Reglst*red Charlty Number: 1084337 The Latlmer Trust ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS For the year ended 310ecember 2025 Thè iatlmer T￿￿1 Conients Pa8e Le8al and adminlstfative information Trustees, annual report Independent examinerfs report Statement of Financial AUiviti*s Balance shett io Notes to the •ccounts il-ls The iatimer Trust Legal and adminlstratlve Informatlon lor the year ended 31 Dectmber 2025 Charity number 1084337 Trustees Rev Dr M 8urkill Rev Dr l Hughes Rev P 8reckwoldt Mrs S Finch RevDrCDEMoll Rt Rev Dr R Munro Rev Df B Cooper Rev M W Lucas Rev Dr B Sargent Rev Dr R Keki Mody Rev B M Lucas Rev Dr LF Foster Chairman Ilice-chairman Resigned 12 March 2025 Appointed 9 January 2025 Appointed 31 July 2025 Principal address The Vicarage Vicarage Lane Duffseld 8elper Derbyshire DE56 4E8 A¢countants Seven Hills Accountants ￿rnited 57 8urton Street Shèffield S62H Soll¢ltors Monro Fisher Wasbrough LLP 8 Great Jarnes Street London WCIN 30F Bankers Uoyds TS8 Bank plc 43 Iron Gate Derbv DEI 3FT CAF Bank Ltd 25 Kings Hill Avenue West Mallin Kent ME1941Q Investment Mana8ers Ruffer LLP 80 Vlrtoria Street London SWIE SIL CCLA Investment Management Ltd COIF Charity Funds Senator House 85 Queen Vlctoria Street London EC4V 4Er The LatlmerTrust Trustees. annual report For thè year ended 31 Decèmber 2025 The trustees are pleased to present thelr report together wtih the financial statements of thè charity for the year ended 31 December 2025. The financial 5tatement5 have been prepared in accordance with the accounting policies set out in notes to the account5 and comply with the charl￿S governing document, the Charities Act 2011 and the relevant version of the Statement of Recommended Prartice applicable to charitie5 preparing their accounts in atcordancè with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Strurture Governance & Management The Lètimer Trust is a Foundation Charitable Incorporated Organisation ICIOI (Charity number 10843371 The charity is externally registered with Companies House. under the reference CE029B49. The Trustees are ultimately responsible for the operation of the charity and meet quarterly. New Trustees are required to $18n the Latimer Trust Doctrin318asis, as expressed in the CIO Constitution and are appointed by Trustees, resolutitsn duly passed. Their duties and obli8ations are set out in the document -LT Role description and Qs for Latirner Trustees~ Simple policies and procedures for the induction and training of charity trustees are in place. Othei appropriate policies relatingto the running of the Trust are in place and reviewed regularlv. The Trustees authorises sub-committees io recommend aetions in specific areas of activity,. in particular the Grants Committee (which has met once) and the Executive Committee (comprising thè Chair of Trustees. theVice-ChairofTrustees. the Directorof Research. the Research Fellowlsl and the Operations Manager, which meets quarterly). The Operation5 Manager and Finance Officer meet regularly with the Chair. whilst the Publications team meet twice a year with the Operation5 Mana8er and once with the Vice-chair. Objects and attlvitiès The objects of the chailty. a5 set out in the constitution are'.- lil to promote, safe8uard and advance the Protestant and Evangelical teaching and principles of the Church of En8land. and to advance such teaching5 and principles within the Christian Church 8enerally, with particular attention to contemporary controversies and issues that may undermine biblital truth 1111 to create and administer and assist in the creation and administration of scholarship5, exhibitions and prize5 forthe encouragement of study and learning. The Latimer Tiust Is an evangelical think-tank. deditated to encouraging biblical convittions and supportlng peoplè thrt*U8h publications. lecture5, and research grant5. When planning our artiville5 for ihe year, the trustees have considered the Commission's guidance on public bèneffit and, in partlcular. the speclllc guidance on charities for the advancement of religion. The Latlmer Trurt Trustees, annual report- contlnued For the year ended 31 Oecemb•r 2025 Revlew of the artlvltles durlni the ye•r The Trustees have applied the resources of thÈ Charlty to achleve its aims and objects In Ihe ftsllowln8 activities, whlth It 15 currently envlsaged that they will pursue for the future. l. Staff and research fellowshlps. The TT¢Jst emplty$ Sophie Barker as Finance Offlcer. Grace Raven as Publlcations Manaker, Allson BrewSs a5 Publlcatlons A55iStant and Elleleln KSrk as Operatlons Manager. Revd. Dr Gerald Bray contlnues hls work both sn h51 profes51onal fields of teaching, wrltlng and research. and as a member of the Latimer Trust Executlve. recelvlng an honorarlum In his role as Director of Research. On the admSnlsirative slde, the pool of people wlth experlence ol worklng for the Trust contlnues to be drawn upon and provldes flexibility In our businèss tsperations as demand for particular skills fluctuates through the year. The contribution of volunteers a5 authors and Trustee5 is acknowledged with 8ratitude. Andrew Atherstone as Lerturef In History and Doctrine and Latirner Research Fellow at Wycliffe Hall, Oxford contribute5 to the Executive Group and continues worklng on important writing projects. In onjunction with CEEC, the Trust also fuhds consultancy with Dr Martln Davie, and each year Latimer Trust provides about half of his funding. The sl8nificance ol academlc work In furtherin8 the alms of the Trust Is reco8nised in the provision ol these Latimer Fellowship5. 2 Publlcations. The publlcatlons schedule Is overseen by thè Executive Group. The followin8 manuscripts were published in 2025.. In February The Ascènsion of Chrlst, by Ed Moll. In M•v 'Spells, Styrcerers and Spirlts.. Magic and the Occult In the 8ible' by Klrsten 8irkett. In Julv 'Ministry Under the Mitr05¢0pe' by Allan Chapple In Septem￿r 'Elders In Every Civ by Ro8er 8eckwith The Tr¢Jst has benefltted from using Prlnt on Demand technolo8y for these publications, which mean5 thattiilts produced In thls way are listed at once on Amazon.co.uk and Amaion.com. and can be printed and shlpped elther from Milton Keynes, Tennessee or Melbourne. A selected number of publieations are available on klndle. Thls pollcy contrals shipping and stock costs, and also makes books immediatelv avallable through a nurnber of trade and retail outlets, around the world. The Operations Manager pursues Ilnks wlth the wlderAn¥ll¢an world to make our publications better known. One examplè 15 our literary agreement wlth Angllean House In the USA, which enables us to reach the Anglican community there more dlrectty and wlth 8reater Immediary The Lallmer Trust Tru5tees' annu31 report- contlnued For tht year endtd 31 December 2025 Gerald 8¥ay and Andrew Ather5tone also continued producing papers and books through other publishers,. Gerald's book Ten Chwrrh Ftsihers Every, Chrisiion Sltould Know will be published In early January 2026. He has also contlnued his regular speaking and teaching engagements around the world and contributed with various articles in different journals. Andrew also speaks widely and is involved in many writin8 projects. His book Rkle on the Chrisiion Life.. Groiv'rng in Grace was released by Crossway in November 2025. He ha5 been tasked to write the biography of the New Archbishop of Canterbury Sarah Mullalty which will be published in 2026. He has wrltten several chapters for other publications which were published in 2025. Hi5 membership of General Synod ha5 also led to him being Involved in various Church of England and international Anglican bodies. Martin Davie writes regular items relating to current Anglican issue5, the Gospel and the Anglican Tradition lin particular on his personal blog). He has written a book called Noviler h'on Nov¢T which will be published by Gilead in early January 2026 to ontribute to the Church of England's debate about human sexuality and the development of doctrine. He also continues to resource ihe Church of En8land Evangelical Council. These publications are significant contribution5 to the promotion and advancement of the Piotestant and Evangelical teaching and principles of the Church of England. and the Christian Church 8enerallv, and give particular attention to contemporary controversies and issues that may undermine biblical truth. 3. Scholarship5. Following this yearfs rèsearch grant process. granrs were awarded to William Press and Tim Lewis. The annual research grant programme allocated £1,000 this year to each of these beneficiaries on eonsideration of the merits of ihe candidate and of the prgp05ed area of study. in particular the match with the Trust's expressed historical and theological perspective and its relevance today. and the candidate's expres5 agreement with the Trust's Doctrinal Basis. 4. Other developments. The Trust is very con5ClOUS that developments within the Church of England are reatsn8 serious division in England and the wider Anglican Communion. It therefore seeks to support evangelical thinking and responses to the issues. This support has been given through personnel and by providin8 bookstalls at events organised by other groups and on the national and 8lobal scene. The Trust has beèn atcepted as a member of the Global South Fellowship of Anglican ChuTche5 IGSFAI. We will also continue our historit links with Galcon. The profile and influence of the Trust has been si8nificantly enhanced by the public online engagements of Gerald Bray, Andrew Atherstone and Martin Davie. The Trust has begun to produce rnore blog material. The website and social media are maintained and developed, and used by the public. Following the Vision day meeting in 2024. during the year, the trust has been planning a confeience which will take place in the summer of 2026. F￿Ure plans The LatlmerTrustwill be attendlngtonferèncts such as Renew. CEEC and Fellowship of Word and Spirit. where some of our tnjstees wlll promote our work and in some ca5e5 resource the event with publicatlons. Thefe are also apportun￿leS to do this at the Ebbsfleet regional meeting5 in April/Mav 2026. We are also awareof the opportunities to resource the An8lican Mission in England IAMIEI. Lastly. we are planning to release between 5-6 books In 2026 and have our first conference of the decade in June 2026. The Latimer Trust Trustee5' annual report- contlnued For the year ended 31 December 2025 Flnance review and Reserve5 Poli The initial capital funding for the Charlty was provlded by the transfer of the assets from the Oxford Evangelical Research Trust Limited IOERTLI. whose objects it continues. These were regarded prirnarily as expendable endowment funds which should therefore be invested in a manner that would provide the income nete55ary to fund the beneficial activitlès of the charity. although they are not restritted and may be distributed. The policy adopted was that the capital value of the initial investments was to be maintained in real terms if at all possible, but the investments would be placed 50 that any excess expenditure over income could readily be drawn from the liquid reserves. The Charity continues to require drawn down funds from capital to cover the annual planned operating deficit arising from its The capital 15 split between that invested in an investment portfolio linve5tmentl and that invested in the COIF Deposit Fund of CCLA linstant access cash). The liquid reserve is defined as the net current assets of the Charity and 15 to be maintained at the level of approximately one year of net operatin8 deficit. The annual planned net operating deficit includes sUPPOrting the Teseareh fellowships, 8rants for theological writing and research and sponsorship of other important book5 for publication. The net current assets of the Charity were built up durin8 2024 to cover the plannèd net operating deficit for 2025 and 2026, which for 2026 is experted to be approximately £94.500. The Charity will require drawdowns of funds generated from the sale of securities to maintain the liquid reserves at this level. As at 31 Oecembèr 2025 the total unrestricted reserves were £1.213,790 12024.. £1.271.1291 represented by.. Investments= £1.098,7S812024.' £1.111.5831 Cash liquid reserves held in dep051t fund £91.15412024.. £126.0921 Other net current assets £23,87812024.. £33,454) o Total liquid reserves £115,03212024.. £159.5461 Investments The Charity dwersifie51ts investment funds by havin8 them managed in two separate funds, each noted below. This strateKy has proved beneficial durlng the year as both funds varied in their performance withln another turbulent year for investors. The Ruffer Investment Fund's stated investment airn is to achieve a positive total annual return. regardless of the prevailing market tonditions. The Fund's two principal objectives are to firstly preserve the Fund's capital over a rolling 12-month perlod. Secondly. to grow the value of the Fund by delivering onsistent positive return5 Ithrou8h a comblnatlon tsf capital and income) greater than the return on cash la5 defined by the Bank of England Bank Ratel. Social, environmental and ethical considerations are mana8ed at their discretion. After a couple of years of net loss. the fund improved significantly in 2025, with a nèt 83in on Investment valuatlon of £72,263 forthe yèar12024.. loss of £3,231). The Latimer Trust Trustee5' annual report- continued For the yèar ended 31 Decèmber 2025 The CCLA COIF Ethical Investment Fund aims to provlde a tot31 return18rowth In capital and Intomel over the long term (defined as five years) of UK CPI + 5% per annum, before costs and charges. The fund has a wide range of ethical restflctions and is advised by an ethic31 advisory committee that identifies potential areas of policy development and refinement of the fund's client-driven ethical investment policy. It has been a chèllen8ing year for the fund with a net loss on investment valuation of E25.145 for the year12024.. loss of £8,456). The Trustees are keeping the Investment portfolio under careful revlew. The Improvement In the RLtffer Fund resulted in an overall net 8aln on investments of £47.11812024., loss ol £11.6871 with the hope that It wlll provide growth sufficient to cover the level of drawdowns and assoclaied rnana8ement costs each year. The remainder of the capital contlnued to be dep051ted In the CCiA COIF Deposit Fund a5 noted above. Rlsk mana8*ment The Trustees have completed a Rlsk Reglster and assessed risk lor the comlng yèar as follows.. al O£¢vpation tsf proptrty.. The Trust has entered an rolling Iicence agreernent with Kingham Hill Trust lor occupancy of an offiie at Oakhill College with an annual service fee of £3.480. bl While the capital reserve fund Is well managed, and relatlvely low risk, performance will be monitored c105ely given the varyin8 returns in 2025. ¢1 The main cost to the Trust is staff,. a 5.year rolling bud8et Ss revlewed each year to ènsure that staffing costs will be contained within this planned budget. dl The costs of publishing and administraticn will be monltored against the planned 5 year rolling budget. el There are suffitient fund5 availablè in liquld reserves to mèet the planned expenditure of the forth£omin8 year, and this 15 to be maintained by transfer from the investment portfolio managed by Ruffer and potentially CCLA in due course. The Trustees therefore calculate that no major risk5 exlst within the present operating plan. Truttee< r•spomslbllltl•s In rtl•tlon to the financlal st•tements The charity trustees arè r¢5ponsSble for preparing a Trustees. Annual Report and financial stattrnents in accordance with appltcable law and United Kingdom Accountin8 Standards (United Kingdom Generally Atcepted Accountlng Practice). The law appllcable to charitles In England and Wales require5 the charity trustees to prepare Tinancial statements for each year whlch give a tiue and fabr view of the state ol affairs ol the charity and of the incoming resources and application of fesources, of the charityforthat period. In preparing the financ¢al statements, the trustees are reoulred to.. Selèrt sultable a￿O￿nting pollcles and then apply ihem conslstentlv.. ObseNe the methods and principle5 in the applicable Charilies SORP.. Make judgements and estimates that are reasonable and prudeni,. State whether appllcable accounting standards have been followed, subject to any material departures that rnust be disclosed and explalned In the fittanclal stattments.. Prepare the flnancial statements on the golng concern basls unless It Is Inappropriate to presumè that the charlty will contlnue In buslness. The LatlmerTrust Trustees, annual report- continued For the year ended 31 December 2025 Thè trustees are responsible for keeping proper accountin8 rècord5 that disclose with reasonable aEcuracy at any time the financial position ol the charity and to enable them to ensure that the financlal statements comply with the Charitie5 Act 2011, the applicable Charities (Accounts and Reports) Re8ulations, and the provislons of the constitution. They are also responsible for safeguarding the a55ets ol the charity and taking reasonable steps for the prevention and detection of fraud and other Irregularities. The trustee5 are responslble for the malntenance and integrity of the charity and financial information included on the ¢hariVs website in accordance with le8islaiion in the United Kingdom governing the preparation and di55emlnation of financial statements. Approved by the board of trustees on 17 June 2026 Siened on their behalf by.. kLE.LJJI Revd Dr M Burktll Chairman Indepèndent examlnerf5 report to the trustee5 olThe Latlm*r Trust 1.the Cl￿) I report to the Trustees on my examlnation ol the accounts of the CIO for the year ended 31 December 2025. Responsibilitles and basls of report A5 the charity trustees of the CIO you are responsible for the preparation ol the at¢ounts in accordance wlth the requlrements ol the Charities Act 20111'the Act'l. I report In respett of my examlnation ol the CIO'S accounts carried out under sectlon 145 of the Act. In tarrylng out rny examlnation I have followed all applicable DSrèctions given by the Charlty Commission under section 14515llbl of the 2011 Act. Independent ex•rnlnerfs statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examinatign giving me cause to believe that in any material respect: accountin8 records were not kept In re5peci of the CIO as required by section 130 of the Act.. or the accounts do not accord with those records,. or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set Out in the Charities (Accgunts and Reportsl Regulatlons 2008 other than any requirement that the accounts 8ive a 'true and fair view which is not a matter considered as part of an Independent exarnir¢atlon. The accounts (financial 5tatementsl have been prepared in èccordan¢e with the relevarntversion of the Statemènt of Recommènded Practite applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Financial Reporting Standard applicable in the United Kingdom and Fiepublic of Ireland IFRS 1021 and the Charitie5 Art 2011 and UK Generally Accepted Accountin8 Practice. The a¢¢oynts (financial statements) have been prepared to Rive a 'rr¢Je and faSrf vlew and have departed from the Charities IActtsunt5 and Aeport51 Regulatlons 2008 only to the extent reoulred to provlde a 'truè and fair vIe￿. Thls departure has involved followinK the relevant verslon of the Statement ol Recommended Praaice applicable to charities preparing their accounts In accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 rather than the AccountinB and Reportin8 by Charities.. Statement of Recommended Practlce effectlve liom l April 2005 whlch ha5 since been withdrawn. I have no concorn5 and have Come across no other matters Sn connection wlth the examination to which attentlon should be drawn In thSs report In order to enable a proper understandin8 of the account5 to be re3¢hed. Sarah U8htfoo¢ FCA DChA Seven Hllls Accountants Umlted 57 Burton Street Sheffleld S6 2HH 18 June 2026 The iatimer Trust Statement of Flnanc5al Artlvltles Ilncorporatlnl the Intt*me and expendltur• a¢¢ountl Fgr the year ended 31 December 20Z5 Unfe5trlrted Unrestr5cted Funds Funds 2025 2024 Notes Income from: Donations 971 1,499 Legacies 12 733 Charitable activitie5- salès ol publication5 9,100 11,244 Investrnents 19,399 5.900 Tot•1 Income 30303 18.643 Expendlture on: Charitable activltie5 134.660 130.900 Tot•1 exp•ndlture 134,660 130,900 N•t iiln5lllossesl on In¥estments 47.118 111.6871 Net M0￿ment In lunds 157,3391 1123,9441 Total funds brought forward 1.271.129 1,395,073 Totsl lunds carrled lorward 1213,790 1,271,129 The n*t defick ￿for* 8alnslllosstsl on Investmerits was £104.45712024.. £112,257>. The ststement olfinancL41 actfvltles Sntludès all 8aln5 and losses reco8nlsed in the year. All income ond expendlture derlvesfmm ¢ontlnulnq ortlvities. The Latlmer Trust Balanct Sheet As at 31 December 2025 Total 2025 Total 2024 Notes Fixed assets Investments 1.098.758 1.111.583 Current assets Debtors Stock Cash at bank and in hand Total current assets 2,414 810 124.012 127,236 1,409 742 164,540 166,691 Creditor5'. amounts falling due within one year 112.2041 17,1451 Net current a55ets 115.032 159,546 Totsl assets less ¢urrent Ilabilities 1.213,790 1.271.129 Creditor5.' amounts falling due after more than one year Total net assets 1,213.790 1,271.129 Funds o1th• Charity Unrestrirted Income funds 1.213,790 1,271.129 Total lund5 1.213,790 1,271.129 Approved bythe Board on 17 JunÈ 2026 Slgned on bèhalf of the board bv H,Eoil Revd Dr M Burklll Cha5rman Th• Lailrn*r Tnjsl Notes to the Actounts For the year endtd 31 Dttember Z025 Accountlni Pollde5 G•ner*l The Laiimer Trust Is a Charltable Incorptsrated Organlsatlpn In the event that the chartty is wound up the Ilabllity in respect of the CIO iuarantee is limited ttt Enll per member of the charity. The addre55 of the reglstefed offKe 15 Ilven In the Company Inlormatlon on page l of IhesÈ fifi•nciil statements. The Iccounis (financial staitmentsl havt ￿en prepared In accordance with the rèlevant vtrsion ol the Statèmtnt of Rerornmended Pf3Ctlce applic3ble te thiritles preparin8 rhelr èccounts In accordance wlth the Finan¢lil RoptsrtlnÉ Standard applicable in the UK and Republic of Ireland IFAS 1021 and the Flnan£lal Rèportln8 Standard appllcable in the United Kin8dom and Republic of Ireltynd IFRS 1021 and the Charities Att ZOII and UK Generally Attèpted A¢rountln8 Practlce. The accounts Ifinanclal staternent51 have been prepared to 8ive a 'true and falrf ¥lèw and hive departed from the Charitits (Accounts and Report51 Resulèrions 2008 only to the exrent required to Pfovide a 'true and fair vlew,. Th15 departure has involved followin8 the Televani verslon of the Statement of Recommended Practlce applicable to charlties preparin8 their accounts In accordance wlth the Financial Reportlng Standard applicablt in the UK and Republic ol Ireland IFRS 1021 rather than the Accountin8 and Reportln8 by Charitles.. Statemènt of Recommended Piactlce effective from l April 2005 which ha$ 51nEe been withdrawn. Tho finlnclal staiement5 have taken •dvinta8e of the exemption for sm•ll ¢harltle5 not ta prepart a Staternent of Cè5h Flows. The charity meet5 the definiti&n of a public bentlit entity as defined under FR$102. The financial statements are presented In sterling whichls the funrtional currencyef the charlty and are rpunded to the nvarest £1. In¢ome lThcome 15 re£o8nlsed when the charlty has entl¢lement 10 the fund5, any perfcrm•nce condrti¥n5 attached to the Iternlsl of income have bten mtt, it is probable that the inceme will be recelved and the amount ran be me•sured r•ll•blv. Incom• from don•tlon5 and irants15 Included In Incornt when the gentral Income re¢oinltion ¢rlterla are met. For le¢atl*s, entltlernent 15 taken as the earlier ol the date on whlrh either.. the ¢harity Is aware that probate has been Kranled, the estate h45 been flnallsed and notification has beèn made by ihe e¥ecuterl51 to the Trust that i d15trlbutlon wlll be made, pr when a distribuiion is received frorn the estate. Receipt of a le83cy, In wholo or in part, Is only ronsSdered probable when the arnounr can be me45ured reliably and the charity has been notlfied of the txe¢utorf5 Intentlon to mike 4 distrlbution. Where le8acips have been notified to the chèrity, or the charity 15 •w•rt of the 8r4nlln8 of pro￿te, and the crlteria for income Teco8nitlon h•ve not been met, then the It8ary Is treated Is • ¢ontlngenl asset and dlK105ed Il material (see n¢te 121. In¥¢stmeni Income Included when ie¢•l¥•ble and the amouni con be mtasured reliably by the charity,. this is norm•lly upon Thotthf•iion of the Inttrest pald or payable by the bank. Inc¢)rnq recelvtd In advance of publlutlon or pr￿slOn of other speciled service it 15 deferred untll the ¢riteri? for Income reco¥nltloTh are met. EXPend￿re and lff•tmr•bl• VAT pendlture Is recognlsed onc¢ thete 1$ 4 le4al or construttive obllKatlon to make a payment to a thlrd party, it is probable that settlement wlll be requlred andthe arnount of the obll8atloA un be measured reliabl¥. Irrectyer•bleVAT Is char8ed as a cost a8alntt the actMtyfoT whkh the èxpendllur• was Incurred. Grants payable are re¢oinlsed In the accounts when a cofflmltment has been made and there are n¢ ¢pnditiDn5 10 be met relatlng to the 4Trnt whlch rernaln In ihe Control of the tharlty. The Latlffl¢r Trust Note5 to the Accouttts lconiinuedl For the year ended 31 December 2025 Attountlni Pollcles Irontlnuedl Flxéd asset Inv•5tment5 Investments are a form of basie finan£lal instrurnent and Art initially reeoÈnised at their tran5a¢tion valuÈ and subsequently rneasured al their lair value as at the balance sheet date usinÉ the c105inE quoted rnarket price. The staternent of financlal activities Include5 ihe net Eains and lasse5 arisin¥ on revaluation and disposals throughout the year. The Trust does not acquire put optlons, derl¥ative5 or orher complex finon¢lal Instruments. Reallsed ialn5 and 101se5 All 8oin5 and 1055es are taken to the Statement of Flnanci•l Activities as they arlse. Realised galns and losse5 on Investments are calculated as the difference between sales proceed5 ènd rhelr opening tarrylng volue or their purch•5e value If acquired subse9ueni 10 the firs¢ doy of the finarttial year. Unreallsed 8ains and 1ts5se5 Ire calculat*d a5 the difference between the fair value at the year end and their carrylng value. Aeallsed and unreèlised investment qalns and losses are ¢omblned in the Statement of Flnaficlal A¢twities. Cash *nd ush equSv*lettts Cash and cash equivalents comprise ¢ash on hand and ¢111 deposit5. and other short-rerm hl8hly Ilquld investrnents that are readily conwertible to a known amount of cash and are subject to an 1nsi8nifitHn¢ rlsk of change In value, ¢ Stock 5t%xk5 are Valued at the lower of ¢ost and net reallsabl¢ value after maklng due allowance lor obsolete and slow- moving 5tts¢ks. Trnd¢ ¢r¢diiors Trade creditors are obli8ations 1¢ pay for 4oods or servlcts that have been •¢qvired In th• ordinary ¢tsurse of buiine55 Irorn supplier5. Accounts paybble are classified as Current Iiabilitles If the company doe5 not have an ufi¢ondltlon•l rlght, at the end of the reportln8 perlod, to defer settlement ol the credltor for at least twelve month5 •fter the reportlne d•te. If there 15 3n unconditional right to defer 5ertlemeni for at least twelve month5 after the rep¢rtlng dale. rh¢y ire piesenred Is n¢n-¢urrent liabilltles. Fund accoun￿ Unrestrlcted fund5 arè donitlon5 and other Income receivable or 8eneratÈd for the objtct5 ef the or8anlsation wlthout further specined purpose and are ivallable as 8eneral fund5. D•fin•d COn￿b￿rIon wnslon s¢h•m• The charity contrébutes io a defined contrlbutlon penslon scheme for the benefit of the empl¢yee5. The pensi¢n costs char8ed a8¥lnst net In¢•mlng resourc•s ar• the conrrlbutions payable to the scheme In respect of the at¢ountlng peri¢d In Jte¢rdan¢e wkh FRSIO2. 0p¢f4tj￿ leue rentals Rentals under operatlng le￿$ are th•ryed to the Statement of FlnaThclal *£t￿lIa¢S on a srraight line basis over the lease terrn. Taxa￿0￿ As a chartty. the organlsatlon Is exernpt from tsx on Incorne and 8•ln5 falllng wlthln the avall•blt tu ex¢mptions to the ehlent thatthese are applied to ks Charitable objects. Notax char8e5 have arisen In the charity. Golry ¢on¢*m The finan¢i•l statements have been prepared on a 8oln8 concern bas15 as the trustees belleve that no materlal iincertaintles ex15t. Th• Latlrner Twlt Notès to the Attounts Icontlnu•dl Forthe yi•r ended JI Oecember 2025 Incom* Irom In¥ertm*r 2025 2024 Dmdends ind Interest from Investments B•nk and dep051t account Intèrest 14,235 5,164 222 5,678 19.399 5,900 Dlvidends and Interest Irom Investrnents represents from Investrnersts Ilsted on a reco8nlsed stock exchènce or held In Common Investment fund5, Open ended Investment companles. Unlt trusts or other collectlve invesirneni Schemes. Expendrture on tharttsble artl¥ltl•s Total 2025 Total 2024 Not• Salarles 66,412 4.310 48.335 2,000 1.176 589 5.340 3,480 1.911 523 584 56.SS6 7.912 51,26Y 2,Cfv)O 1,600 233 4,974 3,326 1.500 991 539 Restarch Fellowshlps Grants payible Ito indlvidualsl Conference costs Marketlng r05ts Administrative costs OKi¢e rental Independont ¢￿MInatIOn fee IPrevlDU5 year.. Acrountèncy fees) Meetin8 expenses 7rustees expenses io 134,660 110,900 4 St•ff Cosis •hd Nurnb•rn 2025 2014 Sal•rfes Efflployeffs Nl contrlbuilorbs Ernployer'5 allowance Ernployer'5 pension contrlbutlon 64,501 5,151 15,1521 1,911 $4,834 2,233 12,2331 1.722 66,412 No employee rectlved emoluments of rnore ihan E60,000 II024.' nlll. The avera8e number of employee5 during the ye•r was 5.012024.. 5.01. 2025 2024 Full-tlme equlval¢nt numb•rof tmpl¢)yee5. worklng In.. Charltable actlvltles - GoverTrance The Company operates a deflned contributlon pen51on schemé. The •sset5 of the scherne are held separately frorn those of the cornpany In an Independently admlnlstered fund. The penslon cost represents contributions payable by the company to the lund. The Latlrner Trust Notes to Ihe Actounts ItontlThuedl Forthe ye4r ended 31 December 2025 Fees pld ts thE IndÈpendent ex•minerfs orRanls*tlon 2025 2024 Independènt examinatlon fee Accountancy fee 1.911 1,500 Other seNices pald to thè independent examiner's or8anisatlon'. 173 151 Irwe¥tmeThts Cash held Llrttd Investment Investments portfolio Total Cosi orvaluadon At l January 2025 Acqui51tions at C05t Disposal proceeds Net g#in/llossl on revaluation (including foreign turrenryexchan8el 1.111.492 108 159,9601 47,118 91 1.111,583 17 159,9601 47,118 At 31 Decernber 2025 1,098.758 1.098,758 ￿et￿sh released from investments in the yearwa5 £60.Q)012024.. E24n,OaOI. Investments (listed on recogntsed Stock exchafi8e513t market value comprised.. 2025 2024 Overseas Irwestmentsllndudifi8 global fvndsl 1,098,758 1.111,492 Delrto 2025 2024 Otherdebtors Prepayments and accrued Income 1,032 1.382 301 1,108 ZN14 IA09 7 f•sh atb•nk •nd In h•r 2025 2024 COIF dep05Ft fund Current accounts Petty(ash 91.154 32,847 li 126,092 38.448 124.012 164,540 The L•tlmer Trust Not** to the Accounts IcoAtlnuedl For the year ended 31 DecembeT 1025 Credltors: *mo¢Jnts l•lllThi due wtlhln on¢ year 2025 2024 Other credltors Accrua15 and deferred Sncome 10,092 2.112 5,306 1.839 12,204 7,145 Anatysls ol net aSSÈts by iLtnd 2025 Total 2024 Total Flxed asset Investments Cash at bank and in hand COIF deposit ftsnd Other net Current assets 1,098,758 91,154 23,878 I,111.S83 126,092 33.454 Unr¢strl¢t•d net assets 1,213.790 1,271.129 10 Yrust••s rernuneration. b•n•ffts *nd txp*ns•s Trustees were able to clalm reasonable travel expense5 to meetings ¢n the bu51ness of the Trust. 5 trustees received a total of E584 In relatSon to rtclaimed travel expenses. 12024.. 4 trustee5 received £S39 in relation to tra￿1 expenses). Th• ¢harlty trustees were figt p•ld or recelved any benefits from employment with the Ch•rlty In tho y¢•r12024.. Enlll. No chadty tn15tee received payment lor profe5510nal or ether Services svpplied to the charity12024.. Enill. Th• followlnl costs were Incurred by the Ch•r4ty In the year.. - P•yln8 for James Huihes to attend CEEC conferences- £26112024.. £4621. 11 R•l•t•d partytr1n￿cd0ni The L•tim•r Twst is aSJtxl•ted with CEEC (Church of ED8land EvanÉellcal Counclll by way of a belng a member organ1$4tlon. James Huehes, trustee. 55 . There were no additlonil related party trans•Ctl¢ns, oiher th•n those dlsclostd in note 10. 12 ContlnieTht asset. l¥iLy In￿rne As at 31 December 2025 the £harlty had been norlfied of on¢ reslduary lelacy, the value el which Is uncertain as the executor 55 èwa5tin¥ the Sale ol propertles. The value Is likely to be In the re8lon of £5,000. An Interim payment wa5 dut in tarly 2025 but was not received- a debtor of £733 has been provlded. 13 OperatlnK hase tommlknents As at 31 December 2025 the charity w¥$ ¢ommStted to Ma￿nI the followlni rent payments underoperating leases.. 2025 2024 Payable wlthln l yeaf The Ilcence agreement has no end dat¢ but requ1￿5 a rnlnlmum of 3 month5 not1¢¢ to terrnlnate. 870 i.lso