Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 Charity number: 1091660 THE ALBORADA TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE AL8ORADA TRUST CONTENTS Page Rgforonce and Palmlnlstratlve Detalls of the Trust, its Trustees and Advl$•rs Trustees. Rgport Indepgndent Auditors. Report on tho Flnanclal Statsments statgment of Flnanclal Aetlvltlgs 10 Balance Sheet 11 Statsment of Cash Flows 12 Notes to the Flnanclal Statements 13-27
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE ALBORADA TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2025 Trustees E K E Rausing R Lerner Captain J Nicholson R T A Goff lr8ty.red 18 Septemb8r 20251 A E Traub J Clarke M S Johnston (appolnled 18 September 202SI Charlty reglstered number 1091660 Principal offlce Lanwades Stud Moulton Road Kennett NewTnarket CB8 8QS Director G Harris Independent auditors PEM Audit LSmfted Registered Auditors Salisbury House Ststion Road Cambridge CB12LA Bankers Julius Bar Bahnofstrasse 26 Zurich CH4010 Investment manager Longbow Finan SA Route De Lavaux 36 LulryCH-1095 Swblzerland Page 1
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE ALBORADA TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The tfuslees pr8s8nt their report along with the audited financial statements of the Trust for the year ended 31 December 2025. The financial statements have been prepared in accordance wlh the accounting policies set out in the notes to the financial statements and mplY with the Charivs Trust Deed, the Charities Act 2011 and Accounting and Reporting by Chari(ies'. Ststement of Recommended Practice applicable to ¢harilies preparing their accounts in accordance wrth the Financial Reporting Standard in the UK and Republic of Ireland IFRS 1021 {effective 1 January 20191. Structurn. Gov¢man¢o and Manag8mgnt The Albtsrada Trust, a prNale philanthropic trust founded by Kirsten Rausing, is an unincorporated registered charity. established by a Deed of Trust dated 1 October 2001 and amended by a supp16mèntal dèèd d8t8d 5 March 2002. Under the terms of the Deed, the trustees shall hold the capital and the income of the Trust Fund upon trust to apply the incom8, and as far as necessary the capltsl, for or towards such charitable purposes and to make grants lo such charitsble bodies or institutions at such time or times and in such mann8r as the trustees may in their absolute discr81ion think fit. The charity does not undertake fundralsing activlties. Tnsslees serve an Indeflnlte term based on their relative 8xperienc8 and contrlbutson to the Trust as a whole. The trustees keep the skill requirements of the Irusl&e body under review and in the event that a trustee retires or additional new trustees are required. the existing trustees collectively discuss the change. There Is a fomal induction and training for new Irusle6s, delivergd by the Dirg¢tor_ Appointment is by nomination and the trustees review the skills of each nominated porson to select members with the relevant experience and skills. Th8 power of appolnlment of new Iruslees is vested in and ex8rcisabl8 by tha continuing trustees. Al the truste8s' m99tings held during the year the trustees agree the strategy and area$ of advlty for the Twst, induding consideration of grant making, investment, rès8rvgs and risk management lICieS ar performance. Th8 trustees who served during the year and the principal address ol the trust are detailed on page 1. Remuner8llon Is determlned by the trustees and is sel with reference lo market data for comparable roles within the wider not-for-profit sector. Remuneration is reviewed periodicalty to ensure that il remains appropriate to the size, activ(ties and financial posltlon of the cl)arlty. Employees are not Involved In deusions relating to their own remuneration. Rlsk Management The Irust66s hava considered the major risks lo which the Trust is exposed and have revl8wgd those rfsks and established systems and procedures lo manage those risks. Tha Iruslees considar market price risk and credit risk to be the most significant investment risks. Market price risk is managèd by investment in a diverse portfolio managed by an Independent fund manager. Credit risk is managed by investment in investment grade securities. Objectlves and ActSvltles The Trust's aims are the funding of medical and veterinary causes. research and educauon and for the rellef of povety and of human and animal suffering, sickness and ilkheallh. The main objectDies for the year are shaped by these strategic aims wlh a view to continue funding ¢hosen general charitable caus85 In line with the Trust Deed. Pag& 2
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE ALBORADA TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 Grant Maklng Pollcy The trusteos, fvnds are fully committed and unsolicited applications are not requested. The trustees will donate the annual available income lo approved UK regislerad ehariU&s and prefer lo support grants to charities whose work they have researched and which is in accordance with the aims and objectives of the Trust for the year. The trustees request regular updates from those eharities that they have support8d to provide details of how the grants have be8n allocated and spent. Grants are only ¢onllnued where the applicant promdes sufficient relevant infomation lo the trustees and satisfies thè trustees that continuation of funding is in the intgrests of the Trust and its aims and objectives. Perfomiance for tho Year The trustees try to predict the level of income that they expect lo recewe each year so that they can plan the level of grants for each flnancial year. Investment retums comprised investment income of £110,441 12024 £146,448) and gain on revaluation of £623,337 12024 - £890.2351. The trustees dlslrlbuled £5,439,902 {2024 - £5,454,246) by way of grants paid In the year. The Trusvs ineomo for the year ended 31 December 2025 included donations income, gift aid receivable, dividènds and interest amounting to £735.441 12024 income of £146,448). Realised and unrealised gains and losses on Investments amounted to an ov8rall gain of £623,337 {2024- £890,2351- The Trusts. nel liabilities and totsl unrestricted reserves as al 31 D8cember 2025 amounted to £909,567 (2024- nel assgls of £2,495,840). The trustees port net expenditure befe other gains and losses for the year of £3,495,501 12024 £8,218.6471. Reserves The reserves policy of th8 Trust is lo ensure that al 811 limes il has sufficient reserves lo meet its commitments for the next three months. The Trust like many grant making charrties has very low fixed costs. The founding Iruslee funds the Twst and makes donations from lime to time lo ensure that the Trust can meet its grant obligats.ons as they fall due. Al the end of thg year the TFL+St wa5 in a net Ilabilltles posklon. resultSng In there being a need for support from the Founding Truslg8 in order for there to be sufficient reserves available lo meet the grants awarded by the Board of Trustees as theyfall due. This includes Some mulliHyear grants. Investment PolScy and Perfomiance Th9 trustgos have a balanc8d investment pollcy and alm lo malntgln free reserves In unreslrictod funds at a level which is suffici8nl to wholly dsslribute the irorne of the Trust fund whilst retaining capital for the maintenance and growih of th8 Fund. Th8 trustg8s' policy Is lo Invest the fijnd In secure markets. endeavouring to obtain a reasonable Income, ompatible with prol8Ction of the capital value involved and taking into account inflationary factors. With this in mind, the Iruslees have appointed the services of investment manag8rs lo guide and act for Iheffl on a professional basis. The trustees monitor the performance of the investments in line with their short and long term aims and objectives, as well as undertaking regular reviews with the investmant managers at the trustees, meetings throughout the finan¢i81 year. Investments are shown at market value rather than tK)ok cost in accordance with the Stslemenl of Recommended Practice.. Accounting and Raptsrtlng by Charities. Pag& 3
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE ALBORADA TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 Invgstmont Pollcy and P8rfomian¢• Icontlnuod) The trustees confirm Ihal the Trust's assets are sufficient to fu11 ils obligations in rgspecl of unrestricted funds and that all investrnents held by them on behalf of the Trust have been acquired in a¢cordan¢e with the powers vailab18 to thèm undgr the Trust Deed. Plans for Futuro Porlods The trustees are mindful of the MportanCe of animal weKare and related research together with Projects dealing with the relief of poverty, hurnan suffering, sickness or ill health throughout the world. They would like to continue their current line of support by providing grants lo selected organisations. The AItKJrada Trust is 8 lasting le8monY lo the generosity and philanthropic concems of the Found8r. Trusfs Publlc Benefit The trustees have referred to the guidance contsined in the Chartty Commission's general guidance on public benefit when reviewing their aims and objectives and in planning future activities. Thls Is ewdenced by the contributions paid to registered ¢harilies tol811ing £5,439,90212024- £5,454,246). Golng Concern Thè trusteas have raVWd the Trust's investm8nts and opèrattons. Tha budget for charitable activities in 2026 is based on a commitmènt from thé founding trustee that th8re will be sufficient cash resources available to meet preexisling grant commitments and operational costs. The Trust holds reserves to supplement income requirements to meet its charitable objectives as required. Th& trustses ¢onsidgr that there are no material un¢ertainti8s over tho Trust's ability to continue as a going ¢on¢xm for the foreseeable future. being a period of at least 12 months from the date of signing the financial ststgments. statemont of Trustees. R&sponsibililies The trustees are responsible for preparing the Rewrt of the Trustees and the flnanclal slat8m8nts In accordance with applicable law and regulations. Charity law requires the trustees to prepare financial statements for each financial year in accordance with Uni18d Kingdom Generally Accepted Accounting Practice {United Kingdom Accounting Stsndards and applicable lawl. Under charity law the Iruslees must not approve the financial slalements unless they are satisfied that they give a trua and fair viaw of tha state of affairs of the charity and of tha incoming rgsources and application of r&sour¢es including the income and expenditure. of the charity for that period. In preparing these financial stslements, th8 trustees are requlred lo.. select $Lrilable accL)unling policias and than apply them consislenlly-, make judgements and estimates Ihal are reasonable and prudent., stste whether applicable UK Accounting Standards have been followed. subject to any material departures disclosed and explained In the financial stalemenls,. and prepare the financial statements on tha going concern basis unless it is inappTopriale lo presume that the charity will continue in business. Page 4
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE ALBORADA TRUST TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2025 The trustees are responslble for keeping proper a¢ttJuntlng records which disclose with reasonable accuracy at any lime the financial position of the Trust and enable them to ensure that the financial statements comply with thg Charities Act 2011, the Charty (Accounts and Reports) Regulations and the provisions of the Trust's trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for thg prevgntSon and datection of fraud and other irragul8rities. Auditors Our auditor Petsrs Elworthy and MO0 transferred Ihelr audlt registration ond therefore that part of their busingss lo a newly Incorporated limited company, PEM Audit Limited, on 1 S8Ptember 2025. Accordingly, Peters Elworthy and Moore ceased lo be the Trust's avdilor wSlh PEM Audit Limlted baing appointed to fill the varAncy arising. Approve y or(ler of the members of the board i)f Trustees and slgned on thelr b8haK by.. EKE Tlusteo Dale.. Page 5
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE ALBORADA TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ALBORADA TRUST OPINION We have audited the financial st8tements of The Alborada Trust Ilhe Trusl'l for the year ended 31 Docember 2025 which ¢omprise the Statement of Financial Activf(ies, the Balance Sheet, tho Statement of Cash Flows and the related notes, including a summary of significant a¢¢ounling policies. The financial reporting framework that has been applied in their preparatSon is applicable law and Untted KingLfom Accounting Standards, including Financlal Reporting Standard 102 The Finanaal Reporting Standard applicable in the UK and Republic of Ireland, IUnit8d Kingdom Generally Accepted Accounting Practicel- The financAal statements have been prepared in 8ccordance wf(h Accounting and Reporting by CharitK?s preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 102} In preference to the Accounting and Reporting by Charities= Statèmènt of Rècommènded Pracilce Issued on 1 April 2005 which is referred to in the extsnt regulations bul has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Gengralty Accepted A¢¢ounting Practice effective for raporting periods beginning on or after 1 January 2015. In our oplnion the flnanclal statements= give a true and fair view of the slate of the Twsts's affalrs as at 31 December 2025 and of its incoming resources and applicatson of resources for the year then ended., have been propèrly prepared in accordance with Unilgd Kingdom Gener81ty Accepted Accountlng Practice,. and havg been prepared in accordanrE with the requirements of the Charities Art 2011. BASIS FOR OPINION We condurt8d our audit in accordance wlth InlemalSonal Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsSbllltses under those standards are further described in the Auditors. responsibilities for the audit of the financial ststements section of our report. We are independent of the charity in aCCdanCe wllh the elhlca1 requirements that are relevant to our audit of the financial statements in the United Kingdom, induding th8 Financial Reporting Councll's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with thes8 requirements. We believe that the audit evidence we have obtsined is $ufficient and appropriat6 to prowde a ba858 for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In aLJditing th8 ftnanclal ststsments. we have concluded that the Tnjslees, use of the golng concem basls of accountlng in the preparation of the flnancial statements Is approprL9te. Based on the work we have p8rfomiad, we have not identifigd any material uncertainlSes rel81ing to events or conditions that, individually or collective, may cast significant doubt on the charitys abilty to (x)ntinue 85 8 going concerrb for a p&riod of at least twelve months from when the financial ststements are authorised for issue. Our responsibilities and the responsiblli1Ses of the Trustees wllh respect to golng concem are described in the relevant sections of this report. Page 6
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE ALBORADA TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ALBORADA TRUST (CONTINUED} OTHER INFORMATION The other information comprfses the informatlon Included In the Annual Report other than the financial statements and our Auditors, Report Ihereon. The Trustees are responsib for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other infomiation and, except lo the extent olherwbse explicitly stated in our report, we do not express any form of assurance concluslon thereon. Our responsibility is to read the other information and. in doing so, corisider whether the other information is materially inconsistent with the financial ststements or our knowledge obtained in the course of the audll, or otherwlse appears to be materially misstated. If we identify such material inconsistencies or apparent material misslalements. we are required to determine whether this gives rtse lo a material misstalemenl in the financial slalements thems8lves. If, based on the work wa have p8rform8d. w8 conclude that th8r8 is a mateTial misstatement of this other information, we are required lo report that fact. We have nolhlng to report in this regard. MATfERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION Wg havo nothing to port in respect of the following matters where the Charities (Accounts and Reports} Regulations 2008 requires us to report to you if, in our Opinn.. the information gwen in the Truste8s' Rgport is inconsistent in any material respect with the financral ststements" or sufficient accounting records havè not an kept.. or th8 finanaal stataments are nol in agement with the acc£Junting records and returns- or we have not received all the information and explanalK)ns we require for our audit. RESPONSIBILITIES OF TRUSTEE5 As explalned more fully In the Trustees, Responslbllltles Stslement. the Trustees are SpOnsIble for the preparation of the financial slalemenls whlch give a true and fair view, and for such Inlemal control as the Trustees determine is necessary to enable the preparation of finanGial statements that are free from material misstatement, whether due to fraud or error. In pr9parfng me flnanclal ststements. the Trustees are responslble for assessbng the charws ablltty to conllnue as a going concam. disclosing. as applicable, matt8rs Telated to going concern and using the going conc8m basis of accounting unlèss the Trustees either interKI to liquidate the charity or lo cease operations, or have no realistic alternaiive but to do so. AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been appointed as auditor under section 144 of the Charitlas Act 2011 and report in acwrdan(* wtih the Act and relevant regulati)ns made or having effect thereunder. Our objectives are lo obtsin reasonable assurance about whether the finanual ststements as a whole are free from Tnaterial misslalement. whether due to fraud or error. and to i&8ue an Auditors, Report that includes our opinion. Reasonable assuran¢o is a high level of a$suranca, but is not a gu8rantee that an audit conducted in accordance with ISAS IUKI will always deteGI a material misststem9nt when it exists. Mi5stateTnenls Gan arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected lo influence the èconomic decisions of users tsken on the basis of these financial slalements. Irregularib8s. including fraud, are InStanS of non-compliance with laws and regulations. We design pro¢eduTes in Ilne wlth our r9sponslblllllgs. ouUin9d abovg, to dotoct tnat9rial mis5tatgrnBnts ill rgspgct Of irr9gulariti9S, Page 7
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE ALBORADA TRUST INDEPENDENT AVDrroRS' REPORT TO THE MEMBERS OF THE ALBORADA TRUST (CONTINUED) AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS ICONTINUEO) including fraud. The extent to which our procedures are capable of deteth'ng irregularities, including fraud is detailed below. Our approach to identfying and assesslng the risks of material misstatement in respect of irregularities, including frdud and non-compliance with laws and r8gulalions, was as follows.. the engagement partner ensured that the engagement team collectlvely had the apprOat8 competence, Capabilities and skills to idenlrfy or recognise non-complian with applicable laws and regulations,. we identified the laws and regulations applicable to the Trust through discussions with trustees and other management., we focused on specifi¢ laws and regulations which we consldered may h8ve a direct malerlal effect on the flnanclal stslemenls or the operations of the Trust, Including the Charltles Act 2011,. In addltlon, we considered provisions of other laws and regulations whlch do not have a direct effect on the financial statements bLrt compliance with which might be fundamental lo the Trusls's ability to operate or to avoid material penalties., we obtained an undgrstsnding of the leg81 regulatory framework 8ppll¢able to the Trusl and of the Trust's policies 8nd procedures on compliance wllh laws and rogulalions, including documentslion of any instances of non-compliance., we madè ènquiri8s of management as lo where they considered there was susceptibility to fraud, thgir knowledgg of adual, suspected and alleged fraud", we consldered the Intsrnal controls in place to millgale risks of fraud and non-compliance th laws and rulations. we obtained ars understanding of th8 entitys risk assessmenl process. including the risk of fraud., we assessed the susceptI11ty of th8 8nlitys financial statements lo material misstalemenl, including how fraud might occur.. and laws and regulations idontified were ¢ommunical8d within th8 audit team r8gul8rfy and th8 t8am ramainad alert to instances of non-compliance throughout the audit. As a result of the above risk ass8ssmont procedures w8 idantified th8 great8st risk of matgrial misstalgm6nt on the financial statements arising from irregularities and fraud to be within the potential for management lo override controls, to exert bias over the a5sumption5 and judgements used in respect of the signifiGant aGGounting estimates together with the risk of fraudulent revenue recognition. We considered the rfsk of fraudulent revenue recogntbon lo be most prevalent in the cut-off of revenue. In response lo these identrfied risks, we designed PrdureS which induded, but were not1Smlted lo.. perfornied analytical procedures to Identsfy any unusual or unexpected r8lationshlps' performed audit work ov8r the rlsk of managgm8nt overrfde of controls, Includlng testing of joumal entrles and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the nomial course of business.. we evaluated the assurnplions and judg8menls used by management within signrficanl accounting estimates and assassèd whether these indicated evidence of management bias- we used Audit Data Analytics to review the client data for unusual trendslanomalies- and performeLI substantive testing for a sample of transactions from client documentatSon lo sUppOng documentation and recgipls lo ensure that all income was appropriately recognised in the correct period and any restricb'ons appropriately recognised. Page 8
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE ALBORADA TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ALBORADA TRUST {CONTINUEDI AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS ICONTINUEO) In response lo the risk of irregularities and non-compliance with L4ws and regulations, we dasign8d procedures which in¢lud8d, bul were not limited to= we agreed the financial stat8m8nt disclosures lo underlying supporting documentation.. we assessed the extent of compliance with the laws and regulations identffied above throLbJh making enquiries of management and inspecting legal correspondence., we read the minutes of meetings of those charged with governance.. and w8 discussed with those charged with govemance actual and potential If(igation and claims. Thère 8rè inhèrènt limitsti¢)ns in our aL1t proc8dur8s dèscribed above. The more removed that laws and regulations a from financial transactions, the less Ilkely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to idenllfy non-compllance wh laws and regulations lo enquiry of the directors and other management and the inspection of regulatory and legal correspondence. if any. M8lerlal mlsstslements th8t arise due to fraud c8n be harder to detgct than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial slalements Is located on the Financial Reporting Council's webslt8 at.. www.frc.o .ukl nsibililies. This description forms part of our Auditors, Report. USE OF OUR REPORT This report is made solely to the charitys Irust88s, as a body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audkt work has been undertaken so that we might stale lo the charitls trustees those matters we are required to stale lo them in an Auditors, Report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsiL)ility to anyone other than the charity and its trustees, as a tK)dy, for our audit wotk, for this réport, or for the opinions we have formed. PEM PEM Audlt Llmlted Registered Auditors Salisbury House Slalion Road Cambridge CB12LA Date.. 20 May 2026 PEM Audit Limited are eligible lo act as auditors in terms of section 1212 of the CompanSes Act 2006. Page 9
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE ALBORADA TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDEO 31 DECEMBER 2025 Unrestricted funds 2025 Total fund5 2025 Total funds 2024 Note INCOME FROM: Donations 625,000 110,441 625.000 110,441 Investments 146.448 TOTAL INCOME 735.441 735.441 146,448 EXPENDITURE ON: Ralsing funds Charitabb aclivllles 25.008 4.829.271 25.008 4,829.271 31.336 3,8,688 TOTAL EXPENDITURE 4.854.279 4.854.279 3,882,004 NET EXPENDITURE BEFORE GNsI(LoSsEsl Nel gains on investments (4.118,8381 623,337 14,118,838) {3,735,5561 623.337 890,235 NET EXPENDITURE (3,495,501} (3,495,501) 12.845.321) OTHER RECOGNISED GAINS: Galns on forelgn exchango 90.094 90.094 49,440 NET MOVEMENT IN FUNDS (3.405A07} (3.405.407) 12,795,881) RECONCILIATION OF FUNDS: Total funds brought forward Nei movement in funds 2.495,840 2,495,840 (3.405,407) {3.405.4071 5,291.721 12,795.8811 TOTAL FUNDS CARRIED FORWARD (909,567) 1909.567} 2,495,840 Th8 StaEement of Financial Actlvhles Includes all galns and losses r8cognls8d In the year. Th8 notès on p8ge$ 13 to 27 fomi part of these financial slatemenls. Page10
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE AL80RADA TRUST BALANCE SHEET AS AT 31 DECEMBER 2025 2025 2024 Note FIXED ASSETS Investments 12 7.077,709 11.401,661 7.077,709 11.401.661 CURRENT ASSETS Debtors 13 65.657 269,304 18,641 171.863 Cash at bank ar5d in hand 334.961 190.504 CURRENT LIABILITIES Creditr)rs: amounts falling due wthin one year 14 (3,706,086) (4,474.5581 NET CURRENT LIABILITIES TOTAL ASSETS LESS CURRENT UABILITSES 13.371.125) 14,284,054) 3,706,584 7.117.607 Creditors.. amounts falling due after more than one year 15 (4,616,151) 14.621.767) TOTAL NET ILIABILtTIESIIASSETS 1909,567} 2.495,840 CHARITY FUNDS Unrestricted fLtnds 17 {909,567} 2.495,840 TOTAL FUNDS 1909.567) 2.495.840 The financial statements were approved and authorised for issug by the Trustees and signed on their behaff ty.. E K E Rauslng Trustee Dale: The note8 on pages 13 10 27 fomi part of these financial slalemenls. Page 11
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE ALBORADA TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DEGEMBER 2025 2025 2024 CASH FLOWS FROM OPERATING ACTMTIES Net cash used In operating activitEes (4.960,289) 15,541,717) CASH FLOWS FROM INVESTING ACTIVITIES Dividends and interests ffom investments Net moveTnenl of investments 110,441 4,947,289 146.448 5,354,003 NET CASH PROVIDED BY INVESTING ACTIVITIES 5.057.730 5,500,451 CHANGE IN CASH AND CASH Eouf4ALENTS IN THE YEAR 97,441 (41,266} 213,129 C85h and cash equivalents at tho beginning of the year 171.863 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 269,304 171,863 The notes on pages 13 to 27 fomi part of these financial stalements Page 12
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE ALBORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 GENERAL INFORMATION The Alborada Trust is an unincorporated Trust registered in England. The Trust's registered office is Lanw8des Slud. Moulton Road. Kennett, Newmarket. CB8 8QS. The Charitys fltnctional and presenlalional currency is GBP. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared in accordance wlth the Charflles SORP IFRS 102} - Accounting and Reporbng by Charities.. Statement of Recommonded Practice applicable lo charities praparing their accounts in accordance with the Financi81 Reporting Standard appli¢able in the UK 8nd Republic of Iraland IFRS 102118ffÈetive 1 January 20191, the Financial R8portSng St8ndar(I 8pplicable in the UK and Republi¢ of Ireland IFRS 1021 and the Charities Act 2011. Th8 financlal statements hove been prepared to give a 'lrue and f81rf vv&w and have departed from the Charities (Accounts 8nd Reports) Regulations 2008 only to the extent required lo provide a Irue and fairf view. This departure has involved following the Chariti8s SORP IFRS 1021 publish9d in October 2019 rather than the Accounting and Raporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Alborada Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognlsed al host0(21 Cost or transaction value unless otherwlse ststed In the relevant accounting policy. 2.2 GOING CONCERN The Iruslees have reviewed the Trust's investrnenls and operations. The budget for charitabla actIveS in 2026 Is based on a commitment from the founding Irustse that there ¥11 be sufficient cash resoLJrcos available lo meet pre-existing grant commitm8nts and operational costs. The Trust holds reserves to suppl8menl income requirements lo meet its charitable objectives as required. The trustees conslder that there are no matelal uncenalnties over thè Trusvs afjilily lo continue as a goSng conc8m for the foreseeabl8 future, baing a pgriod of at bast 12 months from the dote of signing the financk31 stataments. Page 13
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE ALBORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES (CONTINUED) 2.3 INCOME Al income is recognised onca the Trust has entiuement to the Income, It Ss probable that the income wlll be received and the amount of income recelvable can be measured reliably. The recognillon of income from legaryes is dep8ndenl on establlshSng enthlement. the probability of ceipl and the abllity lo estimate with sufficient accuracy the amount receivable. Evidence of entiuemant to a legacy gxists when the Trust has sufficient 8vid8nce that a gift has been left lo them {through knowledge of the existence of a valid will and the death of the bgnefaclorl and the executor is satisfied that the propety in question will not required lo satisfy claims in the eslale. Receipt of 8 legacy musl be recognised when it is probable that il wll be received and the fair value of the amount recelvable, which will generally be the oxp8¢ted cash amount to be distributed to the TTUSt. can be reliably measured. Income tsx recoverable Sn relation to donations r8celved Under Gwt Ald or deeds of ¢JJvenanl is recognised al the lime it becomes receivable. In¢xbme tax recoverable in relation lo invastment incoma 1$ recognised al the time the investment Income is receivable. 2.4 EXPENDITURE Expenditure is recognised once there Is a18gal or c0nstfUCte oblbgalion to transfer economic benefit lo a third paty, it is probable that a transfer of economic benefits will be requirad in sattlamant and the amount of the obligation can be measured reliably. Expenditure is classrfied by actimty. The costs of each activity are made up of the lolal of direct costs and shared costs. Direct costs attrlbulable to a single activity are allocated direclty to that activlty. Shared costs which contllbute to more than one adivity are 8PPOrtioned betsveen those activities on a basis consistent with the use of resoue8. ExndItUre on raising funds includes all 8XP8ndilure incurrad by the Twsl lo raise funds for its charitable purposes. Expenditure on tharttobl• aetlvltlas Is Incurrod on directly undartaking the activities which further the Twst's objeclivgs. Grants payable are charged in the year when the off8r is made èxcept In those cases where the offer is condltional. such grants being recognised as expenditure when the conditions attaching are fulfilled. 2.$ INTEREST RECEIVABLE Intefftsl on fLJnds he on deposit is induded when receivable and the amwnt can be measured reliably by the Trust.. this is normally upon notification of the Interest paid or payable by the institution with whom tho funds are d6posilad. 2.6 TAXATION The Trust is a registered charity and as such is entitled to tax emplions on in(x)me and gains properly applied for its chartt8ble PUTposes. Page 14
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE ALBORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES (CONTINUED) 2.7 INVESTMENTS Fixed asset investments are a fonn of financial instrument and are initially rI)glsed at thèir transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case It is measured at cost less impaim)enl. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLosses} on Investments, in the Statement of Financial Aclivilies. Investments held as fixed assets are shown al cost less provision for impairnient. Forward foreign exchange contracts Forward foreign exchange contracts to buy and sell cUrreneS at future dates are maTked to market and reallsed and unrealised gains aro included In the Ststement of Financial Activities. 2.8 DEBTORS Debtors are recognised inilialty at fair value. Subsequent to Inttlal recognlllon they are measured al amortised cost using the effective interest method. $S any Impalrment losses. 2.9 CASH AT BANKAND IN HAND Cash at bank and in hand includes (ssh and short-lerm hhlY IiquKJ investments with a short maturity of three months or less from the date of a(4uisition or opening of the deposit or similar account. 2.10 LIABILITIES AND PROVISIONS Liabilities are recognised en there is an obligation al the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in $8ttlement, and the amount of the settlement can ba estimated reliably. Liabilities afe recognised at the amount that the Trust anliclpates 11 will pay to settle the debt or the amount it has rgcgiv•d as advanced payTnents for the goods or services it must provide. Provisions are measured al the best estimate of the amounts requlred lo settle the obllg8tlon. Where the effect of the lime value of money is material, the piovislon is based on the present valug of those amounts. discounted at the pre-tax discount ralts that reflects the risks specific to the liabllily. The unwinding of the discount is recognised the Stslemenl of Financial Activities as a finance cost. 2.11 FINANCIAL INSTRUMENTS The Trust has financial assets and financlal liabilitS in the fomi of both basSc and non-basSc financial Instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at aM0$9d Cost uslng the effective interest method. Derivative financial instruments exist in the fomi of forward for8ign èxchange contracts as detailed above. Pagè 15
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE ALBORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ACCoU1NG POLICIES {CONTINUED) 2.12 FUND ACCOUNTING General funds are unroslrlcted funds which are avallable for use at the dlscretlon of the Trustees In furtherance of thg general objectives of the Trust and which have not been deswJnated for other purposes. Investment income, galns and losses are allocated lo the approprlale fund. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT Estimates and judgments are continually evaluatgd and are based on historical experience and other factors, including expectations of future events that are believed lo be reasonable under the circumstances. Critical accounting estSmales and assumptions- The Trust makes estimates and assumplKJns conceming tha fvture. The resulting accounting estimates and assumptions wll. by definition. seldom equal th6 relatod actual rasults. The èstimatès 8nd assumptions th81 have a signrficant risk of causing a material adjustment lo the carrying amounts of assets and Ilabllllies within the next financial year are discussed below. Critical 8re8s of judgment.. Valuation of investments Investments are included in the Balance Sheet at fair value determined by the Investrnenl Advisors. Investm8nt gains and 10ss88, wh¢thgr realised or unrealised are COTnblned and presented as 'GasnsllLossesl on investmants, In the Stat8ment of Financial Activities. Valuation of forward eantr8¢t$ Inv8Stmgnts 8re Included in the Balance Sheet al falr value determln8d by thè Investrnent Advisors_ Investment gains and losses. whether realised or unrealised. aro comblned and presented as 'GainsllLossesl on inv8stmants' in the Stat8mènt of Fin8n¢ial Activities. INCOME FROM DONATIONS Unrostrf¢ted funds 2025 Total funds 2025 Total funds 2024 Donations Grfi ald 51)0,000 125.000 500.000 125.000 625,000 625.000 Page 16
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE ALBORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 INVESTMENT INCOME Unrostrfet•d funds 2025 Total funds 2025 Totsl funds 2024 Dividends and distributions Deposit interest income 95.098 15,343 95,098 15,343 123,617 22,831 110,441 110,441 146,448 Totsl 2024 146,448 146,448 EXPENDITURE ON RAISING FUNDS Unrestrfcted funds 2025 Total funds 202S Total funds 2024 Commlsslon and other charges Investment management fees 17.679 7,329 17,679 7,329 19,321 12,015 25.008 25,008 31,336 Total 2024 31.336 31.336 Page 17
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE ALBORADA TRUST NOTES TO THE FINANCIAL STATEhlENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ANALYSIS OF EXPENDITURE BY ACTIVITIES Grant fundlng of actlvltle$ 2025 Support costs Total funds 2025 Total fvnds 2024 2025 Grants 4,653,121 176.150 4.829,271 3,850,668 Total 2024 3,662,229 188,439 3,850.668 ANALYSIS OF SUPPORT COSTS Total funds 2025 Totsl funds 2024 Staff costs Audit and accountancy fees Consulting fees Trust administration gxpenses 117.290 21.849 22.333 14,678 94,637 32,469 37,000 24,333 176.150 188,439 Pago18
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE ALBORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 ANALYSIS OF GRANTS Amount Balance awardedladj blfwd 1 usted in the January yoar 2025 2025 Amount paid in tho year 2025 Balanc• elhvd 31 December 2025 Addenbrooke's Charitsble Trust zhaimar's Research UK ActK)n Against Hunger Bangladesh Action Against Hunger Haili Action Against Hungar Somalia Anne Robson Trust British Asian Trust Cancer Research UK David Shepherd Wildlife Foundation DEKI 39,3 3.000,0 (39,306) {1,000,000) 2.000.000 (147,617) (168,224) {134,579) {75.0001 147,617 168,224 134,579 225.000 99,801 150.000 99.801 55.000 2LIO,000 160.000 35.769 30.000 81.45d 110,1) 400,0 155,0001 (280,000) {80,0001 {38.558) {30,0001 80,000 240,000 74.327 Elhiopiaid Horatio's Garden Hopè For Tomorrow King's Global Health PartnershipslKing's College Lund Universty Littlelifts 60,¢X 81,454 238.594 {122,4291 (ioo,000) {50,0001 116,165 100,0(KI 50.11( Médecins sans Fronlières- Rohingya in Balukhali. Bangladesh Méde¢ins sans Frontières- Mother and Child Hospital Ta Houban. Yèmen Médecins sans Frontières - Bentiu Seo)ndary Heahhcare. Haiti Mercy Ships Moredun Research Institute Murray Edwards College Newmarket ChaTitabl8 Foundallon Reach Re-cycle Bikes to Afrfca Riding A Dream Academy ROYBI Vèterinary College Royal Vetsrlnary College The Brooke Hospital for Animals The Racing Centre The Soulsby Foundation 166,666 (166.6661 166.666 (186.866) 166.666 70.000 (166.666) {35,000) 35.000 65.000 35,000 65.000 70,000 135.000) (25,000) 125,000) 140,000) 128.080) 164.632} 192.4521 1422,622) 125,0001 125,0001 25.000 75,000 40.000 50,000 88,522 64,632 92,452 422.622 50,000 125,000 60,442 25,000 100.000 Page 19
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE ALBORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 University of Cambridge- Africa Project ICAPREX) UniversSty of Cambridge- The Aborada Professorship. University of Cambridge- Veterlnary School Trust 600.000 2,748.522 {500,0001 2.848.522 1.045,000 {335,0001 710.000 80,080 180.0801 University of Cambrldge- Cancer Research (Prof. Greenl Univarsity of Suffolk Unwersity of Surrey'The AboTada Trust Well Foal Studl, Wavertree Trust Wowson College Cambridge 960,000 1480,0001 480,000 105,000 105,000 262.650 30,000 800.000 1131,3251 110,0001 1160,0001 131,325 20,000 640,000 TOTAL 2025 9,020,262 4,653.118 (5.439,9021 8,233,478 ANALYSIS OF GRANTS- PRIOR YEAR Amount Balance awardedladj Amount blfwd 1 ustsd In the pald In the January year year 2024 2024 2024 Balance clfwd 31 December 2024 Addenbrooke's Charltsble Trust Alzhaimarfs Rèsear¢h UK Adion Aid Somalia Action Zimbabwe Énd Moz¥mbiqu¢ Action Aid Rohingya Action Against Hunger South Sudan Action Against Hunger Uganda & Haill Anne Robson Trust Cancer fund for children Cancer Resear¢h UK David Shepherd Wlldllfe Foundation DEKI 78.612 4,000,000 239,496 1 SO.504 249,881 139,3061 39,306 {1,000,0001 3.000.000 1130,0301 1150.5041 1124,9401 {124,9411 110.000 1110,0001 110,000 1110,0001 150,0001 120,7331 155,0001 1200,0001 175,0001 150,0001 130,0001 1109,4661 50.(¥)O 20,733 165,000 600.000 75,000 50.000 90.000 110.000 400.000 Habitat for Humanity Horalio's Garden King's Global Health PartnershipslKing's College Lund University Lituelifts 60,000 25,000 200.000 100,10 125.0001 1100,0001 150,0001 100.000 50,000 Page 20
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE ALBORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Medecins Sans Fronlieres - Rohingya in Balukhall. Bangladesh edecins Sans Frontieres - Mother and Chlld Hospitsl, Talz Houban, Yemen M8dieclns sans Fronlieres- Bentiu Secondary Healthcare, Haiti Mercy Ships Murray Edwards College Newmarket Charitsble Foundallon Riding A Dream Academy Rldlng for the Dlsabled Ass¢xlatlon Royal National Orthopaedic Hospital Royal Veterinary College Royal Veterinary College The Brooke Hospital for Animals The Fortune Centre of Riding Therapy The Racing Centre The Soulsby Foundation The Virtual Doctors UK University of CambrSdge - Afrfca Project ICAPREX) University of Cambridge 'The Alborada Professionship. The Univèrsity of Cambridge Veterinary School Trust The University of Cambridge- Cancer Research IProf.Green) University of Surrey'Alborada Trust Well Foal stud Wavertrèe Trust Wolfson Cdlege Cambridge 333,332 {166,666} 166,666 333.332 (166.666) 166.666 333.332 105.000 105.000 1166.6661 135,0001 135,0001 150.0001 166.666 70.000 70.000 50,000 88,522 88,522 10,000 (10.0001 {28,4101 (93,085) (92,451) 1451,383) {25,000) {25,000) 125,0001 180,0001 28,410 157.717 184.903 874,005 64,632 92,452 422.622 25,000 75,000 125,000 80,000 50,000 125,000 25,000 1.100.0 (500.0001 600.000 1,367,otKI 1322,0001 1,045,000 160,160 180.0801 80.080 1,440,000 1480.0001 960,000 393,975 110,000} 660.000 1131.325) 110,0001 1160,0001 262,650 30,000 800,000 so,000 300.000 TOTAL 2024 10,812,278 3,662,230 15,454,246) 9,020.262 Page 21
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE ALBORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 10. AuDoRs. REMUNERATION 2025 2024 Fees payable to the Trust's audttorfor the audit of the Trusvs annual accounts 14,625 13.925 Fees payable to the Trust's auditr* in respect of.- Accountsncy and other seNlces 3.015 2,875 11. STAFF COSTS 2025 2024 Wages and salaries Social security costs Contribution to other pension schemes 94,937 12,353 10.000 76.232 8.405 10,000 117.290 94,637 The average number of persons employed by the Trust during the year was as follows.. 2023 No. 2024 Empk)yees The number of employees whose 8mployeg ben8flts 18xcludlng gmployar panslon costs) 8XC88ded £60,000 was: 2025 No. 2024 No. In the band £60,001- £70,000 In the band £80.001- £90,000 Trustees are considered to be koy management personnel and no trust88 r8C8ived remvneration in the current or prior year. During the year, the trustees were reimbursed £1,211 12024 £8.1851 of fees for travel costs. No amounts were outstanding at the year end in the current or prior year. Page 22
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE ALBORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 12. FIXED ASSEf INVESTMENTS Listed Cash h•ld at Investments brokers Total VALUATION Al 1 January2025 Additions Disposals (proceeds £11.436,634) Revaluations Cash movement 11,113,971 6.017,629 {11.012,234) 198,936 287,690 11.401.661 6.017.629 111,012,234) 198,936 471.717 471,717 AT 31 DECEMBER 2025 6.318,302 7.407 7.077.709 13. DEBTORS 2025 2024 Ppayment and accrued income Financial instrum8nts 16.734 48,923 18.641 65,657 18,641 CREDITORS: Af4lOUNTS FALLING DVE WITHIN ONE YEAR 2025 2024 Grants Payable A¢cruals 3.617.327 21.164 67,$95 4.398,495 18,187 57,876 Financial instnjments 3,706,086 4,474,558 15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2025 2024 Grants Payable 4,616,151 4.621,767 Page 23
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE ALBORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 16. FINANCIAL INSTRUMENTS 2025 2024 Fln¥n¢l81 •s$0ts Flnanci81 assets measured at fair value through income and expenditure 6.367,225 11.113,971 2025 2024 Financial liabilities Derivative financial instruments measured at fair value through income and expenditure 167,59S) {57,8761 Financial assets maasured at falr value through incom8 and 8XP8nditur8 comprises the market value of inveslmenls of £6,318,302 12024 £11,113,971) and derivative financsal instruments measured at fair value of £48,923 {2024 - £Nil). Other financlal IlabS1ilies measured al fair value through income and expendlture comprfse derfvallve financial instruments measured at fair value of £67,595 {2024 - 57,876). Page 24
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE ALBORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 17. STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR Balance at 31 G•ln$l De¢ember (Losses) 2025 Balanee at 1 January 2025 Income Expendlture Unrestricted funds General Funds 2,495.840 735,441 14,854,279) 713.431 1909.$671 STATEMENT OF FUNDS . PRIOR YEAR Balance at 31 December 2024 Balance at 1 January 2024 Gainsl (Losses) Income Expenditure Unrastrlctod funds General Funds 5,291,721 146,448 13,882,004) 939,675 2,495,840 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSEfs BETWEEN FUNDS - CURRENT YEAR Unr•strlct•d funds 2025 Total fund$ 2025 Fbxed asset Investments Current assets Creditors due within one year Creditors due in more than one yaar 7,077,709 7.077.709 334,961 334.961 {3.706,0861 {3,7D6,0861 {4,616,1511 14.616.151) Total {909.5671 1909.5671 Page 25
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE ALBORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 18. ANALYSIS OF NEf ASSETS BETWEEN FUNDS (CONTINUED} ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR Unraslricled funds 2024 Total fvnds 2024 Fixad ass91 investments Current assets Creditors ¢Jue within one year Creditors due in more than one year 11,401,661 11,401,661 190,504 190,504 14,474,558) 14.474,5581 14.621,767} 14.621.767) Totsl 2,495,840 2.495,840 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 19. ACTIVITIES 2025 2024 Net expendlture for the year las per Statement of Financial Activitsesl {3,495,501) (2,845,321) Adjustments tor: Foreign currency gains Losses on investments Dividends, interests and rants from Investm&nts Decreasellincreasel in d8blors Decrease in creditors 90,094 49,440 (623,337} 189D,2351 (110,441) 1146,448} {47,016) 23,779 (774.088) (1,732,932} Not ca$h u$¢d in operating actlvltles {4.960,289} 15,541,717} 20. ANALYSIS OF CASH AND CASH EQUIVALENTS 2025 2024 Cash in harml 269,304 171,863 Page 26
Docusign EnvelopÈ ID". 3CA5B427-D116-81BO-810D-15B2864FB067 THE ALBORADA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 21. ANALYSIS OF CHANGES IN NET DEBT Changes In market value and Èx¢hange At31 January rate December 2025 Cash flows movements 2025 Cash at bank and kn hand Financial instruments 171.863 97.441 269.304 48.923 48.923 171,863 97.441 48.923 318,227 RELATED PARTY TRANSACTIONS The Trust received a donation of £500.000 12024 - £Nill from the Founding Trustee, during the year. of which £Nil12024- £Nill was outstanding al year end. Page 27