Company registration number 01516209 (England and Wales)
BAMFORDS TRUST PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
BAMFORDS TRUST PLC
COMPANY INFORMATION
Directors
A Zabadne
A Zabadne
O Zabadne
R Zabadne
R Zabadne
Company number
01516209
Registered office
Churchdown Chambers
Bordyke
Tonbridge
Kent
TN9 1NR
Auditor
Perrys Audit Limited
Chartered Accountants
4th Floor
399-401 Strand
London
United Kingdom
WC2R 0LT
BAMFORDS TRUST PLC
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Profit and loss account
4
Statement of comprehensive income
5
Balance sheet
6
Statement of changes in equity
7
Statement of cash flows
8
Notes to the financial statements
9 - 18
Independent auditor's report
19 - 21
BAMFORDS TRUST PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -
Principal activities

The principal activity of the company in the year under review was that of investing in property, and building contracting.

Review of the business

Construction activity has continued at a similar level to the previous year.

Principal risks and uncertainties

The principal risks are price risk, credit risk, cash flow risk and liquidity risk.

The company's price risk is the risk of the variability of property values.

Credit risk - the company's principal financial assets are bank balances and trade and other debtors.

The credit risk is primarily attributable to its trade debtors. The amounts in the balance sheet are net

of allowances for doubtful debts where applicable.

Liquidity risk - in order to maintain liquidity to ensure funds are available for ongoing operations and future

developments, the company uses a mixture of long-term and short-term finance.

Cash flow risk - interest bearing liabilities are held at fixed rates to ensure certainty of cash flows.

These risks continue to be maintained at satisfactory levels.

Key performance indicators

The company's key financial and other performance indicators during the year were as follows:

Turnover: 2025 £6,404,945 (2024 £11,156,178)

Gross profit: 2025 £1,262,522 (2024 £870,709)

Gross profit 2025 19.7%: (2024 7.8%)

Profit/(-loss) after tax: 2025 -£230,103 (2024 -£590,975)

Commercial property at valuation: 2025 £5,530,000 (2024 £5,530,000)

A Zabadne
Director
4 February 2026
BAMFORDS TRUST PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -

The directors present their annual report and financial statements for the year ended 30 June 2025.

Results and dividends

The results for the year are set out on page 4.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A Zabadne
A Zabadne
O Zabadne
R Zabadne
R Zabadne
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
A Zabadne
Director
4 February 2026
BAMFORDS TRUST PLC
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BAMFORDS TRUST PLC
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2025
- 4 -
2025
2024
Notes
£
£
Turnover
3
6,404,945
11,156,178
Cost of sales
(5,142,423)
(10,285,469)
Gross profit
1,262,522
870,709
Administrative expenses
(1,699,012)
(1,731,772)
Other operating income
345,844
355,952
Operating loss
4
(90,646)
(505,111)
Interest receivable and similar income
7
-
0
10
Interest payable and similar expenses
8
(97,690)
(101,138)
Loss before taxation
(188,336)
(606,239)
Tax on loss
9
(41,767)
15,264
Loss for the financial year
(230,103)
(590,975)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

BAMFORDS TRUST PLC
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 5 -
2025
2024
£
£
Loss for the year
(230,103)
(590,975)
Other comprehensive income
-
-
Total comprehensive income for the year
(230,103)
(590,975)
BAMFORDS TRUST PLC (REGISTERED NUMBER: 01516209)
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 6 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
5,545,559
5,557,148
Current assets
Debtors
11
7,480,210
6,330,840
Cash at bank and in hand
156,027
197,878
7,636,237
6,528,718
Creditors: amounts falling due within one year
12
(9,601,457)
(6,025,829)
Net current (liabilities)/assets
(1,965,220)
502,889
Total assets less current liabilities
3,580,339
6,060,037
Creditors: amounts falling due after more than one year
13
-
0
(2,250,000)
Provisions for liabilities
Deferred tax liability
15
517,375
516,970
(517,375)
(516,970)
Net assets
3,062,964
3,293,067
Capital and reserves
Called up share capital
17
750,000
750,000
Revaluation reserve
2,110,639
2,110,639
Profit and loss reserves
202,325
432,428
Total equity
3,062,964
3,293,067

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 4 February 2026 and are signed on its behalf by:
A Zabadne
Director
BAMFORDS TRUST PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 7 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2023
750,000
2,110,639
1,023,403
3,884,042
Year ended 30 June 2024:
Loss and total comprehensive income
-
-
(590,975)
(590,975)
Balance at 30 June 2024
750,000
2,110,639
432,428
3,293,067
Year ended 30 June 2025:
Loss and total comprehensive income
-
-
(230,103)
(230,103)
Balance at 30 June 2025
750,000
2,110,639
202,325
3,062,964
BAMFORDS TRUST PLC
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
20
234,760
(278,470)
Interest paid
(97,690)
(101,138)
Income taxes refunded
71,079
-
0
Net cash inflow/(outflow) from operating activities
208,149
(379,608)
Investing activities
Dividends received
-
0
10
Net cash generated from investing activities
-
10
Financing activities
Repayment of bank loans
(250,000)
(150,000)
Net cash used in financing activities
(250,000)
(150,000)
Net decrease in cash and cash equivalents
(41,851)
(529,598)
Cash and cash equivalents at beginning of year
197,878
727,476
Cash and cash equivalents at end of year
156,027
197,878
BAMFORDS TRUST PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 9 -
1
Accounting policies
Company information

Bamfords Trust Plc is a private company limited by shares incorporated in England and Wales. The registered office is Churchdown Chambers, Bordyke, Tonbridge, Kent, TN9 1NR.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties. The principal accounting policies adopted are set out below.

1.2
Going concern

The Directors have considered the financial position, forecast sales, and estimated cashflows of the company for a period of at least 12 months from the date of signing these financial statements and have no reason to believe that the entity will not be able to meet its liabilities as they fall due for this period. Accordingly the directors have a reasonable expectation that the company will continue in operational existence and continues to adopt the going concern basis of accounting in preparing the financial statements. true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover from a contract to provide services is recognised in the period which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied:

- The amount of turnover can be measured reliably;

- It is probable that the company will receive the consideration due under the contract;

- The stage of completion of the contract at the end of the reporting period can be measured reliably; and

- The costs incurred and the costs to complete the contract can be measured reliably.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

BAMFORDS TRUST PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 10 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
0%
Plant and equipment
20% straight line per annum on cost
Motor vehicles
20% straight line per annum on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Financial instruments
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

BAMFORDS TRUST PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 11 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. . The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

BAMFORDS TRUST PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 12 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue recognition

Revenue on construction projects is recognised in accordance with accounting policy 1.3.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Investment property valuation

Investment property treatment is in accordance with accounting policy 1.4.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Building contracting
6,059,101
10,800,226
Rental income
345,844
355,952
6,404,945
11,156,178
2025
2024
£
£
Turnover analysed by geographical market
UK
6,404,945
11,156,178
2025
2024
£
£
Other revenue
Dividends received
-
10
BAMFORDS TRUST PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 13 -
4
Operating loss
2025
2024
Operating loss for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
31,750
30,250
Depreciation of tangible fixed assets
11,589
11,591
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Production
10
10
Administration and support
12
12
Total
22
22

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
797,545
804,016
Pension costs
25,228
17,148
822,773
821,164
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
426,880
426,880
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
117,600
117,600
BAMFORDS TRUST PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 14 -
7
Interest receivable and similar income
2025
2024
£
£
Other income from investments
Dividends received
-
0
10
8
Interest payable and similar expenses
2025
2024
£
£
Other finance costs:
Other interest
97,690
101,138
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
41,362
(10,496)
Deferred tax
Origination and reversal of timing differences
405
(4,768)
Total tax charge/(credit)
41,767
(15,264)

The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Loss before taxation
(188,336)
(606,239)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(47,084)
(151,560)
Tax effect of expenses that are not deductible in determining taxable profit
88,851
146,792
Under/(over) provided in prior years
-
0
(10,496)
Taxation charge/(credit) for the year
41,767
(15,264)
BAMFORDS TRUST PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 15 -
10
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 July 2024 and 30 June 2025
5,530,000
78,489
53,504
5,661,993
Depreciation and impairment
At 1 July 2024
-
0
76,230
28,615
104,845
Depreciation charged in the year
-
0
2,259
9,330
11,589
At 30 June 2025
-
0
78,489
37,945
116,434
Carrying amount
At 30 June 2025
5,530,000
-
0
15,559
5,545,559
At 30 June 2024
5,530,000
2,259
24,889
5,557,148

Land and buildings with a carrying amount of £5,300,000 were revalued at 30 September 2023 by JLL. independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Freehold Land and buildings
2025
2024
£
£
Cost
2,568,261
2,568,261
Accumulated depreciation
(1,205,820)
(1,154,455)
Carrying value
1,362,441
1,413,806
11
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,694,275
1,606,709
Gross amounts owed by contract customers
3,262,016
2,677,871
Other debtors
1,924,036
1,624,077
Prepayments and accrued income
276,388
96,970
7,156,715
6,005,627
BAMFORDS TRUST PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
11
Debtors
(Continued)
- 16 -
2025
2024
Amounts falling due after more than one year:
£
£
Trade debtors
58,198
58,085
Gross amounts owed by contract customers
215,335
214,915
Other debtors
49,962
52,213
323,495
325,213
Total debtors
7,480,210
6,330,840
12
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
14
2,200,000
200,000
Trade creditors
1,011,363
618,808
Corporation tax
160,396
47,955
Other taxation and social security
21,764
19,511
Other creditors
6,116,237
4,788,083
Accruals and deferred income
91,697
351,472
9,601,457
6,025,829
13
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
14
-
0
2,250,000
14
Loans and overdrafts
2025
2024
£
£
Bank loans
2,200,000
2,450,000
Payable within one year
2,200,000
200,000
Payable after one year
-
0
2,250,000
BAMFORDS TRUST PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
14
Loans and overdrafts
(Continued)
- 17 -

The bank loan is denominated in sterling with a nominal interest rate of 3.97% and the final instalment is due on 30 June 2026. The carrying amount at year end is £2,450,000 (2023 - £2,600,000). The loan is secured via fixed and floating charges over the assets of the company

15
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
52,569
55,016
Tax losses
-
(2,852)
Revaluations
464,806
464,806
517,375
516,970
2025
Movements in the year:
£
Liability at 1 July 2024
516,970
Charge to profit or loss
405
Liability at 30 June 2025
517,375
16
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
25,228
17,148

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

17
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
750,000
750,000
750,000
750,000
BAMFORDS TRUST PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 18 -
18
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Included in debtors are amounts owed by related companies totalling £1,108,733 (2024: £815,167).

Included in creditors are amounts owed to related companies totalling £5,847,890 (2024: £3,026,312).

Included in other debtors are amounts owed by the directors totalling £345,822 (2024 £277,137) and an amount owed to the company by a director for building work carried out on their residence of £303,926 (2024: £303,926).

19
Ultimate controlling party

The company's immediate and ultimate parent is Euranglo Trading Company Limited, incorporated in Jersey.

The ultimate controlling party is Abdullatif Zabadne.

20
Cash generated from/(absorbed by) operations
2025
2024
£
£
Loss after taxation
(230,103)
(590,975)
Adjustments for:
Taxation charged/(credited)
41,767
(15,264)
Finance costs
97,690
101,138
Investment income
-
0
(10)
Depreciation and impairment of tangible fixed assets
11,589
11,591
Movements in working capital:
(Increase)/decrease in debtors
(1,149,370)
590,558
Increase/(decrease) in creditors
1,463,187
(375,508)
Cash generated from/(absorbed by) operations
234,760
(278,470)
21
Analysis of changes in net debt
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
197,878
(41,851)
156,027
Borrowings excluding overdrafts
(2,450,000)
250,000
(2,200,000)
(2,252,122)
208,149
(2,043,973)
BAMFORDS TRUST PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BAMFORDS TRUST PLC
- 19 -
Opinion

We have audited the financial statements of Bamfords Trust Plc (the 'company') for the year ended 30 June 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

- give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

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's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 directors' 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 financial statements are 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

BAMFORDS TRUST PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BAMFORDS TRUST PLC (CONTINUED)
- 20 -

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud.

We designed audit procedures to respond to the risk, 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 or intentional misrepresentations, or through collusion.

BAMFORDS TRUST PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BAMFORDS TRUST PLC (CONTINUED)
- 21 -

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 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 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen Hale (Senior Statutory Auditor)
For and on behalf of Perrys Audit Limited, Statutory Auditor
Chartered Accountants
4th Floor
399-401 Strand
London
WC2R 0LT
United Kingdom
4 February 2026
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