CHK FOUNDATION TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR I JANUARY 2025 to 34DECEMBER 2025 Company Number: 03130170 (England and Wales) Charity Number: 1050900 Page I CHK FOUNDATrON CONTENTS Company Informatlon Report of the Trustee5 Independent Audltors, Report Statement of Financial ActNities ISOFA) Balance Sheet Statement of Cashflows Note5 forming part of the Flnandal Ststements 2-10 11-13 14 16 17-33 Constitution CHK FOUNDATION 15 a company Ilmlted by guarantee ￿ a reglstered charlty Charitynumber Company number 03130170 Reglstered office clo Pri￿ Balley LLP. 24 Old Bond Street. London. United Klngdorn. WIS 4AP CvrrespDnden￿ Address PO 8ox 277. Royston. SG8 IEX Investrnent manaBers Sarasln & Partners LLP. 50 George Street London. WIU 70Y Sthroder & Co. Umlted. l London Wall Place. London EC2Y SAU Bankers Uoyds Bank pl PO eox IIYXI. BXI ILT Independent auditors Pdce Bailey LLP. Tennyson House, Cambrfdge Business ParK Cowley Road. Cambrid8e CB4 OV webS￿e www£hkf¢undaiion.org.uk Dirertors and trustees The directors of the charitable company l.the Charity'} ao rts trustee5 for the purpose of charity law and throu8hout thts report are referred to igterchangeably as directors or trusrefs. As set out In the Artlde9 of AMo¢iatlon, the thalrman of trustees is elected by the trustees by majorfty vote. The trustees of the Chartty rnay by ordinory resoluton appolnt a person who is willi￿1 to acL to be a trustee, eithèrto fill a ￿¢an¢¥ or as an additional trustee. The trustees seNlng during the year l January 2025 to 31 December 2025 and sh￿e 31 December 2025: Dr E Peake Ichair of Board of Trustees) Mrs E Jewell Mr C Klrwan-Taylor Mrs KS Loyd Mrs L H Morri8 Miss P S Morris Mrs C Peake Mr R Prest Pa8e Z CHK FOUNDATION IA Company LlmltÈd by Guarnn￿l Re￿rt of the Trustees The trustees (who are also directors of the Charity for the purposes of the Companie5 Act 20061 present their report together with the financial ststements ofthe Charty for the yearto 31 December 2025. Company inforniation set out on Page 2 fornis part of report. The Financial Statements ¢omply wlth the Charities Act 2011. the Companles Aci 2006. the MemoraNlum and Articles of Assoaation. and Accounting and Reporting by Charlties- Statement of Recommend￿ Pradicè applicable to charfcies preparing their Financial Ststements In accordance with the Financial Reporti￿ Standard applkable in the UK and Republlc of Ireland IFRS 1021. Strurture, obJecthies, and theory of chan8e CHK Foundatlon Iprevlousfy CHK Charities ￿mIted) was Incorporated on 20 N0￿mber 1995 as a wivate company Ilmlte(J ty 8uarantee under a Memorandum of Association dated 17 November 1995. CHK Foundation was re8iStered as a charrty on 22 November 1995. The Charity'sobjertives areto promoteand Sup￿¢ osthetrL*ee55hall in theirdixreth)ndeclde.such charitable purposes and such charitable organisations as a￿ exclusryely tha￿able accordin8 to the law of England. CHK Foundation defNers its objectives by grant-making. The Charity's grant-making aimsto irnprove outcornes for the organlsatlons and communtties by provirfing fvnding which is often multtyear. artd unrestrlcted supporL The CHK Foundation theory of change 15 based on the belbef that longer term. core fundin8 enables charities to deliver stronger outcomes. adapt to changing needs. and to L￿[1d capacity and long-term resilience. Go¥eman¢e and Management The rnajority of the trustees are related to the founder of the tharity by birth or maTfiaBe. Non famlly trustees may be appointed to flll a recOgn￿e￿ gap in skllls or eXperIe￿e Con￿dered to be critical to the effertive runnln8 ofthe Charlty. When there Is trusree vacancy. wtentlal candidates are provided with information about the role, re5pon5ibility. operations and aims of the tharity. Potentval trustees are invited to meet with exsring tmstees to discuss and understand the requ1￿￿ commitment, and to ￿VIeW the recent hlstory and hjture plan5. Trustees that are appointed to the role are provided with induction support. and training as appropriate. All trustees are required to slt on one or more of the t￿￿tte subcommittees lthe Governance Committee, the Finance and Investment Commtttee, and the Grant Makin8 Committee} and the regular ¢ommlttee meetings provide context. Informationfordecision maknn8andthe opportuntyfor new trustee5to develop an understandin8 of the strategy. In addition. a trustee training budget encourages external training to be accessed to build or develop any knowledge or skilb that are considered helpful forthe perfomiance •f the trustee role. The Board met forrnal￿ on two ocCas￿n$ In the year to conduct the buslness of the Board ar￿ to receive and review reports of the three subcommittees of the Boaftl. When physical meetings were not posslb5e. the Board and subcommlttÈt meètiry5 were onfine. Oayto day managementand admlnlstrètim of the Charlty lsdele8ated to the experienced Exe¢utlve Dlrertor. She 15 responsible for all operational matters and for helping in the delivery of the overall strategy set by the trustees. The Executive DIr￿tor reports directty to the Chalr of the Board. has regular update dlscussions with the Chair. and attend5 all subcommittee and Board meettng The perfomiance and sakry of tr* Executr¥e Dirertw is reviewed annLwIty by the Governance Commlttee. Any recommendation for a pay increase is presented to the full Board for approval when the Board considets the annual budget. In making any recommendatlon. the Govemance Committee takes account of cost-of-living increases and infiation. extÈrnal bÈnchrnarkin8 dats. and the Executive Dirertorf5 performance and contributions to the Charl￿S wor Page 3 CHK FOUNDATION IA Company Limited by Guarantee) Delivering Public Benefit The trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the Charity's aims and objertives, and in planning future activities. The Charity delivers public benefit through.. Strategtc grant-makin8 delivered •nrough multi-year grant programme5built around outcomes that 3re of benefit to the public. Examples of the outcomes sought by 8rant programmes in operation in the year to 31 December 2025 include= enabling a smooth transition from education to employment providirsg opportunities that raise awareness of career pathways in the Arts reduttion of pollution in English Rivers increasing the awarene55 and take up of 5U5taTrnable agricultural prartices preventing and redsjcing threats and harm faced by people following natural disasters and humanitarian crises strengthening communities and help people living in/near the Cotswolds who need support because of family crisis. poor health. social isolation. erhd of life care, cost5 of living crisi5, and other challenging circumstsnces Outcome-ba5ed reporting thèt is proportionate the resources of the grantee and enables the Charity to understand the difference the funding makes. Support beyond grants, tncludingVevelopin8, where appropriate, connertions between grantees to share tips and technique5 Qn how to tackle some common challen8es, and signposting to additional resources. Reser¥e5 Total reserves of the Charity at the 31 December 2025 were £172.395.858 lat 31 Decernber 2024.. £168.083,4831. with an expendable endowment fund of £171,164,778 lat 31 December 2024- £167,085,330) and unrestricted funds of £1,231,080 lat 31 December 2024,. £998,153). The Charity Reserves Policy defines the following unrestricted fvnds: Unrestricted General Fund Cash returned by the investment managers on a monthly basis. in accordance with the agreed drawdown set out in the Charity's Investment Policy. is held in the un￿strICted General Fund. The Unrestricted General Fund 15 Used to re50urte the Designated Funds os set out below, for grant makin8 purposes and to meet operational costs. Designated Funds CHK EmergenrylDisaster Fund. This Fund supports national and international Disaster/Emergency appea15. The trustees agree an annual target (for 2025 and 2024 £4(KI.OOOpal spend for the Emergency/Disaster Funrt. CHK Grassroots Fund. This Fund was set up in 2025 to offer mtjlti-year grants to around 15 srnall charities that are aiming to strengthen communities and help people living in/near the Cotswolds who need support because of family crisis, poor health, social isolation. end of life care. costs of living crisis and other challenging circurnstances. CHK Social Impact Fund (previously referred to as a Social Investment Fundl. This Fund wa5 set up in 2020 to invest in charitie5. socTral purpose orEani5atior15 and funds tackling social issues of interest to the Page 4 CHK FOUNDATION (A Company ilmlted tyGuarnnteÈ) trustees. Investments consldered by thÈ trustèes for the Fund need to be offering both social return and financial retums. The Fund is ful￿ committed although some commlDnents are awaltlng drawn down 115 from the intended redplent. The trustees continue to h)ok for new opportunities and. if identified, further funds will be allocated to the CHK Social Impxt Fund. ActMtI¢s As referenced above.the Charws rthary actlvlty tsgrant rnak1￿ in support of tharitable organisationsdelivering public benefft. Grant Programmes The current 5-year Main Grant Programme commenced on l January 2024. Charltles funded under thls programme are worklngto protertthe environment. enabling the successfvl transTtion from secondaryeducation to employment. or e￿a1￿Ing WKler Kcess to the Arts foryoung peopk, especialty with a focus on potential career opportunities in the Arts sector. In the year. under the Main Grant Pro8fdmme 381310e¢ember 2024.541 grants totalling £1.3SI.OCKI131 D￿ember 2024: £4.634,(NJOI were offered to thwitable projec1& 18131 December 2024.'371 of these grants were muk￿year award5. In addition to the Main Grant programme. grnnts totalling £400,000131 De￿fflber 2024: £400,000) from the CHK EmergencylDlsastsr Fund were awarded to respond to national and international disasters/emer8en¢ies, and £450.0001310ecember 2024,. Nlll was awarded from the CHK Grassroots Fund to tharities seeking to strengthen communldes and help people livln8 inlnearthe Cotswolds who need support becauseof famSlycrlsls. poor health, social i501ation. end of lrfe care. costs of lfréing crlsis and other Challengi￿ circumstsnces Overall, the total awards fi)r the year were £4.231.LKKI 131 December 2024: £5,993SQ)l. supportin8 117131 December 2024.1201 dlfferent charltable organi&it5ons. A full list of the award5 15 8r¥en In Account Note 15. understsndI￿ the Impart of tharlty Fundl The Charlry uses a simple outc0mtrrep0rti￿ framework to collect both quantitative indicators (such as numbers participating. Increase In programmesl and qualtstive evidence {5uth a5 Case 5tudie5. User feedback). At the outset of a grant. Charity invites grant recipients of Main Grant programme and the CHK Grassroots Fund to 5ugBest up to three key outcomes that the grant re¢Spknt hopes to achleve whh the help of the Charlty fvndlng. The grant recipient ts also Invked to Identify in(Mcètors they wlll use to track progress. Around the anrhNersary of the receipt of a grant lor a grant instalment}. yant recipients are imiited to submlt reports on the progress made towards their planned targeted (Mrtcomes. The grantee re￿rtS are reviewed, dI$￿$Sed with 8rantees for additional clarlty If r*eded. and tross refererKed to other extemal data where approprlate. Outcomes Achle¥ed wlth the Support ofthe Charws Fundl Grantee progress reports demonstrate th7t the Charitys 8rants contributed to meaningful wnprovements under 3 headings as below. Oulcomes for benefidar• Grantee5 reported progress for their beneficiaries in many areas, suth as Increased school attendance and r&en8agement in eduotion Increased re5ilierKe. teamwork and wellbelr Increase attainment and aspirations of young people Improved confidence. sklll& and progression pathways for young people En8a8ement with professlonal rnle modets from different careers. to help develop aspSratlons Access to hi8lwuality creatlve projects and opwtunrtles to see theatre for free Rem¢)vln8 barrlers to bulldlne a ¢reative career arKt nurture v0ungta￿nt aged 14-25 Page 5 CHK FOVNDATION (A Company Umlted by 6￿￿￿teel 111 Oryanlsatlonal reslllen¢e Supported charities rèport funding has e￿abled them to develop in a numberof ways. induding Strengthen governance Bulld a stable. expert workforce and a brilKantworkln8 culture Streamllne delNery• Standardise materials. automate communications. and expand 5tsff tearns Develop systems and processe5 for en8awn8 afKI evaluati￿ volunteer5 Increase the number of programmes delfvered Test and understand differert approaches asto how to offerthe most seamless. accessible way for schools to en8a8e wlth programmes INI System4e¥el Impart Through a partnershlp and convenin8 role. aFKI by 5UPPOrting education programmes. the Charity has made ntrlbutlons to Enabling ¢ollaboratlon btheen local organisations Sharln8 Ideas and best practice between and across sectors In¢reasin8 wsibiltty of Issues affecting wider society. such as awarenw of regeneratfve food and farmlng Examples of 0￿ComeS reported by 3 d￿￿tI¥ In rKdpt ofckrltyfw￿s The Royal Natlonal Theatre received fvndlng to support tr*4r Natlonal Theatre Skills Centre. One of the target outcomes for the fvndln8 was to.open tKcess to tmlniw andcoreerpothwrf. During the year. The Natlonal Theatre re￿rted Yhts strand reached 95 Indlvlduals, a $18nlficant Increase on last year. Apprentlceshlps were highly successfijl. with SceNc Metslwork apprentic￿ pro8ressirg into pemianent sector roles and new apprentKe5 recruhed In FInart￿, Prop Makin& Technical Theatre and Archive. The newty appolnted Technlcal Theatre Apprentke first engaged with the prrthrough a free technical theatre Course. demonstratin8 Strong pathway progression. The NT delivered 34 work experIe￿e placements for Higher Education students and seven placemenwor alumnl of NT courses. In¢ludlngt4hnlcal roles on the Rfver Stage Festival and placements on the War Horse tour. Feedback was Oven¥he￿IfigIy posltlve. wlth 86% of suNeyed Hlgher Education students findlng thelr placements useful." ConstnKtlon Youth Icyn rtteived fvnding to $￿POrt their"8uildinB Opportunities" programme. One target outcome was to "develop more gothways'sessionsforhlgfvdemundroles thotore uttessible to young people who hove not/mostlikefy willnotoch1e￿ theirGCSEs." Ourin8theyear, W ￿rted-(￿￿ the past6 morth. we 5 new PathW￿ry sessknns focused on the followlng careers.. Bulldees Merchant Soles, Carpentsy &Jolnery, Groundworker. ￿SupportAn3￿ and Roofin& We Iden￿lled these careers a5 5uhble for the se55ion5 based onthelollowinguiterfa.. .AJl oftheseoFP￿￿lth$ hève rektw*kMT barrferstoentry. maktrqthem acce5¥bletyytyJrqpe**t*iare unllkthty aWanyofthelrGCSE's pleflnlsh s¢￿1 pru8VE5*1)n sur4)OrttoamTV¢JW￿ peop￿wI￿a￿v¢s$ hrterestlnpuvsutsthem. Page 6 CHK FOUNDATK>N IA Company Llmlted by Guararth> The developmerbt ofthe new sesslons was employer-w. with wrtner5 prmhngcrucial insi8ht into the da￿todaY realibes of drfferent roles and the type5 of skn115 they fequire. Emplryle￿ akn helped to inform our knOw￿ge ofthe different pathways YOU￿ people can folknw Into these oreers. The airn was to make the Se$$kn￿ r￿1 ontyinform•trft but •lsotnea¢in8 for(wrtsoetyourrf peo￿. Eath session Con￿$￿ handS￿n 30min acthitf ThÈ Sustalnable Food Trust {SFn received funding for its work on regeneratrve farming. One tsryet outcome was to "raise citizen awareness ofregenerntivefom?irw thmugh the Beacon Farms network." Duringth• y•ar, the r¢￿rted-tht5tr8teI¥ltsrBe3C0n Famis has bten rtffined foi 202￿27. shffdng from a slngle offer to a more adaptable model with template5 and ftameworts tsiknred to indthdual farms. cfver 20 newfarrn$Joined thls year. brtngin8tr* totsl to 45. support ha5 been wmled tsT¥￿Il$ and Ir￿￿11Th8 school vlsrts de￿Vered with The Harm¢)ny Project. Feedback from teachers and pupi￿ has been extremety positive. A major kacon Farn) Network event Injuly 202$ ￿￿hrto8ethef over ISO people for se551ons on farmlng pra¢tt￿. food quality, health, school food and rwnerative a￿kUl￿re finan¢*.AWo￿sh0p atthe Oxftyd Real Farmlng Conference attracted over 70 partiapants.- Rbk management The trustees review and ¢onsider risks on a regular basls. At SLtbcommittee and Board meetin85 the trustees discuss and monitor risk using a risk register. As part of the review. the tn￿ee5 seek assurance that steps are in pla¢e to mttiRate the identified risks as far as it 15 Poss￿1 e to do so. The key risks dlscussed and consldered durlng the year agaln focused on the protection of key Charlty assets of Investments and cash held, and the operntional'mxhinerf. includinB ITsystems. data. and personnel. The followlng artions are examples of how the tru#ees seek to miwate tt*se rlsks: two separate. expert itwe5tment managers are retsined both operatirKg a dlverslfied portfollo the performance of the investment mana8er5 is Moni￿red on a re8ular ba4$ the Cyber Essentials 5elf-certrfiCat￿n pro￿55 is to be followed In 2026 use of online services Iwhlch are updated and backed up on an ongoing basis) ensuring thetrustees havea workln8 know]edgeof. arrfl awssto, the key 45tems. and to documentation detailing policies and operational Flnandal revlew The Charlvs Investment income and irrterest on osh dep05rts. totrI￿d £3,150.048 131 December 2024,. £3,439,6C61. £4.231.0th)131 December 2024: £5.9935(KJl was committed to Charitable 8rants and donatlons. Governance and 5UPkK)rt experb5es totslled £133558 131 December 2024: £125.9021. Totsl Investment management fees. I￿lUdIn8 VAT. amounted to £678.341131 De£ember 2024. £484.0681. Investment powers. pollLy and perlorniance Under the Memorandum and Articles of Associalion. there are no restrictions on the Charity's power to invest. The trustees have the power to delegate the management of thelr Investrnents to investment speualists. Page 7 CHK FOUNDATION (A Compary Umlted ty Guarnnte•l For finandal investments las opposed to dual motive sodal and financial inve5tmentsl. the objectNe Is to achieve longterni ¢apftal 8rowth In real ternis andto release Cathon a morrthty basisto fund operatlons and grant making. The investFnent objertive ￿ athieved by invÈsiment in a diverse range of assets whlth are styeened as ￿sPonSible investments. demonstrati￿ 8ood environmertsl. %Klal and govemance credentiaL8 The CHK Investment Policy. whlth is reviewed annuallyand updated as appropriate. in place throughout the year sets outthè following". A growth target for the Investment of an a¥era8e of CPl+4S% over a threfryear rolllni perfod. after the fee5 of the inve5trnent managers The retum. over12 month% of£4.5m ofcash tothe Charlty bythe Investment marwgersfrom the irwested portfolio The Intentlon to Imie5t responslblyand sustalnably. followin8.bett practice" in envlronmental, soclal, and governance, and related rlsk management The cash return and fees of the inveslmert managers can be taken from capital An understanding that the asset allocation of the portfolio will. given the gro¥rth tsr8et. require a hi8h allocath)n to listed. intematlonal equrties {65%-75%1. Diversificatlon to reduo voktility. and to offer liquidrty. and a￿55 to some incorne streams. wlll be sought by other intemational asset classes, suth a5 fixed income, property. afternatives. and prfvate assets. The asset allocatlon at the year end Is set out in table below At 31 December 2025 76% At 31 December 2024 76% EqU￿leS Fixèd Income Multi-Asset Funds Akernatlve Investments Llquid Assets 2% 12% 1% loo% 15% 2% Investment perforniance The market value of the finandal In￿ts held atthe year end was £172,472,639, an Increase tsf2.45% from the 31 Deomber 2024 value of £168.350.902131 December 2024: plus 10.7%). The cash returned to the Charity from the In¥e5trnent portfo1105 was the tsr8eted surn of £45m forthe year. Duringthe year. theChaTt￿5 Finance and IrNestmentCommltteehad regulardlscusslonswlthtr* two irwestment managers to revlew the porrfolio's Investment perforniarKe. Separate to the financial investment portfolio. the CHK Sodal Impart FurKI (referred to above) Invests In Impart- led wdal investments. These a￿ mls5ioTrali8ned in￿ents wtth a hl8her de8ree of social Impact but wlth a hl8herde8ree of financial risk or lower returns. Investments co￿￿￿ÈrÈd bytheTrusteesforthe Soclal Impact Fund need to be offedng both social return aThJ finandal ￿t￿M5. Ouring the year, the trustees continued to receNe and review reports from exsting investments and are happy with the social outcbmes reported to date. Fundra1￿￿$ The Charlty's Income Is defved from the Investments hdd and cash deposlts. No acttvltles are ￿r￿ertaken bythe Charity or by any person on behalf of the C*arlty for the purpose of fundralsln& and In partl¢ular no pTofe55ional fundralser or commerclal partlcSpatOf have carrled on any suth athitse Neither the Charlty nor any person atting on behalf of the Charity was subject to an undertakln8 to be bound anyvoluntary scheme for regulatlng fvndrai%n& or any voluntary standard of fvF1drai5i￿ in respect of actIvI￿e$ on behalf of the Chartty. In Ilght of th4 there wa5 no failure to comply with a scheme or fundralslng standard, Page 8 CHK FOUHDAnoN IA Cornpany Umlted by Guarzntet) and there was no requlrement for any monitoring of artivitie5 canied on by any person on behalf of the Charity for the purpose of fundratsl No com￿alnts have been Te¢eNed by the Charityor a person acting on its behalf about activities bythe Charfty or by a person on behalf of the Charity in connertion with fundraising. The trustees a￿ aware and supportlve of the need to protect vulnerable people and other members of the public from any fundraisln8 a¢tiwiti The occountin8 estimates indude depreclatlon and investment valuations. There are no estlmates and assumption5 that have a si8nificant rlsk of ¢auslrg a materlal adlustment to the carryin8 amounts of assets and liabilitieswithln the next ffianc5al year. Hnan¢lal Instruments The Charity only has finandal assets and ftnandal Ilabllltles of a klnd that quallfy as bask financbal instruments. Basic financlal Instruments are Initial￿ recoBni5ed at transattk*n value and Subsequent￿ measured at their falr value. FLKed assets are recordèd at depreaated historical c05t and listed inve5trnents ère recorded at the bid value t the year-end date. Unlisted Investments are recorded at cost. less any dlmlnuljon in value. unless it is possible to obtain a rellable estlmats of fair value. All other assets and liabllltles are recorded at cost which is their fair value. For detalls of the as*t classes held and otthe historical cost of imiestments. see Account Note 6. Forelgn ¢urrendes Monetary assets and Ilablll￿eS denominated in forew ¢urrencies are translated into sterlln¥ at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded uslng the rate of exchange rulin8 at the date of the transartion. EXcha￿e 80in5 and 1055e5 are reco8nised in the Statement of Flnanclal Actlvlties. Page 18 CHK FOUNDATION NOTESTOThEACCOUNTS FOR THE YEAR TO 310ECEM8ER 2025 2. Income Yearto 31 December 2025 Year to 31 December 2024 Investment Income 3.123P85 3,409,720 Bank Interest 26963 3.150.048 29.886 3.439.606 In the ptlor year. a £2t)).(#)) sum was received from another grant makiNg charikble trust the Susanna Peake Charitable Trust. As set out in Xccount Note 11. CHK Foundation agre*lto act as agentforthe receipt and transfer of the £200,000 sum to Charltles Ald Foundation. Thè £2fy).OJO sum has been recognlsed as income or expendlture of CHK Foundatlon. 3. Expendltsre on Grants Year to 31 December 2025 Year to 31 December 2024 Grants payable at 5tsrt of year 3.139568 1.044,611 Grants offered In the year (SOFA and Account Note 151 Grants paid in the year 4.231,CO) 5.993,5C#) 14.175.750) 13.898.543) Grants payable at end Of￿ar IAccount Note 81 3.194.818 3.139,568 Page 19 CHK FOUNDATION NOTES TO THE ACCOUNTS FOR THE YEAR TO 31 DECEMBER 2025 4. Expendltwe on Other tharltable athide5 Year to 31 December 2025 Dlre¢t Grant Supp)rt Totsl Yearto 31 December 2024 ClrettGrant Support Maklng IGo¥ernar Totsl 12,5(XI I2￿1 IL286 1.763 IL286 1.763 Lqeal Fee5 onsuttsntfees and otherthlr& party costsfor8fdN pro8ramTr 11290 11290 6.783 917 6.783 7,095 613 7,09S 1.114 1,055 54.867 99,759 1,261 2,293 579 1.052 Tr￿l.T￿l￿1ryS Bankcharge5 751 501 475 539 1,199 95916 2372 Staff Costsl*aourrt 14xe51 43,162 IX%7 712 52,754 1305 871 44.892 1.032 473 Inwran Wtbslteand ￿ Costs iii 136 247 218 267 Totsl 46J42 87216 I33￿58 47591 78311 ￿.902 For all costs h￿hlIghted wlth an asterisk. the split of 45155 b based M the all0¢a￿lA of stsff tlmeto Grant Maklng and SUpport/Governan￿ respe¢tNely. Ir￿ded in the Support/Governance costs are VAT ind￿Ve auditor costs of £12.%)0131 Decernber2024' £112861. Page 20 CHK FOUNDATION NOTESTO THE ACCOUNTS FOR THE YEAR TO 31 DECEMBER 2025 S. Staff Costs and Numbers Year to 31 December 2025 Yearto 31 De￿mber 2024 Staff costs were as follows: Salaries and wages Social se¢urity c05ts Penslon 86,508 5,683 7.568 99,759 2,805 2,711 95.916 Key mana8ernent. The E¥e¢utNe Dlrertor is the On￿ employee. The number of staff eamlng in the following ranges Year to 31 December 2025 Year to 31 December 2024 £90.000-£100.000 £80.000-£90.000 6. Investments To reflect the Charity Commlsslon Investing Charitymoney.. Guldance For Trustees fCC14) guldance. the investments held by CHK Foundation are (ategori5ed in two separate streams.. Financial Investmènts and Impart- led Social investrnents. Financlal invÉstments are made wtth the yltknate Ob￿￿1￿￿ of generatirva irKome from the investment andlor Increasln8 the capital value of an InvestrnenL Flnancl•l Investmerrts Yearto 31 Dectynber 20S5 Yearto 31 December 2024 Market Value brought fOr￿ard Purchases 166.646.444 58383.(M)2 161.998.8561 163.63059) 145.648.477 47.555.244 {42,881,1461 150.322,57S Dlsposal Proceeds Net galn on investments ISOFAI Market value at end of year Cash equNalents (Account Note 12} 6,127369 169,757P59 2.714 16.323,869 166,646,444 1.704.458 Total finanaal investsTrenrs 172.472.639 168.350,902 Historlcal t05t of investrnents: 137.786,041 133.849,540 Page 21 CHK FOUNDATIOII IIOTESTO THE Kcoupirs FOR THE YEAR TO 31 DECEMBER 2025 6.1 Impart4ed Soclal Investments Impact-led Soclal Investments offering both soclal return and fwbanclal returns. are made In charities. ￿Cial purpo$e organlsatlons and funds tacwing sodal Issues of interest to the Tntstees. The Impact4ed Soclal Investments may have a hÈher degree of flnancial rtsk or lower retum. ￿erall, whtn makingthe investment the Trustees are happy that should there be a lower than antidpated financial return. the Social return of the Investments wlll recompense any loss in financial value. Year to 31 December 2025 Year to 31 December 2024 Value brought forward Purchases 877.930 796.572 104.687 Dlsposal Proceeds Net galn Illossl on Investments ISOFAI Value carried forward Hlstorlcal cost of InNE5tments: 70522 123,3291 877.930 £895,70S 948.452 £895,705 The Impatt4ed Sodal Investrnents are unfisted and are held at Cost. lets any dimlnutlon In value, unless CHK Foundatlon ts able to obtaln a rdlable estimate of fair value. In the prlor year. units cosfjrq $130,(1001£104.687 were purd￿Sed In a fund-of-fund& The fund-of-funds Invests across a wldÈ range of fundtypes. sectors and geographles wlth the alm togenerate long-term. 5U5tained furtdln8 for selected high Impact NGOS. The remainin8 commlrment Isto l)uy unlts tostlng $382,(M]O when called to do so by the manager5 of the fund-of-fund5. Tbe latest Infomiatlon avaSlable glves a value for unit5 held at 31 De￿mber 2025 of £286y9131 December 2024: É220.7051. An unsecured loan faclllty of £150.IXM)to an Incorporated Limited Liability Partnership 15 also held. The £150.0fy) wasthe balance offinano requlred for Xquis￿lOn of pTrmlses offèrlnga collaborattve space forsocial Enterprise. The loan fadllty has a 6.0% perannum interest Trte and the maxlmum temi of Ioyears Is reathed in 2033. In 2022. a £500,000 InvestmentwasmadÈto buyunits in a fund-of-hjnds. Itself 5nvestin8in fvndswhlch contrlbute towards social equTty and environmental solutions. At 31 December 2025, the CHK Foundation share of the audited net asset value of the Fund was reported as £486.￿3{31 De￿rnber 2024: £482.2251. An Interest free £25.000 loan made in 2021 to a re8lstered tharlry repayable toCHK Foul￿ation In 2027. The £25,1)00 loan Is to a pro8Tamme helping those. who hwe ¢laimed asylum in the UK. to have the opportunity to return to thelr prewous career by co¥erlng the cost of requalification. The £25,rJJo loan was made wlth a vlew to fiJrtherin8 CHK Foundation's thaTitable alms. and with the expeLtstion of repaymenL CHK Foundatlon has had regular updates on the programme's prouess. Pa8e 22 CHK FOUNDAnoN NOTES TO THE ACCOUNTS FOR ThE YEAR TO 31 DECEMBER 2025 7. Debtors Yearto 31 De￿rnber 2025 Year to 31 December 2024 Accrued interest 143.983 186.648 Credltors Year to 31 DeCem￿r 2025 Year to 31 December 2024 Amounts fallln8 due within one year Accruals 12.238 11.286 1.891.568 3.372 1.9)6.226 Grants payable (IJ Other creditors 2.619.818 2,597 2.634.653 Amounts falling due after more than one year Grants payable {2J S75,￿) 1,248,0(M) (IJ + {2J= E3.139.568 AccountNote3 (l) +12)-£3.194A18 Page 23 OIK F(IUNDATION NOTES TOTHE Accoupirs FOR THE YEAR TO ai DECEMBER 2025 9. Movement In fwKIs Funds 8akrKe 01 Jan 25 Balance 31 Oec25 Expendable Endowment Unr•strkted General Fund ated Fund5 167.(B5,330 4.70¢ 1678.3411 I1376￿5) 171.164,778 1189,0721 3.150 {3￿1￿￿58} 826P15 273,333 Emergency/O￿tter I4￿J.l￿oI {3CLI.LXiIJ Note b 1.257.747 1,23L080 1.187.225 70￿22 1231,080 172.395.858 Total I68.￿3.483 3,150,048 6 205 226 Note a. The Into￿￿ generated from the endrywment ￿ reco8nised a5 an a￿dit￿Tr to unre5trirted fvnd$. In the year, the Investment Intome £3.123.085 IAcctyJnt Notr 21 add￿10Th tothe UMestrlctèJ General Fund was Increased by a fvrther £1,376.915 bytsansferfrom the Expendable EndO￿neTrtt0 reachan Overants￿•toff4.5m; £4.5m belngthe Sum set bythe tnkstees as the cash to be retUrnEd in the year from the Expendab￿ Endowmentforgrant makln8amd to run oPera￿On$. Note ￿ A5 in prioryears, multl-year 8rnnts th a￿a￿d. and the full value of these ¢ommltments has been recognlsed on the ¢urnent year SOF￿ These fvt￿￿ cornmltments 8lven rise to defidt ye¥*nd bèlaD¢e for the Grassroots Fund. No new commftments frt*m the Grassroots Fund wlll be made forthe foll0w1ngts￿ years and future cash drawdowns from the Expendab￿ Endowed Fund of £ISOk pa will redu¢e thefvnd defidt to Nll ty31 Decenthr 2027. Funds BaLl￿e Oljan 24 Balance 31 Dec24 Expendable Endowment Unrertrlrted Genernl Fund Desi nated Fun 1.977.194 16.171484 I484J￿> 1580.2801 Nsxea 167,LWS,330 L910,444 3,439.606 1SA19.4021 280280 f189.072) ot•b 13CO.Cffj a￿A#)0 L21￿554 (25￿9} 1187,235 998.153 998,153 168.083.483 Total ISS.098,192 3A39.606 16.149.155 16.f4)3.4701 Pa8e 24 CHK KIUNDAT1014 NOTESTO THE ACCOUPI FOA THE TO 31 DECEMBER 2025 Note a The I￿orne generdted from the endDwment ts re¢oen&ed as an addltlonto unre5trfcted funds. In theyear, the Investment Incorne £3,409,720 IAccount Note 21 adthtlon to the Unrestricted General Fund was In¢rea5ed by a further £580,280 to reath an overall tsrget of £3.99m. £ 3.99m isthe sum set by the trustees as the cash to be returr*d overthe 12 months of 2024 frorn the expendab￿ endowment forgrant making and to operntlons. 14ote b. Inthe year. a 51yifkant number of rnultl-yeargrants were awarded. and the fvll value ofthe5ecommitments has been recogn￿ on the currentyear SOF￿ Thesefuture commitments havegNen rist to deficityear-end balance forthe Unrestrltted General Fund. Futyre Cash drawdowns from the expendable endowed fvnd ￿11 cover the ttjmmltments when they are duE. 10. Analy45 ofn•t assets b•twe•n fvnds Unrestricted Expendable Endowment Total 31 December 2025 Ge￿ra1 £ Designated Investments 2.256313 171.164.778 173.421,091 Cuffent assets 1184.420 2,184.420 Llabllltles 11.91LCé71 11,29&566} P,2trA653J 13,209.6531 273.333 957.747 123IL 171,164,778 172.395.858 Unrestricted Expendable Endowment Total 31 December 2024 General £ De*nated Irwestments 2.143.643 1144 167.085.330 169.228.973 Current assets 2.(M)8.877 2.CQ8.877 Llabillties {2.197.9491 1956.418) AI4A6n 13.154.367) {189.0721 1.187.225 XJ53 167,085.330 168.083.483 Pa8e 25 CHK FOUNDATION NOTESTO THE ACCOUNTS FOII THE YEAR TO 310ECEMBER 2025 No remuneration was paid to the tfustees during the year131 December 2024: NIL). Expenses fortralning of £360131 December 2024: NIL) were reimbursed to trustee Mrs L H MorrL% durlng the year 131 December 2024: NIL). No other expenses were reirnbursed to tmstees during the year131 December 2024: NIL). Adonatton of £240.(￿WaS madetotheCharttiesAid Foundation {Attount lknte 151f0ralloca￿0n Charltie5 Aid Foundatlon to the personal G4F accounts of the trustees Ilsted below. ar￿ a Small number of other des￿rIdants of the founder of CHK Foundation. These personal CAF accounts cari onty be used by the account holder to make charitable donatlons. The nnual transferto the personal CAF accounts therefore allows a Small proportion of the grant maknng of CHK Foyrbdatlon to effiuenty reath typScalty sinaller. local charltsble projects. that are of Interest to the trustee5ldescendants of the founder. Yearto 31 December 2025 £25.Cl)O £25.(MJO £35.Cth) £25.C#JO £35.000 Year to 31 December 2024 £20,000 £20,(k)) £30AIX) £20.0(M) £20A)LK) Mrs E Jewell Mr5 K S Loyd Mrs L H Morrls Trustee Miss P S Morrls Trustee Mrs C Peake Trustee Trustee Trustee ILII Dr E Peake Trustee Mr R Prest Trustee Mrs S E Acland Dau8hterof the founder Mr H A¢land Grandson of the founder Mlss C Gwynne Granddaughter of the fourtder Mrs L Hardy Granddau8hter of the f(￿nder £35.000 £25.000 £5.000 £10,000 £io.000 £10,￿) £30.0 £20.orJ) £5.0fy) £5.000 £5,000 £sJJoo In the prior year. a £200.IJOO sum was from ar￿ther yant makirg thalitable trust, the Susanna Peake Charftsble TrusL Mrs K S Loyd Is a trustee of both CHK FOundat￿n and the Susanna Peake Charitable Trust CHK Foundadon agreed to act a5 a8ent for the receipt al￿ transfer of the £2(M).(KQ sum to Charities Aid Foundation. CHK Foundatlon sought fee for the role as agenL The £200.000 swn to Charltles Ald Foundation carried the struction for Charltles Ald Foundation to allocate the sum equalty between the personal CAF accounts of a named great 8randdau8hter and a named yeat 8randson of the founder of CHK Foundatlon. A£IO,C#X) sum {31 December 2024: £5.CO)I was also pald to the Good261ve Communlty Fund tharlty Account of Mr R Baillieu (grandson of the founder of CHK Foundatlon). Mr Baillieu resides overseas. The Good2Gfve Community Fund CharityAtt0unt￿1fils the sarne purpose in Australia as described above for CAF accounts in the UL Page 26 CHK FOUNDATION NOTESTO THE Accoup¥rs FOR THE YEAR TO 31 DECEMBER 2025 Account Note 11 cofitlnued Mrs L H Morrls. trustee of CHK Foundatlon. has robEs a5 trustee. fvndralslre committee member. c* financlal advisory board member with grant reclplents detailed below. The ro￿5 were declared at CHK Foundation 8rant meetings before the decision to offer the 8rants. Mrs Morrb t(y)k part In the CHK Foundatlon trustees. discussion and decision makingabout the grants. Grants Madè Year to 31 December 2025 £S0.OCM) Year to 31 December 2024 £10,000 The Arnber Foundatlon Nordoff and Robbins Intounlverslty £￿1,0( Mr C Kirwan-Taybr. trustee of CHK Foundation. was until l March 2025. the Chairman of Cure3 which raises funds for the Cure Parkinson's TrusL In the year. CHK Foundath)n don8ted to Cure Parkinson's Trust £IO.(KIO131 De￿mber 2024; £10.OCMII. Mr C KlrwafvTayk)r ts atso a trustee of Now Teach. In the year. CHK Foundation donated to Now Teach £73.OW131 December 2024: £75.CKrf)l. In additson. Mr C ￿n￿a￿TaYlor ￿ a member of the Development Board of The Royal National Theatre. Intheyear.CHK FOunda￿n donated toThe Royal Natlonal Theatre £20.000131 December 2024,. £80,￿0) There are no other related party transactions131 December 2024: no other related partytransactionsl. 12. Cash and osh equi¥alents Yearto 31 December 2025 Year to 31 December 2024 Cash Cash eqUlVa￿nts (Account Note 61 2.(140,437 2.714,680 1,822.229 1,704,458 4.755.117 3,526.687 13. ReconcllSatlm of net m•J4M)ent Infunds to net(ash flow u5td In iJpuating acll¥ities Year to 31 Decernber 202S Year to 31 December 2024 Net movement in funds ISOFAI Deduct income {SOFAI 4.312.375 12.985,291 {3.150.0481 16.197.891) 42.665 13.639.606) 116,300,540) 166,9861 1.954,114 Deduct net gain on investments ISOFAI Deduct increase Sn debtors Add increase in creditors 55A27 Net cash Ltsed In operating activltles {4.937.4721 {s.(￿7.727) Page 27 CHK FOUNDATION NOTESTO THE ACCOUKrs FOR THE YEAR TO al DECEMBEA 2025 l& Coffl￿rat￿e Statemert of Hnanclal p£t1¥h￿ fty the year ended 310ocember 2024 Total ul￿estrIcted Funds Expendable Endowment Fund Year to 31 December 2024 Incorne Investment Income 3.409.720 29.886 3.439.606 3.409.720 29.886 3.439.606 Interest Total income Expendlture Cost of raisir8 hjnds: Investment management fee 1484.0681 1484,0681 Expendlture on charitable actlvltles: Grants 15.993,5LJ)I 1125.9)2) 15.993,5001 I125.￿2) Other charitsble acthAtles Total eynditure 16.119A021 1484.0681 16,603,470) Net expendlture before gains and losses on Investsnents 12.6J9.Ml 1484ml {3.163.8641 Net {los$l/galn on investments 123329) 16323.869 16.300,540 Net110551 on currenry Net lexpenditurel ￿nCOrne 1151.3851 15.688.416 1151.3851 12.985.291 {L703,1251 Transfer between Funds 15802801 Net movement in funds 12,1218451 15,108,136 12385.291 Funds at start of year 3.120.998 151.977.194 155.098.192 Net movement In fur#ts {1￿￿45) 15.108.136 12.985.291 Fund5 at end of year 998.153 I67.￿5.330 168.083,483 Pa8e 28 CMK FOUNDAMON NOTES TOTHE ACCOUNYS FOR TrIE YEAR TO 31 DECEMBER 2025 IS. Grants offered Grants to ¢harltable Trn5tTtutions Yearto 31 DeCem￿r 202S Year to 31 Oecember 2024 @THEROCK 1625 Independent People Acce55 Projert Actlon Against Hunger Actlon Syrla ActlonAld UK Addln8ton Fund AfghanAid Aldridge Foundation CIO AIIChlld Almelda Theatre Company Limlted Alport UK Amber Four￿atIOn.The Apricot Centre Arcola Theatre Produ¢tion Company Ark Resettlement Servlos Axiom Math5 Baca Charlty, The Barbican Centre Trust Llmlted, The BEAT Best Beglnnln8S Bl8 Change Charitsble Trust 8ig Gfve Trust. The Bloomsbury Football Foundation Blue Dragon Children's Foundatlon UK Bralnwaves Researth 8ranch Trust. The Bri8antia Learning Trust British Explorln8 Sodety Brltlsh Museum. The Brltlsh Pllgrlma8e TrusL The 8rtti5h Red Cros5 Brltten Pears Arts Buglife. The Invertebrate ConseThatlon Trust Bumblebee Conservation Trnst Camara Educatlon UK Career Ready lThe UK CareerA¢ademy Foundation) CharltiÈ5 Aid Foundation CHASE Afrlca Chlppin8 Norton Theatre Llmlted, The P￿e 29 5.lJOO 0,000 360.000 20JWJQ 20,Cth) 30,C((¢ lo.o( 30.(KKI 10.000 20.000 J.000 15.750 50.(M)O S0.(MJO io,&x) 20.000 20.000 22.000 25,000 60,000 10,000 20.000 20.000 20,CKIO 15,CKJO io.(h]o 30IJCM) 30A s.￿0 io.(MJo IOMMJ 10,0 io.(KK) io.o(M) 20.000 20.000 150,0Tr) 180,000 120,(MIO 240,(KK) 36AMX) CHK FOUNDATION NOTESTO THE ACCOUPIts FOR ThE YEAR TO 31 DECEMBER 2025 C5ty Harvest Clvlc Future Clean Rlvers Trust aeanupUK aientEarth aonter Farm Music Trust Construction YoLrth TrLtst Cool Earth Actlon Cotswold Friend5 Cotswolds Rivers Trust Country FO￿ Tru5L The Countyslde Learning Cure Parkin50n'5 TTUSL The CWPLUS Dawd Nott Foundaiion Disabled Sailors Assodatlon Disasters Emergency Commiitee Ed8e Foundatton Educatlon Pollcy Institute. Emergent Generatlon Engllsh Natlonal Opeta Fantasia Orchestra FarmAbility FarmED CIC Farming Communlty Network. The Flowers Band Football beyond Borders Forest Peoples Programme Forward Arts Foundatlon Forward Thinkin8 Frlends of the Upper Wye Future Hope IUKI Give a Child a Brighter Future Global Canopy Gloucester Cathedral Glou¢ester History Trust GloutestÈrshlrÈ HOspIta￿ NHS Foundatlon Tn Gloucestershire Society. The Gloucestershire Wildlffe Trust Gold Stsndard Charltabie TrusL The Good2Give ATF fjreenhouse Sports Llmlted Guitins Music Festival. The Handicap International loperatin8 as Humanlty & Indu5ion) Harrow Club Home-stèrt Icotswolds} Ltd Hom&Start North and West Gloucestershlre iO,L 10,000 10,000 15.000 30,000 40.000 35,￿0 30,000 240.000 14X IOAMM) ioA 10,0 30.000 25,0 lo,0￿. 125,LKKI 10,000 100.000 12,750 ioxrfj) 30AMX) io.(rfM) 15m) 4,000 tso,(NJo 180.(XK) 20.0 10.000 io.c 20.0 10,000 15,000 o,ooD 75A>CKI 30,000 2.500 10.000 150.000 lo.o( 30.000 30tJ(M) Page 30 CHK FOUNDAMON NOTES TOTHÉ ACCOUNTS FOR THE YEAR TO 31 DECEMBER 2025 Home-start Stroud and Gloucester Hounslow Education Business Charity Ideas Matter In Klnd Dlrert Instltute For Philanthropyi The International Tree Foundation Intouniversity Irene Taylor TnJsL The Island Careers Partnership Jame5, Place Charity Jobs Foundatlon. The KAA Intrepldus Trust Kate'5 Horne Nursing Key4Llfe UFEbeat Longborough Festlval Opera Lyrlc Hammersmtih Theatre Margaret Pyke Trust Medeclns Sans Frontiefy IUKL Medical Aid for Palestinlans Mental Heakh Innovations MentÈll Mulberry8ush. The Museum Of Modèm Art Limited MYfiME National Gallery Trust. The National Youth Cholrs of Great 8rttsln Nelson Trust Neuroscience for Education Nordoff-robblns Muslc Therapy North Cotswold Communlty Awareness North Cotswold Foodbank Now Teach Nuffleld Famln8 Stholarships Tn￿t OCD Att￿n Old W¢ Theatre Trust 20￿, Tfie One Million Mentor5 Opera Holland Park Operation Reach Plan Intematlonal UK Pregnancy Sickness Support Providence Row Purposeful Ventures Queen Elizabeth's Foundation For Disabled People Quentin Blake Centre For Illustratlon Rainforest Trust React Iso.000 25,OC 20,￿￿> lo.￿)0 10.000 20.LiIO iO.CKrt) 100.000 io,c( 10,000 30.( 75.(KKI 320.000 55.LKM) io.ofyj 30A 20.000 io 20.C 75,CKXI 10.000 20,(rfJO 10,000 73JM)O 75,(AK) 54,C iO.LTr io.rK)o 30,C 20,(MJO 7.500 55,rJJo 35.(KM) io,c 35.thj 30.( 5.000 Pa8e 31 CHK FOUNDATION NOTESTO ThE ACCOVKrs FOR ThE YEAR TO 31 DECEMBER 2025 Recycling Lfves Charity Redesdale Hall Trus¢ The River5 Trust, The Roundhouse Trust Royal Academy ofArts Royal Academy Of Music Royal Ballet schr￿1, The Royal Botanic Garder￿. Kvw. The Royal mar￿en Cancer Charlty. The Royal National Theatre. The Royal Opera House Covent Garden Foundation Royal Shakespeare Company. Strat10rd￿pOnth¥0n. The Save The Rhirko Internatlonal Seaview Sailing Trust SEED Eatlng Disorders Support SeNi Shakespeare Globe Trus( The Shipston Home Nurslng Slnce 9111 Sister Circle Sprlngboard Charity, The St. John Of Jerusalem Eye Hosprtsl Group Stockwell Charitable Trus( The Story Museum. The Suidde Co Supportlng Wounded Veterans Sustalnable Food Trust TeFnple Church TrusL The TERN rrhe Entrepreneurial Refv8ee Network aci Tetbury Music Fesyval The Design Museum The Young Wic Company ThTlve-Northox rimeGlvers Tourette Syndromè {UKI As%Kiat Tusk Trust Tutor The Natlon Unlversity of Leice5tef Venice in Peril Fund CIO Wittorfa & Albert Museum Villlers Park Educational Tn￿t Wallace Cdlethon, The War Child Waterber8 Rhlno UK Westminster Abbey Trw The Wheels Project Umlted. The WhltChurch-o￿ThameS Prevschool Wlgmore Hall Trust. The 10,000 i￿).[ 425.000 0.000 io,c 20 280.Q 20.OLYI io.oTh) 20.(KI) 25,CM)O 5.000 16,¢XKJ 3.000 10.0 IOAK 20.1)00 iomi 30m)' 15AI)O 10.000 20,000 I0.L￿O 8,000 5.000 10,000 50 5,(KJO 20A 30,000 251JCiI. iotsjo 30m) 5.000 120,000 ioAMJo 8.Q)O 30,000 150 26,IXX) 10,000 20.000 10.0 15.000 Pw32 CHK FOUNDATION NOTESTO THEACCOUNTS FOR ThE YEAR TO 31 DECEMBER 2025 WlllowTrust, The Windrush Against Sewage Pollutlon World Land Trust WOW Foundatlon. The Wren Projec¢ The Yorkshlre Ballet Semlnars Youn8 aa55ical Artists Trust lo￿ jo.fy 15.000 180,000 15.lYXI 15,LMXI lo￿00 4.231.(XKJ s.993￿1 No grants were made to Individua pa￿ 33