REGISTERED COMPANY NUMBER: 06786615 (England and Wales)

REGISTERED CHARITY NUMBER: 1129591

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

FOR

AJEX - THE JEWISH MILITARY ASSOCIATION

Page

Report of the Trustees

1

to

7

Independent Examiner's Report

8

Statement of Financial Activities

9

Balance Sheet

10

to

11

Notes to the Financial Statements

12

to

15

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2026. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

About AJEX

AJEX - The Jewish Military Association exists to honour, support and remember the Jewish contribution to His Majesty's Armed Forces, past and present.

For more than a century, Jewish men and women have served alongside their fellow citizens in defence of the United Kingdom. Over 120,000 Jewish personnel served during the First and Second World Wars, with many thousands serving before and since. AJEX exists to ensure that their contribution, sacrifice and service are recognised and remembered.

Today the charity delivers its work through three interconnected areas:

o Remembrance - honouring those who served through national commemorations, memorials and public acts of remembrance.

o Education - preserving and sharing the history of Jewish military service whilst challenging antisemitism through education and positive engagement.

o Welfare - providing practical, financial and emotional support to Jewish veterans, serving personnel and their families.

Working alongside veterans, serving personnel, cadets, schools, volunteers and partner organisations, AJEX promotes understanding of the Jewish contribution to British society whilst ensuring that future generations continue to value service, remembrance and civic responsibility.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The Charity is established to advance the following purposes for the public benefit:

1.1.1 the relief and prevention of poverty and the advancement of health amongst Jewish people who have at any time served as members of the armed forces of the United Kingdom and their families, in particular but not exclusively through:

(a) the provision of practical advice and guidance to such individuals and / or their families;

(b) the making of financial grants or the provision of other assistance such as housing and/or other amenities;

1.1.2 the advancement of citizenship and the advancement of education through the commemoration of Jewish people who have died whilst on active service with the armed forces of the United Kingdom, including through the organisation and staging of commemoration and remembrance events and activities which members of the public are able to attend;

1.1.3 the promotion of equality and diversity by eliminating discrimination on the grounds of anti-Semitism, advancing education and raising awareness of anti-Semitism and promoting activities to foster understanding between people from diverse backgrounds particularly amongst members of the armed forces of the United Kingdom;

1.1.4 the advancement of education amongst the public regarding the contribution of Jewish people to the armed forces of the United Kingdom, in particular but not exclusively through:

(a) the maintenance of a military museum or collection which acquires, conserves, researches and exhibits material as evidence of the Jewish contribution to the armed forces of the United Kingdom;

(b) the design and delivery of lectures and workshops in school and other educational settings regarding matters of British Jewish military history;

1.1.5 to promote the efficiency of the armed forces of the United Kingdom by providing support to its committees and structures which relate to Jewish serving personnel;

1.1.6 to promote and support such other charitable purposes as the trustees from time to time think fit.

Summary of Financial Results

Total income for the year was £336,369, slightly less than the previous year’s total of £495,225. This included:

£205,512 from donations and legacies (2025: £385,813)

£55,025 from charitable activities (2025: £44,877)

£75,832 from investments (2025: £64,535)

Total expenditure for the year was £361,402 (2025: £267,663), resulting in an operating deficit of £25,033, compared to a surplus of £227,562 in the previous year.

The charity’s investment portfolio generated total gains of £172,370 (2025: £24,849), of which £13,847 were realised gains. This brought the overall net surplus for the year to £147,337 (2025: £252,411).

As a result, the charity’s unrestricted funds increased to £2,273,447 at year-end, up from £2,126,110 the previous year.

Public benefit

In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Throughout the year AJEX has continued to deliver public benefit by:

o preserving and promoting the history of Jewish service in His Majesty's Armed Forces;

o organising public remembrance events attended by veterans, serving personnel and members of the wider community;

o providing educational programmes that challenge antisemitism through positive understanding of Jewish military service;

o supporting Jewish veterans and their families through welfare grants, practical assistance and wellbeing initiatives; and

o preserving nationally important military heritage through the Jewish Military Collection and associated research projects.

All of these activities further the charity's charitable purposes for the benefit of both the Jewish community and the wider public.

Volunteers

AJEX makes use of different kinds of volunteers throughout the year. Each signs a volunteer agreement with the charity and are supported in their work by staff and trustees. We are very grateful for the time that they contribute to making AJEX the most effective it can be. This year saw in increase in new volunteers especially at the Parade and for the Jewish Military Museum collection.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

The year has been one of AJEX's busiest and most significant in recent years. At a time of rising antisemitism, the charity's work has focused on making visible and valued the contribution of Jewish men and women to His Majesty's Armed Forces - through remembrance events, educational outreach and welfare support.

The highlight of the year was AJEX's leadership of the United Kingdom delegation to the 80th Anniversary of the Liberation of Bergen-Belsen. Working closely with government, military and community partners, AJEX organised a delegation of around 180 people, including veterans, serving personnel, cadets, young people, descendants of liberators and survivors, civic leaders and members of the Jewish community. The programme ensured that the role of British forces in the liberation was recognised internationally whilst helping younger generations understand the continuing importance of remembrance.

The charity also led a programme of commemorative events marking the 80th anniversary of the end of the Second World War, including a moving VE Day service at Bevis Marks Synagogue, commemorations for VJ Day and a range of activities highlighting the contribution of British Jewish servicemen and women during the conflict.

The annual National Armed Forces Week Service at the National Memorial Arboretum attracted veterans, serving personnel, cadets, families and supporters from across the country. The annual remembrance service at Willesden Jewish Cemetery brought together veterans, young people, clergy and civic representatives to honour those with no known grave.

The AJEX Annual Remembrance Parade and Ceremony at the Cenotaph remained the largest Jewish act of remembrance in the United Kingdom. Thousands of participants and spectators joined veterans, serving personnel, cadets, youth organisations and community groups to remember those who served. The event continues to provide a visible demonstration of the Jewish community's contribution to the defence of the nation whilst encouraging new generations to participate.

Education remained central to the charity's work. Through its schools programme, speaker network, Remember in Red campaign and outreach activities, AJEX delivered educational opportunities for schools, community organisations and military audiences across the country. Veterans and serving personnel shared their personal experiences, helping challenge prejudice and build understanding through lived experience.

Young people played an increasingly important role during the year. AJEX strengthened its work with Combined Cadet Forces, particularly those at JFS and JCoSS, and began developing Young AJEX to encourage greater participation by students and younger members of the community in remembrance, volunteering and leadership.

The welfare of veterans and their families remained a priority. Festival grants were provided at Rosh Hashanah, Chanukah and Pesach, alongside individual financial assistance and practical support for those experiencing hardship. The charity continues to explore additional wellbeing initiatives to reduce isolation among older veterans.

Significant progress was also made with the Jewish Military Collection. Work continued on the collections audit, while the Chaplains' Cards digitisation project gathered momentum with the support of a growing volunteer team. These projects will help preserve and make accessible the rich history of Jewish military service for future generations.

AJEX continued its historic preservation work through the identification, restoration and commemoration of Jewish servicemen and women, including the unveiling of memorial plaques, correcting military graves and ensuring appropriate recognition of Jewish service wherever possible.

The charity strengthened its public profile throughout the year, showcasing its work at London's City Hall, expanding its digital communications and increasing engagement across Facebook, Instagram, LinkedIn and TikTok. Menorah magazine continued to be produced jointly with the Armed Forces Jewish Community.

None of this work would have been possible without the commitment of our trustees, staff, volunteers, branches and supporters. The outstanding contribution of volunteers was recognised through a dedicated celebration event, reflecting the fundamental role they play in enabling AJEX to fulfil its charitable objectives.

Fundraising activities

Fundraising continued to develop throughout the year through a combination of appeals, grant applications, major donor relationships, events, membership income and individual giving. Particular support was received towards the Bergen-Belsen 80th Anniversary programme and wider remembrance activities.

The charity strengthened its legacy programme, encouraged regular giving and increased supporter engagement through digital communications and events. AJEX remains committed to ensuring fundraising is fully integrated into its charitable activities whilst maintaining the highest standards of governance and donor care.

AJEX did not employ any professional fundraisers during the year. Fundraising activity was undertaken by staff, trustees and volunteers. The charity remains a member of the Fundraising Regulator and is committed to protecting vulnerable people and complying fully with data protection legislation.

Investment policy

The AJEX investment sub-committee comprises trustees who have significant experience of financial and investment matters. The investments are held on the Transact Platform which also acts as custodian. All investment decisions are taken by the sub-committee after consultation. The sub-committee is risk averse and concentrates on investments with a strong track record. All transactions require the approval of more than one person.

The investment objectives are to maintain the capital value of the portfolio whilst taking opportunities to dispose of any lower performing investments in favour of additions which will add value. In view of the recent volatility in investment markets, the sub-committee has avoided setting short term target returns but there is an overall objective of a total return of 7% . The sub-committee is also using the Transact platform to invest cash balances in order to benefit from more attractive interest rates. The sub-committee is mindful of social, environmental and ethical considerations in choosing and holding investments. The trustees are happy with the performance of the investment portfolio over the long term.

FINANCIAL REVIEW

Reserves policy

As at 31 March 2026, AJEX had funds totalling £2,273,447 (2025: £2,126,110), all held within unrestricted funds. Of this, free reserves (comprising unrestricted funds less tangible fixed assets, heritage assets and any charitable commitments) totalled £2,060,958 (2025: £1,912,705).

The Charity's reserves policy is to hold free reserves to cover a minimum of 12 months expenditure. Whilst at year end the Charity's free reserves exceeded this figure, given the instability with global events and investment values in recent years and a challenging fundraising environment, the trustees believe it is appropriate at present to maintain a higher level of reserves.

The reserves have benefited from several generous legacies received during the year. These are unpredictable and difficult to budget and so they are not assumed to be a recurring feature of the income each year.

Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.

In reaching this conclusion the trustees have considered the latest budgets and strategic plan which anticipate income and expenditure and the related cash-flows to be at a breakeven level over the next few years. Should a deficit arise, the charity has sufficient liquidity held in cash and its investments to sustain any shortfall for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

FUTURE PLANS

During the coming year AJEX will build on the progress described above, strengthening its work across Remembrance, Education and Welfare whilst developing its heritage, communications and fundraising activities.

Remembrance

AJEX will deliver a national programme of remembrance events, including the National Memorial Arboretum Service, the Willesden Cemetery Commemoration and the Annual Remembrance Parade and Ceremony at the Cenotaph. The charity will also mark significant military anniversaries, ensuring that the service and sacrifice of Jewish servicemen and women remain part of the national story.

Education

Education will remain central to AJEX's work. The charity will expand its programme of school visits, community presentations and educational resources, enabling veterans, serving personnel and trained speakers to reach wider audiences with the history of Jewish military service.

Partnerships with schools, universities, cadet units and community organisations will deepen, with a focus on challenging antisemitism through education and positive engagement. Building on the launch of Young AJEX, the charity will create more opportunities for younger members of the community to engage with veterans, remembrance and leadership - helping ensure the baton of remembrance passes confidently to future generations.

Welfare

Supporting Jewish veterans and their families will remain a core priority. AJEX will provide welfare grants, festival support and practical assistance, alongside expanded wellbeing initiatives aimed at reducing loneliness and improving social connection among older veterans. The charity will work closely with partner organisations to ensure veterans receive appropriate support whenever needed.

Heritage and the Jewish Military Collection

Work on the Jewish Military Collection will advance through the ongoing collections audit and digitisation programme, laying the foundations for wider public access via digital platforms, exhibitions and educational resources. The charity will also identify and commemorate Jewish servicemen and women through memorial plaques, grave restoration and historical research.

Communications and Public Engagement

AJEX will strengthen its communications through Menorah magazine, newsletters, podcasts, social media, video content and the website, growing public awareness of the Jewish community's longstanding contribution to British defence and reaching new audiences across the country.

Membership and Volunteering

The charity will support its branches and members whilst actively encouraging younger and newer generations to become involved in AJEX. Volunteers will be recruited, trained and supported - their commitment remains essential to delivering many of the charity's activities.

Fundraising

AJEX will further diversify its income through individual giving, grant funding, trusts and foundations, major donors, membership, legacies and events. The AJEX Legacy Circle will be developed to encourage supporters to help secure the charity's long-term future.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

On the 1st April 2022 the charity merged with the AJEX Charitable Foundation and the AJEX Association to form AJEX The Jewish Military Association charity registration number 1129591 and company number 06786615.The Articles of Association set out the structure, governance and management of the charity.

AJEX has branches affiliated to it throughout the country, who pay an annual affiliation fee (based on the size of membership) and who support all the charitable activities of the charity. All the major activities of the Association are carried out through AJEX The Jewish Military Association.

Recruitment and appointment of new trustees

The management of the charity is the responsibility of the trustees. Until otherwise determined by an ordinary resolution of the charity, the number of trustee shall not be less than three nor more than twelve, including the chair elected at an Annual General Meeting by the AJEX members. The trustees have the power to appoint new trustees at any time subject to the maximum number not being exceeded, provided that the position of chair is subject always to election by the AJEX members.

Decision making

The trustee board meet regularly during the reporting period. The trustees created sub committees for investments, finance and fundraising, museum, education and countering antisemitism, welfare, branches and membership. Each committee is chaired by a trustee. There are also project teams that are created for various activities and events for instance the parade and remembrance season, for the Charity Extra campaigns. The whole trustee body and the staff take responsibility for the area of remembrance including the parade.

Induction and training of new trustees

All new trustees are given a copy of the governing document, a copy of the last set of accounts and are made aware of all the charitable activities taking place as well as their responsibilities. They sign conflict of interest forms and forms for being both a trustee and a company director. On an ongoing basis, trustees are made of the latest guidance available from the Charity Commission.

Risk management

The Trustees review the risk register regularly and make sure that it is updated and amended as necessary. In all activities the risk to the charity is considered and where necessary mitigation action taken.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

06786615 (England and Wales)

Registered Charity number

1129591

Registered office

AJEX, Shield House

Harmony Way

London

NW4 2BZ

Trustees

Mr S L Cass

Mr D R Fox - Chair (resigned 1.1.26)

Mr J Kober

Mr S H J Pack

Mr I P Sugarman (resigned 6.5.25)

Mr A H Yadgaroff

Mr J C Dennis (appointed 2.5.25)

Mrs S A Taylor

Mr J M Tyler (appointed 21.5.25)

Mr J S Gaventa (appointed 9.10.25)

Mrs A S Lester (appointed 21.7.25)

Independent Examiner

Mr Danny Fine, FCA

Melinek Fine LLP

Chartered Accountants

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

Approved by order of the board of trustees on 9 September 2026 and signed on its behalf by:

Mr S H J Pack - Trustee

Independent examiner's report to the trustees of Ajex - The Jewish Military Association ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2026.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mr Danny Fine, FCA

Melinek Fine LLP

Chartered Accountants

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

9 September 2026

2026

2025

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

205,512

385,813

Charitable activities

Remembrance

34,016

30,300

Membership

21,009

14,577

Investment income

2

75,832

64,535

Total

336,369

495,225

EXPENDITURE ON

Raising funds

3

4,717

6,813

Charitable activities

Remembrance and education

298,674

199,951

Welfare

53,032

48,321

Jewish Military Museum

4,979

12,578

Total

361,402

267,663

Net gains on investments

172,370

24,849

NET INCOME

147,337

252,411

RECONCILIATION OF FUNDS

Total funds brought forward

2,126,110

1,873,699

TOTAL FUNDS CARRIED FORWARD

2,273,447

2,126,110

2026

2025

Unrestricted

Total

fund

funds

Notes

£

£

FIXED ASSETS

Tangible assets

7

4,988

5,904

Heritage assets

8

207,501

207,501

Investments

9

1,770,140

1,621,754

1,982,629

1,835,159

CURRENT ASSETS

Debtors

10

18,055

31,567

Investments

11

171,851

185,474

Cash at bank and in hand

112,707

155,298

302,613

372,339

CREDITORS

Amounts falling due within one year

12

(11,795

)

(81,388

)

NET CURRENT ASSETS

290,818

290,951

TOTAL ASSETS LESS CURRENT LIABILITIES

2,273,447

2,126,110

NET ASSETS

2,273,447

2,126,110

FUNDS

Unrestricted funds

2,273,447

2,126,110

TOTAL FUNDS

2,273,447

2,126,110

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2026 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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

The financial statements were approved by the Board of Trustees and authorised for issue on 9 September 2026 and were signed on its behalf by:

Mr S H J Pack - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

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

Plant and machinery

-

25% on cost

Computer equipment

-

25% on cost

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Legal status of the charity

The charity is a company limited by guarantee and has no share capital. Liability of each member in the event of winding-up is limited to £10.

Financial Instruments

The charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective impairment is found, an impairment loss is recognised in the Statement of Financial Activities.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset or settle the liability simultaneously.

2.	INVESTMENT INCOME

2026

2025

£

£

Interest receivable on cash balance

9,101

11,427

Investment income on assets held with Transact

66,731

53,108

75,832

64,535

3.	RAISING FUNDS

Investment management costs

2026

2025

£

£

Portfolio management

3,439

5,349

4.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2026

2025

£

£

Depreciation - owned assets

1,662

1,969

5.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2026 nor for the year ended 31 March 2025.

Trustees' expenses

Expenses reimbursed for trustees amounted to:

Dan Fox - £2,699.61 (2025-£5,155.75)

Jonathan Kober -£70 (2025-£110)

6.	STAFF COSTS

The average monthly number of employees during the year was as follows:

2026

2025

Employees

3

3

No employees received emoluments in excess of £60,000.

7.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 April 2025

25,790

22,774

48,564

Additions

-

746

746

At 31 March 2026

25,790

23,520

49,310

DEPRECIATION

At 1 April 2025

22,957

19,703

42,660

Charge for year

708

954

1,662

At 31 March 2026

23,665

20,657

44,322

NET BOOK VALUE

At 31 March 2026

2,125

2,863

4,988

At 31 March 2025

2,833

3,071

5,904

8.	HERITAGE ASSETS

Total

£

MARKET VALUE

At 1 April 2025 and 31 March 2026

207,501

NET BOOK VALUE

At 31 March 2026

207,501

At 31 March 2025

207,501

9.	FIXED ASSET INVESTMENTS

Listed

investments

£

MARKET VALUE

At 1 April 2025

1,621,754

Additions

52,380

Disposals

(62,517

)

Revaluations

158,523

At 31 March 2026

1,770,140

NET BOOK VALUE

At 31 March 2026

1,770,140

At 31 March 2025

1,621,754

There were no investment assets outside the UK.

Cost or valuation at 31 March 2026 is represented by:

Listed

investments

£

Valuation in 2026

158,523

Cost

1,611,617

1,770,140

10.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Other debtors

157

-

Prepayments and accrued income

17,898

31,567

18,055

31,567

11.	CURRENT ASSET INVESTMENTS

2026

2025

£

£

Cash in investment portfolio

171,851

185,474

12.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Other creditors

-

11,816

Accruals and deferred income

11,795

69,572

11,795

81,388

13.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2026.