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 bef￿e 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 ir￿orne 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 fu￿11 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 le8￿monY 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 raV￿W￿d 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 aCC￿danCe 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 Opin￿n..
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 ag￿ement 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 InStan￿S 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 apprO￿at8 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
r￿ulations.
we obtained ars understanding of th8 entitys risk assessmenl process. including the risk of fraud.,
we assessed the susceptI￿11ty 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
Pr￿dureS 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 sUppO￿ng
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 aL￿1t 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 w￿h 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 G￿NsI(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
actIv￿eS 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 c0nstfUCt￿e 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 resou￿e8.
Ex￿ndItUre 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)g￿lsed 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 cUrren￿eS 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 h￿hlY 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 liabilit￿S 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
ACCoU￿1NG 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
100,1￿0
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. AuD￿oRs. 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
P￿payment 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
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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.
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