2024-04-05-accounts

Dcusign Envelope ID.. 8D7B21AC-F7824AE&8D0&769394ABA73C REGlSfERED CfrL4RITYNUMBER'. 1079688 REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 FOR THE JOHN ARMffA6E CHARITABLE TRUST Carston EfL Chartered Accountants Second Fl¢)or 34 Llme street London EC3M 7AT

Doojsign Envelope ID. 8D7B21AC-F7824AE6.8D08_769394ABA73C THEJ(*IN ARMITAGE CHARITABLE TRUST C<X4TENTS OF THE FINANaAL STATEMENTS FOR THEYEAR ENDED 5 APRIL 2024 Report of theTrustees Repurt ol the Independent Audllors 7 to 10 Statsmenl of Flnancl•l Artlvhle$ li Stst•n•nt ol FlnandBI Posltkjn 12 ststement of C•5h Flo 13 Notes to the Fln•nd•l Statements 14 to 25

Icusipn Envelope ID.. 8D7B21AC-F7824AE84D0&769394ABA73C THEJOHN ARMITAGE CHARITABLE TrLisr REPORT OF THETRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 The trustees present the5r report with the financlal ststements of the chhrlty for the year ended S Aprll 2024. The trustses have adopted the prov151ons of Accounting and ReportinE by Charitles.. Statement of Recommended Prattice applicable to charities preparlng their accounts In accordance with the FinancL41 Reportirkg Standard appllcable in the UK and Republic of Ireland IFRS 1021 leffectlve l January 20191. OBJEcllvES ANDACllVITIES Oblertlvesand ortlvltle5 forthe publlc benefft The Charlvs objective5 are Such excluslvely charltable objectives and purposes for the publlc benefit throughout EnglaNI and Wales as the trustees may In thelr dlscretlon thlnk fit. The Charlty furthers Sts charltable purposes for the benefit of the public by maklng 8rants to organlsatlons or groups whkh undertake actlvltles whlch are charitable wlthln the meanlng of the laws of England and Wales and whlch fall withln the Charlty'5 0bSertlve& Thls may Includè sUPPOrt to reglstsred charltles, exempt or excepted charlties and other I￿￿$¥To￿t maklng bc¥Jles. The trustees have due re8ard to the Charlty Cornm155lon's 8uldance as to operatlon of the publlc bèneflt requlrement when exerc151n8 powers or dutles to whlch the guldance Is relevant and In thelroplnlon the ¢harlty'5 actl%Atle5 are wholly for the benefit of the publlc. The trustees have power to expend capltsl and Income from the Expendable Endowment Fund but whlle fvrtherlrrf the oblectlves of the Charity the trustees have re8ard to en5urfn8 that the Expendable Endowment Fund Is malntalned. The gvldlng prlndple of the Charlty Is to help people to help themselves. The focus a￿$ are.. l. dlsadvantsged chlldfen and youth support, Includln8 parentlng supporv, 2, edutatlon: 3. medlcal care,. 4. arts and culture.. 5. pr150ners and young offenders and 6. religlous or8anlsatlons. Page I

Docusign Envelope ID.. 8D7321AC-F7824AE&8D08-769394ABA73C THE JOHN ARMITAGE CIIARITABLE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 OBIECTIVES ANDAcfiviTIES Grantmakln8 The Cha￿ty has establlshed Its Brant maklng polky 50 a5 to achleve Its oblerts and donee or8anlsatlon5 are selected In accordance with this policy by the tru5tee& The trustees do not consider unsollclted requests for fundlng and have appointed an advlsor to review the current grants awarded and to identify and assess addltional charitles to award Brants to. The trustees have Implemented a more strategic approach to their grnnt makln8 pollcy, focusln8 on dlsadvantaged children and youth support. educatlon, medlcal care and research. arts and cu￿Ure, pr150ners and young offenders and religion. The Charfty's dlstrlbutlon pollcy In relatlon to new reclplents is to make >yearfy grants to charitable or8anlsatk)ns selected perlodlcalty by the trustees. It Is anticlpated that the malorlty ol 8rants wlll be betr￿en £30,(XJO and £40,000 per annum. In certsln clrcumstances 8rants may be made for a different tlmescale Ilncludlng one-off 8r3ntsl or for a lower or 8reater amount. as agreed by the trustees. Grants promlsed to be made for each of 3 successlve years are only payable In years 2 & 3 sublecr to the sa￿$factory completlon of the flrst and second year's condltlons respectlvelv. The Charlty may algo provSde long-term or repeat fundlng to exlstln8 Brant reclplents at the discretion of the trustse5 subS¢et to on-going monitorln8 and revlew. The Charfty does not 8eneralty provlde fundlng for long term ¢apltal proletts, althou8h exceptlonalty thetrustee5 may make one off capltal grants. The Trustees carry out approprfate due dlllBence checks to ensure that funds are used only for charltable pctlvltles whlch further the purposes of the Charity and that proposed grants do not exp05e the Charlty to undue risks. The trustees retsln an advlsor on an annual basls to asslst wlth the on-golng rnonltorlng and vettlng of potentlal grant redplents. The trustees adopt a rlsk rated approach to due dlllgence. Rlsk factors wlll InclLKIe: l. the size and duratlon ofthe proposed gran¢. Z the legal str￿5 ofthe proposed reclplent,. 3 the Beographlcal location In whlch the grant will be applled: 4 how easlly the trustees can verlfy how the Charity's funds are beln8 spent,. 5 the nature of the attlvlty to be funded by the proposed grant and 6 the publ1¢ proflle of the proposed project andlor reclplent and the Ilkely medla andlor local or publlc Intsrest, Where grant reclplènts are supported for a sl8nlficant perlod of tlme, grants are monltored annually to determlne whether any a￿dI￿onal due dlllgence should bÈ undertaken on a chan8e of circumstsnce5 that ml8ht impact the reclplent, Followln8 a revlew and recommendatlon proces5 led by the advlsor, the trustees consldef whether 8rants should be made subject to a 8rant offer letterand the standard terms and ¢ondltlons or If speclal condltlons should be Imposed. ACHIEVEMENT ANO PERFORMANCE Charltable actlvltles Durln8 the year the Chadty made 8rants to charltable causes totalllng £7N17,023 12023 £5,274,942) as set out In note 7 to these financlal ststernents. The trustses are satlsfied that the nature and scope of grants made fully reflect the purposes of the Charlty and th3t the objectlves for whlch It was created continue to be achleved. The trustees, wfth the asslstsnce of the advlsor, have taken step5 to monltor the use of the 8rants made and verifieil that they have been applled for the purp05e5 that were a6￿d. The trustees and adv150r have vlslted 8rant-fvnded actlvltle$ and Interviewed IrKlividuals Involved in runnln8 those activitles. Page 2

Do¢u8ign Envelopg ID: 8D7B21AC-F7824AE&8D08-769394ABA73C ThEJOHN ARm￿AGE CHARITA8iE TrUST REPORT OFTHE TRUSTEES FOR THE YEAR ENDED S APRIL2024 ACHIEVEMENT AND PERFORMANCE Investment performance The year under review was a Bood one for investments both globally and In the UK. The market values of Investments 15ncludlng cash balances) recorded Sn the financlal ststernents increased by £40,973,713 12023 £1,779,276) during the year, after addltlon of further donatlon of £9,533,J9412023- £11,257,775) by the settlor and inve5tmentdlsposa15 a￿ taken Into account. The reallsed and unreallsed net Investment gain5 for the year are £39,308,68012023 - £6,263.29710551. This represents a posttlve return of approxlmately 23.18%12023 - 3.73% ne8atfve return) of the opening market value of the Charfty's portfollo and a positlve return of approximately 21.95% 12023 3.45% neBatlve return) of the openlng market value of the Charfty's portfollo plus the donatlon of £9,533,19412023- £11,257,775). FINANCIAL REVIEW Prfnclpal fundlng sources The Charlty's work Is entlrely rellant on Income and Investment rèturns from Its Ex￿ndable Endowment Fun(1 whkh Is Invested on a totsl return basis. The value of the Expendable Endowment Fund at S Aprll 2024 was £210,575,582 an Increase of £ 40,982,731 over Its £169,592,850 value as at 5 Aprll 2023. The trustees transferred £7,724,512 12023 - £5,873,824> from the unapplled return of the Expendable Endowment Fund to support Its 8rant maklng charltable actlvltles, Investment pollcy and oblertlves The trustees have a wide power of Investment conferred on them by clause 10.2 of the trust deed. The trustee5 a150 have the general power of Investment conferred upon them by the Trvstee Act 201>J, whlch permlts them to Invest trust asset5 a5 If they were absolutely entltled to the a55ets. In exerclse of these powers the trustees operate a total re￿ffl approach to the Investment of the Expendab Endowment Fund. There Is no 5peclflc Income requlrement In relatton to the Portfollo. l. When determlnln8 the amount of unapplled total return on the Expendable Endowment Fund to tr8n5fer to the Unrestrlrted Fund the trustees have con51dered the amount of Incom¥ requlred to malntaln the current level of charltable actlvlty and the Ilkely neèds of future beneflclarfes; and 2. When reachln8 thèlr declslon as to the unapplled totsl return to trènsfer to the Unrestrlcted Fund, the trustee5 have had regard io the market outlool investment trends and the prospect for future capltal8rowth and10s5. Thè Charlty's Portfollo Is Invested on a lon8-term basls wlth partlcular regard to soclal, envlronmental or ethical consideratlons. It Is antlcipated that the Charlty wlll contlnue after the settlor's IlfEtlme. The trustees, prlnclpal objectlve is to Invest for 8fDWth in real tenns measured In 5terlln81 whllst en5urln8 sufflcleni liquldlty to malntaln dlstributlons of around 34% per annum and to fund the admlnlstratlve costs of runnlng the Charity. The dlstrlbutlon rate15 set by reference to the trustees, wlsh to be able to mJlntain levels Df donatlons should the Expendable Endowment Fund fall by up to 30% In value. The overall target return Is to achieve net growth per annum In 5terlln8 In excess of the rate of UK Inflatlon as measured by the Consumer Prfce Index ICPII. Reserves polkv It Is the pollcy of the trustees to reco8n15e an unrestrltted fund and an unrestrlcted Expendable Endowment Fund. If resOur￿S expended exceed Income Of the unrestrltted fund a transfer Is made from the Expendable Endowment fund which Is expendable at the dlscretlon of the trustees.The trustees do not therefore, belleve thèt the Charlty needs to hold more slgnlflcant reserves. FUTURE PIANS The trust will contlnue to make donations to chafltsble causes at the dlscretion of the trustees In accordance wlth the Chèrlty's grant makln8 pollcy. There are no specific plans lo supp¢)rt any one tharity or orBanlsatlon. Reports frorn the appolnted a(fvb5ers as to the results of grants made to beneficiarles inform aThJ Influence the trustee5 wlth respect to future plans and declslons about allocatln8 resour￿$ to thelr best effect. Page 3

DOcus￿n Envelope ID.. 8D7B21AC-F7824AE64D08-769394ABA73C THEJOHN ARMITAGE CHARITABLE TRUST REPORTOF THETRUSTEES FOR THE YEAR ENDED 5 APRIL 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Governlngdocument Tho trust 6 a registered charlty, number 1079688, and is constltuted under a Trull Deed dated 24 August 1999. The trust was e5tsbllshed by an Inltlal 81ft from john Armltsge. Since his inltial sift John Armitage has made further substsntial 81ft5 to the char6ty. The Charity does not fundraise bvt seek5 to contlnue the charitsble work deslred by the trustees throuBh the careful stewBrdship of Its exlsting resource& Orpn15allonal strurture The twstees vtho have seNed durlng the year and since the year end are set out below, Tru5tee$ are elected In accordance wlth the trust deed. The Ctharlty employs only one staff member and that Is In the capacity of Charlty Admlnlstrator, Declslon m•kln8 Declslons are made by the tru5tee5 who meet generally three tlmes a year land must meet at least annually). Investment decislons are made by a sub-commlttee of the trustee5. Grant makln8 declslons are made by the trustees In accordance wlth the Charlty's 8rant makln8 policy and 8rants are made to beneflclarles elther bTOU8ht to their attentlon by the appolnted advlsor or subsequently researched and then approved by the appolntsd 3dvlsor, InthKtlon and tralnln8 of new trusts•s Any new trustee wlll recelve a comprehenslve Inductlon to the Charlty and wlll recelve materlals to allow them to understand the charltsble purpose5, the flnanclal posltlon ond current155ues of the Charlty. The trustees are kept up to date wlth all matters relalin8 to charities generally by thelr profe551onal advlsers. Key mana8emeiit remUnera￿an The trustees conslder the Board of Trustees aNI senlor management team as the charlty'5 key mano8ement pe¥sonnel. Total remuneratlon for key manaBement personrol, Includin8 salarles, penslons, and benefits, wa5 £20,0￿ 12023.. £10.(Wl, with no remuneratlon paid to trustses. ftelaled partles The only ielatsd partles are the trustees, Detslls of the related party transactlth)s are 8lven In the notes to the a¢counts, Rlslr m•na8wnent The ma￿r r15k5 to whlch the trust Is exposed, as Identlfled by the trustees, have been revlewed and procedures have been establlshed to manage those rlsks. REFERENCE AND ADMINISTRATIVE DETAILS Reglslered Charlty nufflbir 1079688 Prfndpal iddress Second FlTh)r 34 Llme Street London EC3M 7AT J C Amiltage W Francklin Mr5 C M Armita8e Mrs C Francklln R A Maclnnes Page 4

Docusign Enveb)pe ID.. 8D7B21AC-F7824AE64D08-769394A8A73C THEJOHN ARm￿AGE CHARrrABLE TRUST IIEPORT OFTHE TrUSTEES FOR THE YEAR ENDED 5 APRIL2024 REFERENtsANDADMINISTrATJVE DETAILS Carston ETL Chartered Accountsnts Second Floor 34 ￿me Street London EC3M 7AT Bank•r5 C Hoare & Co. 37 Fleetstree London EC4Y IBT Solkltors Macfarlane5 10 Norwlch Street London EC4A IBD APpdrt￿Ad¥lSorS New Phllanthropy Capltsl 185 Park Street London SEI 98L The trustees have delegated Mlke Samp50n to perform the daY-t￿daY management of the chaTltsble trust. The name of the Charlty isThe John Armlta8e Charitable Trust and no ot￿r name Is used. Re8tstered a5 a charlty wlth The Chartty Commlsslon for En8land and Wales wlth ChaAty Numbei 1079688. STATEMENTOF TRUSTEES. RESPONSIBIUTIES Thé trustees are reSpO￿lbIe for preparln8 the Report of the Trustses and the flnJnclal statements In accordance wlth applkable I￿ I￿1 Unlted Klngd¢)m Accountln8Standard5 Iunlted Kln8dom GenerallyAcceptsd Accountlng Practlcel. The law appllcable to tharitles In England and Wales. the Charltles Act 2011, Charlty (Accounts and Reportsl Regulauons 2008 and the provlsfjons of the irust deed requires the trustees to prepa￿ financlal ststements for each flnanclal year whlch give a true and falr view of the stste of affalrs of the charlty and of the Incomlng resour￿$ and appllcation of resources, Includlng the Income ?nd expendlture, of the charltyfor thatperh)d. In preparfn8 those financlal ststements, the trustee5 are requlred to select sultsble accounttng polkles and then apptythem conslstsntlyj observe the meth¢xlsand principles In the Chartty SORP; make Judgements and estlmates thatare reasonable and prudenL' state whether applicable aCc￿ntIng Stsndards have been followed. subiett to any materlal departures dlsclosed and explalned In the financlal ststements; Prepare the financial 5tstements on the 8olnB Con￿rn basls unless It Is Inappropriate to presume that the charlty will contlnue In bu51ness. The trLrstees are responsible for keeping proper accountlng reeori15 whlch dlsclose wtth reasonable accuracy at any tlme the financlal positlon of the charity and to enable thewn to ensure that the financial ststements compty with the Charltles Art 201L the Charity (Accounts and Report%} Regulatlons 21X)8 and the provisions of the trust deed. They are a150 responslble for 5afe8uardlng the assets of the charlty and hen￿ for tsking reasonable steps for the preventlon and detertlon offraud and other lire8ularrlies. Page 5

Docuslgn Envelope ID.. 8D7B21AC-F7824AE64D0&769394ABA73C THEJOHN ARMITAGE CHARITABLE TRusr REPORT OF THE TRUSTEÉS FOR THE YEAR ENDED 5 APRIL 21)24 Approved by order of the board oftrustee5 on...l?l.ia(z 62.Ll.... and signed on its behalf by.. J CArmitsge- Trustee Pa8e 6

Eknr8ign Énvelope ID: 807B21AC47824AE64D08-769394ABA73C REPORT OFTHE INDEPENDENT ALIDITORSTOTHE TRUSTEES OF THEJOHN ARMITAGE OIARITABLE TRUST Oplnion We have audlted the financial statements of The John Armitage Charitsble Trust (the 'charltyl for the year ended 5 Wil 2024 whlth comprlse the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and tTh)tes to the financial Statements, Includin8 a summary of 51Bnfficant actountin8 policie& The financkl reporting framework that has been applied In their preparatknn is appllcable law and Unrted ￿ngdoM Accoufttlng Stsndard5 (Unlted Kingdom Generally Accepted Accountln8 Practlcel, In ouroplnlon the fi￿n￿al ststements: 81ve a true and fair ￿eW of the state of the charltys affalr5 a5 at 5 Aprll 2024 and of its Incomln8 rewurces and applicatlon of resources. for the year then endeil,. have been propety wepared In accordance wlth Unlted Klngdom GenerallyAccepted Acc(wntln8 Practlce; and have been prepared in aC￿rdanCe wlth the requlrements of the Charltles Att 2011. B•sls foroplnlo We conducted our audlt In accordance wlth Intematlonal Standards on Audltln8 IUKI IISAS IUKII and appllcable law. Our respon51bllltses under those stsndards are further described In the Atsdltors, respLMslbllltJes for the aLKIIt of the financlal ststements section of our report. We are Independent of the tharlty In accordan￿ wlth the ethkal requlrements that are relevant to our audlt of the financlal ststements In the UK, IncludlnB the FRes Ethlcal Stsndard, and we have fulfilled our othèr ethlcal responslbifitles In accordance wlth these requlrements. We believe that the audlt evldence we have obtslned Is sufficlent and approprlats to provlde a basls for ouf cylnlon. Condu$lons rel011￿1• 8oln8 eanom In audltln8 the financlal 5tstementy we have concluded that the trustee5' use of the goln8 COn￿M bas15 Ot accountln8 In the preparatlon of the financlal ststernents Is approprlate. Ba￿ on the work we have performed, we hove not Identlfled any materlal UnCe￿IntIeS relatlng to events or condltlons thaL Indlvldually or collectlvelyi mty cast $18nlflcant doubt on the charlty's ablllty to tontlnue as a going concern for a period of at least twelve months from when the flnanclal ststements are authorlsed for Issue. Our responslblllties and the ￿SpOnsIbIlItIeS of the trustees wlth ￿sPeCt to 8oln8 concern are descrlbed In the relevant secttons of th15 report. Other Infonn•tlon The tru5tee5 are responsible for the other Informatlon. The othèr Informatlon ¢omprlses the Inlormatlon Included In the Annu?1 RepDr¢ otherthan the financlal ststements and Our Report of the Independent Audltors thereon. Our oplnlon on the financlal ststsments does not cover the other Infom)ation and. except to the extent otherwlse expllcitly 5tsted In our reporL we do not expres5 any form of assurance conclu51on thereon. In connectlon wlth our audlt of the financlal statements. our responslblllty Is to read the other Informatlon and, In doinB so, con4der whether the other Information bs m8terlally incon5iStent wlth ihe flnandal ststements or our knowledge obtsined In the audlt or otherwlse appears to be materially mls5ts1ed, If we Identlfy such materlal incons15tencles or apparent materlal mlsststements, we a required to detemilne whether thls Blves rlse to a merlal misstatsment In the flnantlal ststements themselve& If. based on the work we have perfomd, we Conclude that there 55 a materlal ml&ststement of this other Intormatlon, we are requlred to report that fact We have nothing to report In thls re8ard. Matters on whkh weare rewlred to rewt by ex¢4ptlon We have nothlng to report in respect of the followlng matters where the Charltles (Accounts and Reportsl Regulatlons 2008 requlre5 US to report to you If. in our opinion: the Infomotion given In the Report of theTrustees is Inconslstent in any materlal respect with financlal statements,. or sufficient accounting records have not been kept- or the fina￿1￿1 Statements are not In ag￿efftent with the accounting record5 and returns,. or we have not re￿IVed all the Inform3ticffl and explan*lons we requlre for our audlt. Page 7

Docus*Jn Envelgpe ID.. 8D7821ACW824AE64D08-769394ABA73C REPORT OF THE INDEPENDENT AUDITORS TOTHE TRUSTEES OF THEJOHN ARMITAGE CHARITABLE TRUST Rwnslbllllles of tNstee5 As explained more fully In the Statement of Trustees, Responslbllltles. the trustees are responsible for the preparatlon of the financlal statements which Bive a true and fair ¥lew. and for such Internal control as the trustee5 determlne is necessary to enable the preparoticffl of financial 51atements that are free from materlal misststemenL whet￿rdue to fraud or error. In preparing the financial StsteMen￿ the trustees are respon51ble for assessing the charity's ability to continue as a golng con￿rn, disclosin& as applicable, matters related to going concern and usin8 the 8olng concem basls of accountin8 unless trustees either Intend to liquidate the charity or to tease opeTatK)n5, or have no reallstlc alternative blrt to do so. Pa8e 8

Docusign Envelope ID: 8D7821A&F7824AEuD￿789381ABA73c REPORT OF THE INDEPENDENT AUDITOR5 TO THE TRUSTEES OF THEJOHN ARMITAfjE cHAR￿ABLE TRUST Our reSP￿￿bIlItIeS forthe audit of the flnanclal ststements We have been appolnted as auditors under Sectlon 144 of the Chafftles Act 2011 and report in accordance with the Act and relevant rÈgulations made or having effect thereunder. Our objecDves are to obtain reasonable assurance aboLrt whether the financial statements as a whole are free trom matertsl misstatemenL whether due to fraud or error. and to issue a Report of the Independent Audltors that Includes our oplnlon. Reasonable assurance Is a hi8h level Df assurance, butls not a guarantee that an audlt conducted in accordance with ISA5 IUKI wlll always detert a material m1$5tatement when It exists. Misstatements can arise from fraud or error and are consldered material if, Indfvldually or In the ?Bgregate, they could re?SDnably be experted to Influence the economlc Iledslons of users tsken on the basls of these financlal ststement& Irre8ularlties, Indudln8 fraud, are Instan￿$ of non-complSance with laws and regula￿OnS. We Identlfled and assessed the rlsks of materlal mlsststement of the financlal statements from Irre8ularltles, whether due to fraud or error, and dlscussed these between our audlt team members. We then deslgned and performed audlt procedures respons5ve to those rlsks, Includlng obtsSnln8 audlt evlderKe sufficlentand approprlate to PTovlde a ba515 for our oplnlon. We design our procedures SD as to obtaln sufflclent appropilate aLKISt evldence that the financlal Statements are not materfally misstafrd due to non-compliance wlth laws and re8ulaiions or due to fraud ￿ error. We are not responsible for preventln8 non-tompllance anil cannot be expected to detect non<ompllance wlth all laws and regulavons thls responslblllty Iles wlth management wlth the oversb8ht of the Tru5tee& Based on our understandln8 of the Charlty and the charity sector. dlscusslons wéth mana8ement and trustees we Identlfied fi￿n¢la1 reportlnB stsndards and Charltle5 Act 2011 as havln8 a dlrert effect on the amounts and di%losures In the financlal statements. As part of engagement team dlscusslon about how and where the Charlvs ftnandal statement5 may be materfally mlsststed due to fraud, we dld not IdentSfy any areas Wlth an Increased rlsk of fraud. Ouraudlt procedures Included.. -Completln8 a rfsk45Se￿Ment process durlng our plannln8 forthls audlt that 5peclflcally ¢￿sIdered the r15k of fraud; -Enqulry of manaBement about the Charlty's pollcies procedures and rel4t•d controls re8ardln8 compllance wbth18ws and re8ulatlons and If there are any known Instsn￿5 of non<ompliance,' -Examlnln8 SUPPOrtlng d¢xuments for all matsrlal balances. tran5artlons and dlsclosures; .Eriqulry of mana8ernenL about litl8atlons and clalm5 and Inspectlon of relevant corre5pondence,' -Analytlcal procedure5 to Identlfy any unusual or unexpected rela￿OnShIps. -specific audlt testln8 on and revlew of areas that could be subject to mana8ement override of controls and potential blas, mosl notsbty aroLtnd the key judgments and e5tlmates, InCI￿lIng the cJrrylr8 value of accruals, prov151ons, Investments, grant makln8 and revenue recognStion; -Con51derlng management overrlde of controls out51de of the normal ¢Jperatln8 cycles indudlng tesvng the appropilateness of journal entrles recorded in the general ledger and other adjustments made In the preparatlon of the flnanclal statements Includln8 evaluatlng the rationale of si8nlficant transartlons, outslde the normal course of charltable actlvlty: Owing to the Inherent Ilrrltatlons of an audlt, there Is an unavoldable rlsk that some materlal mlsststements of the financlal statements may not be detected, even thou8h the audSt Is properly planned and performed In acwrdance wlth the ISA5 IUKI. The potentlal effects of Inherent Ilmltations are particularty Significant In the case of m1$5tatsment resultlng from fraud because fraud may Involve sophlsticated and Carefully organised schemès deSIg￿d to conceal It, Indudlng deliberate fallure to record transattlon eolluslon or intentlonal mi5representatlons being made to us. A furiher de5crlptlon of our respon51bllltle5 for the audlt of the financlal ststements Is located on the Flnanclal Reportlng Councll'5 websits èt wJvw.frc.org.uklaudltorsresponsibilities. Thls description forrrts part of our Report of the Independent Audltors. Page 9

Docuslgn Envelope ID.. 8D7B21A&F7824AE64D08-768394ABA73C REPORTOFTHE INDEPENDENT AUDITORSTO THE TRUSTEES OF THEJ(IHN ARMITAGE CHARITABLE TRUST Use ol ourreport This report Is made 501ely to the charlty's trustees. as a bcJy in attordance wlth Part 4 of the Charitie5 (Accounts and Reportsl Regukdtlons 2Crf)& Our audlt work has been undertaken 50 that we might stste to the tharity's trustee5 those matters we are required to stste to them in an auditor5, report and for no other purpose. To the fullest èxtent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charlty's trustee5 as a bodyp for our audit work, foT thls report. or for the opinions we have formed. Carston Chartered Accountants Second Fl¢X)r 34 Ume Street London EC3M 7AT Carston ETL 15 eliBlble to act a5 an audltry In accordance wlth sertlon 1212 of the Companles Art 2W6 Page 10

Doc4rsign Envelope ID.. 8D7B21AC-F1824AE6-8D08-789394ABA73C THE JOHN ARMITAGE QIARThABLE TRUST STATEMENT OF FINANaALAcfMTIES FOR THE YEAR ENDED 5 APRIL 2024 2024 Totsl lunds 2023 Total funds Unre5trlcted fund Endowment fund Note5 INCOMEAND ENDOWMENTS FROM Donation5 and le8acle5 9,533,193 9,533,193 11.257.776 Investmènt Income 81967 81967 31,876 Tolal 9ffi16,160 9,616,160 11.289.652 EXPENDITURE ON Investment man?8ement 217,596 217,596 211,767 tharltabl¢ aLtlvltles Grants to InstltLttlons 7￿￿,128 7.5rn128 5.392,¢))B Other 384 481,816 Tol•l 7,724,512 217￿96 Y,942,W8 6,085.591 Net8aln5111055es1 on Investments 39,308,680 39.308,680 16.263,2971 NET INCOMEIIEXPENDITUREI Transfers bth••n fvnds ,n4,SUI 7,724,S12 48,707,244 .724,5121 40,982,732 11,059,236) 16 Not Ma￿￿￿nt In lunds 40,982,732 40,982,732 11,059,236 RECONCIUATION OF FUNDS Total fijnds brou8ht forward 169,592,850 169,591850 170,652,086 TOTAL FUNDS CARRIED FORWARD 210,575,582 110,575.582 169,592,850 The notes form part of these financlal ststements Page 11

DrKusign Envek¥pe ID.. 8D7B21AC-F7824AE64DD8-789394ABA73C THEJOHN ARMITAGE CHARITABLE TRUST STATEMENT OF FINANaAL POSITION S APRIL 2024 2023 Notes XÉDASSETS Investments 13 210,5J4,966 169,560,950 CURRENT A55Ef5 Prepayments accrued Income Cash at bank 789 105242 141,722 106.731 NET CURRENT ASSET5 142,6 106,731 TOTAL ASSETS LESS CURRENT UABILITIES 210,677.570 169,667,681 ACCRUALSAND DEFERRED INCOME 14 (101,9881 174,8311 NEfA5S￿5 210,575,582 169,592,850 FUNDS Endowment fuNIs 16 210,575,582 169,592,850 TOTAL FUNDS 210,575,582 169,592,850 The financlal Statements were approved by the 8oard of Trustees and authorlsed for Issue on $18ned on its behalf by,. ..13-11112bZ4.......... and were J C Armlta8e-Trustee The notes form part of these financial ststements Page 12

OocusvJn Envelope ID.. 8D7B21AC-F7824AEMDOB-769394ABA73C THEJOHN ARMITAGE CHARITABLE TrUST STATEME1￿ OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 21J24 2024 2023 Notes Cash Ilows from Opera￿nI artlvltles Cash generated from Dperatlons 20 17,78OA151 15,922,172) Net cash used In operatln8 activitle5 (7,780A15) {5,922,1721 sh Ilows frorn In¥e5tln8 artlvltles Purchase of fixed asset investments Sale of fixed asset investments Interest received DFvldends received 112,906.6351 20,r14 493 Sl293 30,674 125,630,191) 31.336,988 31.876 Net cash provlded by Investlng artlvltles 7,950,825 5.738,673 Cash nows from flnancln8 4rtSvltles Income attrlbutable to endowment Expendlture attrlbutable to endowment 82.966 (217,5961 31,877 1211,7671 Net coh used In flnancln8 actlvlties 1134,630) 1179,8901 Chany In ond eish equlv•lents In th• reportln8 perlod C•sh and cash equlvalents it thg b¢8lnKlngof the reportlng perlod 35,780 1363,3891 105342 469.331 C•sh and cash equl¥•lents at the end of tho reportlnK porlod 14¥722 105,942 The notes fomi part ofthese flnancial ststements PaBe 13

DoGusign Envelope ID: 8D7B21AC-F1824AEMD08.769394ABA73C THEJ(XIN ARMITAGE ￿RITABLE TRUST NOTES TOTHE FINANaALsfATEMENTS FOR THE YEAR ENDED S APRIL 2024 ANALYSIS OF AND MOVEMENT IP4 THE EXPENDABLE ENDOWMENT FUND Expwthble Endowment Unapplled Totsl Return Totsl Expendable Endowment Fund.. Gift component of Fund 125,762,171 125,762,171 Unapplled total return 43,830.678 43.830.678 As at 6 Aprll 2023 125,762,171 43A30,679 169,592,849 Yur wded 5 Aprll 2024 Movement In unapplied total return an(1 endowment: Donatlon recelved Investment Return: dlvldends and Interest Investment Retum: reallsed and unreallsed galns Investment Management costs 9.533.194 9.533,194 81967 39,308,680 1217,5961 82,967 39,308,680 1217.5961 Totsl Unapplled totsl return allocatsd to income 9,533,194 39,174,051 17,724,512> 48,707.245 17,724,512 Net Movement In the year 9,533,194 31A49,539 40,982,733 Expendable Endowmentit 5 Aprll 2024 135,295,365 75,280,217 210A75¥2 ACCOUNTING POLiaES B•sls of preparlng the Ilnantlal ststements The flnanclal 5tstements have been prepared under the hlstorfcal c05t ConVen￿Oft wlth Items recognlwd at cost or transaetlon value unle55 Otherw15e stated In the relevant note5 to these accounts. The flnancial statsments have been prepare(1 In accordance with the Statement of Recomrnended Practlce,. Accountlng and Reportln8 by Charitles preparln8 thelr accounts In accordance wlth the Flnanclal Reportlng Stsndard appllcable In the UK and Republlc of Ireland IFRS 1021 effectlve l January 2015 and the Charlties Act 2011. The Charltycon5tltutes a publlc bet)efit entbty as defined by FRS 102. The trustees consider that there are no material uncèrtalntles about the Charfty's ablllty to contlnue as a golnB concern. The Tnost s18nlflcant 35pett of the Charity that potenlally affects its ability to contlnue Is the carryln8 value of its Inve￿Ments whlch relates to Investrnent return5 and the performance of Investment markets15ee the Investment policy and performance and rlsk management sertlons of the trustees, annual reportfor more Informatlonl. Income All incoming resources are included on the Statement of Flnancial Attl￿tIeS when the charlty Is le8ally enlltled to the In￿me and the arnount can be quantlfied wlth reasonable accuracy. Cash donations receNed are recorded gr¢>ss of taxatlon recoverable under the Blft ald s¢heme. Income arisin8 from flxed a55et investments hekl in the expendable endowment fund Is credlted as investment income to that Page 14 continued..,

Docusign Envalope ID: 8D7B21AC-F7824AEPAD08-769394ABA73C ThÉJOHN ARMITAGE ￿RITABlE TRUST NOTES TO THE FIP4ANaALSTATEMENTS- contlnued FOR THE YEAR ENDED 5 APRIL 20Z4 ACCOUNTING POLiaES. conllnu*d Intome Gift5 of shares to the trust are treated as voluntsry income of the endowment futKF. Such shares a￿ Induded at market value on the date of the 81ft. E¥pendlture Expenditure Is accounted for ￿ an accruals ba515 and has been dasslfied under headltw that a88regats all cost relate<l to the cateBOry. The cost of mana8lng Investments Is ¢harBed a8alnst the expendable endowment fund. Any costs assoclatsd wlth the sale or purchase of Investments are accounted for as partof the sale or purchase prfce of the investments. Management and admlntstratlon expenses tomprbse costs Incurred for the runnlng of the charlty Itself a5 an entlty. Irrecoverable VAT15 char8ed to the Statement of Flnantlal Actlvitles as Incurred. Grants offered svbSert to condltlons whlch have not been met at the year end date are noted as a commltment but not accwed ?s expendituTe. Allor•tlon and apportlonmthtof costs Costs whl¢h are readlly Identlffied as speelflc to a partlculara¢tlvlty are allocated accordingly. Where costs cannot be dlrectly attrlbuted to partlcular headln85 they ha￿ been allocaTrd to actfvltles on a bas15 conslstent wlth the use of resource TaMa￿on The tharlty Is exempt from tax on Its charltable activltlÈ5. Fund •ccountl The Expendable Endowment Fund is Invested on a totsl retum basls a5 permltted by the Trust Oeed. The powèr of totsl return permlts the trustees to Invest the Expendable Endowment Fund to maxlmlse totsl return and to apply an approprlate portlon of the unapplled total return to Income each year by transfer to the unrestrlcted futkl. Untll the power Is exerclsed totransfer a porticffl of unapplled totsl return to Income, It remains Inve5tsd In the Exptndable Endowment Fund. The power allows the trustees to declde eath year how much of the unapplled totsl return Is to be transferrèd to the unrestrlcted fvnd and so available to meet expeThJlture. Havlng consldered thelr obllBation5 vnder the duty of even-handedness, the trustee5 made a transfer of £7,724,512 12023 - £5.873.8241 Isee note 161 unapplled total return to the unrestrlcted fund. In maklng th15 ded51on the trustees have taken account of the return on Investment for the yeai, the sustslnability of the Expendable Endowment Fur)d and the Income needs of the Charlty. The unrestrftted fund can be used In accordarKe wlth the charltsble obJectlve5 at the dlscretlon of the trustees. Rea115ed and unreallsed capltsl 8alns or losses arlslnB on Investments are recognlsed as addltlons or deductlons from the respective fund In whkh the Investment Is held. For¢l8n ￿r￿leS Assets ￿abIlItIeS In forelBn currendes are translated Into sterllng at the rate5 of exchange rul1￿ at the balance sheet date. Transactions In forei8n currendes are translated into 5terllnB at thè rate of exchange ruling at the date of transactlon. Excharkge differen￿ are tsken Into account in arriving at the operating result except in the case of currency 8alns or losses whlth arlse from the market valuation of flxed asset inveslments where the effective currency translation gaSn or loss Is Included withln totsl galn5 or losses on investment a55ets. Page 15 Continued...

D￿sign Envelopè ID.. 8D7B21AC-F7824AE6-8D08-769394ABA73C THE JOHN ARMITAGE CHARITABLE TRUST NOTESTO THE FINANCIALsfATEMÉNTS- contknued FOR THE YEAR ENDED 5 APRIL 2024 ACCOUNTING POLICIES. contlnued Hx•d asset Imi¢stments The Trust Invests in certaln private equity funds. InclLklin8 hedged funds. whlch are not traded. Such funds are Include(J at the market value of underlylng Investments at the balance sheet date ￿[ch Is Calculated and provlded by the fund service provlder or the relevant fund mana8er. Investments which are Ilsted on a reco8nlsed stock exchange are Induded at the quoted closlng mhl-market value at the balance Sheet date. Cash and tash equlvalents that are held from tlme to tlme as Part of the flxed asset Investment portfollo are Included as part of fixed asset Investments at the balance 5heel date. Reallsed and unrea115ed Bains OT losses on Investments are tsken to the Expendable Endowment Fund In the Ststement of Flnanclal Activltles. Forelgn currency galns or losses whlch arlse throu8h the revaluatlon proces5 a￿ Included wlthin the realisÈd and unreallsed galns or losses on Investments. DONATIONS AND LEGACIES 2024 2023 Don*lons 9,533.193 11,257,776 Donatlons recelved durlng the year amounted to £9,533,19412023 - £IL275.7751 and cons15ted of fixed asset Investments lfted to the trust at the market valuè at thè dats of glfL INVESTMENT INCOME 5.4,24 5,4.23 CallA¢¢ount Interest cul￿nt Account Interest Dlvldend Income 47,369 4,924 30,674 30,324 1,552 82,967 31,876 P38e 16 continued...

DocusvJn En¥efoFe ID.. 8D7B21AC-F7824AE64D08-769394ABA73C THEJOHN ARMITAGE CHARifABLE TRUST NOTES TO THE FINANCIALSfATEMENTS- conllnued FOR THE YEAR ENDED 5 APRIL 2024 INVESTMENT MAP4AGEMENT Investment m•n4Kement costs 2024 2023 Investment managemènt 217.596 211,767 CMARITABiEACTivrriE5 COSTS 5.4.24 5.4.23 C05101Brdntmakln8 Grants to Institutkns (see note 71 155,105 7,417,023 117,066 S,274,942 7.572,126 5,392, GRANTS PAYABLE 2024 2023 Grantsto Instltutions 7.417,023 5,274,942 The Trustee5 have tsken advantage of the exempt1￿ glven by sectlpn 132141 Charitles Act 2011 not to dlsclose the names of grant reclplents and the amounts of such grants. In the oplnlon ol the trustees, no Indlvldval grant made durln8 the year was materlal In the context of Brantmaklng. However, In accordance wlth the Charltles SORP IFR$1021, para8raph$ 16.17-16.18, the followlnB provldes an understandln8 ofthe range of Instltutlons the charlty has 5UPPOrted. The flve largest donatlons made to instltutlonswere as follows Eton College Development Fund Pembroke College Cambrldge Harrls Federatlon Churchlll Fellowshlp Amblilon Institute £i,(w,¢ £1￿.[ £330,OJO £102,500 £ico,oc Grants were pald In Ilne wlth trust pollcy at the dlscreth)n of the trustees. The totsl of grants payable to Instltutlons durln8 the vear were for the followln8 charltsble causes: 5.Q24 5A.23 Rellef for p(xY, handlcapped and a8ed 7 Benefieiarles Ma¥lmum Grant 192,500 292.200 57,5CO Parenting5UPPOrt 17 Beneficlarles Maxlmum Grant r12.(iKI 802.￿0 100,0 EdUCa￿On 14 Benefldarks Maximum Grant 3,071,620 945. I,oc(J.000 Support lor former offenders 10 Beneficiarles Maximum Grant 407,Q 453,1 75,￿} Pagè 17 continued...

Docusign Envelope ID.. 8D7B21AC-F7824AE6-8D08-769394ABA73C THEJOHN ARMITAGE CIIARITABLE TRUST NOTES TO THE FINANa4LSTATEMENTS. ￿ntIn￿ed FOR THE YEAR ENDED 5 APRIL 2024 GRANTS PAYABLE- contlnued Medlral rewrch I medlcal care 10 Beneficsaries Maximum Gfant 265,C 336,CO) 65I Youth support 21 Beneficlarles MaximumGrant 910,000 875,1)JO Rell8lon 3 8eneficlarfe5 Maxlmum Grant 150,¢ 210,OtKI 75,C(X) Museum +ArtS 24 Beneficlarles Maxlmum Grant 474,017 4c￿,680 45,OJO Other 30 BènÈfltlarlès MaKlmum Grnnt 1,174,886 961,(￿2 102,SCQ 7,417,023 5,274,942 SUPPORT COSTS Exchange dlfferences Governance costs Totals other resources expended 75A88 76,896 152384 Otherresour¢es exp•nded 5.4,24 5.4.23 Exchange dlfference5 Govemance costs 75,488 76,896 385,329 96,487 152,384 481.816 Support ￿$ts, Included In the above are as follow5.. 5.4.24 5A.23 AudIt0￿ remuneratlon Staff costs Accountancy Trust administration LeBal fees Bank charges Bank interest 24,COJ 24,330 10,0 5,155 17,137 39,480 385 7.909 24,213 774 76,896 96.487 Page 18 ntinue(l...

Docusign Env&lop6 ID.. 8D7B21AC-F7824AE64008-769394ABA73C THEJOHN ARMITAGE CHARITABLE TRUST NOTES TO THE FIP4ANCIAL STATEMENTS. ci)ntinued FOR THE YEAR ENDED 5 APRIL 2024 SUPPORT COSIS. contlnued AUDITOR5. REMUNERATION 5.4.24 5.4.23 ststutory audlt Other flnanclal se￿1￿$ 24,0 24,330 22,292 Totsl audltors, remuneratlon 31,￿9 46,622 TRUSTEES, REMUNERATION AND BENEFIT5 There were no trustees, remuneratlon or other benefits for the yearended 5 Aprll 2024 norfor the year ended 5Aprll 2023. Trustees, expenses There were no trustees, expènses pald forthe yearended S Aprll 2024 nor for the year ended 5 Aprll 2023. STAFF COSTS The stsff c95ts for the year ended 5 Aprll 2024 ?mDunted to £20,COJ12023- lo,0￿1. The average monthly number of employees durln8 the year ended 5 Aprll 2024 was 112023 - 11. No employee5 recelved •moluments In exc55 of £60,Cv)J. COMPARATIVES FOR THE STATEMENT OF F114ANaALACTlVtriES Unrestrlcted fund Endowment fund Total funds INCOMEAIID ENDOWMENTS FROM Donatlons and le8acles 11,257,776 11.257.776 Irwesmnt Income 31076 31,876 Total 11.289,652 IL289,652 EXPENDITURE ON Investment management 21L767 211,767 thartt•bleJdlvltles Grants to In￿ltutiOnS 5,392,008 5,392.008 Other 481,816 481,816 Totsl 5.873,824 211,767 6.085.591 Page 19 continued.

DO￿$19n Envelope ID.. 8D7B21AtrF7824AE64D08_769394ABA73C THEJOHN ARMITAGE CHARITABLE TRUST NOTES TO THE FINANaAL STATEMENTS- tontinued FOR THE YEAR ENDED 5 APRIL Z024 COMPARATIVES FOR THE STATEMENTOF FINANCIAL ACTI￿lE5- continued Unrestricted fund Endowment fund Totsl nds Net galngllossesl on Investments 16,263.2971 16,2632971 INCOMV1EXPEND￿VRE) Transfers between fund$ 15.873M41 5,873W4 4,814,588 IS￿73.824) 11,059,236) Nel movement ITr funds 11,059.2361 11.059,2361 RECONCILIATION OF FUNDS Total funds brought fO￿ard 170,652,086 170,652,086 TOTAL FUN￿ CARRIED FORWARD 169,592,850 169,592,850 IJ. FIXEDASSET INVESTMENTS Llstsd In*stments MARKET VALUE At 6April 2023 Addltlons Dlsposals Revalu3tlons I69￿60,9￿1 22N39A29 120,774,493) 39,308,680 At 5 Aprll 2024 210,534966 NET BOOK VALUE At 5 Aprll 2024 210,534,966 At 5 Aprll 2023 169.5fKI,950 Analys15 of Investments: UnqLthed assets: Non-UK 210534,966 210,534.966 Unquoted investments comprise unlts held In collectlve Investment schemes. The investments are held primarity to provide an Investment return arlslng from an Increase in market value rather than from Income. The investments are suffi£lently Ilquid to allow partlal disp05als a5 and when cash funds are requlred to provide grants to institutlons or to settle Bovemance costs. Page 20 continued...

Do¢u8wJn Envelope ID.. 8D7B21AC-F7824AEO4D08_769394ABA73C THE JOHN ARMITAGE CAARITABLE TRUST NOTES TO THE FINANCIAL ￿ATEmENTS- conllnued FOR THE YEAR ENDED 5 APRIL 2024 FIXEDASSET INVESTMEMTS-conilnued Cost orvaluation at S Aprll 20241$ represented by. Llsted In￿StMentS Valuation In 2024 Cost 75,676,494 134,858A72 210,534,966 ACCRUALSAND DEFERRED INCOME 2024 2023 Accruals 101,988 74,831 ANALYSIS OF NET ASSETS BETWEEN FUNDS Endowment fund 5.4.24 Totsl fur¥Js 5,4.24 Investments Current assets Current Ilabllltles Accruals and deferred Income 210,534.966 142,604 210,534,966 142.604 1101,9871 1101,9871 210,575,582 210,575,582 Endowmeni fund 5.4.23 Total funds 5.4.23 Investments Current assets Current Ilabilltles Accruals and deferred Income 169,560,950 106,731 169,560,950 106,731 174,8321 174,8321 169,592,850 169,592,850 PaBe 21 ntinued,..

Do￿lS19n Envolopè ID.. 8D7B21AC-F7824AE64D08-769394ABA73C THE JOHN ARm￿AGE CHARITABLE TRUST NOTES TO THE FINANCIALSTATEMENTS. Contlnued FOR THE YEAR ENDED S APRIL 2024 i& mO￿EMENT IN FUNDS Net movement In funds Transfer5 between funds At 614123 At514124 Unrestr1￿ fvnd5 General fund I7,724￿12) 7,724,512 Unrestrlcted expendable endowmèntfund 169,592050 48.707,244 D,724￿ll 210,575,532 TOTAL FUNDS 169,592,850 40882,732 210575.582 Net movement In fiJnds. Included In the above are as foilows: IncLwnlnB resour¢es Resour05 expended Galn5 and lossès Movement In funds Unrestrkled fund5 General fund {7,724,512} 17,724,512) ETrdovmi•ntfvnd$ Unrestrlcted expendable endowment fund 9,616,160 1217,5961 39,308,680 48,707,244 TOTAL FUNDS 9,616,160 17,942 1081 39.308,680 40.982.73Z Comparatlv¢slor movemenl In fvnd5 Net movement In funds Transfers between furKIs At 614122 At 514123 Unrestrl¢tedfunds General fund 15,873,824) 5.873.824 Endovfflientlund5 Unrestricteil expendable endowment fund I70￿52￿6 4814.S88 (S￿73824 169,592,BSO TOTALFUNDS 170,652,086 IIM59,2361 169592,850 Page 22 continued...

DoGusign Envelope ID.. 8D7B21AC-F7824AEMD08-769394ABA73C THE JOHN ARMITAGE CHARITABLE TRusr NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 5 APRIL 2024 16. MOVEMENT IN FUNDS- conllnued Comparatlve net movement In fvnds. inclLKled In the above are as folh)ws'. Incoming reK>urces Resources experKled Galns and losses Movement In funds Unrnstrlrted fund$ General fund 15,873,8241 15,873.8241 EndDwrn•ntfvnds Unrestrlcted expendable endowment fund 11,289,652 1211,7671 16,263,297) 4.814,588 TOTALFUNDS 11,289,652 14085,5911 16,263,297) IL059,2361 A current year 12 months and prlor year 12 months comblned posltlon Is as follows.. Net movement In funds Transfers betsveen funds Al 614122 At 514124 Unr•stfkted lund¥ G•nèral fvnd 113,598,336) 13,598,336 Endowmert fvnds Unrestrkted expendable èftdowmentfund 170,652,086 53,521,832 113,598,336) 210,575,582 TOTAL FUNDS 170,652,086 39,923,496 210,575,582 A currnntyear 12 month5 and prlor year 12 months comblned n•t movement In funds, Included In the above are as follows: Incomln8 resources Resources expend Galns and losses Movement In funds Unrestrlcled funds General furKI 113598.3361 113,598,336) End0￿￿•nt[UndS Unrestrltted expendable endowment fund 20.￿5,812 1429,3631 33,045,383 53,521,832 TOTAL PJNDS 20,905.812 114,027,699) 33,045,383 39.923,496 Tran51ers between fvnd5 The Expendable Endowment Fur¥J represents capitsl which may be expended at the discretion of the trustees. Ehjring the year £7,724.51212023- £5,873A241 was transferred from the Expendable Endowmentfund to the Unrestrtcted Fund. Page 23 continued...

Docus*Jn Envelope ID.. 8D7B21AC-F7824AE64D08-769394ABA73C ThE JOHN ARMITAGE CHARITABLE TRUST NOTESTO THE FINANCIAL STATEMENTS- eontlnued FOR THE YEAR ENDED 5 APRIL 2024 17. OThER HNANCIAL COMMITMENTS At the balan￿ sheet date the trust had committed to Pay grants totallln8 £5,159,18812023 - £4,2S6,500I wlthln 12 months and É3,719,75412023- £2,475,000) after 12 nN)nths. These amounts are payable 5ublect to condltlonal terms which are set out In writing prior to payment of the initial donation. The commltments wlll be funded by the 5?le of fixed a55et Investments. RELATED PARTY DISCLOSURES Mrs C Armlta8e, a trustee of the Charlty, Is also a member of the Campaign Development Board of Westh)Inster Abbey• beneflclary of the Charlty. Durln8 the year Charity made donalons totalling £50,ODJ 12023 £50,QJOI to We5tmln5ter Mr W Francklin, a trustee of the Charlty, is also a trustee of Independence at Home and the Northamptonshire tommunlty foundatlon, who are both beneflclarle5 of the Charity. Durln8 the year the Charity rnade donatlons totalllng £72,CW12023 £72,C￿l to Independence at Home and £70,WOI2023- £70,DJOI to Northamptonshlre communlty foundatlon. Mrs C Francklin, a trustee of the Charlty, Is also the church warden of St John the Evèngellst Church, Wlcken Iwtcken PCCI. benellclary of the Charlty. Durlng the year the Charfty made donatlons totallln8 £25,000 12023 £25.1Y)01 to St John the Evan8d15t Church, Wlck•n Iwlcken PCCI. Mr H Francklln, son of W Francklln and C Francklln, Is a lJustoe of Mvumi School Trust. Durln8 the year the Charfty made donatlons totallln8 £16,62012023. £0) to Mvuml School Trust Mr R Maclnnes, a trustee of the Charlty, Is also a volunteer for and his partner Is an employee of Communlty TechAld. a beneflclary of the Chadty, Durfng the year the Charlty made donatlons totalllng £12,(￿ 12023 £20W)I to Communlty Tech￿d. Harry Freeland Set up Standln8 Voice a charlty to whkh The John ArniSts8e Chadtable Trust made donatlons totallln8 £lC 12023- £20,ocK)l. Mrj C Armlta8e15 a trustee of the John Armlts8e Charltsble Trust and a cousln of Harry Freeland. In relatlon to the above, the relevant trustee absented hlmself or herself from dlscusslons relatlng to, and the vote on grants to a charity wlth whlch he or she also had an active connectlon. Trustees Blfted Investments havlng a market value at the date of the glfts of £9,533,19412023 - £13,757,30351 to the Charlty durlng the year wlthout cgndltlon. ULTIMATE CQNTROLLING PARTY The Charlty Is under the joint control of the trustees. RECONauATION OF INCOMVIFAPENDITURE) TO NET CASH FLOW FROM OPERATING ACFivmES 2024 2023 Nel IrKomellexpendlturel lorth• rnportlnK pwlDd (•5 pwthe Statement of Flnanclal Actbvltlesl Adjustments for.. (Galnlllosses on investments Interest re￿iVed Dlvldend5 recelved Income attributable to endowment Expenditure attributable to endowrnent Income attributable to endowment Incrèase In debtors Ir￿reaSe/1￿ecreasel in creditors 40,982,732 11.059,2361 139,30B,6801 152,2931 130.6741 {82,9661 217,596 19,533.1941 1931 27,157 6,263,297 131,8761 131,8771 211,767 111,257.7751 17211 115.7511 Page 24 contlnued...

Docuslgn Envelope ID.. 8D7B21AC-F7824AE64D0&769394ABA73C THE JOHN ARMITAGE CHARITABLE TRUST NOTES TO THE FINANaALSTATEMENTS- contlnwed FOR THE YEAR ENDED 5 APRIL 2024 RECONauATION OF NEf INCOMV(EXPENDITUREI TO NET CASH FLOW FROM OPERATING ACTIWTIES- contlnued Net cash used In operatlons 17,780A15) 15.922,1721 21. ANALYSISOF CHANGES IN NET FUNDS At614123 Cash fk)w At 514124 Net (ash Cash at bank 105,942 35,780 141,722 105,942 141,722 Tolal 105.942 35.780 141,722 CASHAND CASH EQUIVALENTS The amounts dlxlosed on the Cash Flow Ststement In respect of tash and cash equfvalents are In respe¢t of these Balance Sheetamounts: Ywr onded 5 Aprfl 2024 5.4.24 5.4.23 Cash and cash equlvalents 141,722 105,942 vair4nd￿ 5 Aprfl 2023 5A.23 5.4.22 Cash and Cash equlvalents 105,942 469,331 Py25