (MIGs) is testimony to the continued importance our Members see in the power of a membership-based organisation focussed on delivering for the benefit of its Member companies and wider stakeholders.

Finally, and most importantly, I wish to acknowledge the contribution of our outstanding colleagues for it is their hard work and dedication that makes Campden BRI what it is, the most respected and trusted business in our sector.
 

P E Moody
Chair

29 September 2025

Campden BRI

Chief Executive's Statement for the Year Ended 31 December 2024

Despite the economic headwinds the business faced in 2024, I am pleased to report that the demand for our services remained consistent with 2023 with revenue increasing by 2% year on year. Our direct costs and overheads increased, as budgeted. This increase relates to our continued investment in our People and strategic investment programme.

The difficult decision was taken in January 2024 to consult on the closure of our Nutfield site which subsequently led to the site being fully decommissioned in July. This consolidation of our analytical services to our Chipping Campden site has delivered operational resilience and an opportunity to offer a superior service to our brewing members. We have invested in state-of-the-art capital analytical equipment and created a dedicated beverage analytical laboratory thus future proofing our facilities with the latest analytical methods and improved systems for the exceptional client service our members enjoy and deserve.

Our Wine Centre of Excellence, based in Guildford, Surrey, opened for business in July 2024 offering specialist analytical testing and consulting services to our clients in both the GB wine sector and to the substantial import wine market.

Our Operational Excellence programme continued in 2024 with various workstreams, across our Operational divisions and Support functions to modernise and invest in systems and processes which will accelerate our capacity for strategic growth.

This new strategy has focussed on delivering shorter term tangible outputs to serve our members with newly developed analytical methods and technology solutions.

In addition to externally funded research, Campden BRI invests in research for strategic purpose. In 2024, we:

We published two R&D reports on other projects and 3 Research Summary sheets on others in 2024. All projects have been marketed and are on the member research webpage of the Campden BRI website.

We remain committed to delivering, in the most cost-effective way, an exceptional client experience, fostering diversity and inclusion, and reinforcing our capabilities to address the evolving opportunities for the food and drink industry.

As we navigate the continued challenges of the economic environment, we remain dedicated to our vision to be the trusted, premier, independent technical partner of choice to the food and drink industry, with great science and sustainability at the core of our plans.

P Headridge
Chief Executive

29 September 2025

Campden BRI

Strategic Report for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the Group is the provision of scientific and technical services to the food and drink supply chain. This is achieved by providing a broad portfolio of services to member companies and commercial and Government clients. These activities are focused on five key business platforms:

Membership
The close relationship with over 4,000 member companies in 90 countries around the world, through 1,450 membership accounts, helps ensure that the Group understands the needs of its principal clients, both individually and collectively. Membership of the organisation provides the opportunity to participate in Member Interest Groups (MIGs), which offer valuable insights and networking opportunities to connect with industry colleagues and peers. Additionally, membership includes special support services, preferential rates, and quick, free enquiries. This engagement provides an unrivalled view of the needs and opportunities for the food, drink, and allied industries.

Research & innovation
The Group carries out an ongoing research program in its own right and in collaboration with other research providers to meet the food industry's strategic aims and develop its service offerings and technical skills.

Analytical Services
The Group focuses its activities on those areas of complex analysis where the interpretation of results, innovative methods and the strength of the Campden BRI brand provide a unique selling point versus high-volume
operators. Significant investment in this area continues, which remains a key part of our activities. Continued refinement of the laboratory information management system (LIMS) is at the forefront of providing our clients
with a more rigorous, consistent and high-quality offering regarding analysis and reporting.

Consultancy
Through developing innovative technical and consulting services and close relationships with members, the Group provides clients with a broad range of bespoke services in the areas of Science and Technology. There
has been continued investment in the necessary equipment for such work in the Process Halls and Pilot Production capabilities.

Training and knowledge management
The provision of classroom and online scheduled and customised training, seminars and conference events, coupled with the provision of targeted technical databases, have been effective mechanisms to keep clients up to date, promote the Campden BRI brand, and help identify new market opportunities. Expansion of the Regulatory advisory services into international territories continue the Groups' commitment to continuous improvement and remaining relevant in an increasingly globalised economy.

Campden BRI

Strategic Report for the Year Ended 31 December 2024

Fair review of the business
 

The results for the year, as detailed in the statement of comprehensive income, show a turnover of £26,670,924, representing a 2% increase on the previous year’s £26,048,990. To remain well-positioned for the future, the Group implemented pay awards to stay competitive in the labour market and retain key skills, and increased headcount to improve customer service, reduce turnaround times and strengthen operational resilience. As a result, cost of sales and administrative expenses were higher, and the Group recorded a gross profit of £10,875,191 (2023: £11,657,989) and an operating profit of £858,612 (2023: £1,902,421).

The Group has agreed with the trustees of its defined benefit pension schemes on a schedule of contributions from profits to reduce scheme deficits. During the year, £1,440,000 was contributed (2023: £1,243,000). The deficit, excluding deferred tax, fell to £333,000 (2023: £7,387,000), primarily due to the impact of higher corporate bond yields. The increase in yields raised the discount rate used to calculate scheme liabilities, which in turn reduced the reported deficit.

The Group’s tangible fixed assets were valued at £13,654,366 (2023: £17,686,934), including a £4,175,000 downward revaluation of freehold property (2023: £nil). The valuation reflects a change in market conditions since 2022, primarily due to higher interest rates and rising property investment yields. The adjustment was recorded in the balance sheet revaluation reserve.

The Group also had net current assets of £1,206,740 (2023: £3,008,322). The change reflects cash outflows in the year arising from the Group’s investment in capability and service resilience, as well as exceptional expenses for a site closure, professional fees and legal expenses. Other working capital items were broadly stable.

Future developments

The Board is in the process of renewing the strategy for 2025-2028, aimed at guiding Campden BRI into its next phase of growth. This strategy will focus on leveraging our strengths and market position to serve our clients and members better. As part of this, a new research strategy has been formulated to ensure that the scientific excellence underpinning our services remains at the forefront of our industry. This approach is designed to deliver a more client-centric suite of services. The existing and upcoming services, shaped by our research program, are well-positioned to meet the challenges and opportunities of the food and drink sector in the coming years.

Key perfomance indicators

Campden BRI Group monitors the health of the business through a range of measures: health and safety, financial performance, staff investment, infrastructure and capital investment, standards of service, marketing and
communications, client feedback and business development. These are reviewed and monitored by the Executive Leadership Team regularly and reported to the Board as requested.

* 2024 figures reflect a more prominent cookie opt-out policy, which typically reduces reported active users.

Campden BRI

Strategic Report for the Year Ended 31 December 2024

Risk management
The management of the business has identified a number of risks in the execution of the Group's strategy. The breadth of the Group's business and its reputation means that there are no direct competitors for the business as a whole, although several businesses compete directly in certain defined areas of the Group's business. Development of a new business strategy for 2025-28 is underway to ensure the business remains relevant to our membership's needs and is financially robust.

The Board has an Audit and Risk Committee of independent Non-Executive Directors, which meets at least four times a year to maintain regular risk oversight.

Market and commercial risks
The strong and active membership helps ensure that Campden BRI remains close to its core client base, allowing it to respond effectively and efficiently to clients’ changing needs in both the short and medium term.
Campden BRI has actively reduced its reliance on U.K. Government and EU funding as they continue to face budget challenges and increased uncertainty. Although Government tenders are reviewed for appropriateness, income is derived mainly from Membership fees (16%) and Commercial contracts (84%).

Operational risks
Business management practices and performance are detailed in a comprehensive business management system overseen by the Governance, Risk Management and Compliance team. The Group is also externally
audited and accredited to ISO 9001 and ISO 17025. The Board has continued to appoint and get feedback from Independent Scientific Advisers who reviewed the activities of Campden BRI, particularly in relation to the direction of research and formal engagement with member views. A detailed system for assessing and reporting health and safety is in place and reviewed regularly.

Financial instruments and risks
The Group is exposed to the usual credit and cash flow risks associated with selling on credit and manages these risks through credit control procedures. The nature of its financial instruments means that the price and liquidity risks are minimised by the predetermination of the Group's funding facilities and terms. Monthly management accounts are used to aid management in monitoring and directing business performance. The Audit and Risk Committee continues to oversee group performance and enhance the Board’s decision-making processes.

The Group participates in four defined benefit pension schemes, resulting in significant financial risk. The group's participation has been actively managed as part of a de-risking strategy. The Campden R.A. Pension Scheme was closed to future accrual of benefits from the end of 2010, the British Beer & Pub Association (BBPA) Group Pension Scheme in 2011, and the Flour Milling and Baking Research and Assurance (FMBRA) Scheme in 2012. The eligibility criteria for joining the Universities Superannuation Scheme (USS) was amended in 2013, which
limits additional future exposure.

The Group also recognises the risks attached to the need to provide adequate profits to maintain investments in facilities, staff and equipment. Capital investment in 2024 was £1,387,272 (2023 - £1,368,568), focusing on
laboratory and pilot plant equipment, improvements in I.T. and building refurbishment.

The Board constantly monitors the Group's trading results and revised projections as appropriate to ensure that the Group can meet its future obligations as they fall due. The Board does not consider there to be any significant risk to the financial position of the Group as a result of fluctuations in foreign exchange rates deflating or inflating the Group's foreign currency assets and liabilities.

Campden BRI

Strategic Report for the Year Ended 31 December 2024

Going concern
The Board evaluates whether the Group can continue as a going concern, meaning that there are no material uncertainties that could cast significant doubt on the Group's ability to operate effectively over the next twelve months from the approval date of the financial statements.

In assessing the Group's going concern status, the Board has considered the financial resources available alongside ongoing economic and geopolitical uncertainties. Although U.K. inflation has significantly decreased over the past year, the Board continues to monitor the lingering effects of COVID-19, the ongoing war in Ukraine, and potential volatility in energy markets. Scenarios have been modelled to assess these risks alongside the proactive measures the Group has taken to ensure its viability, as outlined earlier in this report. The base case scenario assumes that demand for the Group's services will continue through 2025 and 2026, supported by ongoing initiatives to enhance process efficiency and productivity.

The assumptions underlying these forecasts are subject to various sensitivities, including potential declines in revenue and demand. The base case has been stress-tested to consider scenarios where revenues and demand are lower than anticipated. As has been the case for many years, the forecasts also assume that the pension scheme trustees do not insist on paying the deficit in full or materially increasing the deficit repayment plan. The triennial valuations for the Campden R.A. and FMBRA schemes were submitted to the Pensions Regulator in March 2024, and they include an agreed-upon schedule of contributions. The Board and Trustees continue to have a good working relationship.

With the financial resources currently available to the Group, even with the additional stress described above, the Board believes that there is sufficient cash and committed facilities in place for the Group to meet its obligations for the foreseeable future. Therefore, the Financial Statements have been prepared on a going-concern basis.

Section 172(1) statement
The Board of Directors of Campden BRI, individually and collectively, consider that they have acted in good faith and in a manner likely to promote the Company's and Group's success for the benefit of its members in the decisions taken during the year.

During the year, we updated and implemented policies, systems, and procedures in accordance with our responsibilities to our stakeholders.

The Board considers that the primary stakeholder groups impacted by the Company's and Group's business activities and decisions include its employees, members, clients, pension trustees, lenders, suppliers, and local communities. We recognise the importance of our stakeholders to the success of the business.

We strive to be responsible employers and engage with our employees. They are fundamental in contributing to the success of the Company and the Group and delivering the best possible service to our members and clients. As a result, management meets regularly with employee representatives to facilitate an exchange of views and achieve a safe and successful business. In addition, all employees receive regular business updates from leadership. All employees are invited to participate in an annual staff engagement survey.

All staff and their immediate families have access to an employee assistance programme that provides confidential support from counsellors and financial, legal, and health advice. Ten of our employees are trained mental health first aiders.

The experience we deliver to members and clients is integral to the Group's brand and drives the business's success. Therefore, we continue to undertake an annual membership survey to assess customer satisfaction
feedback during the year, which informs our ongoing client experience program.

The Articles of Association, approved in November 2023, established an Advisory Council that the Board will actively meet with three times per year.

Campden BRI

Strategic Report for the Year Ended 31 December 2024

Section 172(1) statement (continued)
Suppliers are engaged regularly as they are vital to the business's ability to operate effectively. The directors agree on terms and establish policies to ensure adherence to supplier payment terms.

The Company and Group endeavour to positively impact the local community and environment, as this is essential to the staff, customers, and members. At our company-owned sites, all waste is recycled or incinerated to generate energy, and carbon dioxide emissions have continually reduced over the last four years.

Key decisions include health, safety, and the environment, commercial and financial strategy, capital expenditure, management of defined benefit pension schemes, and key management personnel's appointments.

The directors prioritise our employees' health, safety, and physical and mental welfare, which is a core value of the Company. We also diligently manage our responsibility to others who may be affected by our activities, such as contractors, visitors, and members of the public.

We are continually improving Campden BRI's occupational health and safety performance. We are committed to reducing risks through the continuous improvement of safe and effective processes and properly supervised systems of work in conjunction with appropriate consultation, communication, training and monitoring.

We have established rigorous and robust processes to ensure that we meet our statutory duties at all times and have appointed competent people to assist us in discharging this duty and in ensuring that a strong health and safety culture is embedded in our business. Health and safety performance is measured, reported on, and reviewed at every board meeting, and all safety incidents are investigated thoroughly. We actively encourage all employees to report accidents and near-misses.

The Board regularly participates in developing the business’s three-year strategy and monitoring its implementation against key performance indicators. In 2025 and 2026, the Board will devote time to understanding current and future industry needs and preparing to serve them best. Independent scientific advisors and a scientific and technical committee support the Board in overseeing the essential research programme.

The business is the employer sponsor of the defined benefit schemes, and the active engagement with the trustees is an important business relationship. Meetings are held a minimum of three times per year to brief the trustees on business performance, review the funds' performance, and consult on investment and funding decisions.

To help ensure the quality and integrity of essential management information, the directors continue to invest in a comprehensive data reporting system, segregation of duties, regular oversight, and a robust budgeting process. In addition, the Company operates a forecast process to develop the business's financial plans. It engages with its lenders when required to ensure sufficient liquidity for future anticipated economic scenarios.

The appointment of key staff is essential for shaping strategic decisions and ensuring longer-term succession planning and cultural influence.

The above activities help safeguard the business's success, ensuring that it acts fairly in the interests of the Company's shareholders, including maximising the financial returns to members.

Approved by the Board on 29 September 2025 and signed on its behalf by:

P E Moody
Chair

Campden BRI

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the for the year ended 31 December 2024.

Directors of the company
The directors who held office during the year were as follows:

Engagement with employees

Our people are committed to sharing their technical expertise with clients. We build technical capability through advice and training from experienced scientists to develop technical and laboratory skills. Culture is important at Campden BRI and key to how we deliver results and create a great place to work. We assess our culture through an annual employee engagement survey, where we listen to feedback about how we can make changes on both a team and organisational level. We aim to constantly improve levels of engagement within our business.

An independent Non-Executive Director was appointed in 2024, as the designated Non-Executive Director for employee engagement. This director’s role involves understanding the views and concerns of the workforce and articulating them in board meetings. By ensuring the appropriate steps are taken to evaluate the impact of proposals and developments on the workforce, and considering what steps should be taken to mitigate any adverse impact, this appointment is expected to enhance employee satisfaction and contribute to the company’s long-term success.

We encourage people to be themselves at work and bring their full range of skills. We recruit and promote people based on their talent, experience and technical skills, with an active aim for a diverse workforce. We do not tolerate any form of discrimination.

Social and community issues

The Campden BRI Group and its staff work with local schools and colleges to promote science concerning the food and drink industry as an academic and career choice. This includes staff involvement in supporting careers events, school visits, funding prizes in science, student work experience and placements.

The Streamlined Energy and Carbon Report (SECR) below describes our energy consumption and emissions and the improvements we have made this year.

The Group continues to seek ways to manage waste effectively through re-use, recycling and effective disposal to achieve an ongoing objective of zero operational waste to landfill.

Charitable donations

The Group made donations during the year of £1,537 (2023 - £1,400) for charitable purposes.

Campden BRI

Directors' Report for the Year Ended 31 December 2024

Environmental report

As part of our commitment to sustainability, we are pleased to report that our energy consumption continues to decrease year on year. This ongoing reduction reflects our dedication to integrating sustainable practices at the core of our operations and strategic plans.

Stated below is the Group's energy consumption, in kilowatt hours (kWh), and associated greenhouse gas ("GHG") emissions, in tonnes of carbon dioxide equivalent (tCO2e), and additional related information for the year, as required under the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

The methodology applied to the calculation of GHG emissions is the GHG Protocol Corporate Accounting and Reporting Standard which is available on the Greenhouse Gas Protocol website at
www.ghgprotocol.org/corporate-standard

Conversion factors have been taken from the U.K. Government's Greenhouse gas reporting: conversion factors 2024 which are available from the Government's website at
https://www.gov.uk/government/publications/greenhouse-gas-reporting-conversion-factors-2024

Energy efficiency improvements made during the year:
• For company-owned sites, electricity contracts have been converted to renewable source energy.
• The continued replacement of existing lighting and heating products with LED lighting and energy efficient heating and air conditioning, where economically viable.
• Increased use of video conferencing technology for meetings to reduce travel requirements.

Engagement with suppliers, customers and other relationships

Suppliers of goods and services to the Group receive an official purchase order, which clearly states the terms of payment, which are net monthly.

Directors' insurance

The Company maintains insurance policies on behalf of all the Directors against liability arising from negligence, breach of duty and breach of trust in relation to the Company.

Disclosure of information to the auditor

Campden BRI

Directors' Report for the Year Ended 31 December 2024

Reappointment of auditors

The auditor, Hazlewoods LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Approved by the Board on 29 September 2025 and signed on its behalf by:

P E Moody
Chair

Campden BRI

Statement of Directors' Responsibilities

Campden BRI

Independent Auditor's Report to the Members of Campden BRI

Opinion

We have audited the financial statements of Campden BRI (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Campden BRI

Independent Auditor's Report to the Members of Campden BRI

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 12, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the group’s industry and its control environment and reviewed the group’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the group operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

Campden BRI

Independent Auditor's Report to the Members of Campden BRI

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s guarantor members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s guarantor members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s guarantor members as a body, for our audit work, for this report, or for the opinions we have formed.

Scott Lawrence (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Staverton Court
Staverton
Cheltenham
GL51 0UX

29 September 2025

Campden BRI

Consolidated Profit and Loss Account for the Year Ended 31 December 2024