REGISTERED NUMBER: 00473474 (England and Wales)

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2025

for

W Cumber & Son (Theale) Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Income Statement

6

Balance Sheet

7

Statement of Changes in Equity

8

Notes to the Financial Statements

9

DIRECTORS:

C Dolley

R W Davey

REGISTERED OFFICE:

Manor Farm

Marcham

Abingdon

Oxfordshire

OX13 6NZ

REGISTERED NUMBER:

00473474 (England and Wales)

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

C Dolley

R W Davey

Other changes in directors holding office are as follows:

W J Cumber - resigned 12 November 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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;

-	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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Sumer Auditco Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

C Dolley - Director

11 June 2026

Opinion

We have audited the financial statements of W Cumber & Son (Theale) Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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:

-	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has 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 identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where 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; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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.

Auditors' 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 a Report of the Auditors 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:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to health and safety, employment law and company legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the Company. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to potential lack of segregation of duties, bookkeeping errors and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

-

Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

-

Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;

-

Reviewing the Company's legal costs to check for non-compliance with laws and regulations and fraud;

-

Reviewing Board of Directors minutes;

-

Review of tax compliance with the involvement of our tax specialists in the audit;

-

Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of expenses;

-

Testing transactions entered into outside of the normal course of the Company's business; and

-

Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as journals with round numbers.

There are inherent limitations in the audit procedures described above 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 would become aware of it. Also, 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

David Iain Black (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Statutory Auditors

Hermes House

Fire Fly Avenue

Swindon

Wiltshire

SN2 2GA

12 June 2026

TURNOVER

2,951,818

3,061,190

Cost of sales

1,710,529

2,115,335

GROSS PROFIT

1,241,289

945,855

Administrative expenses

756,135

715,475

485,154

230,380

Other operating income

5,940

66,713

Gain/loss on revaluation of investment property

21,395

252,800

OPERATING PROFIT

5

512,489

549,893

Profit/loss on sale of land

6

4,307,891

-

4,820,380

549,893

Income from fixed asset investments

498,186

285,926

Interest receivable and similar income

40,749

23,149

538,935

309,075

5,359,315

858,968

Interest payable and similar expenses

379,675

413,688

PROFIT BEFORE TAXATION

4,979,640

445,280

Tax on profit

1,261,487

90,657

PROFIT FOR THE FINANCIAL YEAR

3,718,153

354,623

FIXED ASSETS

Intangible assets

8

-

-

Tangible assets

9

34,995,387

35,034,530

Investments

10

3,973,537

3,513,040

Investment property

11

34,292,352

34,005,409

73,261,276

72,552,979

CURRENT ASSETS

Stocks

12

382,746

340,044

Debtors

13

620,277

666,775

Cash at bank and in hand

5,538,708

1,958,548

6,541,731

2,965,367

CREDITORS

Amounts falling due within one year

14

1,894,344

799,126

NET CURRENT ASSETS

4,647,387

2,166,241

TOTAL ASSETS LESS CURRENT LIABILITIES

77,908,663

74,719,220

CREDITORS

Amounts falling due after more than one year

15

(7,361,561

)

(7,452,949

)

PROVISIONS FOR LIABILITIES

(8,007,240

)

(7,909,612

)

NET ASSETS

62,539,862

59,356,659

CAPITAL AND RESERVES

Called up share capital

41,150

41,150

Capital redemption reserve

8,350

8,350

Retained earnings

62,490,362

59,307,159

SHAREHOLDERS' FUNDS

62,539,862

59,356,659

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 11 June 2026 and were signed on its behalf by:

C Dolley - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

41,150

59,075,986

8,350

59,125,486

Changes in equity

Dividends

-

(123,450

)

-

(123,450

)

Total comprehensive income

-

354,623

-

354,623

Balance at 31 December 2024

41,150

59,307,159

8,350

59,356,659

Changes in equity

Dividends

-

(534,950

)

-

(534,950

)

Total comprehensive income

-

3,718,153

-

3,718,153

Balance at 31 December 2025

41,150

62,490,362

8,350

62,539,862

1.	STATUTORY INFORMATION

W Cumber & Son (Theale) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Revenue

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.

Sale of crops

Most crops are sold into a grain pool. Turnover from the sale of crops is recognised when the title of the goods passes over to the customer.

Sale of livestock, eggs and shop sales

Turnover from the sale of livestock, eggs and any other items sold in the farm shop are recognised at the point of sale.

Contract income

Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customer in advance of services provided the amounts are recorded as deferred income and included as part of creditors due within one year.

Rental and storage income

Income from the letting of commercial property, residential property and storage is recognised in the period to which it relates.

Government grants

Depending on their nature Government grants are either recognised on an accruals basis where it is possible to ascertain with reasonable accuracy the amount and timing of receipt or on a cash basis where it is not possible to confirm timing and amount. Grants are classified as relating to either revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Entitlements are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on straight line basis

Farm buildings

-

2% on straight line basis

Plant and machinery

-

25% on reducing balance, 20% on straight line basis and 10% on straight line basis

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on straight line basis

Deemed cost

The Company previously adopted a policy of revaluing freehold land and buildings and they were stated at their revalued amount less any subsequent depreciation and accumulated impairment losses. The Company has adopted the transition exemption under FRS 102 paragraph 35.10(d) and has elected to use the previous revaluation as deemed cost.

The directors have chosen not to depreciate land in keeping with the previous depreciation policy.

Subsequent additions and major components

Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably.

The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset when they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Repairs and maintenance costs are expensed as incurred.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any impairment.

Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort on an ongoing basis are measured at fair value annually with any change recognised in the profit and loss account.

Stocks

Livestock and growing crops are valued at cost of production or discounted market value.

Deadstock is stated at the lower of cost and estimated selling price less costs to complete and sell.

Stock is recognised as an expense in the period in which the related revenue is recognised.

At the end of each reporting period stock is assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 assets 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.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are

recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Distributions to shareholders

Dividends and other distributions to company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity.

Listed investments

Listed investments are included in the balance sheet at their fair value. Realised and unrealised gains and losses are recognised in the profit and loss account in the year in which they arise.

Related party transactions

The company discloses transactions with related parties which are not wholly owned with the same group. It does not disclose transactions with members of the same group that are wholly owned.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2024 - 6 ) .

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Depreciation - owned assets

324,514

333,465

(Profit)/loss on disposal of fixed assets

(4,602

)

5,000

Auditors' remuneration

75,548

56,081

6.	EXCEPTIONAL ITEMS

2025

2024

£

£

Profit/loss on sale of land

4,307,891

-

The company classifies certain one-off charges or credits that have a material impact on the company's financial results as 'exceptional items'. These are disclosed separately to provide further understanding of the financial performance of the company.

7.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Interim

534,950

123,450

8.	INTANGIBLE FIXED ASSETS

Entitlement

£

COST

At 1 January 2025

and 31 December 2025

35,440

AMORTISATION

At 1 January 2025

and 31 December 2025

35,440

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

-

9.	TANGIBLE FIXED ASSETS

Freehold

Farm

Plant and

property

buildings

machinery

£

£

£

COST OR VALUATION

At 1 January 2025

32,285,087

3,661,160

2,809,471

Additions

-

185,909

42,237

Disposals

(21,148

)

-

(14,250

)

At 31 December 2025

32,263,939

3,847,069

2,837,458

DEPRECIATION

At 1 January 2025

750,106

683,915

2,397,641

Charge for year

88,496

76,942

111,802

Eliminated on disposal

-

-

(13,996

)

At 31 December 2025

838,602

760,857

2,495,447

NET BOOK VALUE

At 31 December 2025

31,425,337

3,086,212

342,011

At 31 December 2024

31,534,981

2,977,245

411,830

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST OR VALUATION

At 1 January 2025

251,812

7,694

39,015,224

Additions

126,305

-

354,451

Disposals

(63,571

)

-

(98,969

)

At 31 December 2025

314,546

7,694

39,270,706

DEPRECIATION

At 1 January 2025

141,338

7,694

3,980,694

Charge for year

47,274

-

324,514

Eliminated on disposal

(15,893

)

-

(29,889

)

At 31 December 2025

172,719

7,694

4,275,319

NET BOOK VALUE

At 31 December 2025

141,827

-

34,995,387

At 31 December 2024

110,474

-

35,034,530

Cost or valuation at 31 December 2025 is represented by:

Freehold

Farm

Plant and

property

buildings

machinery

£

£

£

Valuation in 2015

19,228,800

1,015,136

-

Cost

13,035,139

2,831,933

2,837,458

32,263,939

3,847,069

2,837,458

Motor

Computer

vehicles

equipment

Totals

£

£

£

Valuation in 2015

-

-

20,243,936

Cost

314,546

7,694

19,026,770

314,546

7,694

39,270,706

If property and farm buildings had not been revalued they would have been included at the following historical cost:

2025

2024

£

£

Cost

15,856,317

15,702,311

Aggregate depreciation

2,950,491

2,744,914

Value of land in freehold land and buildings

10,804,525

10,804,525

Property and farm buildings were valued on an open market basis on 1 January 2015 by Carter Jonas LLP .

Included in cost or valuation of freehold property is freehold land of £27,818,017 (2024: £27,839,165) which is not depreciated.

10.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST OR VALUATION

At 1 January 2025

495

3,512,545

3,513,040

Additions

-

505,970

505,970

Disposals

-

(490,978

)

(490,978

)

Revaluations

-

445,505

445,505

At 31 December 2025

495

3,973,042

3,973,537

NET BOOK VALUE

At 31 December 2025

495

3,973,042

3,973,537

At 31 December 2024

495

3,512,545

3,513,040

Cost or valuation at 31 December 2025 is represented by:

Shares in

group

Other

undertakings

investments

Totals

£

£

£

Cost

495

3,973,042

3,973,537

The aggregate market value of listed investments at 31 December 2025 was £3,973,035 (2024: £3,512,538) The cost of the listed investments is £1,953,880 (2024: £1,927,880)

The unlisted investments are in limited companies, where there is no active market for the shares and therefore it is not possible to ascertain the market value as at the balance sheet date.

11.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2025

34,005,409

Additions

265,548

Revaluations

21,395

At 31 December 2025

34,292,352

NET BOOK VALUE

At 31 December 2025

34,292,352

At 31 December 2024

34,005,409

The investment property portfolio was valued by Carter Jonas LLP at 31 October 2021 and has been annually reviewed by the Directors.