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← Southampton Row Trust Limited

2025-04-30-accounts

ANNUAL REPORT 2024/25

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The CAF American Donor Fund (CADF) is the operating name of Southampton Row Trust Limited.

It is a dual qualified Donor Advised Fund for US and UK taxpayers. With 25 years’ experience, we offer strategic, tax-effective philanthropy for these donors to maximise the impact of their giving by claiming eligible tax relief in both countries.

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Since 2000, we have received more than £1.1 billion (US$1.5 billion) in charitable donations to support charities around the world.

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— _ ae a 1 SOUTHAMPTON ROW TRUST LIMITED[ | ] ANNUAL REPORT 2024/25 —=—= eee Te

CONTENTS

1. Chair’s report 03
2. Trustees’ report 07
3. Independent auditors’ report 15
4. Statement of fnancial activities 19
(incorporating an Income and Expenditure Account)
5. Balance sheet 20
6. Cash fow statement 21
7. Notes to the fnancial statements 22

CHARITY INFORMATION, TRUSTEES AND ADVISERS

REGISTERED OFFICE

INDEPENDENT AUDITOR

25 Kings Hill Avenue PricewaterhouseCoopers LLP Kings Hill 7 More London Riverside West Malling London Kent SE1 2RT ME19 4TA Telephone +44 (0)3000 123 150 PRINCIPAL BANKER Email cadf@cafonline.org National Westminster Bank plc 94 Moorgate REGISTERED CHARITY NUMBER London 1079020 EC2M 6UR COMPANY NUMBER COMPANY SECRETARY 03900842 Kate Newman

TRUSTEES Meredith Niles (Chair, appointed 10 June 2024) Mark Greer Neil Heslop OBE, (resigned 20 July 2024) Liz Rylatt Carolyn (Morey) Ward (appointed 10 June 2024)

Southampton Row Trust Limited is a UK charitable company incorporated in the UK and registered with the Charity Commission for England and Wales. The charity operates under the name of CAF American Donor Fund. The charity is wholly owned by Charities Aid Foundation America (CAF America), a s501(c)(3) US public charity, registered in the State of Delaware, United States of America.

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CHAIR’S REPORT | FOR THE YEAR ENDED 30 APRIL 2025

generosity�that�we�have�once� again�been�able�to�achieve�an� incredible�year�of�progress,� despite�the�heightened�global� uncertainty�and�volatility.�The� donor-advised grants payable to�charities�by�CADF�reached� over�£118�million�in�2024/25.”

MEREDITH NILES, CHAIR

The story of the CAF American Donor Fund (CADF) throughout the last quarter of a century has been one of collaboration between our expert team, generous CADF donors and the dedicated charities they support. This year is no exception.

CADF started as an idea within the Charities Aid Foundation (CAF), to help ignite and maximise the value of transatlantic giving, by creating a dual qualified charity with a Donor Advised Fund. This innovative solution enables dual US and UK taxpayers to claim eligible tax relief from both jurisdictions, amplifying support for causes they care about.

During my first year as Chair, it has been a real honour to meet some of the individuals and organisations that have contributed to CADF’s legacy of impact, with over £1.1 billion (US$1.5 billion) in donations received so far.

This number represents numerous impactful gifts that have made a tangible, positive difference. We were privileged to hear about a few of these at our 25th anniversary reception in February 2025, which brought together donors and charities from across the community CADF has helped to build.

Each of these impact stories — alongside that of Orbis UK, a charity promoting global eye care, featured in this report — are important reminders of the positive change that donors can achieve working with CADF. Crucially, they inspire us as a team to grow CADF, with even greater ambition for the future.

Since 2000, the global landscape in which CADF operates has transformed — politically, economically and socially — and the pace of these changes intensified throughout 2024/25. As an American based in the UK, I know some of the complexities that the individuals and families we work with, experience living across two countries. For CADF donors, among more personal factors, this includes the regulatory reforms and tax changes that shape their charitable giving and the work we do.

During the previous year (2023/24), CADF delivered an unprecedented year of growth, supported by major one-off gifts from our donors. It is testament to their generosity that we have once again been able to achieve an incredible year of progress, despite the heightened global uncertainty and volatility.

3 SOUTHAMPTON ROW TRUST LIMITED[ | ] ANNUAL REPORT 2024/25

The donor-advised grants payable to charities by CADF reached over £118 million in 2024/25, just under the £120 million secured in 2023/24, with the donations received totalling £139 million this year.

The number of new donors we are onboarding continues to grow, as do the prospective philanthropists we are engaging with. We focus on being the trusted giving expert for people who want to maximise the impact of their donations and, using our research, we are digging deeper into giving behaviours in the UK and the US to help them navigate the evolving environment.

In the UK, for example, our insights show that fewer people are giving. But those who can, are giving more and they are searching for increasingly innovative ways to leverage the value they can bring.

This includes our donors’ expanding interest in gifting more complex assets. We have the flexibility and inhouse expertise to facilitate these more complicated requests with discretion and confidence. In 2024/25, the team dealt with an increased number of share gifts exceeding £27 million.

Throughout the year, colleagues facilitated a total of 1,447 donor-advised grants covering cause areas ranging from global healthcare and medical research, animal welfare and the community-led restoration of natural habitats, to tackling poverty and supporting education, children and young people.

Looking to build on this in the 12 months ahead, I am excited about the opportunity for more CADF donors to benefit from what our Impact Accelerator offers. By accessing this centre of excellence for impact — they can develop a more strategic approach to giving, aligning their charitable goals with the needs of the global, national and local communities.

Bolstered by our experienced and talented team in the UK and the US, we are delivering an ambitious programme of meetings, networking events and high-profile speaking opportunities to share what we are learning.

This focused engagement with advisers and donors on both sides of the Atlantic is reinforcing our reputation within the wealth management industry for tax-effective philanthrophy. And we were pleased to be nominated for an award at this year’s influential Magic Circle Awards.

I want to thank my CADF colleagues for their commitment and hard work. I am also extremely grateful to my predecessor, Neil Heslop, for his support over the last year.

As we begin this next chapter of CADF’s story, we cannot write it alone. So, finally, I must express my gratitude to the philanthropists who support CADF and the charities we work with. It is their dedication, passion and generosity that continues to enable us to maximise the impact of transatlantic giving, changing people’s lives across the world for the better, as envisioned 25 years ago.

Meredith Niles Chair

As we strengthen our connections with the charities across our global network, we are also scaling our industry-leading charity due diligence services. We are, therefore, ready to help realise the evolving giving ambitions of the philanthropists who donate to CADF as effectively as possible, especially those responding to crises in high-risk and sanctioned areas of the world.

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TRUSTEES’ REPORT | FOR THE YEAR ENDED 30 APRIL 2025

Taking off

Ensuring everyone has equitable access to eye care

When a CADF donor expressed interest in supporting healthcare-related causes, we connected them with Orbis UK, an affiliate of Orbis International. The charity works around the world to ensure that everyone has equitable access to eye care, combining support from donors and in-country healthcare partners.

Drawing on our advisers’ expert knowledge of Orbis’s international operations, the donor committed a US$100,000 grant to help support the Orbis Flying Eye Hospital. This is the world’s only fully accredited ophthalmic teaching hospital onboard a MD-10 aircraft.

By funding cutting-edge, virtual simulation training technology onboard, the impact of the donor’s gift travels with the jet on every mission.

During the aircraft’s time in Bangladesh in 2024/25, 113 eye doctors and junior doctors participated in surgeries and lectures alongside Orbis’s expert volunteers, building capacity among senior ophthalmologists through their Training of Trainers initiative. This training was also shared globally, with sessions livestreamed to 47 countries.

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The Orbis Flying Eye Hospital has taken world-class training to eye care teams in over 95 countries.

47

Orbis's training in Bangladesh was shared globally with 47 countries.

113

Eye doctors and junior doctors participated in surgeries and lectures during the aircraft's time in Bangladesh.

1

The world’s only fully accredited ophthalmic teaching hospital onboard an MD-10 aircraft.

5 SOUTHAMPTON ROW TRUST LIMITED[ | ] ANNUAL REPORT 2024/25

CASE STUDY

TRUSTEES’ REPORT | FOR THE YEAR ENDED 30 APRIL 2025

Trustees’ Report

Including the Strategic Report

Southampton Row Trust Limited is a dual qualified Donor Advised Fund for US and UK taxpayers. Operating under the name of CADF it provides strategic, tax-effective philanthropy options for donors to maximise the impact of their giving by claiming eligible tax relief in the US and UK, and using these funds to support charities around the world.

CADF offers a range of donor advised funds to help donors achieve their philanthropic objectives:

ACHIEVEMENTS AND PERFORMANCE

CADF’s objective is to achieve long-term growth in donations received, and grants paid, through the three fund options available.

During the year, CADF’s donors continued to give generously despite heightened geo-political uncertainties and economic volatility. Donations received into CADF’s donor advised funds were £138.1 million (2024: £153.6 million). Although this is below the unprecedented level for the previous year, which included major one-off donations, the Trustees are pleased to note an underlying trend of increased giving.

This generosity enabled CADF to award 1,447 grants from its donor advised funds to charities in the UK, the US and elsewhere around the world. The aggregate value of these grants was £118.9 million, compared with £121.0 million (1,487 grants) in 2023/24, which was augmented by major one-off donations.

In addition, the Trustees are pleased to note the continuing trend of growth in PDAFs. These are intended to enable donors to increase the value of charitable funds over time through investment, and facilitate longer-term grantmaking to support charitable causes. During the year, the value of PDAFs grew to £160.5 million from £143.1 million at 30 April 2024.

FINANCIAL REVIEW

Donations received and credited to DAFs and DAGs increased marginally to £73.9 million (2024: £72.6 million). Donations received into PDAFs were £64.2 million (2024: £80.9 million), with the value for last year arising from some significant one-off donations.

Although interest rates began to decline during the year, investment income grew to £7.4 million (2024: £7.0 million) as fund balances grew. Funds were further boosted by net investment gains of £0.7 million (2024: £4.0 million), despite the market uncertainties during the year.

Donor-advised grants awarded from DAFs and DAGs increased marginally to £69.2 million (2024: £68.9 million), whereas those from PDAFs, which benefitted from major one-off donations last year decreased from £52.1 million to £49.8 million.

The net effect of this activity for the year is an increase in designated funds held to support future grantmaking, with funds held at 30 April 2025 increasing to £192.3 million from £172.9 million at 30 April 2024.

7 SOUTHAMPTON ROW TRUST LIMITED[ | ] ANNUAL REPORT 2024/25

As a result of the ongoing level of liquid assets held pending their future application to donor-advised grantmaking, the level of interest income has remained beneficial. Consequently, during the year, CADF was able to award a grant from its unrestricted general funds of £2.7 million (2024: £2.5 million) to CAF, its ultimate parent. This will support CAF’s commitment to growing philanthropic giving to achieve the greatest possible impact.

Treasury policies establish criteria including credit rating, counterparty lending limits and country limits that are approved by the Trustees, with further oversight from the Investment and Finance Committee (IFC) of CAF, the charity’s ultimate parent.

Subject to minimum credit ratings, maximum terms and maximum counterparty limits, funds may be invested in the following:

OUR AIMS FOR NEXT YEAR

The Trustees’ objective for the coming year is to sustain the long-term growth in the average value of funds received and granted by the charity.

RISK MANAGEMENT

The Trustees have a risk management strategy that comprises:

The main risks identified are credit, liquidity and market risk.

The charity carefully monitors and considers risks associated with the macro-economic environment. There have been no material adverse impacts from changes in the economic environment.

Financial investments held in respect of PDAFs are invested in accordance with policies approved by Trustees, with further oversight from CAF’s IFC. Donors typically suggest that a portion of funds donated are held in cash to meet short-term giving expectations and invest funds to meet medium to long-term philanthropic objectives. Grant suggestions are planned by reference to the market values and liquidity profile of the assets held.

CREDIT RISK

Credit risk is the risk of financial loss because of a failure of a counterparty to meet financial obligations to repay the charity as they fall due. Credit risk arises primarily from investing funds with treasury counterparties and from financial investments.

LIQUIDITY RISK

Liquidity risk is the risk that the charity does not have sufficient financial resources to meet its obligations as they fall due.

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TRUSTEES’ REPORT | FOR THE YEAR ENDED 30 APRIL 2025

The charity’s principal obligations relate to grants payable. The charity does not award grants out of anticipated future income.

The liquidity position is monitored by the charity and CAF’s IFC. On a day-to-day basis, the liquidity profile of the charity’s assets is compared with the historical behavioural of donor-advised grant payments to recipient charities.

The liquidity policy requires a minimum percentage of total balances to be available within 24 hours and a further minimum percentage of total balances to be available over three months. No more than 50% of balances may be invested for a term in excess of 24 months.

The charity holds funds principally denominated in sterling and US dollars. The US dollars held mostly arise from donations received in that currency and are primarily intended to fund donor-advised grants that are awarded and paid in US dollars, thus mitigating the risk to fluctuations in foreign currency exchange rates.

PDAFs may be invested to fund long-term donoradvised philanthropic goals. The value of investments, alongside any regular donations received, determines the value of funds available for donor-advised grants. Accordingly, a movement in equity markets or interest rates may affect the value of PDAFs but does not impact the level of reserves.

SHARE CAPITAL AND DIVIDENDS

PDAF funds are invested in accordance with policies that require investments to be liquid. Investments consider anticipated liquidity requirements to fund donor-advised grants. Should additional liquidity be required to fund these, investments are disposed of. In the event of a shortfall in anticipated proceeds, the value of the grant would be reduced.

The charity’s authorised share capital of 100 ordinary shares of £1 each was issued at par upon incorporation and is held by CAF America.

The charity’s regulations state that no dividends shall be paid to shareholders. They also preclude shareholders from participating in the distribution of any remaining property should the charity be wound up or dissolved.

MARKET AND INTEREST RATE RISK

Market risk is the risk from adverse movements in external markets including interest rates, changes in investment values or foreign currency exchange rates that will reduce income or the value of assets.

The charity does not undertake proprietary trading activities. It is the charity’s policy to hold treasuryrelated investments to maturity and to value at cost, with any premium or discount amortised over the remaining term (the effective interest method).

The charity may manage interest rate risk attributable to treasury assets through the purchase of fixed rate investments that provide a degree of hedging against changes in market interest rates. The charity’s policy is to hold such investments to redemption at par. The impact of any movements in interest rates on fixed rate instruments is, therefore, not anticipated to affect the charity’s financial results.

PUBLIC BENEFIT

The aim of the charity is to encourage, support and develop the work of charities in the UK, the US and elsewhere in the world by operating a range of donor advised funds that ensure the most effective handling and distribution of charity funds. The activities provide public benefit by creating value for other charities and organisations around the world in carrying out exclusively charitable activities.

When reviewing the charity’s aims and objectives and in planning future activities and setting the grantmaking policy, the Trustees paid due regard to the guidance issued by the Charity Commission, HM Revenue & Customs (HMRC) and the US Department of the Treasury and Internal Revenue Service (IRS).

FUNDRAISING

There have been no fundraising activities undertaken in the current or preceding year.

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TRUSTEES’ REPORT | FOR THE YEAR ENDED 30 APRIL 2025

RESERVES POLICY

The charity’s policy is to maintain, but not exceed, an appropriate level of reserves to support its activities, considering the risks to which it is exposed, and existing and projected future levels of income and expenditure.

The policy and determination of the required level of reserves are set in accordance with Charity Commission guidelines and are reviewed annually by Trustees.

In determining the appropriate level of reserves, Trustees consider the risks in the charity’s activities including the risks in its financially based activities, such as credit risk, liquidity risk and interest rate risk, and other risks to which it may be exposed. They also consider the charity’s operating environment, including regulatory changes that may impact the required level of reserves.

Although recent higher interest rates have been beneficial for the charity because of the significant level of liquid assets held, the Trustees are mindful of factors that may negatively affect the charity in the future. In the current context of the UK economy, a further rapid significant decline in short-term interest rates is not currently anticipated. However, if it were to arise, it would have a negative impact in the medium to longer-term once deposit rates, which have already been locked in for shorter periods, have matured.

Past economic crises experienced since 2008, however, provide evidence that individual donors who chose to give to the charity are resilient and giving remains broadly protected from economic changes. Therefore, the Trustees continue to closely monitor these matters and to identify actions to mitigate the impact should pressures arise.

The free reserves of the charity are determined as its unrestricted funds, less funds that have been designated for future grantmaking. Funds received to support future grantmaking are classified as designated funds upon receipt. At 30 April 2025, £192.3 million (2024: £172.9 million) of the charity’s unrestricted funds were designated for future grantmaking and consequently the charity’s free reserves were £3.5 million (2024: £2.1 million).

GOING CONCERN

To assess the appropriateness of the going concern assumption basis, the Trustees have considered the charity’s financial position, liquidity, unrestricted reserves and forecasts for the foreseeable future taking into account the principal risks to which the charity is exposed.

The Trustees have considered the impact of a severe economic outcome on the charity and the effectiveness of management actions that might be taken to mitigate the impact of this stress. Trustees have also considered the circumstances under which the operations of the charity would be unable to continue.

Accordingly, and after making appropriate enquiries, the Trustees have a reasonable expectation that the charity will be able to continue in operation and meet its liabilities as they fall due for at least 12 months from the date of signing of this report. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

INVESTMENT POWERS AND POLICY

The Trustees have the power to invest in such investments, securities or property as they see fit.

The charity adopts investment policies appropriate to the nature of the funds for which the investments are held. The policies set out the risk appetite for investments including liquidity, credit, large exposures and interest rate risks.

Investment policies are approved by the Trustees. They are monitored by CAF’s IFC.

The charity’s funds principally comprise unrestricted designated funds held pending onward donor-advised grantmaking. The charity assesses liquidity requirements to ensure funds are available to meet the suggestions received for donor-advised grantmaking and may invest funds with a range of counterparties within approved credit, liquidity, interest rate and large exposure risk appetites. The charity may invest these funds in UK Gilts, multilateral and single sovereign-backed bonds, and cash deposits or certificates of deposit. The charity’s policy is to hold these investments to maturity.

This level of free reserves is considered by the Trustees to be sufficient to support the ongoing activities and development of the charity.

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TRUSTEES’ REPORT | FOR THE YEAR ENDED 30 APRIL 2025

The investment policy allows for PDAFs to be invested to meet the longer-term donor-advised philanthropic objectives. The investment risk appetite is appropriate for the charitable purposes of the funds. The portfolio consists of investments often held over the longer term, comprising UK and global investment funds, equities, bonds, and cash deposits. PDAF investments are held and managed directly or managed by thirdparty investment managers.

RELATED PARTIES

CAF America, the charity’s immediate controlling party, provides administrative support services to the charity.

CAF, the charity’s ultimate parent, provides the charity with administrative and managerial services.

Details of the related parties and the transactions with these entities during the year are included in notes 15 and 16.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Southampton Row Trust Limited is a UK charitable company limited by shares and incorporated in the UK under the Companies Act 2006 and governed by its Memorandum and Articles of association. It is registered with the Charity Commission for England and Wales. The charity’s company and charity registration numbers and address of its registered office are shown on page two.

Throughout the year, the charity was wholly owned by Charities Aid Foundation America (CAF America), a US public charity recognised by the US Internal Revenue Service as an organisation of the kind described in section 501(c)(3) of the US Internal Revenue Code of 1986.

The charity has made a US tax election to be treated as a part of CAF America, so that a donation to the charity is treated as a gift to CAF America for US tax purposes. Given the charity’s UK charitable status, a donation to it is also eligible for relief under UK tax legislation relating to gifts to charities.

CAF, UK registered charity number 268369, has the power to appoint and remove the members of CAF America at any time and accordingly CAF is the charity’s ultimate controlling entity.

Both CAF and CAF America are charitable entities and operate a range of activities to support donors and to other charities.

The charity’s Trustees are appointed by its existing Trustees or by the Board of Directors of CAF America. The charity’s Trustees meet at least twice a year. Newly appointed Trustees undertake an induction process to ensure they gain a full understanding of the charity and their responsibilities. They are then required to complete training at regular intervals throughout their trusteeship.

The Trustees delegate management responsibilities to CAF. This delegation is controlled by requiring regular reporting to the Board of Trustees.

The charity’s Trustees are committed to high standards of governance. In addition to approving donor grant suggestions and assessing charity eligibility to receive grants, the Trustees also have responsibilities in relation to the financial statements and internal control.

None of the Trustees has an interest in the shares of the company or in any associated entity in either the current of the prior financial year.

During the year, the Trustees took out trustees’, directors’ and officers’ indemnity cover under the umbrella of the CAF group.

In carrying out their duties under s172(1) (a) to (f) of the Companies Act 2006, the Trustees have regard to both the short- and long-term impact of their decisions, the interests of the charity’s donors, its grant recipients and the impact of its activities on the communities in which it operates and the environment.

The charity is conscious of its impact on the planet. The entity shares premises with its ultimate parent and participates in recycling schemes, paper-saving initiatives and a range of energy efficiency measures. The charity itself has a limited direct impact on the environment, aside from employees commuting to work, energy and consumables use and a relatively modest travel footprint.

POST BALANCE SHEET EVENTS

There have been no significant post balance sheet events.

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STATEMENT OF TRUSTEES’ RESPONSIBILITIES IN RESPECT OF THE TRUSTEES’ REPORT AND THE FINANCIAL STATEMENTS

The Trustees (who are also directors of Southampton Row Trust Limited for the purposes of company law) are responsible for preparing the Trustees’ Report (including the Strategic Report) and the financial statements in accordance with applicable law and regulation.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have prepared the financial statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law (United Kingdom Generally Accepted Accounting Practice). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each person who is a Trustee in office at the date the report is approved confirms that:

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

A resolution to appoint the auditors of the charity and to agree their remuneration will be submitted to the Trustees.

The Trustees’ report (which includes the Strategic Report) on pages 7 to 14 was approved by the Trustees and signed on their behalf on 14 July 2025.

Meredith Niles Chair

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and

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INDEPENDENT AUDITORS’ REPORT | FOR THE YEAR ENDED 30 APRIL 2025

Independent auditors’ report to the members of Southampton Row Trust Limited

Report on the audit of the financial statements

OPINION

In our opinion, Southampton Row Trust Limited’s financial statements (the “financial statements”):

We have audited the financial statements, included within the Trustees’ Report and Financial Statements (the “Annual Report”), which comprise: the balance sheet as at 30 April 2025; the statement of financial activities (incorporating an income and expenditure account), and the cash flow statement for the year then ended; and the notes to the financial statements, which include a description of significant accounting policies.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in

the UK, which includes the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.

CONCLUSIONS RELATING TO GOING CONCERN

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 charitable company’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.

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

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the charitable company’s ability to continue as a going concern.

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

REPORTING ON OTHER INFORMATION

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance 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.

15 SOUTHAMPTON ROW TRUST LIMITED[ | ] ANNUAL REPORT 2024/25

If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. 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 based on these responsibilities.

With respect to the Trustees’ Report and the Strategic Report included within it, we also considered whether the disclosures required by the UK Companies Act 2006 and Charities Act 2011 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Trustees’ Report

In our opinion, based on the work undertaken in the course of the audit the information given in the Trustees’ Report (including the Strategic Report) for the period ended 30 April 2025 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Trustees’ Report (including the Strategic Report).

RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS AND THE AUDIT

Responsibilities of the trustees for the financial statements

As explained more fully in the Statement of Trustees’ Responsibilities in respect of the Trustees’ Report and the financial statements, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The trustees are also responsible for such

internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable 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 trustees either intend to liquidate the charitable 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 an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Based on our understanding of the charitable company and its industry/environment, we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011, and we considered the extent to which non-compliance might have a material effect on the financial statements.

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INDEPENDENT AUDITORS’ REPORT | FOR THE YEAR ENDED 30 APRIL 2025

We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. 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 posting of inappropriate journal entries and bias through manipulation of key accounting estimates. Audit procedures performed by the engagement team included:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in financial statements. 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 FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

COMPANIES ACT 2006 EXCEPTION REPORTING

Under the Companies Act 2006 we are required to report to you if, in our opinion:

We have no exceptions to report arising from this responsibility.

Yulia Vasyura

(Senior Statutory Auditor)

for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London 14 July 2025

17 SOUTHAMPTON ROW TRUST LIMITED[ | ] ANNUAL REPORT 2024/25

18

STATEMENT OF FINANCIAL ACTIVITIES | FOR THE YEAR ENDED 30 APRIL 2025

(incorporating an Income and Expenditure Account)

==> picture [487 x 394] intentionally omitted <==

----- Start of picture text -----
Unrestricted Unrestricted Unrestricted designated funds Unrestricted designated funds Total Total
general funds
General Donor-advised Premier donor-
funds Donor advisedfunds -nd gifts Premier donoradvised funds
funds and gifs advised funds
2025 2024 2025 2024 2025 2024 2025 2024
Notes £2 0 0025 £0002024 £0002025 £0002024 £0002025 £0002024 £0002025 £0002024
Notes £000 £000 £000 £000 £000 £000 £000 £000
Income
Donations 1,289 1,126 73,867 72,632 64,232 80,922 139,388 154,680
Legacies - - 6 739 5 - 11 739
Investment income 2 4,280 3,973 15 - 3,115 3,004 7,410 6,977
Total income 5,569 5,099 73,888 73,371 67,352 83,926 146,809 162,396
Expenditure
Charitable activities:
Grants payable to charities 3 2,713 2,500 69,157 68,867 49,791 52,116 121,661 123,483
Cost of charitable activities 4 2,013 1,789 6 5 56 174 2,075 1,968
Total expenditure 4,726 4,289 69,163 68,872 49,847 52,290 123,736 125,451
Net income before net gains
843 810 4,725 4,499 17,505 31,636 23,073 36,945
on investments
Net gains/(losses) on:
Financial investments 7 - - (13) 532 677 3,490 664 4,022
Other investments 8 - - - (30) - - - (30)
Net income 843 810 4,712 5,001 18,182 35,126 23,737 40,937
Transfers between funds 12 532 - (1,814) (2,564) 1,282 2,564 - -
Net movement in funds before
1,375 810 2,898 2,437 19,464 37,690 23,737 40,937
other recognised gains/(losses)
Other recognised gains/(losses)
Foreign exchange gains/(losses) 70 28 (822) (147) (2,072) 417 (2,824) 298
Net movement in funds 1,445 838 2,076 2,290 17,392 38,107 20,913 41,235
Reconciliation of funds
Total funds brought forward 2,074 1,236 29,715 27,425 143,141 105,034 174,930 133,695
Total funds carried forward 12 3,519 2,074 31,791 29,715 160,533 143,141 195,843 174,930
----- End of picture text -----

The results are derived from ongoing operations, and all gains and losses arising in the current and preceding year are included in the above Statement of Financial Activities.

The notes on pages 22 to 31 form part of these financial statements.

19 SOUTHAMPTON ROW TRUST LIMITED[ | ] ANNUAL REPORT 2024/25

BALANCE SHEET | AS AT 30 APRIL 2025

Unrestricted
general funds
~~ft~~		 Unrestricted
general funds
~~ft~~		 Unrestricted designated funds
Donor advised
Premier donor
~~po~~		 Unrestricted designated funds
Donor advised
Premier donor
~~po~~		 Unrestricted designated funds
Donor advised
Premier donor
~~po~~		 Unrestricted designated funds
Donor advised
Premier donor
~~po~~		 Unrestricted designated funds
Donor advised
Premier donor
~~po~~		 Total
~~a~~		 Total
~~a~~
funds and gifts
~~oo~~		 advised funds
2025
2024		 2025 2024 2025 2024 2025 2024
Assets Notes £000
£000		 £000 £000 £000 £000 £000 £000
Loans and advances to banks:
On demand and short-term
deposits 6 2,506
1,443		 30,778 30,778
25,132		 55,365 55,365
49,353		 88,649 88,649
75,928
Other 6 -
-		 - - 55,012 55,012
48,506		 55,012 55,012
48,506
Financial investments 7 -
-		 - 160 48,495 48,495
41,546		 48,495 48,495
41,706
Loans to charities 9 -
-		 - - 751 751
803		 751 751
803
Debtors
Total assets		 10 1,369
808
3,875
2,251		 1,209
31,987		 1,209
5,904
31,987
31,196		 958
160,581 143,141		 958
2,933
160,581 143,141		 3,536
196,443 176,588		 3,536
9,645
196,443 176,588
Liabilities
Amounts falling due
within one year:
Creditors
Total liabilities
Funds		 11 356
177
356
177		 196
196		 196
1,481
196
1,481		 48
48		 48
-
48
-		 600
600		 600
1,658
600
1,658
Charitable funds 12 3,519
2,074		 31,791 31,791
29,715		 160,533 143,141 160,533 143,141 195,843 195,843
174,930
Called up share capital
(£100, 2024: £100)
Total liabilities, funds
and capital		 13 -
-
3,519
2,074
3,875
2,251		 -
31,791
31,987		 -
-
31,791
29,715
31,987
31,196		 -
160,533 143,141
160,581 143,141		 -
-
160,533 143,141
160,581 143,141		 -
195,843
196,443 176,588		 -
-
195,843
174,930
196,443 176,588

The financial statements on pages 19 to 31 were approved by the Board of Trustees on 14 July 2025 and signed on its behalf by:

Meredith Niles Liz Rylatt Chair Trustee

Charity Registration No: 1079020

Company Registration No: 03900842

The notes on pages 22 to 31 form part of these financial statements.

20

CASH FLOW STATEMENT | FOR THE YEAR ENDED 30 APRIL 2025

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2025 2024
£000 £000 £000 £000
Cash flows from operating activities
Net cash (used in)/generated from operating activities (8,241) 8,169
Cash flows from investing activities
Proceeds from sale of fnancial investments 32,217 30,321
Proceeds from sale of other investments - 3,720
Purchases of investments (10,728) (16,775)
Net movement in other term and money market deposits (6,506) (25,549)
Donor Advised Funds:
Investment income received 3,011 2,985
Decrease/(increase) in investment portfolio cash 255 (472)
Net cash provided by/(used in) investing activities 18,249 (5,770)
Change in cash and cash equivalents in the year 10,008 2,399
Cash and cash equivalents as at 1 May 75,928 73,949
Change in cash and cash equivalents due to
exchange rate movements 2,713 (420)
Cash and cash equivalents as at 30 April 88,649 75,928
Reconciliation of net income to cash flows from operating activities
Net income for the year 20,913 41,235
Non-cash donations received (27,869) (19,778)
Gains on fnancial investments (664) (4,022)
Losses on other investments - 30
Decrease/(increase) in loans to charity 52 (7)
Decrease/(increase) in debtors 6,228 (6,910)
(Decrease)/increase in creditors (1,058) 205
Donor Advised Funds:
Investment income receivable (3,130) (3,004)
Unrealised (gain)/loss on foreign currencies (2,713) 420
Net cash (used in)/generated from operating activities (8,241) 8,169
----- End of picture text -----

The notes on pages 22 to 31 form part of these financial statements.

21 SOUTHAMPTON ROW TRUST LIMITED[ | ] ANNUAL REPORT 2024/25

NOTES TO THE FINANCIAL STATEMENTS | FOR THE YEAR ENDED 30 APRIL 2025

1. ACCOUNTING POLICIES

The principal accounting policies and judgements used in the preparation of the financial statements are:

1.1. Basis of preparation

These financial statements have been prepared in accordance with UK Generally Accepted Accounting Practice (UK GAAP), including FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (‘FRS 102’) and the Statement of Recommended Practice: Accounting and Reporting by Charities (Charity SORP (FRS 102)), except for the adoption of a balance sheet format that the Trustees believe more clearly represents the charity’s financial assets and liabilities.

Southampton Row Trust Limited is a UK charitable company limited by shares and incorporated in the UK under the Companies Act 2006 and registered with the Charity Commission for England and Wales.

The charity meets the definition of a public benefit entity under FRS 102.

The principal activities and the nature of the charity’s operations are set out in the Trustees' Report, including the Strategic Report on pages 7 to 14.

The functional currency is considered to be pounds sterling as this is the currency of the primary economic environment in which the charity operates.

1.2. Going concern basis

To assess the appropriateness of the going concern assumption basis, the Trustees have considered the charity’s financial position, liquidity, unrestricted reserves and forecasts for the foreseeable future taking into account the principal risks to which the charity is exposed.

The Trustees have considered the impact of a severe economic outcome on the charity and the effectiveness of management actions that might be taken to mitigate the impact of this stress. The Trustees have also considered the circumstances under which the operations of the charity would be unable to continue.

Accordingly, and after making appropriate enquiries, the Trustees have a reasonable expectation that the charity will be able to continue in operation and meet its liabilities as they fall due for at least 12 months from the date of signing of this report. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

1.3 Fund accounting

The classification of funds between unrestricted general funds and unrestricted designated funds and restricted funds is an area of significant judgement and is further described in note 1.11.

Further details of the charity’s funds and the disclosure policy are set out in note 12.

1.4. Income recognition

a) Donations and legacies

Donations received and Gift Aid on eligible donations are recognised once the charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Non-cash donations principally comprise share gift donations, which are recognised as donations received at the market value on the date of gift. Proceeds from the sale of non-cash donations are recognised as investing activities in the cash flow statement.

If a donation or grant is subject to conditions, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity, and it is probable that those conditions will be fulfilled.

Legacy donations are recognised on a case-by-case basis where there has been a grant of probate or notification that a distribution will be made. If the gift is in the form of an asset other than cash, or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having been transferred to the charity. Where legacies have been notified with an estimated value but the criteria for income recognition have not been met, then the legacies are treated as contingent assets and disclosed if material.

b) Investment income

Interest receivable on term and money market deposits with banks is recognised using the effective interest method over the term of the deposit. Dividends are recognised once the dividend has been declared and notification has been received of the value of the dividend due.

22

NOTES TO THE FINANCIAL STATEMENTS | FOR THE YEAR ENDED 30 APRIL 2025

1.5. Expenditure recognition

Expenditure is recognised as soon as there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.

Grants payable are charged to the Statement of Financial Activities (SOFA) when they have been approved by the Trustees and the recipient charity has been formally notified in writing of the award. This notification gives the recipient a reasonable expectation that they will receive the donor-advised grant. In the case of an unconditional grant offer, this is accrued once the recipient has been notified of the grant award, or once the grant has been paid, whichever is the earlier. Grant awards that are subject to the recipient fulfilling performance conditions are accrued when any remaining unfulfilled conditions attaching to that grant are outside of the control of the charity.

Governance costs comprise costs involving the public accountability of the charity and its compliance with regulation and good practice, and are included within support costs.

Irrecoverable VAT is charged as a cost.

1.6. Allocation of support costs

All expenses are allocated or apportioned to the applicable expenditure headings. Support costs, unless directly attributable, are charged to the general fund. Support costs comprise costs of certain central functions that underpin the delivery of our services such as technology and data, finance, executive management and governance.

1.7. Pension costs

There were no employees of the charity in the current or the previous year. All administrative services are provided by employees of CAF, the charity’s ultimate parent (see note 16). The charity pays a management charge and fees to CAF for these services.

1.8. Foreign currencies

Sterling is the functional and reporting currency. Transactions in foreign currencies are translated to sterling at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to sterling at the exchange rate ruling at that date.

Exchange differences arising are taken to the SOFA.

1.9. Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and, therefore, it meets the definition of a charitable company for UK Corporation Tax purposes.

Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3, Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.10. Basic financial instruments

a) Balances with banks

On demand balances and short-term deposits represent ‘cash and cash equivalents’ and include the charity’s cleared and uncleared balances held at banks that are available on demand or have an original maturity date of three months or less.

Other loans and advances to banks represent balances with an original maturity of more than three months and less than five years. These are shown at the lower of cost or estimated realisable value.

b) Financial investments

A pool of investments may be held for PDAF to achieve an investment return to fund future grants to charitable causes. The value of the investments determines the funds available for grantmaking at any point in time.

Basic financial instruments held as ‘Financial investments’ are, therefore, measured initially at fair value, which is normally the transaction

23 SOUTHAMPTON ROW TRUST LIMITED[ | ] ANNUAL REPORT 2024/25

price. Transaction costs are expensed in the SOFA if the investments are subsequently measured at fair value through profit or loss.

Subsequent to initial recognition, all types of investments, including debt securities, which can be measured reliably are measured at fair value with changes recognised in the SOFA. Where the fair value of such investments cannot be reliably measured because, for example, they are not publicly traded, the investments are measured at cost less impairment.

c) Investment properties

Investment properties are measured initially at fair value, which is typically probate value. They are subsequently reviewed at each balance sheet date for any changes in fair value, which is typically open market value.

d) Debtors and creditors

Debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

Creditors are recognised where there is a present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any discounts due.

e) Concessionary loans receivable

Concessionary loans may be receivable from other charities because of loans advanced by the charity. Such loans are advanced at concessionary (nonmarket) rates of interest, which may include interest-free loans. These are initially recognised at the amount advanced to the borrower and are subsequently measured at the amount advanced less amounts received less any impairment.

Loans are assessed at each reporting date to determine whether there is objective evidence of impairment. Objective evidence can include default or delinquency by a borrower, restructuring of a loan or advance on terms the charity would otherwise not consider, or indications that a borrower may become insolvent.

If there is evidence of an impairment loss then the amount of the loss is determined as the difference between the carrying amount of the loan, including accrued interest, and the estimated recoverable amount. The carrying amount of the loan is reduced by the use of an allowance account and the amount of the loss is recognised in the SOFA.

1.11. Critical accounting judgements and significant estimates

a) Critical accounting judgements

Classification of funds

Judgement has been applied in determining whether certain funds held should be classified as unrestricted general funds, unrestricted designated funds or restricted funds under the SORP.

The Trustees consider the unrestricted general funds comprise those funds that the Trustees are free to use for any purpose in furthering of the charitable objects of the charity.

The Trustees, meanwhile, consider that funds held pending suggestions by the original donors for the onward donation to charitable organisations or for investment pending onward donation are more appropriately classified as unrestricted designated funds. Subject to the Trustees being satisfied that these funds will be applied for charitable purposes, and in accordance with relevant regulations, there is no expectation they will be applied for any purposes other than in accordance with grant suggestions received from the original donors.

Legacies

Judgement has been applied in recognising income from legacies gifted to the charity. Legacies are recognised as income where receipt is probable, which is determined from a review of a number of criteria including grant of probate, sufficiency of assets and the existence of any conditions to be met.

b) Significant estimates

There are no sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

24

NOTES TO THE FINANCIAL STATEMENTS | FOR THE YEAR ENDED 30 APRIL 2025

2. INVESTMENT INCOME

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----- Start of picture text -----
Unrestricted
Unrestricted designated funds Total
general funds
Donor advised Premier donor
funds and gifts advised funds
2025 2024 2025 2024 2025 2024 2025 2024
£000 £000 £000 £000 £000 £000 £000 £000
Dividends - - 15 - 1,142 876 1,157 876
Interest on balances with banks 4,280 3,973 - - 1,973 2,128 6,253 6,101
4,280 3,973 15 - 3,115 3,004 7,410 6,977
----- End of picture text -----

3. GRANTS PAYABLE TO CHARITIES

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----- Start of picture text -----
2025 2025 2024 2024
No. of No. of
£000 £000
Charitable sector: Charitable sector: No. of grantsgrants £000 No. of grantsgrants £000
Animal welfare 41 255 25 118
Arts, culture, heritage or science 233 11,332 211 35,932
Citizenship or community development 81 7,809 79 2,394
Education 472 31,040 518 39,074
Environmental protection or improvement 59 1,967 62 1,264
Health 155 23,339 151 19,796
Human rights or confict resolution 54 1,445 57 3,472
Armed forces and the emergency services 5 129 9 213
Relief of poverty 49 1,652 68 2,727
Relief of those in need 109 4,932 89 2,505
Religion 137 2,556 147 2,410
Amateur sport 4 176 10 179
Other charitable purposes 44 30,394 56 2,091
1,443 117,026 1,482 112,175
Other group charities (see note 15 and 16):
Charities Aid Foundation 4 3,169 5 11,151
Charities Aid Foundation America 1 1,466 1 157
5 4,635 6 11,308
1,448 121,661 1,488 123,483
Grants awarded from:
Unrestricted general funds 1 2,713 1 2,500
Unrestricted designated funds 1,447 118,948 1,487 120,983
1,448 121,661 1,488 123,483
----- End of picture text -----

25 SOUTHAMPTON ROW TRUST LIMITED[ | ] ANNUAL REPORT 2024/25

4. COST OF CHARITABLE ACTIVITIES

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----- Start of picture text -----
2025 2024
Cost of charitable activities includes the following:
£000 £000
Allocated support costs paid to (see note 15 and 16):
Charities Aid Foundation 1,731 1,532
Charities Aid Foundation America 150 150
Other support costs 194 286
2,075 1,968
Other support costs include governance costs of:
Fees payable to the charity’s auditors for the audit of the
charity’s annual accounts (excluding irrecoverable VAT) 75 40
Legal and professional fees 42 21
----- End of picture text -----

5. STAFF COSTS AND TRUSTEES REMUNERATION

There were no employees in the current or the previous year. All administrative services were provided by employees of CAF. The charity pays a management charge and fees for these services (see note 4).

None of the Trustees received any remuneration for their role as a Trustee of the charity or reimbursement of expenses during the current or the previous year, nor were any expenses paid on their behalf. None of the Trustees had an interest in the shares of the company or in any associated entity during the current or the previous year.

6. LOANS AND ADVANCES TO BANKS

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----- Start of picture text -----
Unrestricted
Unrestricted designated funds Total
general funds
Unrestricted Donor advised Unrestricted designated funds Premier donor
Donor-advised Premier donor Total
general funds funds and funds and giftsgifts advised funds advised funds
2025 2024 2025 2024 2025 2024 2025 2024
£2 0 0025 2024£000 £0002025 2024£000 £0002025 2024£000 £0002025 2024£000
£000 £000 £000 £000 £000 £000 £000 £000
On demand and short-term deposits 2,506 1,443 30,778 25,132 55,365 49,353 88,649 75,928
Remaining maturity of other loans
and advances:
Less than 6 months - - - - 27,506 28,506 27,506 28,506
Over 6 months to 1 year - - - - 27,506 20,000 27,506 20,000
- - - - 55,012 48,506 55,012 48,506
2,506 1,443 30,778 25,132 110,377 97,859 143,661 124,434
----- End of picture text -----

26

NOTES TO THE FINANCIAL STATEMENTS | FOR THE YEAR ENDED 30 APRIL 2025

7. FINANCIAL INVESTMENTS

The following tables show the carrying amounts of financial investments held at fair value in respect of PDAFs, which form part of the charity’s unrestricted designated funds.

PDAF funds are held pending the receipt of suggestions for onward donations from the original donor. Until such suggestions are received and grants are subsequently approved by the Trustees, there is no constructive obligation or liability to pay a defined amount within a set time period to a recipient. A portion of the funds contributed by donors to their PDAF is typically held in cash to meet short-term giving expectations, with the balance invested to meet medium to long-term philanthropic objectives. The approval by the Trustees of grants from PDAF funds is planned by reference to the market values and liquidity profile of the assets held for a PDAF.

==> picture [487 x 163] intentionally omitted <==

----- Start of picture text -----
2025 2024
Held at fair value for unrestricted designated funds: £000 £000
At 1 May 40,953 30,700
Additions 38,597 36,552
Disposal proceeds (32,217) (30,321)
Realised gains 778 1,185
Unrealised (losses)/gains (114) 2,837
47,997 40,953
Investment portfolio cash 498 753
At 30 April 48,495 41,706
Historical cost of investments held at fair value 43,561 35,069
----- End of picture text -----

The following hierarchy is used to estimate the fair value of investments:

No level 2 or level 3 assets were held at 30 April 2025 or 2024.

27 SOUTHAMPTON ROW TRUST LIMITED[ | ] ANNUAL REPORT 2024/25

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----- Start of picture text -----
2025 2024
Level 1 Total Level 1 Total
Represented by: £000 £000 £000 £000
Listed securities:
UK Government fxed interest - - 803 803
Overseas Government fxed interest 352 352 857 857
UK equities 955 955 530 530
Overseas equities 15,305 15,305 12,668 12,668
IFSL CAF Funds 228 228 184 184
Unit trusts and other pooled investments 30,716 30,716 25,317 25,317
Investment trusts 441 441 594 594
47,997 47,997 40,953 40,953
Investment portfolio cash 498 498 753 753
48,495 48,495 41,706 41,706
----- End of picture text -----

8. OTHER INVESTMENTS

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----- Start of picture text -----
2025 2024
Held at fair value for unrestricted designated funds: £000 £000
At 1 May - 3,750
-
Disposals (3,720)
Realised losses - (30)
At 30 April - -
----- End of picture text -----

9. LOANS TO CHARITIES

==> picture [487 x 117] intentionally omitted <==

----- Start of picture text -----
Unrestricted designated funds Total
Unrestricted designated funds
Donor-advised Donor advised Premier donor Premier donor Total
funds and gifs advised funds
20252025 20242024 20252025 20242024 20252025 20242024
£000£000 £000£000 £000£000 £000£000 £000£000 £000£000
Concessionary loans:
Amounts receivable in one to five years - - 751 803 751 803
- - 751 803 751 803
----- End of picture text -----

Concessionary loans may be receivable from other charitable organisations as a result of loans advanced by the charity at concessionary (non-market) rates of interest. There were no concessionary loans committed but not taken up at the reporting date.

28

NOTES TO THE FINANCIAL STATEMENTS | FOR THE YEAR ENDED 30 APRIL 2025

10. DEBTORS

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----- Start of picture text -----
Unrestricted Unrestricted Unrestricted designated funds Unrestricted designated funds Total
general funds Donor-advised Premier donor Total
general funds Donor advised funds and gifs Premier donor advised funds
2025 2024 2025funds and gifts2024 2025advised funds2024 2025 2024
£0002025 £0002024 £0002025 £0002024 £0002025 £0002024 £0002025 £0002024
£000 £000 £000 £000 £000 £000 £000 £000
Interest and dividends receivable 1,360 784 - - 211 92 1,571 876
UK income tax recoverable - - 169 4,780 538 2,290 707 7,070
Other debtors 9 24 - 1,124 209 551 218 1,699
Accrued legacy income - - 1,040 - - - 1,040 -
1,369 808 1,209 5,904 958 2,933 3,536 9,645
----- End of picture text -----

11. CREDITORS

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----- Start of picture text -----
Unrestricted
Unrestricted designated funds Total
general funds
Donor advised Premier donor
funds and gifts advised funds
2025 2024 2025 2024 2025 2024 2025 2024
£000 £000 £000 £000 £000 £000 £000 £000
Amounts due to:
CAF (see note 16) 163 131 - - - - 163 131
Other creditors 193 46 196 1,481 48 - 437 1,527
356 177 196 1,481 48 - 600 1,658
----- End of picture text -----

The intercompany balances, none of which represent loan arrangements, are interest free, unsecured and payable on demand.

29 SOUTHAMPTON ROW TRUST LIMITED[ | ] ANNUAL REPORT 2024/25

12. CHARITABLE FUNDS

All of the charity’s funds constitute unrestricted funds as follows:

General funds

General funds are credited with surpluses arising from operations and are expendable at the discretion of the Trustees in the furthering of the charity’s objectives.

Designated Donor Advised Funds and Gifts

The assets representing these funds have been gifted to the charity by donors. Donors may make suggestions (they may not direct) to the charity's Trustees regarding the distribution of their donations to charitable organisations based across the world.

Designated Premier Donor Advised Funds

The assets representing these funds have been gifted to the charity by donors and may be invested to generate an income that may be distributed to charities in addition to any capital distribution. Donors may make suggestions (they may not direct) to the charity's Trustees regarding the distribution of the income and capital to charitable organisations based across the world.

Transfers between funds

Transfers between designated funds arise upon original donors requesting that their donations are held under another form of the donor advised funds operated by the charity. Transfers to general funds consist of amounts for which the original donor has ceased to provide suggestions for onward grantmaking from the designated donor advised fund to which they originally donated. These are applied for the general charitable purposes of the charity and of the CAF group of charitable entities.

13. CALLED UP SHARE CAPITAL

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----- Start of picture text -----
2025 2024
Authorised, allotted, issued and fully paid: £ £
100 ordinary shares of £1 each 100 100
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The charity's articles state that no dividends shall be paid to shareholders. They also preclude shareholders from participating in the distribution of any remaining property should the charity be wound up or dissolved.

14. RECONCILIATION OF SHAREHOLDERS' FUNDS

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----- Start of picture text -----
2025 2024
£ £
Opening shareholders' funds 100 100
Result for the year and net additions to shareholders' funds - -
Closing shareholders' funds 100 100
----- End of picture text -----

30

NOTES TO THE FINANCIAL STATEMENTS | FOR THE YEAR ENDED 30 APRIL 2025

15. PARENT AND ULTIMATE PARENT ENTITY

All of the charity's issued share capital is owned by CAF America. The charity’s Trustees are appointed by its existing Trustees or by the Board of Directors of CAF America. CAF America is the charity's controlling entity and the smallest group into which the charity is consolidated. CAF America is a US 501(c)(3) public charity recognised by the US Internal Revenue Service. CAF America is incorporated in the State of Delaware. CAF America’s headquarters are located at: 225 Reinekers Lane, Suite 375, Alexandria, VA 22314 USA.

CAF, UK registered charity number 268369, has the power to appoint and remove the members of CAF America at any time and accordingly CAF is the charity's ultimate controlling entity and the largest group into which the charity is consolidated. The accounts of CAF can be obtained from CAF at: 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4TA.

The Charities Aid Foundation

During the year the charity awarded a grant of £2,713,000 (2024: £2,500,000) from general funds to CAF for its general purposes. This grant was fully paid by the charity at 30 April 2025.

In addition, the charity awarded grants of £455,923 (2024: £8,650,700) to CAF. These were awarded and paid from the charity’s donor advised funds and were for the credit of similar donor advised funds held by CAF.

The charity was charged £1,730,983 (2024: £1,531,684) by CAF for the provision of support services for the year. At the balance sheet date, £162,935 (2024: £130,076) was unpaid by the charity.

17. POST BALANCE SHEET EVENTS

There have been no significant post balance sheet events.

16. RELATED PARTY TRANSACTIONS

CAF America

During the year £1,465,637 (2024: £156,876) was awarded and paid to CAF America from the charity’s donor advised funds and was for the credit of similar donor advised funds held by CAF America.

During the year £836,639 (2024: £280,104) was received from CAF America for the credit of donor advised funds from similar funds held by CAF America.

In addition, the charity was charged £150,216 (2024: £150,061) by CAF America for the provision of support services for the year. This was fully paid at the balance sheet date.

31 SOUTHAMPTON ROW TRUST LIMITED[ | ] ANNUAL REPORT 2024/25

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The CAF American Donor Fund is the operating name of Southampton Row Trust Ltd, a company registered in England and Wales with the company number 03900842 and with the Charity Commission registered charity number 1079020. Southampton Row Trust Ltd is a wholly owned subsidiary of CAF America, a US 501 (c) (3) public charity.

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Visit www.cafonline.org to find out more